Changes, changes, changes. You can't pick up a Wall Street Journal on a given day without finding that one company has been bought by another. Most of the time you can't pick up one of the trade magazines in our business without finding that an independent negotiator merchant has been bought by another independent negotiator trader or an RIA has been bought by another RIA. The article will take us through the theme maximizing the value of your business at an independent Best Broker Dealer.
All this activity has to make you wonder: Why are all these people doing this? Are they trying to get their equity out of business? Are they trying to preserve their businesses for a loved one? Are they trying to derive some economies of scale and some synergy by joining forces?
You will need sponsorship from a negotiator merchant to become eligible for the series seven exams. The above-mentioned link gives data on the top names in the game but leaves out some smaller or mid-tier firms. In my opinion, a smaller firm is the way to go. In a smaller environment, your business will get the attention it needs. Also smaller outfits offer much higher payout grids but lack infrastructure.
The ideology many reps have that they can "replace" or "roll" their current book of business every seven years is a huge potential liability. Somewhat than turn a deaf ear to this problem, there should be an active key that protects clients while content reps need for recurring revenue. The possibility of investor complaints due to poor management of client assets or unnecessary contract replacements to generate commissions has gone up and is likely to continue.
The B Myth is my terminology for the situation where a negotiator, financial planner or investment adviser is under the illusion that he has a "business" when in actuality all he has is a job. As John Bowen, a senior consultant in this area, says, "If you build a system which revolves around you, it is difficult to transfer the business to anyone else. You own a job, and it's hard to sell a job."
To pass, you must complete 70% accurately. You may take the exam up to 3x within a 90 day time frame if you should fail the third time you must wait six months to retake the exam. Although it has been rumored the finest advisors have failed at least on time. Upon completing the series seven exams, you will need to sit for the series 65 exam which is only 50 questions and is relatively easy compared to the series 7.
Myth before?" Well, my concept is borrowed from one outlined by author Michael Gerber in his best-selling books, The E Myth and The E Myth Revisited and applied to our industry. The sad fact is many financial planners, and financial advisers with independent merchants are suffering from the illusion that they have a business.
The reality is this: The stream of income is a mixed bag of financial planning fees you generated, commissions you generated, and a slice of RIA fees that is growing slowly and is dependent upon your efforts to sell the client on this way of doing business. Your assistants or employees might not know what to do unless you are around to tell them and might scatter to the wind if they thought the business was for sale.
All this activity has to make you wonder: Why are all these people doing this? Are they trying to get their equity out of business? Are they trying to preserve their businesses for a loved one? Are they trying to derive some economies of scale and some synergy by joining forces?
You will need sponsorship from a negotiator merchant to become eligible for the series seven exams. The above-mentioned link gives data on the top names in the game but leaves out some smaller or mid-tier firms. In my opinion, a smaller firm is the way to go. In a smaller environment, your business will get the attention it needs. Also smaller outfits offer much higher payout grids but lack infrastructure.
The ideology many reps have that they can "replace" or "roll" their current book of business every seven years is a huge potential liability. Somewhat than turn a deaf ear to this problem, there should be an active key that protects clients while content reps need for recurring revenue. The possibility of investor complaints due to poor management of client assets or unnecessary contract replacements to generate commissions has gone up and is likely to continue.
The B Myth is my terminology for the situation where a negotiator, financial planner or investment adviser is under the illusion that he has a "business" when in actuality all he has is a job. As John Bowen, a senior consultant in this area, says, "If you build a system which revolves around you, it is difficult to transfer the business to anyone else. You own a job, and it's hard to sell a job."
To pass, you must complete 70% accurately. You may take the exam up to 3x within a 90 day time frame if you should fail the third time you must wait six months to retake the exam. Although it has been rumored the finest advisors have failed at least on time. Upon completing the series seven exams, you will need to sit for the series 65 exam which is only 50 questions and is relatively easy compared to the series 7.
Myth before?" Well, my concept is borrowed from one outlined by author Michael Gerber in his best-selling books, The E Myth and The E Myth Revisited and applied to our industry. The sad fact is many financial planners, and financial advisers with independent merchants are suffering from the illusion that they have a business.
The reality is this: The stream of income is a mixed bag of financial planning fees you generated, commissions you generated, and a slice of RIA fees that is growing slowly and is dependent upon your efforts to sell the client on this way of doing business. Your assistants or employees might not know what to do unless you are around to tell them and might scatter to the wind if they thought the business was for sale.
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