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Anyone from FRA?
Anyone go to the Philly EY office regularly? I just moved to Philly this summer from DC so my gf can go to grad school. I’m in GPS so still tagged to my previous engagements and working with the same folks. There would be no reason for me to go to the EY office here other than networking so for that reason was wondering what the office is like and if there’s typically a lot of people there. EY
For all you accountants out there.
Might be too real
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Wtf happened to the market today?
You are currently on a Captive platform so you understand the restrictions and limitations that come with it, right? Why make a lateral move to another Captive? It makes no sense, they don't offer anything you don't already have. If you think the signing bonus is worth it ask anyone who's taken one what the AFTER TAX benefit is. (Don't forget AMT, I took one and realized less than 10 cents on the dollar). Now try to calculate what your business would look like over the same time period as an Indie RIA. $200 Billion in smart money left firms like WFC & Ameriprise in 2017, it's projected to double in 2018. Control Your Future; Go Indie RIA!
And that’s coming from someone who was there for many years... it did nothing but hold me back and since going independent my clients are much more happier and my business has tripled in 6months
One reason is when you sell your biz it's to a limited audience. Only another Amp buyer or someone willing to go there. You'll fetch a higher multiple as an Indie RIA, just ask anyone at FP. It is worth the effort to go Indie RIA.
Good convo above and as you can tell, arguments can be made for both sides. Obviously AF1 has a great practice and a great exit strategy. Most people go to a new firm for quanatative reasons, like $, but start being disgruntled for qualitative reasons, like management or having to tow the corporate line. This then starts to effect the quanatative side of things. So really try to define it. That being said I went indie in 2010 and have never once thought I made a bad decision. Good luck.
Mistake, unless your more comfortable being an employee with limited opportunity for controlling your own future. Think independent RIA or am independent BD like Cambridge Investment Research...... I made the move 4 years ago ...best move...never regretted it
Don’t do it... Ameriprise is horrible... it will be nothing different then wf... only way to go is independent and don’t fall for amps pitch that you can be independent
Yup!
Can you elaborate on how you felt held back? The platform feels pretty open. We have equity in our practices and are free to sell our book. What felt like it was holding you back that’s been better outside ?
Everything AMP does is for the benefit of AMP. Not the advisor. Not the client. You have equity in the sense it is salable to another AMP person. Just like a wirehouse. AMP owns the clients. The platform is open if you believe in AMP. If you view them as a vendor, they are very restrictive.
We can sell outside of AMP. If someone wants to come to the company and buy the book.
I feel that at 22 years with a sale coming in 3-5 years that i won’t have a problem selling. I view my relationship with AMP as follows—my clients can take comfort that the firm is sound, the compliance is strong, and there are more than enough product choices. I feel that at this point, clients are working with me. It’s about me for them not whether I’m with AMP or Morgan Stanley or EJ
When I hear someone start defending a company like Amp what I'm really hearing is Check, check, Check. It is the strangest phenomenon, it's like their brains turn off and all the see is the instant gratification. Ask ANY advisor who's gone that route... they all scream don't do it... but most guys dive head long into it. My advice is take the pro forma to a CPA and ask them how much is left to put in the bank after taxes... you probably won't, but maybe?
Definitely not defending the company. I don’t drink that kool aid but the hassle of moving firms after two decades is more than many want to take on.
Unless i am mistaken i don’t know why i would fare better elsewhere at this point. My practice is valued each year by FP Transitions. I know what i can get for it at this point and assuming i continue to run a sound practice it should be worth more in 5 years.
I’m curious as to what the advantage is for me to go elsewhere. My payout is high. My practice is very efficient and manageable in size. What’s the benefit to moving ? And what’s my benefit if i am Independent when i sell