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Re: Sharing Your Knowledge as a Financial Professional
Old 08-06-2006, 04:08 PM   #21
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Re: Sharing Your Knowledge as a Financial Professional

Quote:
Originally Posted by saluki9
I'll try to shed some light on the original topic.

As some may know I work as a PM for an advisory firm in Chicago.



Soooo? Whaddya buying now??

heh heh heh heh heh heh heh heh - is that the PM equivalent of the ER - whaddya do all day?? My sister has been asking on and off for thirty years - and has never listened/let alone acted.
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Re: Sharing Your Knowledge as a Financial Professional
Old 08-06-2006, 04:56 PM   #22
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Re: Sharing Your Knowledge as a Financial Professional

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Originally Posted by unclemick2
Soooo? Whaddya buying now??

heh heh heh heh heh heh heh heh - is that the PM equivalent of the ER - whaddya do all day?? My sister has been asking on and off for thirty years - and has never listened/let alone acted.
What do I do all day?

Let's see...... I

1. Open new accounts, create liquidity for distributions, write Investment policy statements, equitize cash for new accounts, answer LOTS of questions for clients, talk clients out of buying stupid things in their accounts, allocate block trades, update our treasury and muni ladders, update our asset allocation policies, report all our trades to the MSRB and the like, etc etc etc

and that's just before lunch
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Re: Sharing Your Knowledge as a Financial Professional
Old 08-11-2006, 01:33 PM   #23
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Re: Sharing Your Knowledge as a Financial Professional

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Originally Posted by 3 Yrs to Go
I'd also add:
- You must be willing to spend a lot of time cold-calling and prospecting for clients.

I imagine that during the first 5+ years in business you will invest a lot of time and make very little $.
I am not talking about full time, why not have a business card with a title of Certified Early Retiree, that is bound to ask questions eventually? I am talking about becoming a RIA, not selling anything. But teaching 4% withdrawl, Rational Portfolio, maybe setup a plan for a small fee for a side business with tax benefits? A Company car, business lunches, all the GAAP perks of being a 1099'er.
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Re: Sharing Your Knowledge as a Financial Professional
Old 08-11-2006, 02:12 PM   #24
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Re: Sharing Your Knowledge as a Financial Professional

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Originally Posted by PsyopRanger
... a title of Certified Early Retiree...
Hot dog, let's get started on the certification requirements right now!

Just as soon as I'm done surfing.
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Re: Sharing Your Knowledge as a Financial Professional
Old 08-11-2006, 06:03 PM   #25
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Re: Sharing Your Knowledge as a Financial Professional

Quote:
Originally Posted by PsyopRanger
I am not talking about full time, why not have a business card with a title of Certified Early Retiree, that is bound to ask questions eventually? But teaching 4% withdrawl, Rational Portfolio, maybe setup a plan for a small fee for a side business with tax benefits?
I still don't understand why you want to do this. It's work. Are you looking for work?

BTW, I do this now but I set my fee high enough that work doesn't exactly flood in. Also, I try very hard to point people to decent resources, whether that be books or articles or - horrors - intelligent discussion forums on the Web. I want people to know that they can DIY in all but the most unusual cases.
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Re: Sharing Your Knowledge as a Financial Professional
Old 08-11-2006, 09:27 PM   #26
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Re: Sharing Your Knowledge as a Financial Professional

Quote:
Originally Posted by PsyopRanger
I am not talking about full time, why not have a business card with a title of Certified Early Retiree, that is bound to ask questions eventually? I am talking about becoming a RIA, not selling anything. But teaching 4% withdrawl, Rational Portfolio, maybe setup a plan for a small fee for a side business with tax benefits? A Company car, business lunches, all the GAAP perks of being a 1099'er.
No, we understand what you're saying. But...

How do you expect to get clients? It's a very competitive business and you better be ready to sell because there is no other way you're going to have clients to advise.

As I also indicated, the regulatory requirements of setting up an RIA are pretty hefty now. I'm not saying it's impossible, but it is a lot of work.

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Re: Sharing Your Knowledge as a Financial Professional
Old 08-15-2006, 09:50 AM   #27
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Re: Sharing Your Knowledge as a Financial Professional

Quote:
Originally Posted by PsyopRanger
I am not talking about full time, why not have a business card with a title of Certified Early Retiree, that is bound to ask questions eventually?* *I am talking about becoming a RIA, not selling anything.* But teaching 4% withdrawl, Rational Portfolio, maybe setup a plan for a small fee for a side business with tax benefits? A Company car, business lunches, all the GAAP perks of being a 1099'er.
Being an RIA carries a LOT of compliance with it. I am registered as one, but have NO wish to go out on my own, and have the compliance headaches dumped on me.

Realistically, if you get a potential client, and they ask about your experience, do you think they are going to hire you just based on the fact you're ER? Not saying it's impossible, but you would need a network of folks to sell the idea to, they're not going to hire you on the spot to teach 4% withdrawal rates, since virtually NONE of the business owners would do it themselves, and they're still trying to get more than 60% of their employees to invest in the 401K so their share of the expenses is less................
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Re: Sharing Your Knowledge as a Financial Professional
Old 08-15-2006, 10:08 AM   #28
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Re: Sharing Your Knowledge as a Financial Professional

Quote:
Originally Posted by PsyopRanger
I am not talking about full time, why not have a business card with a title of Certified Early Retiree, that is bound to ask questions eventually?* *I am talking about becoming a RIA, not selling anything.* But teaching 4% withdrawl, Rational Portfolio, maybe setup a plan for a small fee for a side business with tax benefits? A Company car, business lunches, all the GAAP perks of being a 1099'er.
That sounds a little like one of those infomercials you see at 3 am.
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