Advisorheads Homepage
Forum Home Forum Home > Introductions > Greenhorn Introductions
  New Posts New Posts RSS Feed - I need to quit my job. I know this is for me.
  FAQ FAQ  Forum Search   Events   Register Register  Login Login

I need to quit my job. I know this is for me.

 Post Reply Post Reply Page  <123
Author
Message
B24 View Drop Down
Moderator
Moderator
Avatar

Joined: Mar/09/2010
Status: Online
Points: 19090
Post Options Post Options   Thanks (0) Thanks(0)   Quote B24 Quote  Post ReplyReply Direct Link To This Post Posted: Nov/04/2020 at 12:14pm
Originally posted by helado helado wrote:

Indy firms allow this.

The B/D does, but I assume if you get hired by an individual firm, they can say yes or no based on their own internal policies, correct? In other words, you would either need to go indy on your own, or get hired by an individual firm that would be OK with it?
"If Bellicheat pulls that rabbit out of his a$$ with this kid at quarterback, I'll personally kiss his ring." - Sporsfreak, 09/20/16

"Jags/Vikes Super Bowl. Write it down" - Sportsfreak 01/19/18
Back to Top
luvindy View Drop Down
Gold Member
Gold Member
Avatar

Joined: May/17/2010
Status: Offline
Points: 18783
Post Options Post Options   Thanks (0) Thanks(0)   Quote luvindy Quote  Post ReplyReply Direct Link To This Post Posted: Nov/04/2020 at 12:50pm
Originally posted by B24 B24 wrote:

Originally posted by helado helado wrote:

Indy firms allow this.

The B/D does, but I assume if you get hired by an individual firm, they can say yes or no based on their own internal policies, correct? In other words, you would either need to go indy on your own, or get hired by an individual firm that would be OK with it?

To the point I made earlier; they may allow it, but they would have a lot of questions and would try to get a lot of clarity that you aren't dealing with the same people in multiple businesses. Certain firms (probably like an RJ) would say it's not worth the risk. Not sure what their current state is, but back in the day LPL probably wouldn't give a shit.
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 15,322
Back to Top
helado View Drop Down
Gold Member
Gold Member
Avatar
The Resource

Joined: Jun/17/2013
Status: Offline
Points: 21284
Post Options Post Options   Thanks (0) Thanks(0)   Quote helado Quote  Post ReplyReply Direct Link To This Post Posted: Nov/04/2020 at 1:18pm
Originally posted by B24 B24 wrote:

Originally posted by helado helado wrote:

Indy firms allow this.

The B/D does, but I assume if you get hired by an individual firm, they can say yes or no based on their own internal policies, correct? In other words, you would either need to go indy on your own, or get hired by an individual firm that would be OK with it?

Technically I guess the OSJ could say "no."  But I think it's pretty unlikely.  They aren't usually going to care. 
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.
Back to Top
DucatiSportGT View Drop Down
Senior Member
Senior Member
Avatar

Joined: Jul/16/2013
Status: Offline
Points: 680
Post Options Post Options   Thanks (0) Thanks(0)   Quote DucatiSportGT Quote  Post ReplyReply Direct Link To This Post Posted: Nov/04/2020 at 4:49pm
Originally posted by helado helado wrote:

I actually think the way I did it was and is the absolute best way to do it.  I'd have failed in any other channel.  

It's time IN the business that drives success.  Being indy and having an income makes that time frame almost indefinite.  If everyone was given 5 years to build a book, almost no one would fail.  

My $.02.  

I don't think I had it harder, I think I had it easier...this excludes being hired onto a team at a wire (a reputable team not looking to use you) or being given a GK or an office at EDJ.  

Que the EDJ people saying GK's don't help.  Just fuck off now and don't bother posting it.  

I can relate to an extent. I failed twice at the big corporate firms before saying fuck it and trying indy. I only brought like 1 million with me in managed assets to start. In the last two years, I've built it to about $13 million in fee based. Got the monkey off my back and it allowed me to focus much easier. Plus, I no longer had to waste half my day with bs corporate meetings. Now I just want to be giving myself a $40-50k raise every year. It is realistic. I push myself to bring in about 500k a month in new assets. In the bank, they wanted us doing 1 million a month. They promised all the leads in the world but at the end of the day, it was all bs.
Back to Top
Gray View Drop Down
Groupie
Groupie


Joined: Feb/08/2020
Status: Offline
Points: 53
Post Options Post Options   Thanks (0) Thanks(0)   Quote Gray Quote  Post ReplyReply Direct Link To This Post Posted: Nov/05/2020 at 8:57pm
Serious question and not being ugly - If you know so little about the industry - how is it that you know this particular job is for you? Helado offered a good option on transition. However, with what you are currently earning, I would consider other business options with "meaning." If your sales skills are that good, you could negotiate your way into a good purchase of an existing business, in another "meaningful" industry. You would likely have the option to keep your other job, if needed. The regulation in this industry makes that difficult.

Also, even in this industry you don't have to be a Financial Advisor to make a difference - i.e. Dave Ramsey - he has NEVER been a financial advisor. But you do have to gain the knowledge.

As for Jones - provided the structure is the same when you get hired on - Jones would pay you a base $100K salary plus $4 for every $1000 of assets you bring in. Base salary starts decreasing 8 months in and goes to zero at end of 5 years. Which won't really be an issue, if you are as successful as you think you might be, because you will quickly replace that base salary with commissions. However, you would be replacing the $100k - NOT the $400k you are currently making.

May sound cheesy, but Investopedia has some decent training, for someone starting with zero knowledge - just to get you started.
Back to Top
Gray View Drop Down
Groupie
Groupie


Joined: Feb/08/2020
Status: Offline
Points: 53
Post Options Post Options   Thanks (0) Thanks(0)   Quote Gray Quote  Post ReplyReply Direct Link To This Post Posted: Nov/05/2020 at 9:01pm
Oh - and if your current financial advisor is not training you, and you do make that kind of money, I would be happy to train you as my client.Wink
Back to Top
 Post Reply Post Reply Page  <123
  Share Topic   

Forum Jump Forum Permissions View Drop Down

Forum Software by Web Wiz Forums® version 12.03
Copyright ©2001-2019 Web Wiz Ltd.

This page was generated in 0.094 seconds.