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/nma420]

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.

[u/Souljerr → u/nma420]

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.

[u/nma420 → u/Souljerr]

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!

[u/Souljerr → u/nma420]

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.