The Perfect RIA The Real Cost of Loyalty: A Financial Advisor's Road to Independence with Guest Carmine Corino [Episode 298]
Mar 3, 2025
Join Carmine Corino, author of 'Broken Dealer' and CEO of Cornerstone Planning Group, as he shares his journey from the broker-dealer world to establishing his own RIA. Discover the challenges he faced, including the allure of recruiting incentives and the impact of private equity on the industry. Carmine emphasizes the importance of aligning professional choices with personal values over mere financial incentives. His reflections on loyalty and independence provide valuable insights for those considering a similar pathway in their financial advisory careers.
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FINRA Action and its impact
- Carmine Corino was threatened with legal action after leaving his broker-dealer.
- He fought the lawsuit for 16 months, costing him hundreds of thousands of dollars, but views it as a valuable learning experience.
Company Resources and Recruiting Bonuses
- Advisors should not rely on company devices or networks for breakaway research.
- Recruiting bonuses are not "free money" but come with strings attached and should be factored into the decision-making process.
Hidden Costs of Recruiting Incentives
- Recruiting incentives offered by firms often indicate hidden costs or compromises elsewhere.
- Advisors should thoroughly investigate the terms and conditions associated with such offers.