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Happy to be here .. looking for feedback on a thin

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Sammysosa1997 View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Sammysosa1997 Quote  Post ReplyReply Direct Link To This Post Topic: Happy to be here .. looking for feedback on a thin
    Posted: May/14/2022 at 6:21pm
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 View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Iamlegend Quote  Post ReplyReply Direct Link To This Post Posted: May/14/2022 at 6:22pm
Just ask here. 
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Sammysosa1997 View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Sammysosa1997 Quote  Post ReplyReply Direct Link To This Post Posted: May/14/2022 at 6:29pm
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 View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Iamlegend Quote  Post ReplyReply Direct Link To This Post Posted: May/14/2022 at 6:52pm
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 View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote advisorman Quote  Post ReplyReply Direct Link To This Post Posted: May/14/2022 at 7:01pm
Why not hybrrid?
King of sarcasm and speling
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Sammysosa1997 View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Sammysosa1997 Quote  Post ReplyReply Direct Link To This Post Posted: May/14/2022 at 7:13pm
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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helado View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote helado Quote  Post ReplyReply Direct Link To This Post Posted: May/14/2022 at 7:16pm
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.


My posts are for abrasive entertainment only. Nothing posted is investment, legal, tax or any type of advice, nor is anything mentioned true or even based on real events. Posts are complete fiction.
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Sammysosa1997 View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Sammysosa1997 Quote  Post ReplyReply Direct Link To This Post Posted: May/14/2022 at 7:35pm
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 View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote richchick Quote  Post ReplyReply Direct Link To This Post Posted: May/14/2022 at 8:46pm
Sammysosa!! 
Stopppp it! 
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Post Options Post Options   Thanks (0) Thanks(0)   Quote BullishT Quote  Post ReplyReply Direct Link To This Post Posted: May/14/2022 at 10:34pm
Originally posted by richchick richchick wrote:

Sammysosa!! 
Stopppp it! 

Better name would’ve been: Mark McGwirehouse
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Sammysosa1997 View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Sammysosa1997 Quote  Post ReplyReply Direct Link To This Post Posted: May/14/2022 at 11:04pm
Lol true
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freebird View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote freebird Quote  Post ReplyReply Direct Link To This Post Posted: May/15/2022 at 12:12am
Originally posted by richchick richchick wrote:

Sammysosa!! 
Stopppp it! 

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
Conrad on 5-16-22:
A woman is a person, of either sex (male or female)…who choses to live life in the gender role of woman.
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richchick View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote richchick Quote  Post ReplyReply Direct Link To This Post Posted: May/15/2022 at 12:48am
Originally posted by freebird freebird wrote:

Originally posted by richchick richchick wrote:

Sammysosa!! 
Stopppp it! 

Sammy- I suggest you respond to the 4 PMs she sent you today or start a daily diary 

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 View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote luvindy Quote  Post ReplyReply Direct Link To This Post Posted: May/16/2022 at 3:14pm
Screw the insurance and just add yourself as an interested party for duplicate statements.
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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Post Options Post Options   Thanks (0) Thanks(0)   Quote BigCheese Quote  Post ReplyReply Direct Link To This Post Posted: May/21/2022 at 5:12pm
Sammy even with all the juice will likely be more nimble than RC and make the move...Wink
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Sammysosa1997 View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Sammysosa1997 Quote  Post ReplyReply Direct Link To This Post Posted: May/23/2022 at 5:47pm
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 View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Iamlegend Quote  Post ReplyReply Direct Link To This Post Posted: May/23/2022 at 6:24pm
Are you at a protocol firm?
If so paying that money seems like a waste. 
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Sammysosa1997 View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Sammysosa1997 Quote  Post ReplyReply Direct Link To This Post Posted: May/23/2022 at 6:37pm
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 View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Iamlegend Quote  Post ReplyReply Direct Link To This Post Posted: May/23/2022 at 7:55pm
Originally posted by Sammysosa1997 Sammysosa1997 wrote:

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


Protocol means you can take the clients name/contact information/account type and you can solicit your client. 
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advisorman View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote advisorman Quote  Post ReplyReply Direct Link To This Post Posted: May/23/2022 at 9:21pm
Ask Wet
King of sarcasm and speling
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