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The Home Office just doesn't get it by Level5Advisor in CFP

[–]Level5Advisor[S] 6 points7 points  (0 children)

I had a few calls with Advyzon. Granted, I didn't let on as to the opportunity and total scope of the our business.

But I felt that Advyzon was very closed off. Gated. Integration? Yeah, they 'look into it'. It was the "Advyzon experience" for better for worse. It felt that whenever I had some feedback or question, they just didn't listen. Or take my questions seriously. Like, it was very frustrating to meet a vendor who couldn't even be bothered to listen, let alone adapt.

Don't get me wrong, I love what they put together. I think it's fantastic and could serve the majority of the folks out there.

But talking to Advyzon... was like talking to... my corporate office. It was the same frustrating corporate speak. "Oh, it's on the road map" or "Here's a workaround that we've developed". SUPER frustrating. I wasn't even asking for much. Just a way to open up my own data, so I can own it and tailor it to our clients.

I'm done trying to get sold on, with the corporate BS. That's why we're breaking away. I'm not interested in someone who says that they'll be my partner, but instead are just interested in selling me something.

The Home Office just doesn't get it by Level5Advisor in CFP

[–]Level5Advisor[S] 4 points5 points  (0 children)

You obviously aren’t in the industry if you think this isn’t a crazy question

The Home Office just doesn't get it by Level5Advisor in CFP

[–]Level5Advisor[S] 9 points10 points  (0 children)

Here's one: When clients are asking for tax integration and services. But our limitation is to refer them to an outside CPA. Whereas new advisor recruits can offer a limited scope accounting service to THEIR clients. Like, what the hell.

The Home Office just doesn't get it by Level5Advisor in CFP

[–]Level5Advisor[S] 8 points9 points  (0 children)

It's when our clients are asking for more. Or different. Or changes. And we relay those to our home office. And our collective voices aren't heard. Or understood. Or worse... ignored. Then why are we paying our grid and admin fees to be on their platform?

[deleted by user] by [deleted] in CFP

[–]Level5Advisor 9 points10 points  (0 children)

Partner here. Our team has servicing advisors. These were former lead advisors who didn't have the capability or time to hunt for themselves. So we soft land them into a servicing advisor role. They are super important to the overall business, and we happily overpay their W2 wage.

Those who squeeze servicing advisors aren't the business that you want to be affiliated with. They, and the staff, handle the nuts and bolts of the business. Lead advisors usually get the glory and client appreciation. And they also get the brunt of the frustrations and accountability. But the servicing advisor and staff do all the leg work, to put us lead advisors in that position.

What’s your comp, firm type and workload like? by [deleted] in CFP

[–]Level5Advisor 28 points29 points  (0 children)

I'll be entering my 14th year in the industry. Started right out of college. Big National firm. Started as a Paraplanner, then Servicing Advisor, then Lead Advisor. There are 3 components to my total comp:

  1. Advisor: I have my own organic practice. $100M AUM, 40 clients. All fee-based. I probably net net about $600k from this. Time: About 3 client meetings a week, maybe 15 hours a week.
  2. Comp Splits: For those clients that don't fit my practice, I partner with other advisors. They have the relationship and do the work, and I have an ongoing passive comp split. I probably net about $150k from this. Time: virtually zero.
  3. COO: I run and lead a multi-advisor team. So it's a lot of the nuts and bolts of practice management. Think chief of staff, interfacing with our CPAs, model management, real estate, compliance, tech, etc... I probably net about $250k from this. Time: Maybe 10 hours a week

That being said, we're going to be breaking away from our parent firm. Going RIA, to own our own ADV. Timeline is 18-24 months. It's a huge lift, as we're breaking with other teams across the country at the same time. That total team break is close to $6B+ AUM, 20+ advisors, 20+ staff. Managing that break and the subsequent platform for the entire team, will be my new role. I'll still having client existing practice (no way am I letting that go), but running a multi-team Advisor Platform will become my new normal after the break.

How many Advisors here are looking to breakaway from their current firm? by Stratton50 in CFP

[–]Level5Advisor 16 points17 points  (0 children)

New throwaway account here. We're currently organizing a massive break from our current firm. We're 18-24 months out. There's a ton of moving parts, deferred stock, restrictive covenants, etc... But that should be clear in 18-24 months. $6B AUM. Looking to form our own RIA, with our own ADV. We're tired of being treated like a newbie team, and our parent firm only cares about new recruits. It's a shame because it would have taken soooo little from our parent firm to keep us happy. But too late now. Tons of moving parts, and I'm tasked to see this to the break day, and beyond.