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Captive going Indy

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Forum Name: Greenhorn Introductions
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URL: http://www.advisorheads.com/forum_posts.asp?TID=19698
Printed Date: Mar/28/2024 at 5:49am
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Topic: Captive going Indy
Posted By: bkd77
Subject: Captive going Indy
Date 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! 



Replies:
Posted By: Guests
Date 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.  




Posted By: DucatiSportGT
Date Posted: Aug/08/2022 at 2:40am
Listen to every word helado just told you. 

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Self appointed leader of the I like to shit on my own face when I jerk off. .
I hate being right. It's not a badge of honor for me. Most of the time I wish I was wrong.


Posted By: The Dude
Date 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. 


Posted By: freebird
Date 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?


Posted By: Guests
Date 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.


Posted By: advisorman
Date Posted: Aug/08/2022 at 2:49pm
Biggest check. Commonwealth sucks

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King of sarcasm and speling


Posted By: bkd77
Date 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. 


Posted By: Nathan Explosion
Date 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?


Posted By: Guests
Date 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.  


Posted By: Guests
Date 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.  


Posted By: bkd77
Date 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. 


Posted By: Nathan Explosion
Date 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


Posted By: advisorman
Date 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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King of sarcasm and speling


Posted By: luvindy
Date 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.


-------------
8/31/12,Sportsfreak:
"If Barak wins this election, or appears to be clearly winning, we are all fucked. Market will tank big time."
Dow 13,090 S&P 1406
5/23/13 UC:Dow 20k before 20% crrectn Dow 15,


Posted By: spudpotato
Date 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.


Posted By: missionshooter
Date 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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Our purpose is to partner for a positive impact- to improve the lives of our clients and colleagues, and together, better our communities and society.



Posted By: advisorman
Date Posted: Aug/11/2022 at 3:01pm
That’s because you are at LPL!

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King of sarcasm and speling


Posted By: missionshooter
Date 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....


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Our purpose is to partner for a positive impact- to improve the lives of our clients and colleagues, and together, better our communities and society.



Posted By: advisorman
Date 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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King of sarcasm and speling


Posted By: B24
Date Posted: Aug/11/2022 at 4:25pm
Originally posted by advisorman advisorman wrote:

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.

Former Edward Jones reps turned LPL reps:




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"If Bellicheat pulls that rabbit out of his a$$ with this kid at quarterback, I'll personally kiss his ring." - Sporsfreak, 09/20/16

"Jags/Vikes Super Bowl. Write it down" - Sportsfreak 01/19/18


Posted By: Guests
Date Posted: Aug/11/2022 at 6:43pm
It's not that OSJ's own your book.  It's that b/ds won't allow you to switch OSJ's without your existing OSJ's blessing.

...and why would they give up their override?


Posted By: Nathan Explosion
Date Posted: Aug/11/2022 at 7:52pm
Originally posted by spudpotato spudpotato wrote:

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.

pretty obvious...probably talking to Cornerstone or similar type of group......they prey on the low hanging fruit

edit...dont mean that as an insult just how the world works.


Posted By: WarPig
Date Posted: Aug/11/2022 at 8:02pm
RIA or fuck off at this point.


Posted By: bkd77
Date Posted: Aug/11/2022 at 8:47pm
Everybody has their opinion, which is fine. I don’t take offense to any of the comments. I’m just looking for insight and trying to learn as much as I can to make a good decision for myself and my family. I may be low hanging fruit for someone to prey on but we all are at different levels and we all started somewhere or transitioned to something else at one time. 


Posted By: missionshooter
Date Posted: Aug/11/2022 at 10:12pm
Originally posted by Nathan Explosion Nathan Explosion wrote:

Originally posted by spudpotato spudpotato wrote:

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.

 

pretty obvious...probably talking to Cornerstone or similar type of group......they prey on the low hanging fruit

edit...dont mean that as an insult just how the world works.

I knew a guy that reviewed the Cornerstone contract for jonesies leaving... it basically says it's a 7 yr commitment and the clients are cornerstones.  LOL

These super OSJ groups are just out to make $ on dumb advisors in transition who are susceptible prey. 



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Our purpose is to partner for a positive impact- to improve the lives of our clients and colleagues, and together, better our communities and society.



Posted By: luvindy
Date Posted: Aug/11/2022 at 11:30pm
Originally posted by spudpotato spudpotato wrote:

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.

Sometimes you just know.




-------------
8/31/12,Sportsfreak:
"If Barak wins this election, or appears to be clearly winning, we are all fucked. Market will tank big time."
Dow 13,090 S&P 1406
5/23/13 UC:Dow 20k before 20% crrectn Dow 15,



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