Open to exploring my options for going indep. 8 year vet at EJ w/$150m AUM ($90m fee-based), & a CFP. Not unhappy @ EJ but not able to be a true planner. How do I compare all the options?

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FA3- unless something has changed since I left, Edward Jones advisory and guided solutions had a minimum fee of 1.08% that the advisor could “discount” down to before taking a pay cut. Then the advisor gets 40% of that fee in their commission check. With LPL, you can charge .75 - 1% and net around 75-80% depending on the model. Advisor gets to take home more and clients pay less. In terms of sign on, mine was right around 30%, but it is paid out as a commission check. Not a bonus, and not a loan. You just gotta agree to keep your book of business with LPL for a year. After that, it’s your money if you want to move companies on day 366

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Best way to go about it is to prioritize what is most important to you. Compensation, openness of platform, technology, culture, ownership structure, supervision, field relationships, marketing support, etc. Make a list of questions, nothing crazy, but maybe 10 questions (describe your ownership structure, payout grid, advisory platform, planning program, describe your supervisory structure, etc). It’s still a people business. Talk to a couple of firms. Get a feel for the people. Ask for a concession and see how they react. When you have your list narrowed to 2 or 3, go visit their home offices. You’ll know what to do after that. NA (Addison, TX).

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60 ain't bad when you consider you don't pay self employment tax, you get profit sharing, your rent is covered your assistants pay is covered you get limited partnership, 2 trips a year, full service back office support, compliance, trading, hordes of analysts and national brand recognition.

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60% payout is low

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You sell your book or take it all with you. LPL isn’t going to fight you for your clients. The business and clients belong to the advisor, not the other way around. The only way your clients go to another rep is if you just bounce out of the business all together and don’t want to keep your book

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Hello. I sold custody for Pershing for several years and helped many advisors start or join RIAs. I am Happy to chat with you. In 2014 I formed my own RIA in Colorado. We custody assets at Schwab, TD and Fidelity and have made technology important in our firms culture for operational efficiency, servicing clients and keeping clean from a regulatory and compliance standpoint. Just let me know if I can help. Much more enjoyable to do it for yourself and to serve your clients without compromise.

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How much fee based is advisory? Those bridge builders liquidate on transfer potentially creating serious tax problems

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Almost all of my fee-based is in qualified accounts. It’s not about the money, but the ability to offer comprehensive financial services to my clients and the desire to own/run my own business. With so many options available, where does one start to determine the best route?

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What state are you located in EJ? Hard to say where to start but you do sound like you fit right into my firm. We are all independent contractors with full flexibility. It will be your own business and the home office will only be involved in your business if you want it to. Not to mention the payouts are very high

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LPL is great in terms of open architecture and let’s you run your business your way. My world opened up immensely when I switched from EDJ a year ago. Clients are paying less fees, I’m bringing home a LOT more every month, and I have SOO many more investment options.

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If you leave will they assign your clients to reps to start calling to try and retain assets ?

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Plus if your a 1m+ producer at jones aren't you over a 60% payout already?

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TX

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Does LPL have non compete

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FA1 good point I'm at 60 where I'm at now and don't get shit

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No non-compete, but you may have to sign a 12 month agreement that you would pay back all the sign on money if you leave in the first twelve months. (That was my agreement anyway)

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^^same at Cadaret and likely many other independent bd’s. if you are looking to run your own business you have to look independent. Narrow it down to maybe 3 choices touch base with their recruiters and go from there

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I reviewed 5 different firms prior to leaving Jones in May. Went to a meeting today and the discussion was at a higher level than I witnessed in my 17 years @ EJ. Has been a very positive move overall. Feel free to reach out if you want to discuss.

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Advanced Practice Advisors 1- which is a bigger conflict, collecting a fee to advise a client regardless of what the client chooses, or the 10% override you you stand to collect if they move to your platform? Like it or not, you are a recruiter too. You

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Where in TX? If true comprehensive planning is what you seek, you should give Lincoln/Sagemark a look. Lower payout than LPL, but when you factor in the resources from the planning department and many other benefits, you come out ahead, in my opinion. I was with LPL 15 Year’s ago. Would be happy to chat more.

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Woodbury for the win with apparently, solid advice!

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