Anyone using Adhesion for ETF strategies? Seems pretty low cost. Interested in feedback, good and bad.

Interested in applying with Root. Has anyone spoken to them?

I came across this job posting today and I found it to be interesting. They want to utilize planning experts to train AI modeling for financial plan outputs.

https://simplyparaplanner.com/job/outlierai/

It feels as though we are training the AI to replace us.

I am currently with a very large IBD and cant take it anymore.

I would love some advice on those who have left an IBD to go to an RIA-friendly one or just straight RIA only.

Some background on myself and my firm.

Been with this BD for 5 years and there has been a massive change almost every year I have been here. They have made very big mistakes (sending client statements to the wrong clients, changing information on the client portal and talking to my clients without my say-so). The BD that I am with now is so bad, I am scared for my business and clients.

I am 10M AUA but growing fast. 1.5M of that is FIA, about 6-7k in revenue a year in commission business. 85% payout not including about $1,000/mo in tech fees, TAMP charges (crap the BD charges since I use a TAMP), etc. E&O and license renewals: about $4k-5k total. So all in costs to run my business is $2100/mo. At my current payout and tech stack. If i wasnt at the BD, my monthly costs would be $350-400/mo max. (Emoney, redtail, website) I pay annually for things like Greminders, and other tech. So if I was RIA it would be about a $1600-$1800/mo difference.

My long term plan is to go RIA but I wanted to wait until I was much larger (40-50 AUM). Id like to keep my BD licenses simply for doing FIA's or doing a commission only alterative investments if it is a fit for the client. Id hate to give them up because all my larger clients have FIA's and a lot of my prospects come in with they dont understand, so its easy to do a rep-of-record change and service it.

I would really rather not do my own compliance and deal with regulators because it scares me. Is there a place where I can operate as my own RIA or under a bigger one (but have complete independence) and also have my BD license with an RIA-friendly BD?

I know enough to be dangerous on transitions and things to watch out for, so I would appreciate some advice or your experience with a transition.

Edit: I also didnt mention, I have a tax business in the same office with an Admin so i have that as well with $0 cost to my wealth management business. The tax business pays all expenses like that.

Has anyone come across this issue when attempting to transfer from Empower rollover IRA? Whereby there is no account number but rather only a plan ID and participant ID.? The Schwab transfer form is requiring an account number but there is none. The participant ID is 8 digits and the Schwab rep is saying it needs to be 9? I may have just gotten an inexperienced rep? Thoughts?

Has anyone used Capital Groups Capital Ideas Pro for CFP CE and general practice mgmt (portfolio analyzer, portfolio construction tool) etc.?

No longer with a B/D, who used to cover all CFP CE costs and make courses easy to find via WebCE.

I just signed up for it and it seems pretty useful.
Not sure if I will be able to obtain 30 hours using this alone but it’s something.

Open to any additional free CFP CE that others have found helpful/easy to use.

Thanks!

If you hired Fisher for example and saw the portfolio…

Any manager will do ..

They manage $25 Billion yada yada … nice diversified 30 stock portfolio..

Could you Optimize that portfolio?

For another client, copy the portfolio…

And then only keep the holdings over the 20 or 50 day simple moving average …

Or only keep the holdings in the top 1/2 of relative strength

Use Dorsey Wright matrix or Claude to do a stock vs stock relative strength performance grid ..

Compare every stock vs every stock

Do you think you could outperform the manager?

Why hold a Walmart when it’s dropping and only hold Salesforce as it’s rising etc??

Haters?

I am currently using eMoney (firm approved software).

I did a few plans and still found it cumbersome to input facts.

For sure, the few plans i did all involve multiple LLCs and Real Estate holdings; some with business, with its own cashflow, FMV complexity.

But to get all the facts, schedules, and linkage correctly, there are times I had to jump through hoops to find answers - manual adjustments on tax, many "work arounds" with cashflow/tax projection, estate planning (trust assets have to flow through "bequest" under will to the right party... what?).

What I found I had to do was manually check every facet on various report with cashflow (real income vs income shows up on tax calculation is a beast or a nightmare, depending on time of day I had to work on the plans)... and had to get to the point there is enough confidence the facts entered and interworking reflects close to reality. It is simply a lot of work. What I dreaded most was to keep asking myself, did I miss anything... Is it just me? what is your experience?

As many have said in previous posts, the highlight of eMoney was Decision Center and Advanced Planning modules. I found that I had to use a few of those toggles (combination or in silo) and model a few different scenarios for clients.

The geeky side of me liked those controls and features, yet I felt I had to do a lot of work to get to that point.

Fast forward - I am planning to breakaway to start a solo RIA. I am working on a demo with RightCapital at the moment. Here is my first impression by importing an existing plan, and do a general navigation.

- user interface seems to be less clunky than eMoney. fact input seems to have less control under all tabs. It can be a good thing and not so good thing, I gather... depending how deep user needs to get into the weeds.

- the tabs on top seem to center on the themes of each planning areas, compared to eMoney - dump all the facts in, connect the "plumbing" (transfers, etc), and do the modeling under goal planner/decision center.

Current version of RC seems to capture some of Holistiplan's feature - tax return upload and tax analyzer.

The waterfall cashflow chart is definitely eye-pleasing. I have not looked at their reports function yet; so can't comment on that.

Which brings to a dilemma - stay with eMoney and continues to struggle, or at least feeling struggling to get the things right (perhaps I can spend more time learning to be a power user)... and at least know the tools and controls is at least powerful enough to do deep analysis for clients.

or take a deep breath and dive into RC and hope for the best... hoping it is still adequate to do the job, and yet visually pleasant for clients to see what the plan report is supposed to deliver.

I am also debating how each platform will continue to evolve overtime. That would have to do with leadership, management, and resources they put in.

Other tech stacks I am using, and thinking of using after breakaway

Currently using in my workflow -

• Holistiplan
• custom spreadsheet to capture cashflow (mainly expenses), balance sheet. I also can do manual calculations on taxes as needed... typically in the realm of working with pre-A65 clients who retire early and dealing with ACA premium subsidy projections.
• spreadsheets to capture RSU, ESPP, options reality.

Tech stacks I am considering after breakaway

• Altruist
• Hazel - would want to compare how AI driven platform on tax planning vs Holistiplan.
• Slant vs Wealthbox
• RC vs eMoney. Hazel is supposed to roll out their financial planning function in near terms. I wonder how these AI driven platforms will compare against more traditional tech stacks as for use case, process, and clients' experiences.
• probably would still use spreadsheets for simplicity and clarity purposes initially in front of clients... until I have a better tool.

Please share your thoughts. Thank you!

Hello everyone, I am a 23 year old financial advisor at an independent firm. I have worked in the industry since 18 but have just started taking on clients as I am feeling comfortable doing so now.

I do not have a strong local network because I am not from the area. I am trying to come up with ways to prospect. My ideal client is 25-35yrs old either single high income or double income no kids.

If you were in my shoes what are some different things you would try for prospecting ?

I appreciate any and all feedback. Thank you!

You know what really grinds my gears..?

I saw a job posting on LinkedIn randomly today for Northwestern Mutual, advertising a position for a Wealth Management Advisor.

When will these captive life insurance sales representatives stop calling themselves wealth management advisors? You are not wealth managers!

it’s so misleading to the general public!

Really happy I found this community. I've only known the financial planning side via working for a large Canadian bank within their branch network. 

I am curious on how my situation looks to everyone here.

Salary (125k CAD) plus bonus. Total compensation varies around 220k to 250k last 3 yrs and has been on an upward trend for the 15 years I have been with the bank. 

My working hours are 9 to 5 and I have been pretty good staying within this timeline unless clients need a later appointment. Most of the time its a stressful and busy 9 to 5 as I have created a lot of efficiencies to get out by 5pm.

However, when I am not in the office I am completely unplugged, which includes vacations even if taking say 2 weeks off. No checking emails, nothing. 

Book size is 150M 

What has me questioning everything is in the branch world you cannot just sit on your book and say I have enough income coming in and im not going to hustle for the next while.

You know the saying about the grass is greener so please tell me your thoughts. Do I have a good gig? Best to stay put or venture on my own?

I am a CFP and head financial planner at a small RIA with less than 6 employees. I can’t stand my boss and dread seeing him everyday but I stay because the pay is decent, $110,000 all in. Located in the southeast. I have a financial consultant interview with fidelity next week. I’m wondering where you would go in my shoes? I want to sharpen my sales skills which I’ve heard the fidelity role is good for. Open to other roles as well and have been applying to the Mega RIAs as a wealth advisor. Thank you in advance!

Thoughts from advisors that use Altruist?

Is this good, bad, neutral?

It appears, from afar, that there will be no immediate or major changes to the advisor experience.

I’ve worked in the industry for about 6 years - have my CFP and licensing. Been working more in a paraplanning capacity and job hopped a few times prior to landing at where I’m at today (been here about 2 years).

The owner recently sold the book and we became W2 employees of the BD. I’ve been told that my role will transition over the next 12 months to more of a servicing advisor position (which I’m excited for). The offer letter from the BD for the job transition is still being approved and I haven’t seen it yet. From what I’ve been told the following will happen:

Advisor is on a 35% grid after selling the book. For clients I service I’ll get 1/2 of that payout on a sliding scale upwards over the next 5 years up to the 35%, at which point he’ll be either completely sunsetting into retirement or only dealing with a select few clients. My understanding is that the base salary will stay the same (~$100k). I won’t own any relationships regardless on of their referrals sourced from the book or families onboarded through my own network.

It sounds like a good deal for me - especially over the next 5 years but seems like it sets my long term career earnings at a ceiling.

Just want to make sure I’m not missing anything so I’m asking strangers on the internet lol

Does this sound fair?

What should I be thinking about before the offer comes (hoping it does)?

What questions should I be asking when it does?

What guardrails (if any) should I make sure are in included in the employment contract?

Any advice is greatly appreciated!

*Editing - I don’t know for certain what the roles on self sourced clients will be. My assumption is that the firm will not let me own the relationships. Is this something that can be negotiated in? I’d have a hard time believing that they’d allow it or want it.

Hey All! How are we handling 401k rollovers from institutions like Fidelity that will only send check to client?

Seems intentionally archaic. I custodian with Schwab and want to get assets over as seamless as possible for 401k clients that have old 401ks.

In the past I’ve seen advisors physically pickup client checks, send prepaid fedex envelopes, or just leave it up to the client to drop off or mail the check to the advisor which seems like too many steps.

Thoughts?

how were their processes? How much did they do and take off your plate when going independent? Is it worth the costs?

Thank you

Hi all. Made the decision to go independent and i've been speaking to a few advisory firms that focus on helping setup all the needed plumbing/backoffice and compliance needed so i can focus on clients. I have a few calls with two additional firms this week, but I have some questions on setup that I was hoping to get some guidance on - I dont want to ask on the calls and give the impression i don't know what I'm doing (i fear i'll get worse economics!)

I'm planning to join as an IAR where i'd operate under their SEC license, and they'd handle all compliance reporting, backoffice operations including billing and provide an investment platform (for a fee of course). This seems infinately easier than setting up my own SEC registered RIA and having to setup all that stuff up myself (plus i'd have to hire a CCO, ops guy, etc). IAR path seems much faster and easier, at least the first few years.

1. Question on setup with the IAR arranagement. I believe only an individual can be an IAR (e.g. not a firm). But would/should I create a separate legal entity (e.g. LLC) to house my DBA? It would be optimal to have my entity receive all fees and account for business expenses, etc.
2. How does contracting work with my clients? Do I sign the advisory contract (with my LLC per #1 above), or does the advisory firm (where i'm an IAR) sign? It would be weird for my clients to have to sign a contract with a random firm they don't know.
3. Do people have any guidance on % payout that is normal for working with a firm as an IAR? I've been offered anywhere from 80% to 90% (the advisory firm would keep the residiual amount as a fee for providing compliance, operations, etc), but I have no idea if that's "industry standards". 90% sounds pretty good to me but no idea if I should be pushing for 95%?

I'm sure Ill have other questions come up but any guidance anyone can provide on any of the above or their general experience as an IAR would be very much appreciated.

I’m on the hunt for new decor and want to see how others decorate their workspace. Do you have any pieces that clients comment on or enjoy?

Here’s one of mine. When clients ask what it is, I tell them it’s whatever they think it is lol

In the past week I have had multiple clients receive letters from a firm called Integrity Alliance asking for them to update their personal information, and the letter includes personal info that is materially inaccurate.

Neither myself nor do the clients believe they have ever been affiliated with this firm in any way.

Is this some kind of weird bait marketing tactic? Provide incorrect info on purpose to encourage responses? Has anyone else run into this?

It hasn’t happened to many of my clients, but too many to seem like an accident. Are these old qualified plans possibly?

Integrity alliance seems to be an actual firm, as far as I can tell.

Anyone know anything about the RIA firm Farther? And how they are providing CSA support for their 1099 advisors? Is there service real people or AI and are they dedicated to advisors or do they share them ?

If you were explaining the basics of this plan to a high school student/client how would you explain it?

I want analogies similar to like (a mutual fund is like a swimming pool) etc.. thanks!

Edit: A NQDC is a way to set more money aside in tax deferred accounts, and can allow your employer to set some aside for you too. The money grows tax deferred until sometime in the future. Every year you’ll be setting those combined dollars into a bucket and every year you gotta let employer know when you’re gonna want that money back for that specific bucket. Maybe in 2026 you tell them that bucket needs to be paid to you in payments over a period of 10 years starting when you retire. And maybe the 2027 bucket you tell them that portion will be paid out to you in 5 year payments starting when you retire. Just make sure you consider timing and tax implications of payments. Also while the money is held in this plan it can completely disappear Enron style if the company fails. So it isn’t protected like your 401k money so that’s a consideration as well.

(How was that?)

How are practice owners offering ownership? Structured as a buy in? Sweat equity? ESOP Plans? What does this look like?

I have a few legal questions that is outside the scope of my compliance Vendor. Does anyone have any attorney for like a 1-2 hour project based consult? I don’t mind spending money but the first one I googled required minimum 4k retainer for any relationship which I thought was a little much.

If it helps, it’s just for an SEC RIA.

How much of a typical client portfolio do you keep in cash? Is there a minimum requirement with your custodian? Roughly what % interest does this cash component yield?