Anyone have a terrible experience with an inherited book of business? I feel like I’m taking a lot of liability for very little gain.

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Someday, young grasshoppa, you will give away your problem clients, your small balance clients, your headaches.....to someone like.....you.

funnysmart

How much annuities and a shares vs fee based?

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Yup, former advisor was advising clients to leave me. Awaiting a verdict after a finra arbitration. What a waste of time

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I know a guy who inherited a book at a bank. Got a ding to his u-4 for some weird Russian mutual funds and some weird senior bank loans. What was even worse is that he had left that bank and gone independent. And they STILL dinged him because the account was under his name for 6 months.

I’d be very leery of inherited books. I’d go through them with a fine toothed comb. On the surface it seems great! All these new contacts with established accounts! But let’s face it. Most advisors aren’t that good. Or ethical. Or even have a clue

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There will be some nuggets. Remember the 80/20 rule.

Should be fine.... but please double double check any annuities... I knew a woman who inherited an annuity and later got a ding on her U-4 because it was unsuitable

Pain in the ass. Like above, a few are good, but the rest seem to be problem children.

What’s the details of the transaction ie book make up, purchase price, avg age of clients etc?

☝️wouldn’t have paid him 💩 after I found that out

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