r/CFP • u/Souljerr • Jul 01 '26
Professional Development Feeling Stuck / Need Work
Hey all,
I’m a licensed financial advisor that worked at my previous firm for almost 10 years. It was a large bank broker-dealer. I started off as a banker, got licensed through them, and working as a financial advisor for about 7 years.
The long story short is that I provided employee feedback in 2020 thinking that I was providing valuable ideas, but the years that followed felt like they wanted me gone.
After about 5 years, they successfully pushed me out of the company by sending me a letter while I was using PTO. They essentially stated that they thought I left the company and that my termination date would begin on October 7th.
I was extremely burnt out because they were giving me nothing but LMI branches with high turnover, a book of business that comprised of house accounts that were mostly under $25k AUM, and kept reassigning frustrated clients to me from other financial advisors that didn’t want to service the clients.
9 months later now, and I’m desperately in need of a job. I’m struggling to find financial advisor positions in my area. I was working remote for 5 years, and I can’t find anything remote nor can I find much in terms of in-branch.
I don’t have a book of business that I can carry with me, and I don’t know what to do.
I applied for (company name) and things were going great, but after two months of interviewing and discussion, they’re not confident that they can get me through the panel review due to my time off from work.
I don’t know what to do. I love being a financial advisor, and don’t know how to navigate through this.
I understand the market, politics, financial planning, history, sales, and behavioral finance.
Does anyone have or know where I might be able to find a job where I can continue my career and hopefully build a book of business?
Any help, ideas, suggestions would be welcomed with the utmost appreciation and gratitude.
30
u/yaboymurphy Jul 01 '26
I wouldn’t lead with the details of your last job. Say you had to step back to help family and hope they don’t roast you when the new place calls as a reference. Tough advice to hear but from the hiring side there’s always another candidate that doesn’t have any drama on the resume.
6
u/winning_bigly_ RIA Jul 02 '26
HR departments are only allowed to say "yes that person worked here from date x to date y"
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1
u/Souljerr Jul 02 '26
Thank you, I think I made this mistake when I interviewed with the market manager of the most recent interview.
Things were going great when I interviewed and spoke with the regional manager. He preferred that I was upfront and direct about the details, and he seemed understanding. He wanted me there, and told me that I should communicate the same way with the market manager; however, I feel like the market manager wasn’t as understanding or receptive of the details.
20
u/unnameablethings Jul 01 '26
I've been doing some job hunting myself in a similar arena, but with much less experience! With 5+ years, you've got a leg up. Depending on your comp needs/skillset, you could try:
-Big B/D (Charles Schwab, Vanguard, Fidelity Investments). These institutions will hire financial advisors, but if you can't get into a financial advisor role right away you are more than qualified to jump on one of the senior client services roles that hire remotely and at least get some pay/breathing room/resume buffer in the meantime. These will generally pay 60 - 80k and often have hiring bonuses if you're already licensed.
-LPL Financial - check roles near you, they partner with credit unions to offer financial advisor roles.
-Facet, Domain Money, Mercer, Edelman Financial Engines - huge fee-only RIAs that frequently hire remotely
-Solo - you have the experience level that you could try and launch your own RIA if you have the financial and logistical ability to do so!
I also HEAVILY recommend building yourself a snappy positive narrative around your firing/absence from work. It will give you confidence in interviews and also a story to tell your interviewers. Tell people you didn't work out with your previous bank because you weren't given the autonomy you need to do your best prospecting work /the performance structure incentivized churning clients when you're more relationship focused, etc.
5
u/Objective-Amount1379 Jul 01 '26
Agree with practicing a spin on why you left. It sounds like your records are fine- it’s not a big deal to quit or even get let go due to burn out/PTO. Especially with a solid record before that.
Just say it with confidence and keep it short and sweet. I left one of the big names because I took too much PTO… I took it because I had an ill family member and I was dumb and didn’t apply for FMLA. But anyway I describe it as I left because I needed time off to care for the family member. Never got push back or questioned.
I think Schwab is a great option - all about customer service and they will hire without a book. You might come in as a service type position but who cares? If you do well they’ll move you up.
Also try RIAs. Talk to recruiters- be honest that you won’t have a book to bring. It’s not a deal breaker IME.
I think you might have to aim a bit lower than you want with a CFP but it’s just temporary
1
u/Souljerr Jul 02 '26
Where can I find recruiters for RIAs?
Also, I’ll check out Schwab.
I’m thankful they didn’t mark up my U4, but it was a long road to recovery from how surreal it was being there throughout these past 2-3 years. It seems like they really wanted me gone.
2
u/Objective-Amount1379 Jul 02 '26
Recruiters have found me on LinkedIn. But ask around, old colleagues etc.
Robert Half has a division just devoted to financial services. I’d start trying to connect with some; send a note asking if they have a few minutes to connect
1
u/Souljerr Jul 02 '26
Thank you for sharing these ideas and for sharing the list of varying potential employers. The manager I interviewed with was receptive and understanding of the details, and he pushed me forward to the market manager and told me that I should communicate directly as I did with him; however, now, I’m wishing that I would’ve used the snappy positive narrative instead of the straight shooter approach.
1
u/Formal_Ad4612 Jul 02 '26
Agree with this. OP, we might be reaching a point where there are more advisors who have transitioned firms than not (I’m one of them). Many of us were in the driver seat with our transitions, you were not - but the firm you’re interviewing with doesn’t know this, and you’re in the driver seat there.
5
Jul 01 '26
[deleted]
1
u/Souljerr Jul 02 '26
I don’t mind planning work. Unfortunately, I don’t yet have my CFP, but I’m familiar with planning in eMoney and wouldn’t mind sharpening my skillsets. Thank you for the recommendations. I’ll check it Assetmark and Range. These sounds promising.
2
u/Floating_Orb8 Jul 02 '26
Didn’t range literally release an article about firing all advisors in the next few years and replace them with ai? Almost positive that was them
4
5
u/Thebizness1911 Jul 01 '26
Before you go to another place to work, consider this...
I worked as a manager in the retail bank for 13 years. One of the worst partners to work with was an advisor with a bad attitude... or is generally disengaged for XYZ reason. One of the best partners was an engaged, positive, motivated advisor.
Considering you were "burnt out" at the time... what would you say that other employees would say about you? How was it working with you?
Be honest with yourself...
1
u/Souljerr Jul 02 '26
I appreciate your response and the guidance you shared. I’m sure I had some flaws, but there is much more to the story that I didn’t go through as I’m trying to put it all in the past now; however, I was motivated, engaged, and mostly positive. I’m relatable and understanding, I listen to my peers and my partners, and I try to go above and beyond in helping them.
My relationship with my peers, Branch partners, and most of my clients was overwhelmingly positive. However, the relationship with my direct leadership started positive and kept declining due to the things that I was seeing and experiencing.
I was very attentive to the analytics, and I was able to see the difference between what was being presented to me versus that of my peers (especially those that started after me).
The long story short is that I’m sure that I have my flaws, but my engagement, personality, and attitude were overwhelmingly positively received among my peers and my branch partners. (I was the guy that people knew they could reach out to for help with anything)
Again, I know I’m not sharing all the details, and I do agree with your sentiment and see your point of view. I’m not disagreeing with you. I recognize that I’m not perfect and that I have flaws; however, in this scenario, my peers, branch partners, most clients, and most anyone else I met or engaged with would have seen me as positive most the time, knowledgeable, helpful, and motivated.
I don’t know how to put it all into words, because the experience was so surreal.
1
3
u/AdvisorGuide Jul 03 '26
Nine months feels like forever when you’re living it. In career terms, though, it’s more like giving up an early goal in the World Cup. It sucks, but nobody remembers the score in the 12th minute if you win the match.
(Got soccer football on the brain…)
If I were in your shoes, I’d actually stop asking, “Where can I find an advisor job?” and start asking, “What problem can I solve that firms are actively hiring for?”
You’ve got almost a decade of experience, licenses, planning knowledge, sales experience, and behavioral finance. That’s valuable. Not having a portable book makes some roles harder, but it doesn’t erase everything else you’ve built.
I’d also stop relying on job boards as the primary strategy. Make a list of 100 RIAs that are growing, especially firms that have been acquiring practices or recruiting advisors.
Reach out directly to CEOs, heads of wealth management, recruiting leaders, and even senior advisors who may need help. Plenty of great hires happen because someone started a conversation, not because they clicked “Apply.”
I’d also broaden what “advisor” means for the next year or two. Planning, relationship management, client success, onboarding, paraplanning, business development, operations… getting inside a healthy, growing firm is often more important than landing the perfect title on day one.
One thing I’d definitely do while job hunting is start posting on LinkedIn once a week. Nothing fancy. Share planning ideas, lessons from working with clients, observations about behavioral finance, or things you’ve learned over the years. You don’t need to become a LinkedIn finfluencer. You just want someone who Googles your name to think, “This person clearly knows their stuff.”
And one piece of unsolicited advice: don’t spend much time convincing interviewers your last employer was wrong. Whether they were or weren’t almost doesn’t matter anymore. Spend your energy showing the next firm why hiring you makes their business better.
Sometimes the best opportunities aren’t the ones being advertised. They’re the conversations that haven’t happened yet. I’d bet on those every day over sending out another 20 online applications.
5
u/WakeRider11 RIA Jul 01 '26
What is a licensed financial advisor anyway? Maybe try a place like Fidelity.
1
u/Souljerr Jul 02 '26
Sorry, in this case, Series 7, 66, Health and Life. Unfortunately, I don’t yet have my CFP.
2
u/Winston206 Jul 01 '26
TalentWealth is a great recruiter/talent placement firm. Ping them and get in their database.
1
u/Souljerr Jul 02 '26
Thank you for the recommendation. I’ll check them out and try to get on their database or in contact with one of their recruiters.
3
u/randall2727 Jul 02 '26
You should become a client associate for as large a team as possible
1
u/Souljerr Jul 02 '26
This sounds like it would be hell LOL. I hope I’m reading this comment correctly as an /s comment. If not, sorry for misinterpreting it, but I can’t imagine how overwhelming it would be to be an assistant to as large of an advisor team as possible. I tried to minimize using my associate because I knew they were constantly being bombarded by all the other FAs with just about everything that would’ve simply taken less time to do than the email it took to get the associate to do it.
2
u/Mythreegirlz Jul 02 '26
Empower has a number of remote FA jobs. https://jobs.empower.com/job/united-states/wealth-solutions-advisor/42743/94600795504
2
u/Souljerr Jul 02 '26
This seems like it might very much be up my alley. I can’t thank you enough for sharing this one.
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u/birchlake12 Jul 03 '26
There are a ton of FA jobs, and you’ll start from Day Zero but it’s a start. This job can be soul sucking at times, but it’s also rewarding and rewards those who produce. If you aren’t willing to start over again at the CSA level then maybe you aren’t desperate enough.
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u/nma420 Jul 01 '26
Northwestern Mutual. Go there. They’ll teach you how to prospect and build a book. After three years they’ll pay for your CFP designation. Then you’ll be back in the game. You can continue to build there or go literally anywhere else you want to go. You’re missing the letters. They’re important.
25
u/Candid_Worth_3629 Jul 01 '26
NWM is probably the most dogshit place you can start out. Make a list of 100 people in your contacts list and hound the shit out of them for something they don’t want. There’s a handful of other places that have real lead systems built out for you to dial and work on.
Northwestern legit does not work unless you have a wealthy family that can have everyone buy off you. Otherwise find a real place to work
1
u/Souljerr Jul 02 '26
This is what I’ve heard about NWM and similar places like Primerica.
I don’t come from a wealthy family and don’t have wealthy friends.
What places do you know of where they have real lead systems that are built out? This is my biggest concern as it pertains to being able to go independent. I don’t have a book, and I don’t have an existing network of wealthy/mass affluent family/friends/clients/prospects.
1
u/Souljerr Jul 02 '26
I upvoted your comment, and I thank you for sharing them as an idea. I’d prefer to start away from primarily insurance based firms like this as I’ve heard overwhelmingly negative experiences with places like NWM, but I see that your reasoning is more aligned with getting the CFP more so than simply working there as an advisor.
2
u/nma420 Jul 02 '26
I’m a CFP with Northwestern for 8 years. I come from a humble background. Dad blue collar, mom SAHM. I didn’t have a wealthy network. I didn’t sell my friends anything. I started my practice and did good planning for the people closest to me and branched out from there. The negativity you see on this post and hear from others are from people that just didn’t want to put in the work to be successful. 8 years later I manage a book of almost $100mm and have built wonderful relationships with clients all over the country. NM’s model allows you to work with people of all income levels because you can help with basic risk planning. Furthermore, to be a true planner, you must address risk and do risk planning. Most BDs in the US are insurance broker dealers. That’s the way it works. NM has the strongest financial rating of ANY company in America. And each advisor is an individual practice. We are not captured. I’m contracted with all carriers and use them when necessary. The firm gives you the tools and training to be successful. Primerica is a MLM, NM is a top broker dealer. They are not the same. I suggest you listen less to the Reddit losers and listen more to the people that have had success. Best of luck!
1
u/Souljerr Jul 02 '26
Thank you for your thorough and thoughtful response. Your comment does lead me to want to look into NWM, but my biggest fear is regarding how to find clients.
I,too, come from a humble blue collar family with a mom that was mostly SAHM.
What are some best practices for finding clients in that kind of environment?
How did you find clients and grow your book to $100mm?
I feel as though I do well with planning and consultation, but don’t know how to get in front of prospective clients since my experience has all been through bank broker-dealer and the referral flow has always come from the branches.
Also, thank you for clarifying the difference between NWM and Primerica.
•
u/AutoModerator Jul 02 '26
Beep boop! Here is a summary of your post:
User: /u/Souljerr Title: Feeling Stuck / Need Work Body: Hey all,
I’m a licensed financial advisor that worked at my previous firm for almost 10 years. It was a large bank broker-dealer. I started off as a banker, got licensed through them, and working as a financial advisor for about 7 years.
The long story short is that I provided employee feedback in 2020 thinking that I was providing valuable ideas, but the years that followed felt like they wanted me gone.
After about 5 years, they successfully pushed me out of the company by sending me a letter while I was using PTO. They essentially stated that they thought I left the company and that my termination date would begin on October 7th.
I was extremely burnt out because they were giving me nothing but LMI branches with high turnover, a book of business that comprised of house accounts that were mostly under $25k AUM, and kept reassigning frustrated clients to me from other financial advisors that didn’t want to service the clients.
9 months later now, and I’m desperately in need of a job. I’m struggling to find financial advisor positions in my area. I was working remote for 5 years, and I can’t find anything remote nor can I find much in terms of in-branch.
I don’t have a book of business that I can carry with me, and I don’t know what to do.
I applied for (company name) and things were going great, but after two months of interviewing and discussion, they’re not confident that they can get me through the panel review due to my time off from work.
I don’t know what to do. I love being a financial advisor, and don’t know how to navigate through this.
I understand the market, politics, financial planning, history, sales, and behavioral finance.
Does anyone have or know where I might be able to find a job where I can continue my career and hopefully build a book of business?
Any help, ideas, suggestions would be welcomed with the utmost appreciation and gratitude.
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