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.

That’s what I think also. 

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. 

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

One guy who left a firm said he outgrew and I think that’s really a great way to say it 

Thanks good point

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

their Guide to the Markets is still a cool tool

A couple structured equity linked notes only map to other wire houses too, so proprietaary-ish

What’s the second thing?

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

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.

cohoe

Profound comment.

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

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

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. 

Say you outgrew the firm instead of talking negative. Wasn’t ver clear 

You use big words. I’m shocked you don’t know this one 

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. 

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

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. 

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, 

Lol the Trojan horse manuver

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

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

Ducati, I pm'd you about chatting could definitely ask you a few questions about your start if you are open soon

To be fair...

https://www.thefreedictionary.com/cohoe

Dude wtf 

Also, don't discount anyone. 

BC was a tranny?

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.  

This . . . Is true.

In before Wet Blanket tries to make a quick buck.

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

If you are talking about RJ and Wells RIA, Wells already started one. You have to have 100mm+. 

She's cool with either one

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