Pros
Large firm in regards to number of offices, advisors, and home office staff. Goodnight, legacy's, retirement transition plans, existing office, and other asset and office sharing plans to assist the advisor in starting out with something to work with. Friendliness of home office staff.
Cons
It's clear that there are alot of inefficiencies occurring at this firm. First, lack of communication between home office and the region. It's clear that the region has its own ways, separate from home office. This miscommunication makes the firm look bad to clients, prospects, and the employees. Secondly, wasting of resources. Money is being spent on the home office by buying our property, demolishing it and turning it into "green" space; multiple garages being built instead of expanding existing garages; unlimited use of paper and resources by various departments when unnecessary; and much more. Third, starting out new/new. The success ratio for those who start this route is less than 10% the first year. Your paying advisors to study and door knock only to see them fail, is a bad gamble bet that 1 in 10 will generate enough revenue for the firm to compensate the failing 9 out of 10. Fourth, commissions. The commission pay out is extremely low that it will ONLY entice financial advisors to push certain products like mutual funds. Even then when you start out your commission payout is still low at 18% - 20% of the commission fees assessed to the client. (Example: Client pays $200.00 in commission to buy $10,000 worth of stock, new advisor earns $36 to $40 / veteran advisor earns 36 - 40% at $72 to $80.) The commission percentage is based on the state you're in. Why such a huge commission cut if financial advisors are already paying home office their fair share (around $5,700) a month from their p/l statement? Fifth, regional roles. The job is being stated as you get to be your own boss, business owner, entrepreneurial, etc. So why do we have a regional leader, area leader, growth leader, field trainer leader, performance accountability leader, etc? Sure it's great if you have someone to help you out, but for the most part, they are looking after themselves and their region, they are your boss. Sixth, buy eligible securities. As advisors, there should be no reason why we should not be able to buy a security a client desires just because the firm says no. Seventh, American Funds. They truly lack in performance but they try to convince advisors that it's the best choice for the client.