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bkd77 View Drop Down
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    Posted: Aug/08/2022 at 12:42am
Hello everyone! I’m new to the group. I’ve got 7 years in the industry and I work for one of the large firms. Will anyone give me some advice on going independent with LPL through one of their super OSJ? So far in my discussions with this one group, it seems like a good transition because they still offer a lot of operational and marketing support under their brand but it’s still independent. Is there a better independent route like with RJ and one of their OSJ? Or is it just better to go with where you feel you fit the best?I’ve talked to 3 different groups LPL, RJ, and Cetera but not directly, each had an OSJ that I connected with. Right now I’m leaning towards LPL. I’d like to hear some thoughts from this group. Thanks in advance! 
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Post Options Post Options   Thanks (0) Thanks(0)   Quote helado Quote  Post ReplyReply Direct Link To This Post Posted: Aug/08/2022 at 12:47am
Take Cetera off your list.  LPL or RJ are both top tier firms you can't go wrong with.  Cambridge and Commonwealth are also worth a look.  So is RIA-only if you are mostly fee-based now (or want to be moving forward).

Regardless, if you affiliate with an OSJ...

#1 Get it in writing that you can leave for another OSJ (or be your own) anytime you want.  If you don't, they own you.  

#2 Get it in writing that your clients are yours, not the OSJ's.  


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Post Options Post Options   Thanks (0) Thanks(0)   Quote DucatiSportGT Quote  Post ReplyReply Direct Link To This Post Posted: Aug/08/2022 at 2:40am
Listen to every word helado just told you. 
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Post Options Post Options   Thanks (0) Thanks(0)   Quote The Dude Quote  Post ReplyReply Direct Link To This Post Posted: Aug/08/2022 at 8:32am
Originally posted by helado helado wrote:

Take Cetera off your list.  LPL or RJ are both top tier firms you can't go wrong with.  Cambridge and Commonwealth are also worth a look.  So is RIA-only if you are mostly fee-based now (or want to be moving forward).

Regardless, if you affiliate with an OSJ...

#1 Get it in writing that you can leave for another OSJ (or be your own) anytime you want.  If you don't, they own you.  

#2 Get it in writing that your clients are yours, not the OSJ's.  



This is great advice. 
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Post Options Post Options   Thanks (0) Thanks(0)   Quote freebird Quote  Post ReplyReply Direct Link To This Post Posted: Aug/08/2022 at 1:55pm
@helado - can you elaborate on why cetera should come off his list?

@bkd- can you elaborate on why LPL over the rest?
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helado View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote helado Quote  Post ReplyReply Direct Link To This Post Posted: Aug/08/2022 at 2:47pm
Because their legal and financial shitshow of the last decade is not worth being associated with them.  I'm fairly certainly they are doing what Linsco and Private Ledger did to create LPL now.  I think they are PE backed, growing a profitable monster that they will end up going public if successful.

That's probably not a shitshow you want to be a part of when you have 5 other very good options.

Secondly, Cetera is one of those completely "no value add" b/ds.  They aren't self clearing.  They aren't anything.

They are a b/d.  They clear thru Pershing and hodge podge tech together.  

Why would you go there over RJ or LPL?  Or Commonwealth or Cambridge?

There is no reason for them to exist tbh.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote advisorman Quote  Post ReplyReply Direct Link To This Post Posted: Aug/08/2022 at 2:49pm
Biggest check. Commonwealth sucks
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Post Options Post Options   Thanks (0) Thanks(0)   Quote bkd77 Quote  Post ReplyReply Direct Link To This Post Posted: Aug/08/2022 at 2:55pm
I’m looking more at the OSJ but wanted to make sure that the B/D was good too.  The OSJ that I’m leaning towards provides some things that I think I would need help with and it would would be a smoother transition for me personally coming from a captive environment. Thanks for the feedback @helado. 
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Nathan Explosion Quote  Post ReplyReply Direct Link To This Post Posted: Aug/08/2022 at 2:56pm
Originally posted by bkd77 bkd77 wrote:

I’m looking more at the OSJ but wanted to make sure that the B/D was good too.  The OSJ that I’m leaning towards provides some things that I think I would need help with and it would would be a smoother transition for me personally coming from a captive environment. Thanks for the feedback @helado. 

is this an OSJ where a lot of the people came from your same captive firm?
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helado View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote helado Quote  Post ReplyReply Direct Link To This Post Posted: Aug/08/2022 at 3:03pm
Originally posted by advisorman advisorman wrote:

Biggest check. Commonwealth sucks

Of course it's the biggest check.  They are putting lipstick on a pig to go public.  

You're experience there definitely did, haha.  
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Post Options Post Options   Thanks (0) Thanks(0)   Quote helado Quote  Post ReplyReply Direct Link To This Post Posted: Aug/08/2022 at 3:04pm
Originally posted by bkd77 bkd77 wrote:

I’m looking more at the OSJ but wanted to make sure that the B/D was good too.  The OSJ that I’m leaning towards provides some things that I think I would need help with and it would would be a smoother transition for me personally coming from a captive environment. Thanks for the feedback @helado. 

No problem.  If that's the case, I'd lean towards whatever b/d the OSJ is with that you're going to be leaning on.  

You'd be well served at any of those b/ds.  
My posts are for abrasive entertainment only. Nothing posted is investment, legal, tax or any type of advice, nor is anything mentioned true or even based on real events. Posts are complete fiction.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote bkd77 Quote  Post ReplyReply Direct Link To This Post Posted: Aug/08/2022 at 3:12pm
@nathan explosion...there are some that came from my firm but not a lot I don’t think. 
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Nathan Explosion View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Nathan Explosion Quote  Post ReplyReply Direct Link To This Post Posted: Aug/08/2022 at 3:13pm
Originally posted by bkd77 bkd77 wrote:

@nathan explosion...there are some that came from my firm but not a lot I don’t think. 

gotcha......LPL has a lot of those lingering that market to certain captive firms....in the midwestWink
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Post Options Post Options   Thanks (0) Thanks(0)   Quote advisorman Quote  Post ReplyReply Direct Link To This Post Posted: Aug/08/2022 at 4:27pm
OSJ at least give you a single point of contact for compliance not some random idiot at home office. Can possibly get higher payout and little more upfront money.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote luvindy Quote  Post ReplyReply Direct Link To This Post Posted: Aug/09/2022 at 11:40pm
First, good luck on your move away from Edward Jones. 

The super OSJ's are fine as a way to get to indy world, but treat it as a stop rather than a career path. Unless you like having to deal with an extra layer of bullshit for a few percentage points of payout, but that shouldn't be your motivator if you're going to do this right.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote spudpotato Quote  Post ReplyReply Direct Link To This Post Posted: Aug/11/2022 at 10:07am
How do you know he’s EJ?

Originally posted by luvindy luvindy wrote:

First, good luck on your move away from Edward Jones. 

The super OSJ's are fine as a way to get to indy world, but treat it as a stop rather than a career path. Unless you like having to deal with an extra layer of bullshit for a few percentage points of payout, but that shouldn't be your motivator if you're going to do this right.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote missionshooter Quote  Post ReplyReply Direct Link To This Post Posted: Aug/11/2022 at 11:49am
Originally posted by advisorman advisorman wrote:

OSJ at least give you a single point of contact for compliance not some random idiot at home office. Can possibly get higher payout and little more upfront money.


Yes, but home office you don't have to beg the cocksucker to sign a form to release you .  The OSJ is your supervisor and is your master.  

Give me home office supervision for $400/month @ LPL anyday.  




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Post Options Post Options   Thanks (0) Thanks(0)   Quote advisorman Quote  Post ReplyReply Direct Link To This Post Posted: Aug/11/2022 at 3:01pm
That’s because you are at LPL!
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Post Options Post Options   Thanks (0) Thanks(0)   Quote missionshooter Quote  Post ReplyReply Direct Link To This Post Posted: Aug/11/2022 at 3:18pm
Advisorman,

An OSJ at RayJay doesn't have you by the balls just like an OSJ at LPL does?

I find that hard to believe....


"We probably have a 98% close rate." - Circlejerk 7-28-22

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Post Options Post Options   Thanks (0) Thanks(0)   Quote advisorman Quote  Post ReplyReply Direct Link To This Post Posted: Aug/11/2022 at 3:48pm
Not at RJ. At Cambridge. Voluntary affiliation and I can change OSJ at any time. No OSJ owns any advisors books to my knowledge at Cambridge. That would be stupid for an advisor to agree to that.
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