Hello Tammy, I just wanted to let you know that I heard about this program MMA last year. It only works for those that aren’t hurting for money. They also have to qualify for a line of credit. Now it’s a bit tougher to get one because of what's happened in the mortgage industries. I am in it (MMA) and it is useful in my financial planning strategies. I will use it if it can help them out. So, if you have anyone in the Midwest region like ( Illinois ) Chicago Land area that wants to know more about it, I could help them out. Give them my email or office number. Have a great and exciting day. GREAT news letter!!
(Chicagoland Area? email me for Michael's information and info about the MMA programming
Another Lousy Lead Service?
I'm in NFcom.com.and was a agent who lost money on
I have yet another company that ripped me off:
Todd V. (aka "the conscience of Financial Advisor Netzone) posted:As you get more info on the conversion to RIA, I'd really be interested in reading it (heck, I'd even pay for it if the info is good enough)... I will be making the transition in the next year as working with clients in this capacity is, clearly, in their best interest.
Here's a quick example... There is a DPP program that many of my clients like (it is a mortgage pool that pays just over 7%)... The investment company pays a 9% commission when sold by a registered rep. However, when sold by an RIA, the 9% that would have been given to the registered rep as commission IS GIVEN TO THE CLIENT IN THE FORM OF A BONUS...
Imagine, you put $100,000 of a client's money in this investment and when they get their next statement, It shows $109,000 as the balance. By the end of the first year, they have a balance of $116,630 (they earn 7% on the entire balance).
Clearly, as a registered rep, I'd have made $9000 of immediate commission on this sale, whereas, as an RIA I would make $1000+ per year for as long as they keep the investment. Would I make more money doing it as a commission product? Probably...
However, my belief is that the happy client will tell their (rich) friends, so I will likely end up with more good clients as a result.
I look forward to reading what you learn...
Todd and others: There are only about a dozen legitimate companies I have found who exist to assist advisors in becoming RIA's. A very knowledgeable representative of one of those companies has agreed to do a webinar for FAN in November. I will post details here shortly. In the meantime, all of you who have decided you want to become RIA's should email questions to firstname.lastname@example.org so we can address them at the webinar.
Also- those of you who are already RIA's- please post or email your experiences. It is useful to all of us who are trying to understand the process and the implications of this transition.
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