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Re-introduction

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san fran broker View Drop Down
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    Posted: Feb/23/2021 at 12:54pm
After something like 10 years, I'm returning to this forum. I was part of the original diaspora from the Registered Rep broker forums. 

Interned in college in 90s with a boutique multi-family office. Worked in the public sector from college to mid 20s. Entered the training program of a wirehouse in October 2000 and got my rep number in April of 2001. (So, yes, it was me who personally broke the nasdaq.)

At the wire, worked in a stock options reinvest group 2001-05, and had a lot of exposure to EFS. Then left group in 2006, but stayed in firm and bought a small book from a departing rookie, continuing to do rep-as-pm with ETF portfolios. In 2007 got my CFA and left to start an independent, RIA clearing through Schwab. Started with ~$18mm, grew to ~$25mm by August 2008. So I rented an expensive Class A office space on  a 5 year lease, about a week before Lehman fell. AUM dropped to $8mm at one point in 2009, I think. 

Entered into 2 partnerships in the period 2009-14. Both ended in break-ups, but both are still in the business and on friendly terms. One took their pamphlet with them, the other didn't have one. Took on 5 different 401(k) plans over that period and basically built from there. Picked up a ton of business and by 2011, I had ~$100mm in assets technically, but my ROA was ~35 bps  because it included 4 401(k) plans that I made very little off of, managed money, discounted fees, etc. I had ~$20mm truly discretionary clients that I was billing 1+% off of. 

Made a concerted effort to transform my practice into a HNW offering in the 2012-16 period. Built my separate, non-partnership assets up to $53mm across 30-something clients by 2016. Got out of the last 401(k) business in 2016. The partnership that I had consisted of a few UHNW relationships, and when the partner and I ended it, those clients left with them. So, I found myself at the beginning of 2016 with a book generating ~$600k a year, in my early 40s, that was pretty much on autopilot. So I decided to move my assistant into an office suites, and I moved to SE Asia for what I thought was going to be for 1 year but ended up being 5. I ran the business virtually and pretty much lived the dream traveling around the world with Singapore as my hub. Clients knew what I was doing, some didn't like it, but amazingly, none left.  I played defense and didn't really accept new clients unless they were ok with not meeting in person, at all, ever. I did some work for audit work international clients at that point as well.

I moved back to the US in 2018 and recommitted to the existing clientele. Present AUM is ~$130mm across 41 households. My T12 is ~$1.2mm. I have one junior advisor / admin that's paid $190k salary. We clear through one platform. We have no overhead to speak of other than our performance reporting software, minimal travel. Covid had no effect on our business, except that I now have to Zoom a lot, and previously it was all voice. There are a number of clients that I've met only once or not at all. My portfolios consist entirely of individual stocks, bonds and broad market ETFs or iShares ibonds / Bulletshares. My 2020 end of year 13F was over $100 million. 

So, why am I here? Two reasons; The first is that I actually want to try and grow my business substantially in the next few years so that I can live at another level in terms of lifestyle. I'm 48, my wife is 29 and has expensive tastes. I also had my first child last year. I'm going to need to make more to maintain my lifestyle and my time horizon is longer now. My goal is to get to T12 of $3mm in 5 years.

Second, my assistant, after 13 years - who basically runs the business ex investment and strategy, wants to start taking on clients of their own. She's a CFP and has a no-name MBA. There's no way my son could take over the business realistically before I'm 75+. So, I need to learn how to manage a bit, succession too. I also am hiring back (after 13 years) my old CSA. 

So, what I'm hoping to get from this place is some insight on how to manage my asst. and other people that I hire. I'm also curious about what's working. Finally, I'm just looking to talk to some guys that aren't so fat and happy that they aren't completely checked out of active business development, like the guys who came up with me.
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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: Feb/23/2021 at 1:00pm
Child bride??????
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Post Options Post Options   Thanks (0) Thanks(0)   Quote luvindy Quote  Post ReplyReply Direct Link To This Post Posted: Feb/23/2021 at 1:00pm
In first.

You came to the right place. The best thing about this board is that it's politics free and all business! 


8/31/12,Sportsfreak:
"If Barak wins this election, or appears to be clearly winning, we are all fucked. Market will tank big time."
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Wet_Blanket Quote  Post ReplyReply Direct Link To This Post Posted: Feb/23/2021 at 1:35pm
This board seems to be a mix of newbies and "fat and lazy" established producers.  So you'll add something new, or draw out the hard scrabble lurkers.
September 23, 2020

Moraen: Book it. Trump wins by a huge margin.
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Mike Damone View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Mike Damone Quote  Post ReplyReply Direct Link To This Post Posted: Feb/23/2021 at 1:51pm
Welcome Back.  I think RipRock and The Clutch focus on HNW / UHNW.
"Sorry about the mayonnaise, guys."
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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: Feb/23/2021 at 1:54pm
Is it safe to say your wife is Asian and you met her overseas?
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 missionshooter Quote  Post ReplyReply Direct Link To This Post Posted: Feb/23/2021 at 2:01pm
How old was she when you met her?
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san fran broker View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote san fran broker Quote  Post ReplyReply Direct Link To This Post Posted: Feb/23/2021 at 2:30pm
Haha. I'm not going to talk too much about my wife here. 

She was 22 when I met her (in the US). She was a teller at my local bank.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Wet_Blanket Quote  Post ReplyReply Direct Link To This Post Posted: Feb/23/2021 at 2:35pm
Ohh god that is just going to get them going!
September 23, 2020

Moraen: Book it. Trump wins by a huge margin.
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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: Feb/23/2021 at 4:48pm
Well, welcome back just the same.  Seems like you have a good practice and know how to grow it.  You just have to do it.

You do realize how, "my wife is 20 years younger than me and has expensive tastes...living on about a million with a kid is gonna be tough," screams gold digger, right?  
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 Sportsfreak Quote  Post ReplyReply Direct Link To This Post Posted: Feb/23/2021 at 5:42pm
Originally posted by san fran broker san fran broker wrote:

Finally, I'm just looking to talk to some guys that aren't so fat and happy that they aren't completely checked out of active business development, like the guys who came up with me.

This pretty much leaves me out since i'm fat and happy and a year into retirement. But welcome back to AH, nevertheless. I look forward to reading your posts for the pure enjoyment of it
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Iamlegend Quote  Post ReplyReply Direct Link To This Post Posted: Feb/23/2021 at 10:41pm
Originally posted by helado helado wrote:

Well, welcome back just the same.  Seems like you have a good practice and know how to grow it.  You just have to do it.

You do realize how, "my wife is 20 years younger than me and has expensive tastes...living on about a million with a kid is gonna be tough," screams gold digger, right?  
Well he does live in San Francisco so his expenses are probably through the roof. 
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