{ "media_type": "text", "post_content": "Transitioning from commission to fee based as well as moving firms. Don't want to bash old firm, but I could use some help with the language to express the improvements the new platform will provide ", "post_id": "5a6dcb881dc07c0013282b5e", "reply_count": 8, "vote_count": 4, "bowl_id": "599feb177c057d0010be0554", "bowl_name": "Financial Advisors", "feed_type": "crowd" }

Transitioning from commission to fee based as well as moving firms. Don't want to bash old firm, but I could use some help with the language to express the improvements the new platform will provide

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Investments cost less. 0.11% versus 1% internal. No commission on rebalance. Broader diversification. No commission ever. I work for client only. You pay me 1% per year to prevent a big mistake. Most investors under perform the market by 7% every year - Dalbar. I will advise and counsel on the overall financial plan as needed. No sales. Advice.

likeuplifting

Hello mr and mrs client you're currently paying me .25% a year but I need a new vacation home so I'm going to go to a new firm where it's easier to charge you 1.5% a year.

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Tell it like it is. I have a lot of A share business that I have moved over and no one was against it. My business has grown and I want to continue to provide you the service I have, even outside of this account. But in order to do I have to move to a different fee structure. Then explain the benefits. (There better be more benefits) one huge benefit it just you working with them and Fielding questions. Half of the ashare clients wouldn't even have a retirement savings if it wasn't for you in the first place, regardless of fees. So if them having you in general is a benefit, then they should move over to the new structure. You have to make a living too, and it does them no good if you have to find another job. For those with their dumbass comments about you just price gouging and buying a vacation home, we know they aren't providing their clients with any planning benefits.

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Hello mr and mrs client I charged you 5.75% years ago and now I pretend that I’ve done you a favor because your paying .25% and are being ignored. Of course it’s still cheaper then paying 1.5% but sometimes paying less is more expensive in the long run.

Seriously explain to your clients you want to offer guidance beyond investment management. You are offering your clients the opportunity to leave things the way they are or if they want to include financial planning you can transition to an advice based fee structure.

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Yup, just for the money... And etf access and lower overall cost to the client, and access to managed accounts and an open annuity platform and that little issue of dol compliance

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Which firm you going to?

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Sounds like you moved just for the money?

Client and new firm/ADV setup put them on the same side of the table

Additional Posts in Financial Advisors

I’m a 27 male and only weigh 140 pounds because I exercise daily and also am probably too stingy on my diet. I know I’m way below my ideal weight, and 140 also won’t be sustainable when I’m older. I want to gain weight but healthy weight, not fat, and I’m just not sure it’s possible to gain 20 pounds of muscle when I’ve already been lifting for 10 years. Any ideas?

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Hey! A buddy of mine is looking for two data people 1-2 years experience and then 3-5 for a WPP agency . I don't have too much info on the specifics but happy to connect you if intrigued!

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Hey fish, do any of you use an SAD lamp while traveling. I have a huge one at home and would love to have something portable to use at the hotel.

Law firm owners— From a marketing standpoint, what have you spent money on in the last year that you wanted to work, but it didn’t?

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Is your partner in the same industry as you? Do your work alongside each other or in different companies? If so, do you see this as advantage or not? Share your stories!

Happy Thursday everyone 😁. This is your daily DJ spinning the tunes to get you movin and groovin through your day. Now that we are on summer break I’m going to change it up to daily featured artists. “Private Eyes” and “I can’t go for that” are a few of my favorites. Enjoy, stay safe, hydrated and have a bless day 🤗

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Anyone in the DMV need professional headshots? I do them relatively cheap and they’re not the boring kind. They have PIZZAZ.

Also helps build my portfolio!

50 mins, $50, 10 photos edited and retouched.

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Any one does Lebanon/UAE or KSA trip weekly ? If yes how feasible is it ? What are the main drawbacks? And if possible what company you work for? I am offered to relocate to MEA and assessing options

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Ladies I need some advice. My long time boyfriend is a hotep (i.e. won’t vote because he says politics aren’t for black people, thinks he can’t get corona because the government is lying about it, etc.) we just got into an argument about me donating blood because he says blood and organs have been stolen from black people long enough. I love him to death but I’m worried about how his radical ideas will affect us down the road with marriage and kids. Am I bugging? What should I do?

likefunny

What’s stopping us from just giving every household cash as opposed to small business loans, tax holidays, major bailouts, etc.? Aside from corporate lobbies, what’s the big hang up? Seems like it could be cheaper or no?

likefunny

What's the typical annual raise percentage at EY?

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Yesterday i got a call from HR she was like man you are frequent changer we can’t proceed. I checked her profile she changed 6 companies in 5 years 😂😂😂

funnylikehelpful

Is the US federal government efficient and competent? Which parts of the federal gov do their jobs well, and which do them poorly? How would you improve the latter?

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Is a 601 waiver required for having done unauthorized work in the US? Client is married to US citizen, and applying for GC overseas. Never overstayed, but did work illegally here in the past.

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Is the grass greener on the buy side?

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Can anyone send me a list of all Epic customers?

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It's that time...🦃

What's one thing you're grateful for in your life or career at the moment?

Drop it below! 👇

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I work for a contract SNF company in seattle and we have SO many OT positions open - is everyone else having the same struggle? Where are all the OTs? How are other companies managing?

likehelpful

Additional Posts (overall)

13 years experience and no college education. Best way to go about earning my BA and taking the CFP?

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For those communicating with your clients on a consistent basis, what does the quarterly or monthly call consist of? Do you simply review performance, ask for questions, any updates and move on?

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Should people be fired for lack of people skills?

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I watch CNBC all day and I see those Fisher Investment commercials talking about how they have much better strategies than everyone else. Anyone have a clue what their MO is?

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Sitting for the CFP in March. Any tips on how to best maximize the next 3 weeks?

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Anyone utilizing Riskalyze? I am intrigued and just beginning my due diligence process to determine value.

Please share pros and cons and how you've integrated it into your practice.

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Hello! I’m a financial advisor and a CFP. Running a good practice but looking for a side gig while my commissions ramp up. Any tips/gig that have worked for you? Ideally WFH, flexible hours.
I have a double bachelors in economics and environmental science, am a good writer, and good at accounting.
Any and all suggestions appreciated!

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I may start a fight with this, but are there certain companies or products that make you cringe when you hear people talk about them?

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Any of you guys ever use those magnetic car signs to advertise like realtors do? Is that tacky? And if so, why isn’t it tacky for realtors, but it is for us?

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Is Edward Jones now allowing multiple reps to be in the same office?

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Had a conversation with our friendly neighborhood annuity salesman today. He's not securities licensed so he says he's been selling 1% fixed annuities with an 8 year surrender on them. Good stuff.

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I'm looking to improve my communication skills to navigate a very political environment better (i.e. I need to be more diplomatic). Any books recommendarions are appreciated 💁🏼‍♀️

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Work-Life Balance OR Work-Life Integration? What's more applicable to your life?

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Does Thrivent offer individual stocks? Other pros and cons?

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My wife and I have toyed with the idea of moving to Dallas, Texas. We live in the Bay Area. We figure we could come out ahead financially in the long-term. Anyone in Dallas?

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What is the value in professional certifications? ACCA, CFA, CIPD, etc.

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For those of you indy (not using your b/ds business cards(thinking of LPL)/rias: What do your business cards look like: (basic white card w/ name, logo, contact info)?

likehelpful

Audiobook recommendations? Currently listening to The Subtle Art of Not Giving a F*ck and I'm enjoying it, but I'd also be open to listening to novels aside from self help books.

likefunny

How do you handle having non-FA friends from a financial standpoint? Like I want to travel more or do things that are a little more costly than just grabbing meals/going out together

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Doing a project for a senior advisor and need your advice. $75mil current assets and no real prospecting efforts. If blank slate and building marketing plan to get to $100mil what do you suggest?

likehelpful

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