Close Close
Popular Financial Topics Discover relevant content from across the suite of ALM legal publications From the Industry More content from ThinkAdvisor and select sponsors Investment Advisor Issue Gallery Read digital editions of Investment Advisor Magazine Tax Facts Get clear, current, and reliable answers to pressing tax questions
Luminaries Awards

Life Health > Running Your Business

Independence--Something to Consider!

Your article was successfully shared with the contacts you provided.

Having worked for a large wirehouse and a large bank, I am familiar with the culture of both types of institutions. It’s a culture which doesn’t include the word capacity. In fact, the number of clients you work with is only limited by your desire and management will continue to provide you with the desire to continue adding to your book of business.

This reminds me of a story. Once upon a time there was a salesman who was working so many hours each week that his health and family life were beginning to suffer. He was feeling the pressures of the job and realized he couldn’t keep up this pace much longer. Finally, to obtain advice, he decided to hire a consultant. His consultant listened intently as the advisor explained his predicament. The consultant then offered his solution when he said, “Double your price!” The advisor sat there stunned and after a moment replied, “Double my price? Why, I’d lose half of my business!” “Exactly,” said the consultant. “And you’d only have to work half the hours!”

Going independent is very much like that, except you wouldn’t have to increase the price to the client, you’d simply receive twice the payout. Think about it. If an advisor in a wirehouse is producing as little as $100,000, they are probably giving up $60,000 to the mother ship. $60,000 is a lot to sacrifice! As an independent, my total monthly business expenses are much less than $5,000 per month and the stress level is also very low. How much does your company deserve? Getting started is easy. If you need some direction, contact me.

My New Office

People working in construction must use the same clock as corporations. Three months really means four or five and a year really means 18 months. I was supposed to be in by Oct 1st. In reality, I should be in this month, I hope.

New Custodian

I realize that both prospective custodians are reading this blog. Let’s just say it’s a harder decision than I expected. I need to hold off one more week before I disclose my choice (I must be using a construction clock!!).

Financial Planning Tool

I’ve decided to continue using Excel with the Monte Carlo simulation add-in. I’ve just finishing revising it and soon I’ll be able to select various portions of the output pages and with the click of a few buttons, export these items to Power Point. I plan to present most of my financial plans on the big screen TV. Maybe I’ll serve popcorn!

I’ll keep you posted.


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.