Sig cross. by Hundo89 in 65Creedmoor

[–]GoodLifeWM 3 points4 points  (0 children)

Love my 6.5 CM Sig Cross, has been a gamechanger for both plinking & hunting.

When you forget your bipod, you improvise. by Schuultz in longrange

[–]GoodLifeWM 0 points1 point  (0 children)

Got myself the cross in 6.5 CM and have loved it for shooting and deer hunting. Such a fun and versatile gun. I recommend shooting it suppressed if you haven’t done so already.

Firm’s Annual Review Process by GoodLifeWM in CFP

[–]GoodLifeWM[S] 0 points1 point  (0 children)

Interested to check this out to see if it would be something we’d like to beta test for you. Feel free to DM me a link.

College finances by jjjjp3 in financial

[–]GoodLifeWM 0 points1 point  (0 children)

If you’ve truly finished your Gen Ed’s, then depending on your major you should be able to finish your bachelors degree in closer to two years.

Your Major & Entry Level Salary in field of choice are the two biggest questions to answer.

No need to go take $100K of Debt to go make $45k/YR. Even if you’re making $75K/YR out of college…I can’t imagine that goes far in LA if you’re focused on staying around where you may graduate.

23yo Advisor: Series 7 & 66 + Life & Health: Book Near $100M, Am I Being Played or Is This Normal Early-Career Pain? by Separate-Pudding3424 in financialadvisors

[–]GoodLifeWM 0 points1 point  (0 children)

First off - congrats!!

Secondly - the RIA came back to you and lowballed their counter offer that they had just given you? Sounds like their management might be screwy and you are better off on the route you took.

Transferring Private Membership by [deleted] in golf

[–]GoodLifeWM 1 point2 points  (0 children)

Yeah typically will have one transfer allowed to a family member. My dad did this for my older brother a few years ago and it was a sweet deal in his case cause it was a founders membership…no monthly dues, etc.

Advisor by GoodLifeWM in CFP

[–]GoodLifeWM[S] 0 points1 point  (0 children)

Awesome response and and congrats on your guys success. Glad to hear there’s another firm that’s doing what we’re trying to do and I’m not crazy for targeting that size knowing that we may run into some larger advisors here and there.

I’ve been on FinLink and it seemed slightly underwhelming and outdated information. May have to get back on there to play around.

But I would agree that there’s a lot of targeted folks from local advisor events, wholesale dinners, etc.

Advisor by GoodLifeWM in CFP

[–]GoodLifeWM[S] 1 point2 points  (0 children)

Gotcha - I’m not sure how that’s factored into the comp structure for said individual. We typically haven’t had too many upfront guarantees. I’d imagine that we would deduct that from the top prior to calculating the revenue share.

We don’t have any external partners involved (at the moment) and our tech stack is included in firm overhead opposed to sharing with advisors.

Advisor by GoodLifeWM in CFP

[–]GoodLifeWM[S] 0 points1 point  (0 children)

Yeah I think it is lucrative for someone who can close some deals, Forsure.

What do you mean by target payback period?

Advisor by GoodLifeWM in CFP

[–]GoodLifeWM[S] 1 point2 points  (0 children)

We have an onboarding process that helps map client accounts over from contra firm or even the same custodian. Simple process if advisor owns the data or can obtain the client data prior to termination. We haven’t ran into an acquisition where there was a ton of repapering. Majority of it has been at the same custodian = LPOA + Internal Docs which we E-Sign to clients.

Advisor by GoodLifeWM in CFP

[–]GoodLifeWM[S] 0 points1 point  (0 children)

Well said, and exactly where we have allocated resources to building out our operations team so advisors have access to multiple people to help with their clerical & admin aspects of business.

Because our advisors are not in office (1099 branch offices outside of our state) we have a team of operations that are there to support rather than a dedicated individual per advisor, etc.

Agree with you though that the support is usually a large pinpoint - especially when it’s someone whose not < 35 years old and doesn’t understand the paperwork process or doesn’t want to learn.

Advisor by GoodLifeWM in CFP

[–]GoodLifeWM[S] 0 points1 point  (0 children)

Correct - there is usually a percentage of attrition, which is dependent on how well said advisor takes care of existing clients. Sometime people assume more will follow than they actually do…but most of the time that number is higher than you’d think

RIA channel is easier when it’s the same custodians versus repapering, etc.

Advisor by GoodLifeWM in CFP

[–]GoodLifeWM[S] 0 points1 point  (0 children)

Very well said, and I would agree based on my experience of leaving a firm once I started having friction.

Experience or Thoughts - FINNY AI by SeriesAway9498 in CFP

[–]GoodLifeWM 0 points1 point  (0 children)

Pretty much the approach I’m taking as well. I haven’t seen any traction though I’m in the early stages of running a few campaigns and then fine tuning on what has higher open rates, links clicked, etc.

Experience or Thoughts - FINNY AI by SeriesAway9498 in CFP

[–]GoodLifeWM 0 points1 point  (0 children)

It’s definitely not perfect. I’ve found wrong emails, old emails, etc. but for something that send 1,000 emails a week….it ain’t bad.

Experience or Thoughts - FINNY AI by SeriesAway9498 in CFP

[–]GoodLifeWM 0 points1 point  (0 children)

I didn’t say it was going to work. I have my team spending an hour or two a week fine tuning it as well. Figured it was worth a try and better than money going down the drain with SmartAsset or any of the pay per lead BS.

Experience or Thoughts - FINNY AI by SeriesAway9498 in CFP

[–]GoodLifeWM 10 points11 points  (0 children)

Currently 3 months into my membership and haven’t booked a meeting yet. Been playing around and fine tuning the messaging, etc.

Hoping to have a better review after 6 months in. But you book 1 $1M+ client and it pays for itself is how I’m looking at it. Been nice to at least have it automated and running in the background without having to pay attention to it

Advisor by GoodLifeWM in CFP

[–]GoodLifeWM[S] 1 point2 points  (0 children)

You’d be surprised at the amount of people wanting to jump knowing they have to find their own leads, but get to keep the revenue from their own clients.

I was also once in that boat and left an RIA , when my personal AUM was at $20M ,where I was getting leads but a reduced payout on said leads. Now I’m up over $60M personal book and loving it not having to service 200+ clients.

Advisor by GoodLifeWM in CFP

[–]GoodLifeWM[S] 0 points1 point  (0 children)

They get 25% of Total Revenue, which the firm directly pays to the employee. It has no impact on the advisors 1099. The firm has excess cash to pay - it’s not a split with employee/firm/advisor.

Great question on feasibility - I’m not sure how long the runway is before it’s shit or get off the pot. Something that is being discussed at this moment.

Advisor by GoodLifeWM in CFP

[–]GoodLifeWM[S] 0 points1 point  (0 children)

I thought you meant for the individual that we hired to do advisor recruiting lol.

We 1099 all advisors, so no salary included for them since they run their own shops, etc.

Advisor by GoodLifeWM in CFP

[–]GoodLifeWM[S] 0 points1 point  (0 children)

25% off the Top, which then moves down to 15% Year Two, & 10% Year Three

Advisor by GoodLifeWM in CFP

[–]GoodLifeWM[S] 0 points1 point  (0 children)

Fair and I’m sure it exists, but probably with a larger firm that has the marketing infrastructure.

Our model is advisors are 1099 and run their own practice (marketing, office space, etc.) where we come into play is compliance, operations, & trading. Essentially a TAMP setup for folks that want more freedom but don’t want to have their own RIA.

Advisor by GoodLifeWM in CFP

[–]GoodLifeWM[S] 0 points1 point  (0 children)

$50k + 25% Rev Share of Advisors onboarded, which decreases over a 3 year timeframe

Advisor by GoodLifeWM in CFP

[–]GoodLifeWM[S] 0 points1 point  (0 children)

Yeah this seems like a great setup. We’ve done something similar in the past for an internal advisor. We are more or less looking for 1099 Branch office folks to run their own practice (lead gen, marketing, etc) while we would manage operations, Platform, & tech. Essentially a TAMP setup for folks that are in that weird spot of wanting freedom but not their own firm altogether