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TCook
Rookie Joined: Oct/03/2022 Location: Omaha, NE Status: Offline Points: 16 |
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Posted: Oct/03/2022 at 11:22am |
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Hey all,
I represent a Large Enterprise - think OSJ with the supervision outsourced to the home office/producer group - with a large independent BD. Hoping to connect with folks that are conducting due diligence as we provide additional resources beyond what our BD provides, while improving economics for those that choose to affiliate. We are fiercely independent - you have your own branding, own your clients, etc., we are a behind the scenes resource that will help with onboarding, transition/repapering, and ongoing support within a community of like minded advisors, without the typical corresponding expense for a branch. Would love to chat with anyone that is interested in hearing more. Thanks all, and glad to be part of the community!
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luvindy
Moderator Joined: May/17/2010 Status: Offline Points: 25767 |
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In first!
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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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freebird
Gold Member Joined: Sep/17/2021 Location: deep south Status: Online Points: 10954 |
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I personally vouch for TCook. Be nice to him
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BigCheese
Senior Member Joined: Feb/28/2012 Status: Offline Points: 2464 |
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Sounds like a bunch of other aggregators...hate to be a downer. I am with a great firm out of Houston and couldn't be happier as an IAR.
So much horeshit in this industry...its tought to find a good one...but if you can find the diamond, they are worth it. So T, tell us why your firm is worthy?
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missionshooter
Senior Member Joined: Feb/12/2014 Status: Offline Points: 6136 |
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T-Cookie. Tell us more babe
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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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TCook
Rookie Joined: Oct/03/2022 Location: Omaha, NE Status: Offline Points: 16 |
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Allright - In my opinion, you have two evaluations for a group like ours. The group itself, and the BD, and both need to be vetted independently in my opinion. We have been at the BD for three years, moved from a mid-tier indy that was/is bleeding advisors. Point is, I have 20 years experience with a sub par BD, and now a great BD, so I have lived both experiences.
BD Evaluation
Group Evaluation
To BigCheese's point, there is a tremendous amount of horseshit out there as it relates to groups that promise the world, and you should always beware - I go head to head with these groups regularly, and filtering out the good from the bad can be a challenge. There are also a lot of great groups out there as well, but what sets us apart is that we don't represent an increased ongoing expense to be a part of the group, rather our affiliated advisors retain additional dollars. In the simplest way, strong industry leading indy BD, with additional help and resources, with improved payouts. More help and more retained dollars = better experience, higher retention, referrals from advisors and a better experience. The BD is not perfect, but does so much right compared to what we were used to and we have had a great experience and are extremely pleased with our choice. |
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Hacksaw
Platinum Member Joined: Mar/27/2010 Status: Offline Points: 31478 |
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What cut do you guys take for your service?
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TCook
Rookie Joined: Oct/03/2022 Location: Omaha, NE Status: Offline Points: 16 |
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Depends on T-12, but a typical payout will range anywhere from 91% up to 95%, and is negotiable. Below would be an idea of where we would typically land, depending on business mix, but fully negotiable.
$250k - 91% $500k - 92% $750k - 93% $1 Million - 93.5% $1.5 Million - 94% $2 Million - 95% |
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advisorman
Senior Member Joined: Oct/22/2011 Location: Behind you Status: Offline Points: 4246 |
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LPL
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King of sarcasm and speling
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TCook
Rookie Joined: Oct/03/2022 Location: Omaha, NE Status: Offline Points: 16 |
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Good solve advisorman - important to note that we have flat payouts, not production bonus payouts, so typically 1-1.5% higher than the street direct.
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Hacksaw
Platinum Member Joined: Mar/27/2010 Status: Offline Points: 31478 |
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Is that a % of what you receive? IE - If you guys get 95%, and at $1mm you payout 93.5%, the advisor gets 88.825%?
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TCook
Rookie Joined: Oct/03/2022 Location: Omaha, NE Status: Offline Points: 16 |
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No, that would be a net payout to you, so in your example, at $1 Million with a 93.5% payout you would receive $935k of revenue. Our payout that is higher than that and we retain the difference. 93.5% = 93.5%!
I would also mention that the admin pricing on advisor as portfolio manager is very competitive as well. We compete with firms that charge anywhere from 10-30 basis points for program fees on the advisor as port manager program, when we are at 3-8 basis points. If an advisor has $100 Million in advisory that is a significant difference in higher retained revenue, decreased cost to the client or both. We have some situations were other BD's may pay $300k higher in transition dollars, but their advisory charges are $200-$300k higher, annually. Pretty simple math to determine the improvement over a 10 year period of time. That higher up front check can be very costly.
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Give everyone from AH a 95% payout with a 3 bps program fee and you can be the official LPL OSJ of Advisorheads.
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You can't vouch for people when you yourself have no credibility.
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freebird
Gold Member Joined: Sep/17/2021 Location: deep south Status: Online Points: 10954 |
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Hey T- this is the king of AH and also the biggest asshole Slay him and others will fall in line
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TCook
Rookie Joined: Oct/03/2022 Location: Omaha, NE Status: Offline Points: 16 |
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Not sure about an across the board 95/3, but we are extremely competitive.
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Hacksaw
Platinum Member Joined: Mar/27/2010 Status: Offline Points: 31478 |
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So you're saying that for every $1 my client pays, I would receive $.935?
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TCook
Rookie Joined: Oct/03/2022 Location: Omaha, NE Status: Offline Points: 16 |
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Correct
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Hacksaw
Platinum Member Joined: Mar/27/2010 Status: Offline Points: 31478 |
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Interesting. I wouldn't think there is enough profit in 6.5 bps for both you guys and the BD.
Edited by Hacksaw - Oct/03/2022 at 4:01pm |
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missionshooter
Senior Member Joined: Feb/12/2014 Status: Offline Points: 6136 |
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Where is the SAM/SWM program fee? |
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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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