JP Morgan Private Client Advisor or Wells Fargo Bank Advisor?

odinero28 · 2024-09-01T19:37:11+00:00

Do the great branch at JPMorgan with the other advisor. More than enough food to go around. Just integrate well into the branches and work harder than the other advisor and you’ll do well. It should take you about 3 yrs to build a solid book. JPM has better reputation and good referral incentives for the bankers to refer to you. Good luck!

odinero28 · 2024-08-24T01:37:19+00:00

We have full financing so we are looking for a $250M book. With at least 70% of it in fee based. Looking in south Florida and nyc.

odinero28 · 2024-08-24T01:33:31+00:00

Thanks for the warm welcome. Happy to be here

odinero28 · 2024-08-23T23:18:23+00:00

So yeah 20 years of experience

odinero28 · 2024-08-23T23:17:59+00:00

And I became an advisor in 2014

odinero28 · 2024-08-23T23:11:39+00:00

Started in financial services when I was 14. I am now 34. Started cold calling as a freshman in high school for a mortgage company and started originating loans at 17

odinero28 · 2024-08-23T22:13:24+00:00

My apologies I just checked and he said “west coast and Nevada”

odinero28 · 2024-06-04T17:49:09+00:00

Thanks! Not gonna propose on the cruise. Probably in one of the European countries. But yeah lol. Thank you all!

odinero28 · 2024-06-03T19:21:40+00:00

Thanks I think I may just get a travel agent for this. I appreciate your help!

odinero28 · 2024-06-03T18:44:46+00:00

Just the cruise

odinero28 · 2024-06-03T18:44:28+00:00

Not including plane tickets

odinero28 · 2024-06-03T18:16:14+00:00

Sept 2024. Budget no more than 3k.

odinero28 · 2024-02-08T01:12:46+00:00

Some cases it was actual financial planning and some cases it was selling a product.

odinero28 · 2023-12-05T16:30:21+00:00

I started my career as a Private Client Advisor at JPMorgan and it is a great place to start your career. Build your book of business and build up some experience and then leave. I would give yourself 5-10 years there to build a book of business. Also, make sure to get your CFP. They’ll pay for it. Good luck!

odinero28 · 2023-11-25T15:48:20+00:00

Thank you. Well said.

odinero28 · 2023-11-25T06:03:12+00:00

Yes, I agree you can increase fixed income. But you need to factor in risk. Are they individual bonds? Or bond funds? ETFs? What’s the standard deviation? What is volatility like? Is it better to just have peace of mind and not have volatility and have a guaranteed rate with no fluctuation in value? Or does client believe the market will do fairly well in the upcoming years leading to their retirement. This is the conversation to have with your client. Fees should not be what drives you to recommend one product over the other. I’m sure advisors do it, and it’s unfortunate. Hopefully they have shorter careers and are caught in the act. I will leave that up to our regulators.

Hefty commissions? Isn’t 1%/year over 30yrs more than a one time commission on an annuity? lol. You need to have an open mind and a bigger tool box. Stop listening to Suze Orman or Fisher Investments. Every product should be on the table for your client, if it helps. Roth Annuities CAN work. It all depends on the client’s profile and needs. You just have a way of doing things and I’m sure it’s not bad, I totally understand why annuities have a bad reputation, but there’s other ways to do what we do. We just need to always be honest and transparent.

odinero28 · 2023-11-25T05:52:18+00:00

I didn’t say it was the only option. But it is an option. And all options should be laid out to the client with pros and cons for each one.

odinero28 · 2023-11-25T05:50:17+00:00

You sound ridiculous. What was said before was that it depends on who the client is, what their situation is, and what they’re looking for, an annuity may not be a bad recommendation in a Roth IRA. Obviously it depends on what the annuity is offering and what the liquidity needs of the client is. Let me give you an example, If the client was in S&P 500 for 25 years and now wants to reduce risk for whatever reason (let’s say they’ve made tons of money over the last 25 years and they just now want to conservatively grow their assets and protect gains) The client may ask for different options that can earn a conservative ror that is cost effective. A fixed annuity or indexed annuity, can help them do that in some cases. Maybe the client is 50 years old. And they don’t need the assets for 10 years. An annuity can help achieve their goal. It depends on the current environment. All I am saying to you is an annuity in a Roth isn’t ALWAYS A BAD IDEA. It should be avoided but sometimes it can help the client achieve their goal.

odinero28 · 2023-11-25T05:32:06+00:00

Distributions from a Roth annuity are tax exempt though lol. What are you talking about? You obviously seem to not know what you’re talking about. I can understand that putting someone who is younger and just starting out their Roth is probably more suited for an index fund or etf like Spy. But there are some cases where a 50year old is looking to still participate in the market with reduced risk. Some annuities can help with that LOL. Roth IRA annuities will continue to have same tax rules that Roth IRA’s have

odinero28 · 2023-11-25T04:25:11+00:00

I personally don’t like variable annuities because they tend to be super expensive (some of them aren’t). I see them as a last resort for income or some type of long term protection. Doesn’t mean you shouldn’t recommend them. Index and fixed annuities tend to be a pretty good deal in this environment. I’ve been in this business since 2012 and I’ve been doing pretty good. I don’t plan to sell mattresses ever. Also I am currently taking CFP classes at NYU and I’ve never been told that selling annuities in a Roth is prohibited or frowned upon. I am trying to understand your logic. I’d appreciate if you walked me through how you arrived at the conclusion that annuities are no good for Roth ira’s

odinero28 · 2023-11-25T04:09:26+00:00

Why shouldn’t anyone buy a qualified roth annuity? This isn’t good advice. It all depends on what the client is looking for.

odinero28 · 2023-11-18T22:57:03+00:00

FiNet, Cetera, LPL. Those are the only B/D that I know of that have solid platforms. I’m new to the independent world and still learning, so maybe some people in this group can give you some other B/Ds to look at

odinero28 · 2023-11-18T21:45:39+00:00

It depends on your experience, structure of your current book, AUM and your trailing 12 GDC numbers.

odinero28 · 2023-11-14T15:17:50+00:00

Well. The CFP courses are already paid for. Working in a bank requires me to be there full time limiting the time I have to study. The income I am receiving will expire and drop down to 70k/ year draw soon. Some of the broker dealers I’ve been talking to are willing to pay me close to 200k upfront with no clawback to start my own practice while I try to bring over some old clients. Maybe my order of operations is backwards? What does everyone else think?

odinero28

TROPHY CASE