Financial Advisors

Indy w 130m aum in pre-process of moving from Raymond James (85%payout) to LPL (93% payout). Move is starting to overwhelm my time rather than handling my clients. Advice? Anyone experienced this?

like
Reaction Icon Like
Arrow Icon
works at

You can do it in 3-4 months but it will be a very stressful period. Production for me returned to normal around the 5 month but the office atmosphere has taken a year to get back to where it was. Moves are stressful and difficult every time. Embrace the suck, power through and know it will get better. Although, not sure LPL was a great choice...

Reaction Icon Like
like
Arrow Icon

Why are you moving for such a small bump? Way to disruptive to you, your team and your clients. Also delays continued growth. You’re better off staying and growing. You’ll easily make up the delta.

Reaction Icon Like
likesmart
Arrow Icon

I moved from RJ to LPL. Transition was grinding. I focused on opening accounts and transfer paperwork. As the days moved on I would open and transfer before lunch, after lunch start checking incoming assets. Late afternoon I was on to other account I wanted to bring in. Difficult to complete but worked out extremely well. Very happy with the change.

Reaction Icon Like
like
Arrow Icon

Expect a move to stop new business generation for about 6 months. I moved twice in 8 months. That was my experience.

Reaction Icon Like
likehelpful
Arrow Icon

LPL was offering 50 bps recently. Also don’t forget they charge 10-15bps on advisory held there- are you making a hybrid RIA? If you don’t have a lot of annuity business, RIA is 100% payout and no hidden advisory fees. There’s other fees for RIAs but it saved me about $10k/yr in fixed fees and 25% on advisory compared to LPL.

Reaction Icon Like
smart
Arrow Icon

At what assets size does is make sense to go RIA?

Reaction Icon Like
like
Arrow Icon

LPL bought NPH last year and I was at one of those NPH firms. Seriously considered joining LPL but they couldn’t get their act together. I had a unique situation in that my production was split as I was paying for a book I purchased. I explained this to them multiple times and each time was told it wouldn’t be an issue. Weeks later they approached me with an offer that ignored that portion of my production. Explained it again, they apologized and said they would correct. This happened three times before they finally made me the correct offer 2 days before I was to begin my transition. It was too little too late for me. Especially since I had talked to other brokers leaving LPL who said their back office help was lacking. I’m not saying Cambridge is better. Honestly, I’ve been a little disappointed here as well. I recommend calling some other LPL and former LPL brokers. Call me if you would like to discuss further 864-457-4550

Reaction Icon Like
like
Arrow Icon

Thanks for the input indy inv advisor1. @andrew morris: why arr you not sure LPL was a great choice? Would u mind elaborating?

Reaction Icon Like
Arrow Icon

Advice....dont go.

Reaction Icon Like
Arrow Icon

Are you moving to make a few extra dollars or is there value for your clients? What does LPL have for them that RJ doesn’t?

Reaction Icon Like
Arrow Icon

(continued) I can see it is becoming a source of stress for myself and employees. Any advice or input is appreciated!

Reaction Icon Like
Arrow Icon

Also getting 5bps on AUM as bonus, at first it sounded great but now, im just not sure.

Reaction Icon Like
Arrow Icon

I’m just going to be honest with you, from the looks of things, I don’t believe that the rewards outweigh your current situation. I’m not trying to be negative, but LPL has a lot of problems when it comes to management and support. I hope this wasn’t simply for the $.

Reaction Icon Like
Arrow Icon

Related Posts

Zillion beers anyone?

like
Reaction Icon Like
Arrow Icon

Do you think considering someone your best friend requires that they also consider you as their best friend?

like
Reaction Icon Like
Arrow Icon

Wilder looking like crap

like
Reaction Icon Like
Arrow Icon

Some guy in the lounge today was hellbent on getting the TVs turned to Fox News because the only thing showing was CNN. 🙄🙄

likefunny
Reaction Icon Like
Arrow Icon

Shows similar to The Stranger or Safe on Netflix? Really enjoyed those!

like
Reaction Icon Like
Arrow Icon

Not today ISIS not today.

Post Photo
likeupliftingfunny
Reaction Icon Like
Arrow Icon

Download the app for more exclusive discussions.