Greenhorn Introductions - Need some advice

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Need some advice

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Category: Introductions
Forum Name: Greenhorn Introductions
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URL: http://www.advisorheads.com/forum_posts.asp?TID=21439
Printed Date: Mar/26/2026 at 3:45pm
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Topic: Need some advice

Posted By: Dondraper
Subject: Need some advice
Date Posted: Jun/17/2025 at 10:12pm

my situation:

$650k producer
90% fee based
employee channel at wirehouse (been at same firm since 2010)
about to lose my administrative assistant and my firm has no prospects of hiring anybody decent anytime soon
That administrative assistant is leaving with BM to the indy channel of our firm
they are trying to get an exception from home office for me to join them in the indy channel due to my close and successful relationship with the sales associate that they will be taking
spoke with home office person and he said technically i wouldn't be able to join them but if i was truly unhappy he will look to make an exception (this was a week ago and he is on vaca this week)

QUESTION

Assuming they make the exception and allow me to join them what is the process for negotiation as regards to how much of my higher payout goes to BM of the indy firm (after platform fees etc are deducted from the higher payout.
If permission is not granted and I consider other firms which is the best option for me. My skillset is prospecting/closing and working with clients../not managing overhead thus the employee channel with the largest would be my preference. Have a fantastic relationship with my clients and they would follow me wherever I go.
Other option is to simply stay where I am and continue to plug away whilst hoping that I get a competent administrative assistant one day
I'm 50

Any suggestions? Thanks in advance!

Replies:

Posted By: B24
Date Posted: Jun/17/2025 at 10:16pm

Indy channel of a wirehouse?

So…Wells?

And why aren’t you “allowed” to go?

This is confusing.

Posted By: Dondraper
Date Posted: Jun/17/2025 at 10:19pm

not so much me not being allowed as much as they not being able to bring me over without them also bringing in an external FA (from outside the firm) at the same time. That's the firm policy

Posted By: freebird
Date Posted: Jun/17/2025 at 10:23pm

Oh so WBS. If they don’t let you go, take a 650k check from LPL, drop your series 7, get a 90% payout, and hire your own assistant. Thats also where your negotiation starts IMO

-Kestra would be a backup to LPL, because it’s roughly the same financials. Little less on payout with no IAR with corp RIA option

Posted By: CFLRS
Date Posted: Jun/18/2025 at 8:50am

There are other options besides LPL with higher payouts. If you get to that point, PM me.

Posted By: freebird
Date Posted: Jun/18/2025 at 10:15am

CFLRS wrote:

There are other options besides LPL with higher payouts. If you get to that point, PM me.

In the Indy world? You talking quoted BD payout or real payout after fees? You can knock LPL for a lot of things, but I don’t believe anyone is beating them on payout. My offer right now is 100% payout and 5 bps admin. Tickets and other bs fees will be another 2% That’s with no series 7.

Those figures were based on my book, but my comment was on his 650k production

Not much meat on the bone there and they are miles ahead of most “Indy” and a little ahead of Kestra as far as I can see, Commonwealth was their only competitor on this and they just took them out. Wont surprise me a bit if they lower payout at some point because they can and they’ll still be out in front of everybody else.

Posted By: CFLRS
Date Posted: Jun/18/2025 at 10:50am

I'm not sure what what you mean (real vis BD), but Independent Financial Partners (former LPL Super OSJ) pays 92% at $500k revenue. Can be RIA only or dually registered. Can use Schwab, Fidelity, or Pershing as custodian. Multiple manager/SMA options (for an additional fee), but you can also trade you own models without any platform/hidden fees. Pay for your own tech, but all the ala carte tech stuff is very reasonably price.

Posted By: knuk
Date Posted: Jun/18/2025 at 11:00am

These types of options in Canada would be great, but I guess adding 10% to top line for a U.S. firm isn't enough to overcome regulatory and compliance headaches.

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administrator

Posted By: CFLRS
Date Posted: Jun/18/2025 at 11:12am

CFLRS wrote:

I'm not sure what what you mean (real vis BD), but Independent Financial Partners (former LPL Super OSJ) pays 92% at $500k revenue. Can be RIA only or dually registered. Can use Schwab, Fidelity, or Pershing as custodian. Multiple manager/SMA options (for an additional fee), but you can also trade you own models without any platform/hidden fees. Pay for your own tech, but all the ala carte tech stuff is very reasonably price.

And I may be confused...does LPL offer some sort of "employee channel"? Is that what you're referring to here? Ultimately, that's what the OP expressed his preference for. Not my cup of tea, but I admire anyone who acknowledges their strengths and weaknesses.

Posted By: Dondraper
Date Posted: Jun/18/2025 at 1:50pm

CFLRS wrote:

That's correct. Other than the indy channel of my current firm my preference if I were to leave would be the employee channel of a wire or regional. My skillset lends itself to one in which I can focus 100% of my time on servicing and prospecting for clients. Culture, payout grid, upfront payout, firm reputation are all factors if I choose to make move. Focus is on mass affluent (500k-2M) Thanks again!

Posted By: freebird
Date Posted: Jun/18/2025 at 3:54pm

Yeah, I know some people who have recently talked to them. They are an RIA. Aside from feeling like they’re for sale. I think they’re pretty good option. Didn’t realize the guy wanted an employee channel. Honestly, you’re not gonna beat Jones pay out there. Plus all the other perks lol

Posted By: Iamlegend
Date Posted: Jun/18/2025 at 10:06pm

I am a former branch manager at Wells PCG who went FINET.

1. The reason they have to get an exception for him to go with the other guy is they weren’t an official team.

2. What you pay for supervision at FINET within your branch is completely negotiable between you and the other advisor.

3. I pay around 1.5% plus split local expenses.

4. My net after all expenses is around 75%. Our branch gross payout is 89%.

Edit: When I left in 2022 to join an existing FINET practice they hadn’t started the outside recruiting requirement. I know someone who just got an exception for this who is getting expedited to leave for FINET.

Posted By: RIArules
Date Posted: Jun/18/2025 at 10:39pm

Iamlegend wrote:

I am a former branch manager at Wells PCG who went FINET.

1. The reason they have to get an exception for him to go with the other guy is they weren’t an official team.

2. What you pay for supervision at FINET within your branch is completely negotiable between you and the other advisor.

3. I pay around 1.5% plus split local expenses.

4. My net after all expenses is around 75%. Our branch gross payout is 89%.

How does this compare to when you were an employee?

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“We are all Antifa” - Hacksaw 9/12/2025

Posted By: Iamlegend
Date Posted: Jun/18/2025 at 10:44pm

RIArules wrote:

Iamlegend wrote:

I am a former branch manager at Wells PCG who went FINET.

1. The reason they have to get an exception for him to go with the other guy is they weren’t an official team.

2. What you pay for supervision at FINET within your branch is completely negotiable between you and the other advisor.

3. I pay around 1.5% plus split local expenses.

4. My net after all expenses is around 75%. Our branch gross payout is 89%.

How does this compare to when you were an employee?

Significantly higher now.

Even including the 100k + I was getting for being branch manager I am making a lot more now.

Posted By: Nathan Explosion
Date Posted: Jun/19/2025 at 12:22am

Sounds like wells is losing control and trying to squeeze FINET. No thanks.

Posted By: Iamlegend
Date Posted: Jun/19/2025 at 6:54am

Nathan Explosion wrote:

Sounds like wells is losing control and trying to squeeze FINET. No thanks.

What do you mean?

Posted By: Dondraper
Date Posted: Jun/19/2025 at 8:19pm

Nathan Explosion wrote:

Sounds like wells is losing control and trying to squeeze FINET. No thanks.

explain

Posted By: Nathan Explosion
Date Posted: Jun/19/2025 at 8:47pm

Iamlegend wrote:

Nathan Explosion wrote:

Sounds like wells is losing control and trying to squeeze FINET. No thanks.

What do you mean?

If there is one thing that is consistent with the wires is squeezing FAs. You can deny it or put lipstick on it but it’s true. I commend wells for what they are doing w FINET. I cannot see any others doing that. If they did it would be a retard bastard child of the core wire. FINET is “independent”. Not so much w compliance etc. but Indy for what it’s worth. I have very close friends involved in it and they recruited me heavily. But when it comes down to it control it’s is all they have. 3rd man on the deal team going FINET hurts the bottom line. And the bottom line is all that matters to wells.

Posted By: freebird
Date Posted: Jun/19/2025 at 9:21pm

Nathan Explosion wrote:

Iamlegend wrote:

Nathan Explosion wrote:

Sounds like wells is losing control and trying to squeeze FINET. No thanks.

What do you mean?

Independence is mostly an illusion outside of like 2-3 firms and one is going away

Posted By: Hacksaw
Date Posted: Jun/20/2025 at 9:02am

freebird wrote:

Nathan Explosion wrote:

Iamlegend wrote:

Nathan Explosion wrote:

Sounds like wells is losing control and trying to squeeze FINET. No thanks.

What do you mean?

Independence is mostly an illusion outside of like 2-3 firms and one is going away

Still clinging to the idea that it was the way they were, and not a sales tactic to get as many guys in the door in handcuffs as possible to turn around and sell you out.

-------------
I response to my post:

Helado Posted: 13/Jan/2023 at 11:11pm

"I stand corrected."

Posted By: freebird
Date Posted: Jun/20/2025 at 10:04am

Hacksaw wrote:

freebird wrote:

Nathan Explosion wrote:

Iamlegend wrote:

Nathan Explosion wrote:

Sounds like wells is losing control and trying to squeeze FINET. No thanks.

What do you mean?

Independence is mostly an illusion outside of like 2-3 firms and one is going away

Still clinging to the idea that it was the way they were, and not a sales tactic to get as many guys in the door in handcuffs as possible to turn around and sell you out.

Yep

Same as you're still lying...I mean clinging...and saying you can do FMT

Posted By: Hacksaw
Date Posted: Jun/20/2025 at 12:44pm

freebird wrote:

Hacksaw wrote:

freebird wrote:

Nathan Explosion wrote:

Iamlegend wrote:

Nathan Explosion wrote:

Sounds like wells is losing control and trying to squeeze FINET. No thanks.

What do you mean?

Independence is mostly an illusion outside of like 2-3 firms and one is going away

Still clinging to the idea that it was the way they were, and not a sales tactic to get as many guys in the door in handcuffs as possible to turn around and sell you out.

Yep

Same as you're still lying...I mean clinging...and saying you can do FMT

I did FMT... once.

-------------
I response to my post:

Helado Posted: 13/Jan/2023 at 11:11pm

"I stand corrected."

Posted By: freebird
Date Posted: Jun/20/2025 at 3:07pm

Hacksaw wrote:

freebird wrote:

Hacksaw wrote:

freebird wrote:

Nathan Explosion wrote:

Iamlegend wrote:

Nathan Explosion wrote:

Sounds like wells is losing control and trying to squeeze FINET. No thanks.

What do you mean?

Independence is mostly an illusion outside of like 2-3 firms and one is going away

Still clinging to the idea that it was the way they were, and not a sales tactic to get as many guys in the door in handcuffs as possible to turn around and sell you out.

Yep

Same as you're still lying...I mean clinging...and saying you can do FMT

I did FMT... once.

Yep. You’re not allowed to do it twice, but “I don’t wanna” sounds better

Posted By: luvindy
Date Posted: Jun/20/2025 at 3:39pm

freebird wrote:

Hacksaw wrote:

freebird wrote:

Hacksaw wrote:

freebird wrote:

Nathan Explosion wrote:

Iamlegend wrote:

Nathan Explosion wrote:

Sounds like wells is losing control and trying to squeeze FINET. No thanks.

What do you mean?

Independence is mostly an illusion outside of like 2-3 firms and one is going away

Still clinging to the idea that it was the way they were, and not a sales tactic to get as many guys in the door in handcuffs as possible to turn around and sell you out.

Yep

Same as you're still lying...I mean clinging...and saying you can do FMT

I did FMT... once.

Yep. You’re not allowed to do it twice, but “I don’t wanna” sounds better

Freedude didn't even build the box, he just slammed it shut here.

-------------
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,

Posted By: Hacksaw
Date Posted: Jun/20/2025 at 3:55pm

freebird wrote:

Hacksaw wrote:

freebird wrote:

Hacksaw wrote:

freebird wrote:

Nathan Explosion wrote:

Iamlegend wrote:

Nathan Explosion wrote:

Sounds like wells is losing control and trying to squeeze FINET. No thanks.

What do you mean?

Independence is mostly an illusion outside of like 2-3 firms and one is going away

Still clinging to the idea that it was the way they were, and not a sales tactic to get as many guys in the door in handcuffs as possible to turn around and sell you out.

Yep

Same as you're still lying...I mean clinging...and saying you can do FMT

I did FMT... once.

Yep. You’re not allowed to do it twice, but “I don’t wanna” sounds better

-------------
I response to my post:

Helado Posted: 13/Jan/2023 at 11:11pm

"I stand corrected."