Captive going Indy |
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bkd77
Rookie Joined: Aug/04/2022 Location: Colorado Status: Offline Points: 5 |
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Posted: Aug/08/2022 at 12:42am |
Hello everyone! I’m new to the group. I’ve got 7 years in the industry and I work for one of the large firms. Will anyone give me some advice on going independent with LPL through one of their super OSJ? So far in my discussions with this one group, it seems like a good transition because they still offer a lot of operational and marketing support under their brand but it’s still independent. Is there a better independent route like with RJ and one of their OSJ? Or is it just better to go with where you feel you fit the best?I’ve talked to 3 different groups LPL, RJ, and Cetera but not directly, each had an OSJ that I connected with. Right now I’m leaning towards LPL. I’d like to hear some thoughts from this group. Thanks in advance!
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Take Cetera off your list. LPL or RJ are both top tier firms you can't go wrong with. Cambridge and Commonwealth are also worth a look. So is RIA-only if you are mostly fee-based now (or want to be moving forward).
Regardless, if you affiliate with an OSJ... #1 Get it in writing that you can leave for another OSJ (or be your own) anytime you want. If you don't, they own you. #2 Get it in writing that your clients are yours, not the OSJ's. |
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DucatiSportGT
Gold Member Joined: Jul/16/2013 Status: Offline Points: 18182 |
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Listen to every word helado just told you.
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Self appointed leader of the I like to shit on my own face when I jerk off. .
I hate being right. It's not a badge of honor for me. Most of the time I wish I was wrong. |
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The Dude
Rookie Joined: Aug/02/2022 Status: Offline Points: 28 |
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This is great advice.
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freebird
Gold Member Joined: Sep/17/2021 Location: deep south Status: Offline Points: 10954 |
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@helado - can you elaborate on why cetera should come off his list?
@bkd- can you elaborate on why LPL over the rest?
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Because their legal and financial shitshow of the last decade is not worth being associated with them. I'm fairly certainly they are doing what Linsco and Private Ledger did to create LPL now. I think they are PE backed, growing a profitable monster that they will end up going public if successful.
That's probably not a shitshow you want to be a part of when you have 5 other very good options. Secondly, Cetera is one of those completely "no value add" b/ds. They aren't self clearing. They aren't anything. They are a b/d. They clear thru Pershing and hodge podge tech together. Why would you go there over RJ or LPL? Or Commonwealth or Cambridge? There is no reason for them to exist tbh. |
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advisorman
Senior Member Joined: Oct/22/2011 Location: Behind you Status: Offline Points: 4246 |
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Biggest check. Commonwealth sucks
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King of sarcasm and speling
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bkd77
Rookie Joined: Aug/04/2022 Location: Colorado Status: Offline Points: 5 |
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I’m looking more at the OSJ but wanted to make sure that the B/D was good too. The OSJ that I’m leaning towards provides some things that I think I would need help with and it would would be a smoother transition for me personally coming from a captive environment. Thanks for the feedback @helado.
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Nathan Explosion
Platinum Member Joined: Mar/08/2011 Status: Offline Points: 35333 |
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is this an OSJ where a lot of the people came from your same captive firm?
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Of course it's the biggest check. They are putting lipstick on a pig to go public. You're experience there definitely did, haha.
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No problem. If that's the case, I'd lean towards whatever b/d the OSJ is with that you're going to be leaning on. You'd be well served at any of those b/ds.
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bkd77
Rookie Joined: Aug/04/2022 Location: Colorado Status: Offline Points: 5 |
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@nathan explosion...there are some that came from my firm but not a lot I don’t think.
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Nathan Explosion
Platinum Member Joined: Mar/08/2011 Status: Offline Points: 35333 |
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gotcha......LPL has a lot of those lingering that market to certain captive firms....in the midwest
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advisorman
Senior Member Joined: Oct/22/2011 Location: Behind you Status: Offline Points: 4246 |
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OSJ at least give you a single point of contact for compliance not some random idiot at home office. Can possibly get higher payout and little more upfront money.
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King of sarcasm and speling
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luvindy
Moderator Joined: May/17/2010 Status: Offline Points: 25767 |
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First, good luck on your move away from Edward Jones.
The super OSJ's are fine as a way to get to indy world, but treat it as a stop rather than a career path. Unless you like having to deal with an extra layer of bullshit for a few percentage points of payout, but that shouldn't be your motivator if you're going to do this right.
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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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spudpotato
Senior Member Joined: Jan/23/2018 Status: Offline Points: 2390 |
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How do you know he’s EJ?
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missionshooter
Senior Member Joined: Feb/12/2014 Status: Offline Points: 6136 |
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Yes, but home office you don't have to beg the cocksucker to sign a form to release you . The OSJ is your supervisor and is your master. Give me home office supervision for $400/month @ LPL anyday. |
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Our purpose is to partner for a positive impact- to improve the lives of our clients and colleagues, and together, better our communities and society.
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advisorman
Senior Member Joined: Oct/22/2011 Location: Behind you Status: Offline Points: 4246 |
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That’s because you are at LPL!
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King of sarcasm and speling
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missionshooter
Senior Member Joined: Feb/12/2014 Status: Offline Points: 6136 |
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Advisorman,
An OSJ at RayJay doesn't have you by the balls just like an OSJ at LPL does? I find that hard to believe....
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Our purpose is to partner for a positive impact- to improve the lives of our clients and colleagues, and together, better our communities and society.
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advisorman
Senior Member Joined: Oct/22/2011 Location: Behind you Status: Offline Points: 4246 |
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Not at RJ. At Cambridge. Voluntary affiliation and I can change OSJ at any time. No OSJ owns any advisors books to my knowledge at Cambridge. That would be stupid for an advisor to agree to that.
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King of sarcasm and speling
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