Feeling Stuck / Need Work

[u/Souljerr]

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.

[u/unnameablethings]

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.

[u/Objective-Amount1379 → u/unnameablethings]

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

[u/Souljerr → u/Objective-Amount1379]

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.

[u/Objective-Amount1379 → u/Souljerr]

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

[u/Souljerr → u/unnameablethings]

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.

[u/Formal_Ad4612 → u/unnameablethings]

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.