u/NeighborhoodStreet59

Had a large list of people I was calling working on it all month. Left the office with it in my notebook for lunch. Left my notebook in public office building lunch room. 2 hours later someone turned it in. My Assistant opened it and saw list with 50+ names I was working on. I didn’t realize I left it. Came back in, and like an idiot I called compliance to let them know what happened because felt it was right thing to do. They had me submit a case. Had names phone numbers and account numbers, true call list. Currently case is under review.

The weight of it is sinking in now and I’m feeling my 10 years at the firm are not only lost but any future chances of working in industry are as well. As I was typing in info to case i realized how bad it looked. I threw away my whole career and I’m just waiting on the axe to fall now. Had never had any issues at all with my firm and genuinely loved it. I can’t think and don’t know what to do anymore. Is it even a possibility to be hired at another firm?

So let’s be real we all make good money on this business. We can put it in investments max out retirement accounts yada yada. But besides the market or real estate what else yall doing with it? What good ROI are you getting on it unrelated to just entertainment etc?

I understand that with a living revocable Trust the taxation falls under the tax treatment of the owner while they’re alive. (Their ordinary income brackets) It’s also my limited understanding that when the owner passes away the living revocable trust becomes irrevocable. My question is, does that mean that after the owner passes away the (now irrevocable) living Trust will now fall under the tax brackets for income tax rates for trust and estates?

How would this work for example comparing these two scenarios :

1)John lists Ben as beneficiary of his traditional Ira. John passes and Ben opens inherited Ira and received funds with understanding funds are taxed at Ben’s ordinary income rates.

2)John sets his living revocable trust as beneficiary of his traditional IRA. Ben is the sole beneficiary of the trust. John passes.

Does the trust open an inherited Ira and are assets distributed to Ben at trust tax rates?

Let’s say we are gonna oversimplify timeline for onboarding a new client.

1)Day 1 appt they haven’t brought anything or sent anything before hand because they wanna meet. But while there they get comfortable pull up statements on phone and send to you and agree to open accounts and bring money. You fill out transfer paperwork etc.

2)………

What does the progression for financial planning look like for yall?

Do yall ask for docs and start working before the assets hit? Do yall do insurance on its own, estate planning l its own, investment recommendations on its own. Retirement planning on its own etc…

If you do how many appts and how much time in between.

Thanks!

Update:

I can’t separate first appt from trying to close business. Ima sales guy.

I don’t wanna do any work until assets are en route or in already.

Will yall gather hella docs even if they aren’t clients with assets en route or with you already?