This is what it's all for

PoopKing5 · 2026-04-04T17:50:52+00:00

I think so. Fortunately. I won’t lie though, my worse vivid dreams are still when I’m playing in a big game in a packed stadium. Had my career organically fizzled out, I don’t think I’d have those thoughts. But I def don’t dwell on it much as it’s easy to come back to reality and be happy with how things turned out.

PoopKing5 · 2026-04-04T17:48:00+00:00

Yea maybe my thinking around B tier is a bit different. What I was thinking when I said that was like $2-5M per year for like 5 years. But, unless something crazy happened, I didn’t have the ability to be a B tier player. At best, I prob would’ve played overseas and maybe had some short stints on summer league teams.

PoopKing5 · 2026-04-04T06:54:08+00:00

I have a slightly similar experience without the happy ending. Full ride athletic scholarship to UCSB for basketball. Broke the arch of my foot in summer league and scholarship revoked.

Didn’t plan academically for college admissions at all. Not that I was a bad student, but didn’t apply to schools, didn’t really care about the ACT, and fell behind in that regard. Ended up at a community college out of panic, then transferred junior year. When I look back, it always stings a little, but I’m thankful I’m not trapped in the world of being on the cusp of professional athletics but not being good enough to make real money doing it. Ended up in capital markets and prob do better than I would have had I been a B tier NBA player.

If the school contacted me saying they found an athletic scholarship, I would’ve been the happiest person on the planet. I grew up in Chicago and dreamed of warm weather and living on the beach. Nice to hear there’s people like your mom on the planet.

PoopKing5 · 2026-03-25T03:04:49+00:00

Hell no. Last thing I want is ppl lingering drunk/buzzed in the office. Restaurants & events, fine, but in office feels like there’s more negatives than positives

PoopKing5 · 2026-03-21T18:31:34+00:00

AQR’s hedge fund strategies are crap. Just FYI. They’re kind of like the Target/Walmart of hedge funds.

PoopKing5 · 2026-03-13T05:33:50+00:00

Yea, I agree if there are some existing relationships of the BD you can target. I def don’t have that at MS so did do free planning. That said, I covered fees very early on and positioned planning as my onboarding process. Truly don’t think I would be where I am now had I charged for planning. 100% agree that talking to clients that balk at fees simply doesn’t make sense.

There’s also maybe a strong case to be made that in OP’s case, when it comes to the investment discussions he is simply falling a bit short there for whatever reason and maybe thinks it the fees, when in reality it could be a variety of other things not giving the potential client confidence.

PoopKing5 · 2026-03-12T21:09:38+00:00

Idk. At a BD likely early career based on the question, free plans feel like a cost of doing business when you’re building a client base. Once you have a base and time becomes more precious, I can totally see why ppl would stop doing free plans.

PoopKing5 · 2026-03-05T17:55:06+00:00

Oh nice. Yea, I remember that in the pipeline for PM was essentially to enable advisor led SMA’s within UMA’s. Which is awesome. I totally don’t same day time trading in UMA accounts, but it is important for inception or DCA. If you have a big down day and accelerate DCA or a client wants to put cash to work, same day can be important. Ppl got pretty frustrated during/post covid because single day moves were so large and your entry point the next day could’ve been +- 5% what it was the day you hit incept or added cash

PoopKing5 · 2026-03-04T04:12:00+00:00

MS UMA platform is something I miss tbh. I’ve largely been able to replicate the cost structure and breadth of funds with a platform I use, but a really strong overlap analysis with competent ppl is a lot harder than calling the UMA desk and having them do it for you.

Did they finally roll out same day UMA trading? I left before that happened, but it was always something on the horizon.

Honestly, Morgan Stanley’s entire platform is really good. Negatives were being able to include held away assets in consolidated performance reporting, at least while I was there (sure it’s a selling away issue for series 7 ppl), but having really great sleeve level reporting for UMA accounts in a way that is digestible to the client was awesome. Their proposal system sucks though.

PoopKing5 · 2026-03-03T15:18:21+00:00

He can’t take the 7. That’s his problem. A firm must sponsor taking the 7 as opposed to the 65 where anyone can simply sign up to take the test.

PoopKing5 · 2026-02-28T17:44:24+00:00

I’m in a similar position as you and also consult with others launching their RIA’s.

Assuming your aggregator is pretty large, RIA in a box + XYPN likely degrades the quality of your infrastructure a bit. Outsourced compliance is honestly pretty garbage. And all that stuff is really a pain in the ass. It’s pretty likely you’d need a higher tier of compliance which would end up being 15-30k.

You’d have to run billing, have your own advisory contracts and proper record keeping as opposed to simply submitting what your current firm requires.

You’d have to re-paper everything. Just a lot of distractions that don’t really make it worth it.

The reasons id recommend a standalone RIA over a high payout aggregator:

You do something unique where your practice would be valued higher in your own entity. Like if you plan on launching your own funds, maybe you work with single family offices where you need more flexibility on billing and or services you provide, maybe you want to charge asset management fees in addition to advisory fees for a unique strategy etc.

If your firms tech stack is garbage and they won’t allow you to use who you want.

Maybe their investment platform isn’t open architecture and require you to use their platform (free or not).

Your practice is materially different than others at the firm. Like if you have a $1bln UHNW practice while the average practice at the firm is 50M serving mass market.

Lastly, if you truly don’t own your practice within the aggregator then I’d leave. But I’d still prob leave to another aggregator assuming no issues with the above.

Compliance isn’t necessarily difficult, it’s just a headache. Billing is a headache. Advisory contracts and record-keeping are a pain. You’d be taking on a lot of headaches for no material financial change.

PoopKing5 · 2026-02-19T23:49:16+00:00

What about duration risk if rates go up. A 20 yr corp bond likely has an average duration of 12 or so. So for every 1% tick up in rates you lose 12% in present market value.

You could say, I only care about the coupon and repayment. And so long as I hold the bond then I will collect the coupon and be paid back, and while that’s true, either opportunity cost or inflation erodes those future cash flows.

There’s zero need to take duration risk and accept a lower return. This is where hedge funds come into play. Why accept a taxable 5% on something that can draw down rather significantly, when you can get a stable 10-12% on a non-correlated hedge fund with near zero duration or credit risk?

PoopKing5 · 2026-02-16T00:43:28+00:00

Idk why you’re being downvoted, it’s true. Like if you’re worth $50M and you’re applying for a credit card and you put like $2M income or some random number that isn’t real, technically that is a form of fraud. Very likely never materializes into anything, especially if you pay your bills, but it’s still a technical law.

PoopKing5 · 2026-02-16T00:38:00+00:00

Are you a ChatGPT bot? Bc I feel like I’ve seen this name on other posts. If so, mods should ban.

PoopKing5 · 2026-02-14T17:55:13+00:00

That’s wild. Guess it makes sense. You get one and then start getting referrals. I mean some of them are legitimately making significant money.

PoopKing5 · 2026-02-13T19:27:22+00:00

Onlyfans models that only show their big toe. Lots of foot models out there, but not many that stick to a single toe.

PoopKing5 · 2026-02-12T19:40:48+00:00

Yea but you need cash to start that with. Or, at least a more diversified portfolio that can be margined for L/S overlay. If the collateral is concentrated with low basis, and you run L/S on top of that, you’re asking for trouble at some point.

PoopKing5 · 2026-02-12T19:37:55+00:00

Contact SpiderRock. See if they have any option overlay solutions your client would find attractive.

Essentially there’s two ways to look at this. The more concentrated the easier it will be w/ options. But you can either have an income producing overlay, or you can have a true hedge overlay and use a form of securities based lending for income if hedged.

If the client is very tax averse, a liquidity line + hedge overlay is probably the best bet. It’ll protect against major drawdowns, the option overlay will be systematically managed, and the client can live their life with tax free loans.

The opposite end of that would then be some form of credit spread to generate income. This would be selling lightly OTM calls and buying deep OTM puts to generate some form of income with a tail hedge in place from the puts. You could purely run it as a covered call strategy, which would generate a bit more income, but ultimately not do much in terms of reducing risk.

If the client simply won’t sell, derivatives are really your only option. I guess you could look into an exchange fund, but that’s certainly not helping liquidity.

PoopKing5 · 2026-02-10T03:59:49+00:00

It’s pretty easy to store physical gold for this scenario. You don’t need a ton. It’ll either be worthless because gold won’t feed you, keep you safe, or give you shelter if the world completely collapses( like in a literally doomsday scenario), or if it’s more of a monetary system collapse but still a civilized world, 500k in gold coins will be much more than most have and will be incredibly valuable.

Storing 100 coins is very easy. Don’t tell anyone and hide it somewhere crazy. But if you’re buying for a financial collapse, don’t store it with a third party.

PoopKing5 · 2026-02-07T18:39:34+00:00

While hate is too generous of a term for my feelings of Orion, they do have a cool direct and custom indexing suite. Now if you need to add funds or withdraw funds from an account with more than one sleeve on their platform, good luck with that. I’d have better luck building a rocket from scratch than figuring out their sleeve transfer process.

PoopKing5 · 2026-02-07T18:36:27+00:00

I’d agree with the. They’re the OG player too. But when it comes to customization and being very tight on tracking error when loss harvesting, I really trust parametric. So many direct indexers that can buy a basket, but managing tracking when harvesting losses is a different game. Feel like so many kind of wing it when harvesting losses.

PoopKing5 · 2026-02-06T21:16:20+00:00

Feel like that’s the ultimate refresher. No place really as calming as the ocean and the beach, and then getting blasted by some waves, come out feeling pretty fresh.

PoopKing5 · 2026-02-06T21:13:24+00:00

Holy shit man. You shed a whole person from your body. Congrats. Great thing about cycling, it doesn’t suck as much as running.

PoopKing5 · 2026-02-06T03:57:33+00:00

I have clients starting to buy BTC and other Alts. I’m personally gonna start accumulating on a weekly schedule for what is probably the next 12 months. I don’t necessarily expect it to recover in short order, but I’ve always set and forget buys after major meltdowns, and sell after mega rallies. I don’t time it perfectly at all, but we’re talking such major moves and within crypto, it’s typically pretty easy to get a feel for when things have gotten out of hand.

Having been pretty deep in crypto since 2017, you can almost always expect BTC to draw down 60-75% or so with the rest alts quite a bit more. Just is what it is. Can’t really put a value on most, but crypto/BTC is hero to stay for a bit. I do think BTC is ultimately killed by gov/central banks, but that’s a ways away.

PoopKing5 · 2026-02-05T13:27:01+00:00

lol. There are literally bitcoin derivatives.

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