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I've had enough!!

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Emerson227 View Drop Down
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    Posted: Nov/05/2022 at 9:02am
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 View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote SometimesNowhere Quote  Post ReplyReply Direct Link To This Post Posted: Nov/05/2022 at 9:34am
You'll fail.
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Emerson227 View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Emerson227 Quote  Post ReplyReply Direct Link To This Post Posted: Nov/05/2022 at 9:40am
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 View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote RIArules Quote  Post ReplyReply Direct Link To This Post Posted: Nov/05/2022 at 9:40am
Originally posted by SometimesNowhere SometimesNowhere wrote:

You'll fail.

LOL
Every month 200,000 illegal aliens come across the border directly south from me.
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SometimesNowhere View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote SometimesNowhere Quote  Post ReplyReply Direct Link To This Post Posted: Nov/05/2022 at 9:42am
Originally posted by Emerson227 Emerson227 wrote:

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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WarPig View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote WarPig Quote  Post ReplyReply Direct Link To This Post Posted: Nov/05/2022 at 9:48am
Originally posted by Emerson227 Emerson227 wrote:

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" )

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 View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote RIArules Quote  Post ReplyReply Direct Link To This Post Posted: Nov/05/2022 at 9:54am
Originally posted by WarPig WarPig wrote:

Originally posted by Emerson227 Emerson227 wrote:

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" )

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.

Damn, I was thinking the same thing!  Minor holiday that a lot of people have off, but most stay home.
Every month 200,000 illegal aliens come across the border directly south from me.
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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: Nov/05/2022 at 10:03am
I think everyone is motivated after the first. That cohoe be you, clients, and your partners 
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Iamlegend Quote  Post ReplyReply Direct Link To This Post Posted: Nov/05/2022 at 10:10am
Originally posted by WarPig WarPig wrote:

Originally posted by Emerson227 Emerson227 wrote:

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" )

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.

That’s what I think also. 
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Iamlegend Quote  Post ReplyReply Direct Link To This Post Posted: Nov/05/2022 at 10:11am
The real key is what percentage of your book is fee vs commission?
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Emerson227 View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Emerson227 Quote  Post ReplyReply Direct Link To This Post Posted: Nov/05/2022 at 10:25am
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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Post Options Post Options   Thanks (0) Thanks(0)   Quote BullishT Quote  Post ReplyReply Direct Link To This Post Posted: Nov/05/2022 at 10:33am
Originally posted by Emerson227 Emerson227 wrote:

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

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 View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Emerson227 Quote  Post ReplyReply Direct Link To This Post Posted: Nov/05/2022 at 10:40am
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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Post Options Post Options   Thanks (0) Thanks(0)   Quote Emerson227 Quote  Post ReplyReply Direct Link To This Post Posted: Nov/05/2022 at 10:40am
Tha ks for the tip on the holiday. Really appreciate it!!
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Post Options Post Options   Thanks (0) Thanks(0)   Quote freebird Quote  Post ReplyReply Direct Link To This Post Posted: Nov/05/2022 at 10:45am
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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Post Options Post Options   Thanks (0) Thanks(0)   Quote luvindy Quote  Post ReplyReply Direct Link To This Post Posted: Nov/05/2022 at 10:49am
Welcome to reality my friend.
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Emerson227 View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Emerson227 Quote  Post ReplyReply Direct Link To This Post Posted: Nov/05/2022 at 10:50am
Originally posted by freebird freebird wrote:

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 

Thanks good point
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Iamlegend Quote  Post ReplyReply Direct Link To This Post Posted: Nov/05/2022 at 10:57am
What proprietary products are they still pushing?

How JPM gets away with the garbage they push amazes me. 
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Nathan Explosion Quote  Post ReplyReply Direct Link To This Post Posted: Nov/05/2022 at 11:01am
Originally posted by Iamlegend Iamlegend wrote:

What proprietary products are they still pushing?

How JPM gets away with the garbage they push amazes me. 

their Guide to the Markets is still a cool tool
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Emerson227 View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Emerson227 Quote  Post ReplyReply Direct Link To This Post Posted: Nov/05/2022 at 11:08am
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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