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I've had enough!!

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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 11:13am
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 

What’s the second thing?
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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: Nov/05/2022 at 11:14am
Don't take this the wrong way...but you aren't ready and that's not enough time.

Take WarPig's advice, research on here and talk to people that have done it and bump your date until MLK weekend.  
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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Post Options Post Options   Thanks (0) Thanks(0)   Quote WarPig Quote  Post ReplyReply Direct Link To This Post Posted: Nov/05/2022 at 11:15am
Originally posted by Emerson227 Emerson227 wrote:

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

Clients don’t care about the culture of your firm.

You leave for #1 … your job is to provide the best service and outcome for your clients. This change allows you to do that.
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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 11:22am
Originally posted by freebird freebird wrote:

I think everyone is motivated after the first. That cohoe be you, clients, and your partners 

cohoe
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Post Options Post Options   Thanks (0) Thanks(0)   Quote DucatiSportGT Quote  Post ReplyReply Direct Link To This Post Posted: Nov/05/2022 at 11:55am
How do people handle getting sued? Coming from a big bank, I would think it's a given they'll sue. 
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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 11:56am
A word of caution. When I was in management our firm wouldn’t offer JPM FAs regular transition deals because most of them were moving less than 50% of their book. 
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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 12:15pm
Originally posted by SometimesNowhere SometimesNowhere wrote:

Originally posted by freebird freebird wrote:

I think everyone is motivated after the first. That cohoe be you, clients, and your partners 

cohoe

Profound comment.
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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 12:20pm
Originally posted by Iamlegend Iamlegend wrote:

A word of caution. When I was in management our firm wouldn’t offer JPM FAs regular transition deals because most of them were moving less than 50% of their book. 
Ya thanks it's true... have several clients with the banking relationship so I am a bit concerned a couple may be reluctant to move to another company, but I have factored a lot margin for error in my plan. Even if only 30% of my targeted high probability clients move, I will likely be able to squeek by okay
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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 12:22pm
Originally posted by helado helado wrote:

Don't take this the wrong way...but you aren't ready and that's not enough time.

Take WarPig's advice, research on here and talk to people that have done it and bump your date until MLK weekend.  

Thanks dawg. Ya I could probably review some of the info on here more. It's an absolute gold mine for nuggets if you look for them
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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 12:25pm
Originally posted by DucatiSportGT DucatiSportGT wrote:

How do people handle getting sued? Coming from a big bank, I would think it's a given they'll sue. 

If you don't do anything stupid then the probability goes down a lot, and the rest depends on several other things like emplment contract, source of clients. I already reviewed everything with an attorney to come up with a plan that mitigates those risks
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Post Options Post Options   Thanks (0) Thanks(0)   Quote DucatiSportGT Quote  Post ReplyReply Direct Link To This Post Posted: Nov/05/2022 at 12:47pm
Originally posted by Emerson227 Emerson227 wrote:

Originally posted by DucatiSportGT DucatiSportGT wrote:

How do people handle getting sued? Coming from a big bank, I would think it's a given they'll sue. 

If you don't do anything stupid then the probability goes down a lot, and the rest depends on several other things like emplment contract, source of clients. I already reviewed everything with an attorney to come up with a plan that mitigates those risks

I don't know about that. What is your non compete? Two years? 

Forget about being sued even, I've seen people fined by the sec and finra for pulling assets. I guess ultimately it depends on how much you take. How big is your book? If you pull fifteen million, probably not going to get caught. If you pull 150 million, I would expect them to come after you. 


Edited by DucatiSportGT - Nov/05/2022 at 12:47pm
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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 12:53pm
I'm a small fish but I am I'm pretty young too only been prospecting for 3.5 years. I will probably be taking like 15mil fee based f I am reasonably successful, maybe a little more, not likely much less
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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 1:00pm
Originally posted by WarPig WarPig wrote:

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 

What’s the second thing?

Say you outgrew the firm instead of talking negative. Wasn’t ver clear 
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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Post Options Post Options   Thanks (0) Thanks(0)   Quote freebird Quote  Post ReplyReply Direct Link To This Post Posted: Nov/05/2022 at 1:01pm
Originally posted by SometimesNowhere SometimesNowhere wrote:

Originally posted by freebird freebird wrote:

I think everyone is motivated after the first. That cohoe be you, clients, and your partners 

cohoe

You use big words. I’m shocked you don’t know this one LOL
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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Post Options Post Options   Thanks (0) Thanks(0)   Quote BullishT Quote  Post ReplyReply Direct Link To This Post Posted: Nov/05/2022 at 1:03pm
Originally posted by Emerson227 Emerson227 wrote:

I'm a small fish but I am I'm pretty young too only been prospecting for 3.5 years. I will probably be taking like 15mil fee based f I am reasonably successful, maybe a little more, not likely much less

If I were you I would get to know the recruiting leader at Edward jones in your area and see if there are any retiring FAs. It’s a better deal than most around and I say that as someone who really weighed the pros and cons before taking that deal. Go search my thread “taking over an Ed jones office” 

I know you want to be RIA but with $15mm that’s not a lot to put food on the table. 
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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 1:09pm
BS is right and we’ll both get killed for it. There’s never been a better time to come to jones. Jones sucks balls right now bad, but the retirement plan just changed and there’s gonna be a ton of people retiring in 2023 and books all around 
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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Post Options Post Options   Thanks (0) Thanks(0)   Quote CashFlow Quote  Post ReplyReply Direct Link To This Post Posted: Nov/05/2022 at 1:10pm
I think BullishT is right as is Piggy.  I moved over MLK weekend and it worked really well.  Over the holidays clients will not be as receptive as in February. Also some will disagree, but you are not ready for RIA at this point.  I would talk to some of the regionals as you will get money to move and have plenty of opportunities to take over a book from someone retiring.  It will save you 20 years.  Talk to EJ if you want, but personally I would not (we don't need to have that debate again).  They are not a bad option at your book size, but in 5-10 years you will be looking to move once again.  Good regionals give you plenty of flexibility with the ability to walk into an opportunity to gain scale as there are a ton of gray haired advisors out there. 
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Macduff Quote  Post ReplyReply Direct Link To This Post Posted: Nov/05/2022 at 1:16pm
Originally posted by BullishT BullishT wrote:

Originally posted by Emerson227 Emerson227 wrote:

I'm a small fish but I am I'm pretty young too only been prospecting for 3.5 years. I will probably be taking like 15mil fee based f I am reasonably successful, maybe a little more, not likely much less

If I were you I would get to know the recruiting leader at Edward jones in your area and see if there are any retiring FAs. It’s a better deal than most around and I say that as someone who really weighed the pros and cons before taking that deal. Go search my thread “taking over an Ed jones office” 

I know you want to be RIA but with $15mm that’s not a lot to put food on the table

I don't know. If it's all fee-based, that's 150k ish in production and you could build a great setup for $50k. Don't cut any corners and net 100k. If you want to do it cheaper, you can run a firm on 2k a month or less. 
“I was born for the storm, and a calm does not suit me.”

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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 1:20pm
I hear you on that, had spoke with Jones and the regionals said nothing in my area. Said that I could be a number 2 in the office near my home, but nobody in my specific area would be retiring anytime soon
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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 1:25pm
If you tell the Jones people you are a tranny or gay you’ll get an office. At least that’s what I heard happened to that BC guy. 

Not sure if it’s true but it might be worth a try.
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