Related Posts
Coach
Best study guide for CFP?
More Posts
Recommendations for a Roth IRA?
Yay or nay? Can't make up my mind 🤯
Additional Posts in Financial Advisors
Anyone in SoCal?
New to Fishbowl?
Download the Fishbowl app to
unlock all discussions on Fishbowl.
unlock all discussions on Fishbowl.
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.
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.
Fa2 yes I used to be on the retention team at jones. I remember one time an fa turned in her resignation at lunch and I was calling the clients by 2 with the goal of talking to 75% of auc by the end of the day. I called the biggest client first and he didn't believe she'd left. He said what? I just talked to her a couple hours ago. Jones is good at retention they usually keep at least 50.
Edward Jones op, what about our stuff isn't letting you be a true planner? I'm legitimately curious as to what we can't do that you're trying to do.
LPL1- explain "my clients are paying less fees". Just quick response how it's different ?
LPL1- is the sign on bonus around 30% revenue ?
I used Mark Albers at Albers & Associates to consult me in my search when I left Jones 2 1/2 years ago. I would reach out to someone to help make clear the difference in firms and the RIA model.
No, I was the first he had go to FiNet, he actually specializes in RIA referrals and set up. He gets paid by the firm you choose to affiliate with. Call him, it’ll be worth your time. (310) 540-9461
When someone on Fishbowl offers "reach out to me personally", how do you do that? I don't see way to contact personally on this app. Thanks much for helping this Fishbowl newbie.
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
LPL1 -what's the all in fees for the client in your models ? If you are charging 1%, what else on top of that?
MassMutual- There is no easy way. Someone needs to disclose or you need to look someone up. I can be found at www.pc-wa.com. Hope that helps. Barry
Want to be part of a growing firm that manages high net worth AND we run a large cap fund and a small cap ETF. Sounds like you could be a fit. Check out our website. AlphaMarkadvisors.com
Lol ^
Glad I could help. If we can help further, you can visit our site, www.joinwoodbury.com. Best of luck!
Platform support is what we do, FinTech, Compliance, E&O +++. checkout our website and call if you want to learn more
Does Mark have a contract with Wells or get paid to move someone to Wells? Just curious.
All recruiters get paid by the firm's they get assets to move to. Don't kid yourself for one minute, some will call themselves consultants, collect a hefty fee from the Advisor and then turn around and collect 6 points on AUM from the BD. Think about the conflicts first, they are very obvious if you take the time to analyze it.
No doubt about it, we do make a SMALL profit by providing very competitive platform services to our IARs. But we have NEVER collected a "consulting fee" from anyone and then referred that person someplace and collected an additional fee from the 3rd party (while saying I didn't). At least we are honest about it!
FA3: fund expenses, just like every other managed account. The advisor may have to pay LPL a few basis points depending on the model, but for the client, it’s all enclosed in the fee.
Can you legitimately call yourself fee only? Do you actually own your book of business? Can you monetize it and make your own big decisions without checking with someone else? The answer to that is no at EJ. With that asset size and CFP you obviously have chops. Go independent and fee only and you will never regret it. You will sleep at night comfortably knowing you are absolutely doing what is right for your clients and you will make more both in the short and long term. Good luck to you my friend
Call Aaron, our Business Development Director, at 203-463-7242. I researched several options before leaving Jones. He gave me good insight, and ultimately I came here. I’m really happy, but I did have to give up my 7 to be at an RIA. So far, no regrets, and we have several former Jones people here, so they “get us.” There’s so many routes you could take, but if you move somewhere else, you want to make sure it’s right for you, and you only have to move once. It’s a big undertaking. I felt he gave me good insight into my options, and they had GREAT support as I transitioned.