Never Again

Part 3 of a 3-part series (History Repeats) Encore Performance from 2003

Never again will you hear the objection, “the big firms have their own floor broker and better executions”, because such trading will soon be obsolete, as we predict so will the NYSE.

Because we know that after 9/11 a directive from the highest levels of government sent workers back to the exchange almost immediately to quell fears that a financial collapse would follow, and today 60% of those workers are reporting ill health effects from the toxic exposure that existed in the area after the attack.  Unequivocally confirming that the world financial markets are highly vulnerable to terrorism if trading takes places in centralized locations, thus prompting research on ways to decentralize the power of trading to locations similar to NASDAQ, which will further give equal and fair access to all individuals and firms no mater what your size or location.

Yes, the playing field has been leveled, and the perception of Fortune Five hundred brokerage firms being better then smaller ones no longer exists.

Investment intelligence, best price executions, global research, cutting edge technology, safety and integrity, is now available from the countries, next great source of financial services, the Independent Broker Dealers.  And if you don’t think that’s the case just look at the New York based company (National Financial Partners) that will go unnamed who is buying 20 to 25 independents a year because, they believe that’s where their money is.

Your world has changed and you now stand to benefit greatly if you get on board with this paradigm shift.  In 2002 our survey of the largest wire house brokers reported that they held an average of approximately 542 accounts had assets of 66.4 million under management and received an average payout of 36.3% to earn a median average income of $256,376.

Our projection for the next four years is that approximately 29% of wire house clients will leave their firms, taking with them the average of 20million in assets per broker. Which equates to, if you do your job right and capture those assets, an increase, of almost a 28% pay raise just for catching the fallout (not to mention the ancillary business), and that the average Independent brokers salary could be at parity with today’s wire house brokers by 2008.  And that is just if you are average.

Consider yourself better then average and I know many in this room do, that’s why you are here, then the sky is the limit.

Because part of this projection is due to a business model change at the large firm who will be actively releasing smaller clients in order to replace them with the one half of one percentile of the market that they have decided to focus on.

Which is great for you because the engine of your client base becomes the same as the demographic that is the most powerful force of the economy, the small business owner, who by the way  employee 50.1% of the private work force and produces 75% of all new jobs and has discretionary investable asset of 2.1 million. Not a bad market for you to control. It is one that can make you rich.

So, look around you because the person sitting next to you is now the new standard in the financial service industry and the firm that you are with, is now part of the countries new paradigm shift to independent broker dealers. And by continuing to provide the highest level of service to a new generation of investors, you will be part of the next great generation of firms on Wall Street.

Embrace the challenge take advantage of this new opportunity- to work hard have- fun – and make a lot of money.

The information contained herein has been obtained from reliable sources however may not be accurate and is not guaranteed by us.  Readers are encouraged to undertake their own independent investigation and evaluation of the relevant facts.  All claims and allegations are subject to adjudication, decisions may be subject to appeal, and no inference is intended, nor should any inference be made from any information contained herein from any source. This posting and the information on our website is for general information purposes only.  This content should be not considered legal advice, and any responses, comments, e-mails, other communications do not form any attorney client relationship.

As Frank Burns said, “If I made any mistakes in this article, they are God’s will or someone else’s fault.”

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