Hi, this is Roger Gershman from the Gershman group with a message to Alex Brown advisors who have great choice about what their future may be, because their contracts are ending this year.

And one of the best choices for them is to state, the current firm. We’re used to it, we understand it, clients are happy. The advisor might be happy that could be worth.

But one of the greatest choices advisors also have and, and looking, looking into seriously is going independent through Raymond James is a platform. And that’s a really good solution. Because hardly any papering of clients accounts fairly seamless. And is your name on the door. And the average net operating margins are between 60 to 70%, depending on your real estate, depending on your staff. And you borrow the business the way you want. And again, your tax treatment is very favorable.

The challenge is that it is still Raymond James’s platform, which may not be as robust as you would like. And you’re still dealing with the same compliance department as you had before.

But also, though, a benefit too, is that there’s an equity opportunity to sell a piece of your business. And Hug, your former CEO at Redbird now is very interested in taking a large equity stake in your business. And that’s appetizing, because he would take that position at what is a long term cap gains that are very favorable valuation. And the expectation is, is that he buys you today for a price and sells you tomorrow for a much higher price.

So not only getting liquidity at a long term cap, but you’re also able or anticipate that your business will grow and sell at a much higher multiple rate option. But there’s also an option with Hug who is looking to create his own RA or aggregate a few and for one to bolt on, again, with their name on the door. And with you know, custodian, a Schwab fidelity are purging and arguably a more robust platform less compliance, because it’s not Raymond James has your name on the door. And once again, he would take a large equity stake in you at a long term cap.

The third option for advisors is to look at other independent platforms, which there’s a lot and there are multinational corporations that are much bigger than Raymond James, such as Schwab, Fidelity, Pershing, but other big multinational banks, that you can offer identical surfaces to what you’re used to.

But more open architecture, alternative investment structure products, SMEs, investment banking solutions, lending solutions, everything at what is on average 70% net operating margin with equity partners who would be interested in taking a piece of you to a one, maybe not as much as high would want to take, you want to sell some you don’t want to sell some fine, Sell 10% Sell none.

At what is a 7x multiple of your net operating margin seven times seven of whatever your product top line number is, very attractive.

There’s lots of options with that to show you which the value, the benefits and the challenges of each and that includes staying, which is a real good option. Thank you for listening.