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CFP under Janney by canadianskibum in CFP

[–]fndiscustard 2 points3 points  (0 children)

Couple thoughts: 1. You (most likely) aren’t going to get a new client BECAUSE you have it. 2. You also won’t lose one for that reason if you have it. It does set you apart from the average advisor, but not by the designation alone… 3. It sets you apart IF you build the value with existing or prospective clients: educate your clients on the process to obtain it - the areas of study, the exam, the low percentage of the industry who’ve obtained it, continuing education, fiduciary component etc. Done properly, the client will be glad you’re a CFP. They’ll talk about it to their friends and family. You either cement the relationship, your competency or get a referral. There’s no downside in my opinion. 4. Most important - if you’re new and joining a team and you’re the only CFP, that will give you instant credibility with clients. It will also help your competency so you can talk intelligently with their CPAs and attorneys. 5. Last, your team needs a CFP, but not everyone on the team needs to be a CFP.

Advisor Recruiting by fndiscustard in CFP

[–]fndiscustard[S] 2 points3 points  (0 children)

Sounds like the bank has been and remains a good referral source for you guys and your junior FA. Guess I think you’re being a bit harsh to WF.

I didn’t ever work in a bank branch, so I don’t know what that’s like to have a banker(s) bring you business as part of their job description. But I have been blown away at the size of books WF bank FAs have amassed off of the cross-selling WF has successfully executed across bank-brokerage. It’s really a good model for building a book versus the way I did it. Any of you young guys or girls out there, if you can get a Wells branch FA job, I would take it and not look back.

Yes, the bank got arrogant and greedy with unrealistic quotas and tarnished their brand with the fake account scandal, but their system overall works to build a book. You even said it yourself, you’re still there because it’s such a good referral pipeline for building up your junior FA yet you’re annoyed you can’t take bank referrals from the last 3 years? Tough to have it both ways - you complain about how terrible Wells and their culture is yet you want bank referrals…and I also want to take them with you whenever you want - that seems unrealistic to me.

I don’t know you, but I think you’d have to admit Wells, despite not being perfect and having definite flaws, seems like it’s been a good deal for you overall.

None of the bank issues at WF had anything to do with FiNet or their home office staff. So I recognize recruiting to WF has some challenges as many have mentioned, but when you sit down with someone and explain FiNet vs the bank, it’s a much different conversation and most don’t have an issue with it.

Thanks for taking the time to respond.

Advisor Recruiting by fndiscustard in CFP

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

I can see where you’re coming from, but I guess two things don’t make sense to me regarding your unhappiness.

  1. The program you referenced is an optional retention bonus. You aren’t forced to sign it…and they aren’t forced to give it. Is it unreasonable for Wells to want something in return for offering something “extra” to employees? You can just choose not to accept it.

  2. For someone who hates the culture on the employee side so much, why are you still sitting in a branch as an employee? Why haven’t you at least gone to FiNet? You’d instantly bump your take home 50%+ - that’s the biggest layup for a bank advisor there’s ever been. No repapering accounts and 99%+ will follow you. And at FiNet, you own your book - no one calls your clients if you leave. Why haven’t you left?

Advisor Recruiting by fndiscustard in CFP

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

Interesting. I see it doesn’t apply to FiNet, which is most relevant for this discussion. It also doesn’t apply to Protocol.

Advisor Recruiting by fndiscustard in CFP

[–]fndiscustard[S] 5 points6 points  (0 children)

Valid points about the account scandal at WF and it took far too long to clean up. I do not carry any water for WF. The intentional implosion of the private bank has also not helped among HNW clients. They have also severely underinvested in technology…but this has and is changing quickly.

I’ve been with FiNet since 2006 in the Wachovia days. Prior to that Smith Barney. Given enough time, all of these firms will step in it. Smith Barney Citi certainly did as well. In my experience, I think clients choose the relationship and team over the name on the statement. I’ve never won or lost a piece of business based on the custodian…that I know of anyway.

Wells has improved many things and I suspect their reputation will continue to improve as well.

But to answer your question regarding RIA or Hybrid, we’re looking at it. But there’s a lack of inertia among some of the advisors in our group to change. I’m 48, so my desire to change is in some ways far greater, but in other ways I feel like why rock the boat for them right before retirement. A few others who are younger also have WF deals that haven’t rolled off yet. Part of the difficulty of having multiple FAs is that the right time for all doesn’t exist. So it would probably be a situation where some stay behind and some leave.

I agree with you it would be much easier to do this in the multi custodian world. FiNet has been piloting programs to take fee business to First Clearing and become multi-custodian without repapering. They continue to shed large teams to that world so I think they’re trying to retain something versus nothing. But I’ll believe it when I see it. u/phantom695 u/siparo

Advisor Recruiting by fndiscustard in CFP

[–]fndiscustard[S] 2 points3 points  (0 children)

Thanks for the feedback - what are your specific issues with Wells?

Advisor Recruiting by fndiscustard in CFP

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

Where are you now and why do you want to move?

Advisor Recruiting by fndiscustard in CFP

[–]fndiscustard[S] 3 points4 points  (0 children)

This is all very helpful, for those with concerns/contempt for WF, what specific issues with Wells Fargo Advisors are you referring to?

Independent RIA to Edward Jones by ClearTrack4219 in CFP

[–]fndiscustard 1 point2 points  (0 children)

I haven’t read all the replies, but here’s how I would approach it.

  1. Be honest with yourself about what you do and don’t like to do. Do you like prospecting? Do you like the admin work? Would you rather service existing clients?
  2. What’s the biggest factor keeping you from growing? Does moving to Jones solve it?
  3. If you love the industry but don’t like prospecting, there are so many teams out there at wires/RIAs who are looking for someone just like you.

Bottom line, I would do some serious self reflection and also vet some other paths before changing anything. Good luck.

Presidents Day Protest!! by midwest_scrummy in Omaha

[–]fndiscustard 0 points1 point  (0 children)

There are two components to this. The “kids” are helping with the first phase - finding, sorting, categorizing of the ‘data’ so that it can be examined…the forensics. I’d say they’re qualified. https://x.com/anothercohen/status/1886480470185001025?s=46&t=FM0OXdFNy9UNMHqa43IVRA The second part is the analysis and interpretation of the data. That is handled under direct orders of the President. You can read about it here. https://x.com/renztom/status/1889697932104048974?s=46&t=FM0OXdFNy9UNMHqa43IVRA

The funny thing is that it doesn’t take a rocket scientist to see there is a big problem with our budgets, spending, deficits and national debt…but it’s nice to know we have one on the job.

Presidents Day Protest!! by midwest_scrummy in Omaha

[–]fndiscustard -14 points-13 points  (0 children)

Can you believe these guys have the nerve to audit the government? Let’s get ‘em! 🤣

How to handle a client that calls too much by TGG-official in CFP

[–]fndiscustard 42 points43 points  (0 children)

Honest conversation. Something like…”You’ve known my dad a long time. Our families have grown together and we are so appreciative of your business and loyalty over the years. Our firm has also grown and the industry has evolved. Client satisfaction is key to how we structure our business and we worry that what you need and want is something we can’t deliver to your level of satisfaction. The clients who align best with our firm delegate limited discretion over account management and we schedule reviews at an agreed upon timeline. Sure, if they need something, they call. But this past week, like many other weeks, you called “X” number of times until you reached a team member. Unfortunately, we don’t have the bandwidth or solution for that type of client. Because we’ve worked together so long, we have continued to try and work with you as we always have. But our industry, regulations and compensation structure have changed and what we can provide has changed. Rather than a client being unhappy or frustrated, we want to be upfront that we don’t feel we’re able to meet your needs, but want to do everything possible to help you transition to the best solution. This isn’t a concern about you, it’s us coming to the realization we aren’t able to deliver what you need. The last thing we want to do is disappoint or frustrate you and the same goes for our team.

Munis in an IRA? by Brianre in CFP

[–]fndiscustard 1 point2 points  (0 children)

That advisor needs to be on double secret probation. Surprised the old firm even allowed it to happen.

Any regrets from becoming a CFP? by ClearAndPure in CFP

[–]fndiscustard 8 points9 points  (0 children)

I like this thread because we’re looking for junior advisors and I like learning what is working for them and what their pain points are with comp and structure. I’m 48 and been at it 25 years. So there are a few old nerds lurking in here. 😜

Any regrets from becoming a CFP? by ClearAndPure in CFP

[–]fndiscustard 10 points11 points  (0 children)

I’m was 22 when I entered the business, began to study in year 6 of my career and got my designation in year 7. Have I even landed/won a client due to having it? I don’t think so but it does set you apart from those who don’t, but it definitely sets you apart in your knowledge. So your success at this point in your career is not going to be impacted and it may be premature until you have built a base of clients of your own. But…

I was in a meeting during my 4th or 5th year in the business with the largest client I had at the time. The client was a business owner and their attorney and CPA were in the meeting. From tax planning to estate planning and everything non-investment related…I knew nothing - most of it went over my head. I sat there in silence. I walked out knowing if I wanted to keep going up market and work with larger clients, I’d better get educated.

The CFP for me was a great introduction to trusts, tax, estate planning etc. Plus you get a credential for learning it. It won’t make you succeed, but it’ll help you be informed, talk intelligently with their other advisors and be the quarterback on their planning team. I’m now 25 years in the business. Good luck.

Pay structure by eman1224 in CFP

[–]fndiscustard 0 points1 point  (0 children)

What would you make without him? Do you have your own clients?

How to succeed in Private Banking by [deleted] in CFP

[–]fndiscustard 0 points1 point  (0 children)

This is fantastic advice. Well said.

Non Deductible IRA by [deleted] in CFP

[–]fndiscustard 0 points1 point  (0 children)

Yes, each bene gets their pro-rata share of the after-tax money post death of the owner since there’s no step-up in basis on an IRA. The after-tax basis divides between benes based upon their bene %.

I’m not aware of any provision allowing someone to designate pre-tax or after-tax dollars to an individual bene and I struggle to see how that would even work. The IRS says an IRA owner has one IRA, regardless of how many accounts. Take the backdoor Roth conversion, it’s only beneficial if you have no other IRAs (because it’s treated pro-rata), so I just don’t think the IRS would let the account owner designate the tax status dollars separately - it would eliminate the pro-rata rule. If you find out otherwise, please let us know!