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TCook View Drop Down
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    Posted: Oct/03/2022 at 11:22am
Hey all,
I represent a Large Enterprise - think OSJ with the supervision outsourced to the home office/producer group - with a large independent BD.  Hoping to connect with folks that are conducting due diligence as we provide additional resources beyond what our BD provides, while improving economics for those that choose to affiliate.  We are fiercely independent - you have your own branding, own your clients, etc., we are a behind the scenes resource that will help with onboarding, transition/repapering, and ongoing support within a community of like minded advisors, without the typical corresponding expense for a branch.

Would love to chat with anyone that is interested in hearing more.

Thanks all, and glad to be part of the community!
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luvindy View Drop Down
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Post Options Post Options   Thanks (1) Thanks(1)   Quote luvindy Quote  Post ReplyReply Direct Link To This Post Posted: Oct/03/2022 at 11:42am
In first!
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
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Post Options Post Options   Thanks (1) Thanks(1)   Quote freebird Quote  Post ReplyReply Direct Link To This Post Posted: Oct/03/2022 at 12:24pm
I personally vouch for TCook.  Be nice to him 
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BigCheese View Drop Down
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Post Options Post Options   Thanks (1) Thanks(1)   Quote BigCheese Quote  Post ReplyReply Direct Link To This Post Posted: Oct/03/2022 at 12:33pm
Sounds like a bunch of other aggregators...hate to be a downer. I am with a great firm out of Houston and couldn't be happier as an IAR.

So much horeshit in this industry...its tought to find a good one...but if you can find the diamond,  they are worth it.

So T, tell us why your firm is worthy?
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Post Options Post Options   Thanks (1) Thanks(1)   Quote missionshooter Quote  Post ReplyReply Direct Link To This Post Posted: Oct/03/2022 at 1:03pm
T-Cookie.  Tell us more babe


"We probably have a 98% close rate." - Circlejerk 7-28-22

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TCook View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote TCook Quote  Post ReplyReply Direct Link To This Post Posted: Oct/03/2022 at 2:20pm
Allright - In my opinion, you have two evaluations for a group like ours.  The group itself, and the BD, and both need to be vetted independently in my opinion.  We have been at the BD for three years, moved from a mid-tier indy that was/is bleeding advisors.  Point is, I have 20 years experience with a sub par BD, and now a great BD, so I have lived both experiences. 

BD Evaluation
  • Publicly traded - check
  • Fiercely independent - check
  • Self clearing - check
  • Strong Tech, and constant investment in tech ongoing - check
  • Financially solid - check
  • Good culture - check, and significantly improving over the last 6-7 years - looked at this BD 11+ years ago, and noted huge improvements
  • Strong economics - as it relates to Transition Assistance - check
  • Service - despite the word on the street, solid service has been my experience, and if service is ever lacking, enter our group
Group Evaluation
  • Additional staff to support advisors above and beyond the BD - white glove service if you will
  • Full transition team
  • Full time wealth management consultant
  • Ongoing service and support indefinitely post transition
  • Improved ongoing economics
  • Community of advisors - currently we work with 300 independent advisors nationwide - ability to participate - never mandatory - in events and advisor get togethers
  • Release from group - we 100% release advisors if they are not happy, unlike some groups. 
To BigCheese's point, there is a tremendous amount of horseshit out there as it relates to groups that promise the world, and you should always beware - I go head to head with these groups regularly, and filtering out the good from the bad can be a challenge.  There are also a lot of great groups out there as well, but what sets us apart is that we don't represent an increased ongoing expense to be a part of the group, rather our affiliated advisors retain additional dollars.  In the simplest way, strong industry leading indy BD, with additional help and resources, with improved payouts.  More help and more retained dollars = better experience, higher retention, referrals from advisors and a better experience.  The BD is not perfect, but does so much right compared to what we were used to and we have had a great experience and are extremely pleased with our choice.
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Hacksaw View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Hacksaw Quote  Post ReplyReply Direct Link To This Post Posted: Oct/03/2022 at 2:35pm
Originally posted by TCook TCook wrote:

Allright - In my opinion, you have two evaluations for a group like ours.  The group itself, and the BD, and both need to be vetted independently in my opinion.  We have been at the BD for three years, moved from a mid-tier indy that was/is bleeding advisors.  Point is, I have 20 years experience with a sub par BD, and now a great BD, so I have lived both experiences. 

BD Evaluation
  • Publicly traded - check
  • Fiercely independent - check
  • Self clearing - check
  • Strong Tech, and constant investment in tech ongoing - check
  • Financially solid - check
  • Good culture - check, and significantly improving over the last 6-7 years - looked at this BD 11+ years ago, and noted huge improvements
  • Strong economics - as it relates to Transition Assistance - check
  • Service - despite the word on the street, solid service has been my experience, and if service is ever lacking, enter our group
Group Evaluation
  • Additional staff to support advisors above and beyond the BD - white glove service if you will
  • Full transition team
  • Full time wealth management consultant
  • Ongoing service and support indefinitely post transition
  • Improved ongoing economics
  • Community of advisors - currently we work with 300 independent advisors nationwide - ability to participate - never mandatory - in events and advisor get togethers
  • Release from group - we 100% release advisors if they are not happy, unlike some groups. 
To BigCheese's point, there is a tremendous amount of horseshit out there as it relates to groups that promise the world, and you should always beware - I go head to head with these groups regularly, and filtering out the good from the bad can be a challenge.  There are also a lot of great groups out there as well, but what sets us apart is that we don't represent an increased ongoing expense to be a part of the group, rather our affiliated advisors retain additional dollars.  In the simplest way, strong industry leading indy BD, with additional help and resources, with improved payouts.  More help and more retained dollars = better experience, higher retention, referrals from advisors and a better experience.  The BD is not perfect, but does so much right compared to what we were used to and we have had a great experience and are extremely pleased with our choice.

What cut do you guys take for your service?
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TCook View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote TCook Quote  Post ReplyReply Direct Link To This Post Posted: Oct/03/2022 at 2:44pm
Depends on T-12, but a typical payout will range anywhere from 91% up to 95%, and is negotiable.  Below would be an idea of where we would typically land, depending on business mix, but fully negotiable.

$250k - 91%
$500k - 92%
$750k - 93%
$1 Million - 93.5%
$1.5 Million - 94%
$2 Million - 95%
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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: Oct/03/2022 at 2:44pm
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TCook View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote TCook Quote  Post ReplyReply Direct Link To This Post Posted: Oct/03/2022 at 2:52pm
Good solve advisorman - important to note that we have flat payouts, not production bonus payouts, so typically 1-1.5% higher than the street direct. 
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Hacksaw View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Hacksaw Quote  Post ReplyReply Direct Link To This Post Posted: Oct/03/2022 at 3:14pm
Originally posted by TCook TCook wrote:

Depends on T-12, but a typical payout will range anywhere from 91% up to 95%, and is negotiable.  Below would be an idea of where we would typically land, depending on business mix, but fully negotiable.

$250k - 91%
$500k - 92%
$750k - 93%
$1 Million - 93.5%
$1.5 Million - 94%
$2 Million - 95%

Is that a % of what you receive?  IE - If you guys get 95%, and at $1mm you payout 93.5%, the advisor gets 88.825%?
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TCook View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote TCook Quote  Post ReplyReply Direct Link To This Post Posted: Oct/03/2022 at 3:28pm
No, that would be a net payout to you, so in your example, at $1 Million with a 93.5% payout you would receive $935k of revenue.  Our payout that is higher than that and we retain the difference.  93.5% = 93.5%!

I would also mention that the admin pricing on advisor as portfolio manager is very competitive as well.  We compete with firms that charge anywhere from 10-30 basis points for program fees on the advisor as port manager program, when we are at 3-8 basis points.  If an advisor has $100 Million in advisory that is a significant difference in higher retained revenue, decreased cost to the client or both.  We have some situations were other BD's may pay $300k higher in transition dollars, but their advisory charges are $200-$300k higher, annually.  Pretty simple math to determine the improvement over a 10 year period of time.  That higher up front check can be very costly.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote helado Quote  Post ReplyReply Direct Link To This Post Posted: Oct/03/2022 at 3:38pm
Originally posted by TCook TCook wrote:

No, that would be a net payout to you, so in your example, at $1 Million with a 93.5% payout you would receive $935k of revenue.  Our payout that is higher than that and we retain the difference.  93.5% = 93.5%!

I would also mention that the admin pricing on advisor as portfolio manager is very competitive as well.  We compete with firms that charge anywhere from 10-30 basis points for program fees on the advisor as port manager program, when we are at 3-8 basis points.  If an advisor has $100 Million in advisory that is a significant difference in higher retained revenue, decreased cost to the client or both.  We have some situations were other BD's may pay $300k higher in transition dollars, but their advisory charges are $200-$300k higher, annually.  Pretty simple math to determine the improvement over a 10 year period of time.  That higher up front check can be very costly.

Give everyone from AH a 95% payout with a 3 bps program fee and you can be the official LPL OSJ of Advisorheads.
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: Oct/03/2022 at 3:40pm
Originally posted by freebird freebird wrote:

I personally vouch for TCook.  Be nice to him 

You can't vouch for people when you yourself have no credibility.  LOL
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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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: Oct/03/2022 at 3:45pm
Originally posted by helado helado wrote:

Originally posted by freebird freebird wrote:

I personally vouch for TCook.  Be nice to him 

You can't vouch for people when you yourself have no credibility.  LOL

Hey T- this is the king of AH and also the biggest asshole 

Slay him and others will fall in line LOL
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TCook View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote TCook Quote  Post ReplyReply Direct Link To This Post Posted: Oct/03/2022 at 3:46pm
Not sure about an across the board 95/3, but we are extremely competitive.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Hacksaw Quote  Post ReplyReply Direct Link To This Post Posted: Oct/03/2022 at 3:56pm
Originally posted by TCook TCook wrote:

No, that would be a net payout to you, so in your example, at $1 Million with a 93.5% payout you would receive $935k of revenue.  Our payout that is higher than that and we retain the difference.  93.5% = 93.5%!

I would also mention that the admin pricing on advisor as portfolio manager is very competitive as well.  We compete with firms that charge anywhere from 10-30 basis points for program fees on the advisor as port manager program, when we are at 3-8 basis points.  If an advisor has $100 Million in advisory that is a significant difference in higher retained revenue, decreased cost to the client or both.  We have some situations were other BD's may pay $300k higher in transition dollars, but their advisory charges are $200-$300k higher, annually.  Pretty simple math to determine the improvement over a 10 year period of time.  That higher up front check can be very costly.

So you're saying that for every $1 my client pays, I would receive $.935? 
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Post Options Post Options   Thanks (0) Thanks(0)   Quote TCook Quote  Post ReplyReply Direct Link To This Post Posted: Oct/03/2022 at 3:58pm
Correct
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Hacksaw Quote  Post ReplyReply Direct Link To This Post Posted: Oct/03/2022 at 4:01pm
Interesting.  I wouldn't think there is enough profit in 6.5 bps for both you guys and the BD.

Edited by Hacksaw - Oct/03/2022 at 4:01pm
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Post Options Post Options   Thanks (0) Thanks(0)   Quote missionshooter Quote  Post ReplyReply Direct Link To This Post Posted: Oct/03/2022 at 4:04pm
Originally posted by Hacksaw Hacksaw wrote:

Originally posted by TCook TCook wrote:

No, that would be a net payout to you, so in your example, at $1 Million with a 93.5% payout you would receive $935k of revenue.  Our payout that is higher than that and we retain the difference.  93.5% = 93.5%!

I would also mention that the admin pricing on advisor as portfolio manager is very competitive as well.  We compete with firms that charge anywhere from 10-30 basis points for program fees on the advisor as port manager program, when we are at 3-8 basis points.  If an advisor has $100 Million in advisory that is a significant difference in higher retained revenue, decreased cost to the client or both.  We have some situations were other BD's may pay $300k higher in transition dollars, but their advisory charges are $200-$300k higher, annually.  Pretty simple math to determine the improvement over a 10 year period of time.  That higher up front check can be very costly.

So you're saying that for every $1 my client pays, I would receive $.935? 

Where is the SAM/SWM program fee?




"We probably have a 98% close rate." - Circlejerk 7-28-22

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