I've had enough!! |
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Emerson227
Member Joined: Oct/09/2018 Location: St Louis Status: Offline Points: 205 |
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Posted: Nov/05/2022 at 9:02am |
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So I have been on this board off and on for ahwile
Have a decent book, built from pure cold calling from the ground up at my BD, big wirehouse. Over the past 2 years, pay cuts, incessant compliance, arrogant management pushing product. Its enough and I have martial-ed my energies to create a path out to starting my RIA. Need to figure out exactly when I pull the trigger. I have been planning mid-dec time table because that is when the office is busy with end of year reviews at my branch, and most advisors are checked out till january so I can strike while they sleeping. But then again, clients will be busy with family and holidays so maybe it is better to wait until after holidays and leave then Any insights that would be tactical on timing here. I am not trying to bitch out, lets be clear, it will definitely be one of these dates, just want to give myself every possible advantage that is legal. Other suggestions towards that end would be great ( have already read through threads on "the move" )
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SometimesNowhere
Gold Member Joined: Mar/11/2010 Status: Offline Points: 13989 |
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You'll fail.
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Emerson227
Member Joined: Oct/09/2018 Location: St Louis Status: Offline Points: 205 |
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Your right. I will probably end up homeless, living under a bridge and yelling at you blaming you for the crazy failure my life has become
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RIArules
Platinum Member Joined: Mar/15/2010 Status: Offline Points: 36496 |
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Is it too late to exhume Ken Starr?
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SometimesNowhere
Gold Member Joined: Mar/11/2010 Status: Offline Points: 13989 |
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🤷‍♂️
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WarPig
Senior Member Joined: Dec/12/2019 Status: Offline Points: 9706 |
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My only comment on the timing is the closer to the end of the year you get the more people will want to wait until "after the holidays" I'd wait until MLK weekend and leave on that Friday. Gives you an extra day.
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RIArules
Platinum Member Joined: Mar/15/2010 Status: Offline Points: 36496 |
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Damn, I was thinking the same thing! Minor holiday that a lot of people have off, but most stay home.
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Is it too late to exhume Ken Starr?
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freebird
Gold Member Joined: Sep/17/2021 Location: deep south Status: Offline Points: 10954 |
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I think everyone is motivated after the first. That cohoe be you, clients, and your partners
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Iamlegend
Platinum Member Joined: Mar/09/2010 Status: Offline Points: 22532 |
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That’s what I think also.
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Iamlegend
Platinum Member Joined: Mar/09/2010 Status: Offline Points: 22532 |
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The real key is what percentage of your book is fee vs commission?
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Emerson227
Member Joined: Oct/09/2018 Location: St Louis Status: Offline Points: 205 |
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Well the only commission business is really proprietary stuff that nobody else can hold, unfortunately this is also a large chunk of my book so I will have to leave it behind and work with the client on liquidation over time
It's like 70 fee based etf and sma, 30 commission but that commission business is almost all proper product so have to get creative and work it with that client
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BullishT
Senior Member Joined: Dec/05/2017 Location: Midwest Status: Offline Points: 2326 |
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Sounds like JPM? Echo what others have said about minor holidays. I can’t count how many teams I saw leave my former wirehouse over holiday weeks ends. Friday during the day before Easter or whatever it was like…wonder who it’ll be today.
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Emerson227
Member Joined: Oct/09/2018 Location: St Louis Status: Offline Points: 205 |
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Any suggestions on the best pitch for the client would be appreciated?
My points I am considering are 1) moving because I can better serve my clients without conflict of a bank product pushing and sales quota, I can make client service a priority when it was a non issue at former firm if I got a 5 star client feedback form nobody notices, but if you sell a mortgage or open a credit card the raise you up like a hero 2) the culture is deteriorating - I normally protect clients from perceiving any of this, but they have multibillion dollar company only to make the technology fail 25% of the time, and for working around it in the name of having functional communication to service for clients, you are rewarded with warnings that company policy is more important the providing good client experience, opening a small firm will allow me to focus on the basics and make sure each client is valued more than a an account number 3) I am also considering offering a 10% discount for moving over with me. They have really expensive programs there, and I am passing off cost savings to you Inviting additional pitch points, and any thoughtful criticism if anyone has it
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Emerson227
Member Joined: Oct/09/2018 Location: St Louis Status: Offline Points: 205 |
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Tha ks for the tip on the holiday. Really appreciate it!!
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freebird
Gold Member Joined: Sep/17/2021 Location: deep south Status: Offline Points: 10954 |
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Two things. Don’t discount. It will only hurt you. You either have the relationship or you don’t
One guy who left a firm said he outgrew and I think that’s really a great way to say it
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luvindy
Moderator Joined: May/17/2010 Status: Offline Points: 25767 |
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Welcome to reality my friend.
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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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Emerson227
Member Joined: Oct/09/2018 Location: St Louis Status: Offline Points: 205 |
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Thanks good point
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Iamlegend
Platinum Member Joined: Mar/09/2010 Status: Offline Points: 22532 |
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What proprietary products are they still pushing?
How JPM gets away with the garbage they push amazes me.
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Nathan Explosion
Platinum Member Joined: Mar/08/2011 Status: Online Points: 35333 |
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their Guide to the Markets is still a cool tool
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Emerson227
Member Joined: Oct/09/2018 Location: St Louis Status: Offline Points: 205 |
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Some of the alts are not proprietary but they are not approved investment anywhere else, so essentially proprietary
A couple structured equity linked notes only map to other wire houses too, so proprietaary-ish
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