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?

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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...

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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.

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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.

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

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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.

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

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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

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

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Advice....dont go.

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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?

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

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

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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 $.

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