Newspaper article THE JOURNAL RECORD

Advanced Financial Concepts Formed to Increase Profits for Local Brokers

Newspaper article THE JOURNAL RECORD

Advanced Financial Concepts Formed to Increase Profits for Local Brokers

Article excerpt

approach of large brokerage houses, Oklahoma City securities broker Jim Davis formed Advanced Financial Concepts to increase profits for brokers and offer superior customer services at reasonable cost, Davis said.

The 50 Penn Place firm has raised more than $380,000 since Jan. 1 and expects to top $400,000 by Dec. 31, Davis said. He projected commissions will soar to $750,000 by the end of 1990.

At Advanced Financial Planning, brokers work for themselves in a personable environment with access to a staff of legal and financial planning experts, Davis said, and are paid top commissions and excellent renewals.

The firm, formed on June 24, 1988, has hired six independent financial planning experts, all registered brokers, and employs one administrative professional. In 1990, Davis said the firm expects to hire an additional administrative employee and about three brokers with intentions of hiring a total of about 25 additional employees within two to three years as demand increases.

Most of the large (brokerage) firms are management heavy, with huge clerical and research staffs, and during downturns. . .they have to cut back," Davis said. "They offer early retirements to get rid of top salaried people, cut commissions and raise the level of gross commissions needed to qualify for bonuses, all to decrease expenses and drive the profits to the bottom line."

"We believe there are many capable, but frustrated licensed brokers out there who are sure of their own abilities and don't need the paternal structure of a giant company," Davis said. "We're our own bosses and entrepreneurs."

Davis provides administrative and legal assistance through an attorney, and product training. He negotiates with each broker before setting an acceptable rate for his services.

"The company is growing because it has positioned itself to address changes in the financial services industry," Davis said.

"In our business what's important is my relationship with clients - not what's on my business card," Davis said. …

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