As an advisor in transition, you’re likely to have plenty of questions pertaining to how you fit in with Money Concepts, the Bluegrass Region and independent financial planning. You already know that before making a career change, it’s important to do your homework. That’s why you’re here. You need to ask all the right questions, and make sure you’re getting the right answers. With that being said, here are answers to a few of our most freqently asked questions.
Compensation
How competitive is your payout structure?
We have a payout structure that is competitive with any broker-dealer in the country. Our top-tier advisors are on an 85% payout, while the majority of our advisors receive an 80% payout. The Payout and Pricing section will provide more detail.
Do my clients and book of business belong to me? What will happen if I decided to switch firms?
Absolutely, your clients belong to you. Should you decide to change broker-dealers or retire, your book of business is portable and will move with you.
Regarding business models, what type of platforms do you provide?
We have an extensive business model platform that provides you multiple alternatives and creative methods that allow you to construct a practice that is tailored to your needs and pays you regularly and efficiently.
Which pay-platform are the majority of your advisors using?
The bulk of our advisors use a fee-based platform where pay is determined by a percentage of assets under management. As of 2010, recurring revenue from fees makes up over two-thirds of our advisors annual revenue.
Does your firm have quotas or incentives to sell proprietary products?
Here at Money Concepts we do not push products. We have no proprietary products, take no preferred marketing subsidies, and prohibit advisors' participation in product provider incentive programs (to include sales trips). Instead, we give you the freedom to choose the products and services that are best for your clients.
Challenges
Do you offer the product providers that I currently work with?
We have access to thousands of product providers in every aspect of financial planning, including both fixed and variable products. For a detailed list of providers, you can reference our Product Approval List.
Who is Money Concepts' Clearing Firm?
We clear through Pershing, the most widely used clearing firm in the country.
What type of back-office system does Money Concepts utilize?
Our back-office system is run by state-of-the-art software tailored specifically to the needs of an independent advisor. Please refer to the Tech Edge section for more information on our paperless back-office systems.
Support
What type of support do you provide an advisor in the transition process?
We have a Transition Team dedicated to making your move to Money Concepts as seamless as possible. Throughout the process, you will be able to see your accounts and assets transfer daily. Our Transition Team aims to absorb as much of the work associated with your transition as possible.
Can you tell me more about your Compliance Department?
Our Compliance Department serves as your consultant and counselor. They are there to advise you on how maintain a compliant practice so that you can have peace of mind in knowing that your business is operating properly.
History
What is the tenure of the Bluegrass Region?
The Bluegrass Region was founded in 1981 by our current President, Dan Greenwell. From the beginning, the Bluegrass Region has been family-owned and operated. Today we are the 4th largest wealth management firm in the state of Kentucky. Our presence and influence in the community is rapidly expanding, bringing about joint efforts between local organizations such as Citizen Union Bank and Jarrett's Joy Cart, as well as distinguished national organizations like, The V-Foundation for Cancer Research.
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