Happy to be here .. looking for feedback on a thin |
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Sammysosa1997
Rookie Joined: May/14/2022 Location: Los Angeles Status: Offline Points: 27 |
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Posted: May/14/2022 at 6:21pm |
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Hi Guys
Real excited to be part of the page. I am very grateful for what this industry has provided me, though it has been a tough ride. Have several questions on the industry that I would love to ask Where would be the appropriate place to do it?? Seems like I don't have access to post on others
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Iamlegend
Platinum Member Joined: Mar/09/2010 Status: Offline Points: 22532 |
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Just ask here.
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Sammysosa1997
Rookie Joined: May/14/2022 Location: Los Angeles Status: Offline Points: 27 |
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I am considering moving from wire house to RIA I am very excited, weighing the possibility of going on my own One question I have been unable to sort out is what I would do with my insurance business I have several fixed LTC policies with Money guard and a few fixed annuities with different big name carriers AIG, Symmetry, Brighthouse If I go with Schwab they don't seem to have option to hold these in accounts Is it easy to obtain an independent appointment with these insurance carriers?? Or if not... Is there a reason course of action to become appointed through some local GA ? I would love to understand a best practice here if anyone can offer constructive input
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Iamlegend
Platinum Member Joined: Mar/09/2010 Status: Offline Points: 22532 |
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You would do it as an OBA and likely wouldn’t be able to link these to your statements.
You could contract direct or through an agency. You don’t have much variable annuity business?
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advisorman
Senior Member Joined: Oct/22/2011 Location: Behind you Status: Offline Points: 4246 |
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Why not hybrrid?
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King of sarcasm and speling
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Sammysosa1997
Rookie Joined: May/14/2022 Location: Los Angeles Status: Offline Points: 27 |
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Maybe I should do hybrid?
I like the idea of lower compliance hurdles for the RIA for marketing seminars and Social media and outreach.. But hybrid transition is more work, but it allow me to bring over significant business to instantly be more secure and start off stronger I am hoping to leap in September |
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Bring over significant business? Like what?
If you have a good amount of mutual fund/annuity trails, you should probably just go hybrid (unless you think they are ok converting to fees). You can always go hybrid and then transition to RIA only over time. Once you're out of the wire there is no pressure on any changes you make. |
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Sammysosa1997
Rookie Joined: May/14/2022 Location: Los Angeles Status: Offline Points: 27 |
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Well it's almost all advisory 80% ish
Have one client that is large like 6 mil but it's mostly tied up in alts hedge funds, private equity, and gold programs He also carries a loan on some of the securities he holds The whole idea of moving that thing seemed intimidating You are right thou, idk what I was thinking. Mine as well grab everything I can.... it's worth it because it's like 50k+ in fees right there possible ... Significant for me, maybe not in general for everyone And it would make it easier for other client
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richchick
Senior Member Joined: Mar/11/2010 Status: Offline Points: 2500 |
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Sammysosa!!
Stopppp it!
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BullishT
Senior Member Joined: Dec/05/2017 Location: Midwest Status: Offline Points: 2326 |
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Better name would’ve been: Mark McGwirehouse
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Sammysosa1997
Rookie Joined: May/14/2022 Location: Los Angeles Status: Offline Points: 27 |
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Lol true
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freebird
Gold Member Joined: Sep/17/2021 Location: deep south Status: Offline Points: 10954 |
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Sammy- I suggest you respond to the 4 PMs she sent you today or start a daily diary
Edited by freebird - May/15/2022 at 12:13am |
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richchick
Senior Member Joined: Mar/11/2010 Status: Offline Points: 2500 |
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All I’m saying is — we could use more baseball fans around here. We’re over concentrated in college football and Brooklyn Nets.
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luvindy
Moderator Joined: May/17/2010 Status: Offline Points: 25767 |
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Screw the insurance and just add yourself as an interested party for duplicate statements.
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8/31/12,Sportsfreak:
"If Barak wins this election, or appears to be clearly winning, we are all fucked. Market will tank big time." Dow 13,090 S&P 1406 5/23/13 UC:Dow 20k before 20% crrectn Dow 15, |
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BigCheese
Senior Member Joined: Feb/28/2012 Status: Offline Points: 2464 |
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Sammy even with all the juice will likely be more nimble than RC and make the move...
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Sammysosa1997
Rookie Joined: May/14/2022 Location: Los Angeles Status: Offline Points: 27 |
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Yeah very excited
Follow up question I met with attorneys last week One package was approximately 45k for everything including compliance first year The other was appx 5k , but I can choose my own compliance consultant for like another 5-6k or so like 11-12k vs 45k apples to apples The first one was telling me that I would be taking a risk of being sued if I didn't have their program to protect me in place, and their legal maneuvers seem to offer a transition that could happen in a day or two vs couple weeks with the other Part of me thinks the difference in cost is worth the risk. Need to make a decision ok this by end of week Any input on this I would be interested to hear any perspective that is informed to some degree, obviously I don't view it as advice of any kind, just wondering if others might see things different Edited by Sammysosa1997 - May/23/2022 at 6:04pm |
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Iamlegend
Platinum Member Joined: Mar/09/2010 Status: Offline Points: 22532 |
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Are you at a protocol firm?
If so paying that money seems like a waste.
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Sammysosa1997
Rookie Joined: May/14/2022 Location: Los Angeles Status: Offline Points: 27 |
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My firm does have protocol
I am meeting with the second attorney for a small paid consultation to find out what being a part of protocol means for how this can happen Definitely a big plus Edited by Sammysosa1997 - May/23/2022 at 6:38pm |
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Iamlegend
Platinum Member Joined: Mar/09/2010 Status: Offline Points: 22532 |
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Protocol means you can take the clients name/contact information/account type and you can solicit your client.
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advisorman
Senior Member Joined: Oct/22/2011 Location: Behind you Status: Offline Points: 4246 |
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Ask Wet
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King of sarcasm and speling
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