Alright crew, I need some advice. I’m currently in negotiations to possibly leave my firm (Merrill Lynch) and work for an RIA. I will be given a salary to service some of their current clients and then a split for clients I bring in. They will also put prospects in front of me and I will own my own book. Should I do it? I’m making a nice salary in the FADP program but I know that won’t last forever.

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I bet you’ll be much happier at an independent RIA firm over the long run...are you at liberty to name which RIA?

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If you truly want your own book and freedom later on in life... Hop on the RIA train. You'll get experience and help... And even better if they're putting some clients in front of you! We know ML is built on the sink or swim, high turnover model. And while it works for some, I see much better opportunities with the option you have presented.

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FADP program at Merrill a joke so if you are doing pretty well in there, you are rare. Are still relying on the salary of FADP? Are you solo or part of a team? Are you ready to transition from FADP salary to 100% commission at Merrill? I was previously management at Merrill and know how bad that program is. Since you are still a baby broker, are you ready to start over again at an RIA (basically only managed accounts) that won’t offer as many products as Merrill?

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I’ve heard the same from others! I don’t want to become just a salaried employee. Thank you! Your response was helpful!

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I am RIA. Love it. The fee only fiduciary standard is easier to sell. Make sure that you get a fair share of your own book revenue and make sure you have a salary that covers their clients that you are taking care of because you need to give them a+ care--they are our babies.

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Let’s discuss offline - if you want to hear my thoughts.

Where are you located? Pm me if u wish

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