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DucatiSportGT View Drop Down
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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 1:26pm
Originally posted by Emerson227 Emerson227 wrote:

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

Which area are you in? 

I don't think it's impossible to go RIA with fifteen mill. Although I'd recommend just getting under another RIA umbrella vs starting your own. Find a firm where you own your book. They might take 15-20% of your revenue. But it'll save you headaches.

I say this as someone that went RIA with much less than you when I left the bank. My first two years sucked. I cut my expenses to nothing and had some money saved up to help me survive. But it was tough sledding until my third year. 
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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 1:26pm
Originally posted by CashFlow CashFlow wrote:

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. 

Thanks for the input. I see where you have a really good point

I did talk to a big regional team at Ray J and it was compelling but I will be able to move the same amount of assets either way, and after all the indie costs my payout was way lower than going Ria even though they offer some money up front  

They did say they have opportunity to buy people out, but at the end of the day I couldn't get comfortable enough with the terms, nobody wants to gauruntee you that you can retire someone out before you get in, and the buying out of other books was interesting, but it seemed like I would just be buying out the scraps other advisors didn't want 

I know the RIA is lonely path but I get so excited about the challenge and if I can net close to $100k I can survive and build on that base

Just my thought process, I could be wrong, and often am, 
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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 1:28pm
Originally posted by WarPig WarPig wrote:

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.

Lol the Trojan horse manuver
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DucatiSportGT View Drop Down
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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 1:32pm
Originally posted by Emerson227 Emerson227 wrote:

Originally posted by WarPig WarPig wrote:

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.

Lol the Trojan horse manuver

I mean, who wouldn't want to work at a place like this? 
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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 1:38pm
Thanks Ducati. You make a solid case

Yea I see where solo ria have to deal with a lot of BS with compliance, tech, legal stuff  as I have been working my way through the process

Feel like have invested a with attorney and compliance consulting researching tech and so far on the ria so a am a little biased to the solo route

But I have been talking with one RIA umbrella that actually has a pretty cool platform, still processing their cost structure at close to 25% after advisory platform fees  and tech fees is steep but still processing it

Just where my head is at right now, but always trying to stay flexible


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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 1:43pm
Originally posted by DucatiSportGT DucatiSportGT wrote:

Originally posted by Emerson227 Emerson227 wrote:

Originally posted by WarPig WarPig wrote:

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.

Lol the Trojan horse manuver

I mean, who wouldn't want to work at a place like this? 

Ducati, I pm'd you about chatting could definitely ask you a few questions about your start if you are open soon
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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 2:00pm
Originally posted by freebird freebird wrote:

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

To be fair...

https://www.thefreedictionary.com/cohoe
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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 2:05pm
Originally posted by WarPig WarPig wrote:

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.

Dude wtf LOL
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Post Options Post Options   Thanks (0) Thanks(0)   Quote CFLRS Quote  Post ReplyReply Direct Link To This Post Posted: Nov/05/2022 at 5:27pm
You seem much hungrier than I, but FWIW me and a friend looked very thoroughly into going the RIA route. The tech/compliance responsibilities were very large. We both decided to stay at our (Indy) firms. I gladly pay 20% to not have to deal with that stuff. I don't blame you for wanting to leave, but the umbrella RIA isn't a bad option. 

Also, don't discount anyone. 
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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 5:36pm
Originally posted by WarPig WarPig wrote:

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.

BC was a tranny?
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 helado Quote  Post ReplyReply Direct Link To This Post Posted: Nov/05/2022 at 5:42pm
Emerson,

I disagree about the tech and compliance being a lot. It's really not.  My statement about you being ready was simply because I can tell from the way you're describing certain things, you just need some extra time to do research.

I also think, like others, your idea to move in December is a bad idea because clients will be checked out (but I think you've already made your peace with that).

And with $15mm charging 1-1.25%, I think you'll be fine.  I just don't want you to make a mistake for the sake of rushing.

Also...another idea if you decide you just want to get the fuck out of the bank...go to either Wells or RJ.  That way you can move their indy b/d side later without any pressure.

With RJ you could eventually go RJ without any pressure too.  And maybe Wells will follow suit someday.  
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 I Miss Jim Quote  Post ReplyReply Direct Link To This Post Posted: Nov/05/2022 at 6:04pm
Big facts
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Post Options Post Options   Thanks (0) Thanks(0)   Quote I Miss Jim Quote  Post ReplyReply Direct Link To This Post Posted: Nov/05/2022 at 6:05pm
Originally posted by WarPig WarPig wrote:

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.

This . . . Is true.
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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 9:17pm
Originally posted by CFLRS CFLRS wrote:

You seem much hungrier than I, but FWIW me and a friend looked very thoroughly into going the RIA route. The tech/compliance responsibilities were very large. We both decided to stay at our (Indy) firms. I gladly pay 20% to not have to deal with that stuff. I don't blame you for wanting to leave, but the umbrella RIA isn't a bad option. 

Also, don't discount anyone. 

In before Wet Blanket tries to make a quick buck.
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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 9:18pm
Originally posted by helado helado wrote:

Originally posted by WarPig WarPig wrote:

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.

BC was a tranny?

I'm not sure they have said what their preferred pronouns are yet.


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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Originally posted by helado helado wrote:

Emerson,

I disagree about the tech and compliance being a lot. It's really not.  My statement about you being ready was simply because I can tell from the way you're describing certain things, you just need some extra time to do research.

I also think, like others, your idea to move in December is a bad idea because clients will be checked out (but I think you've already made your peace with that).

And with $15mm charging 1-1.25%, I think you'll be fine.  I just don't want you to make a mistake for the sake of rushing.

Also...another idea if you decide you just want to get the fuck out of the bank...go to either Wells or RJ.  That way you can move their indy b/d side later without any pressure.

With RJ you could eventually go RJ without any pressure too.  And maybe Wells will follow suit someday.  

If you are talking about RJ and Wells RIA, Wells already started one. You have to have 100mm+. 
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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 9:39pm
Well there you have it!
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Post Options Post Options   Thanks (0) Thanks(0)   Quote B24 Quote  Post ReplyReply Direct Link To This Post Posted: Nov/06/2022 at 9:31am
Originally posted by luvindy luvindy wrote:

Originally posted by helado helado wrote:

Originally posted by WarPig WarPig wrote:

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.

BC was a tranny?

I'm not sure they have said what their preferred pronouns are yet.



She's cool with either one
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Emerson227 Quote  Post ReplyReply Direct Link To This Post Posted: Nov/06/2022 at 10:52am
Thanks Helado. You are right. Was a little overly anxious to go end of year for a few reasons. 

Thanks everyone for helping me avoid that mistake

Spend a couple hours yesterday digging through old threads and copying some of the gems of other transitions and reaching out to to a few folks who have the experience launching a new firm

This definitely tighten my game up to strike early next year

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