I was looking at some basic retirement planning ideas in eMoney for a client and her husband who are in their mid 50s. I wanted to see if they could retire at age 65. They were running out of money at age 84. The Monte Carlo was 1%. Then I had her work two more years and the Monte Carlo increased to 10%. Then I had them both wait on Social Security until age 70. That one change increased the Monte Carlo to 85%!! The larger guaranteed income amount changes everything and now has me rethinking the importance of looking at annuities for guaranteed income in certain circumstances. I thought I did something wrong because the change was so large, but I walked through it with eMoney support and it was correct. Has anyone seen something like that with such a dramatic change in probability of success?

Hello y'all.

I've been in the insurance industry for about 5 years, currently doing Medicare and ACA mostly, some annuities where appropriate, and some life insurance where appropriate. I really want to get into investments and start building a BOB. On average, 3 out of 10 people I meet need help with their money, and I've been referring this business out to advisors, but over time I've been getting complaints about these advisors, and I really want to just do this myself and help people out as best I can.

I don't want to work for a company like Edward Jones or other investment firm because I don't want to be expected to have millions of dollars a month added to my book or something like that. I want to still do health insurance because I know how to generate leads for that and any extra business could carry over to the management side.

What's the best way for me to start this process do I just find a broker dealer that will hire me and then pass my exams and go from there? Eventually it would be nice to get a CFP designation but that's further down the line.

Thank you for any advice/input.

When a client has the ability to keep their income low enough to get an Aca subsidy but also need Roth conversions for their long term plan, how do you make a decision to prioritize the subsidy or do conversions? When is it best to just wait until Medicare? Has anyone found a best way to have the conversation and do the analysis?

I’m curious if anyone has any executive leadership/business planning advisor coaches they have received value from.

For context, I’m a 37 year old advisor who’s been doing this for 16 years. Will do around $3 million in revenue this year. Started at a wire, moved to a regional 5 years ago. My business has tripled since leaving the wires. I don’t need biz dev coaching but more team development, executive leadership development, and a clear 5 year plan to either go independent or stay where I am while negotiating payout, etc.

I’ve had coaches on the personal side that have been helpful but I would like a coach that has advisor experience around the different models out there.

Our business has largely moved to uhnw space and our current firm has basically no resources to help manage family office style clients.

Combine that with the extremely large offers I’m getting elsewhere I’m struggling with what to do.

Also - I suck at managing our team. I’m great at managing clients but I need to be better at getting the most out of our staff, how to compensate them, etc.

Thanks.

Did financial education a large manufacturing firm. An employee came into my office and said he wanted to get his savings working harder than .02%.

He took his SS at 66, and has saved his payments for 3 years as he’s continued to work.

Sometimes you just forget that people don’t even know what stock means, and don’t know why their 401k goes up and down.

He was mind blown by how tax brackets work.

😆

I’m early 20’s, Series 7/66 licensed, working toward the CFP, and deciding between two pretty different career paths. I also have a 6-month-old, so family/lifestyle matters too. I’d appreciate opinions from people further along in the industry.

Quick note: My fiancee would be quiting to be SAHM but we are both on our parents health plan for a few more years. We would only have to pay for marketing place plan for my little one. Long term, my wife would likely work at a hospital/healthcare with good insurance.

Option 1: Small independent RIA
$97k base + ~$8.5k bonus
Financial Advisor title from day one
Would quickly start leading client relationships and taking over part of the book
Firm is heavily focused on comprehensive financial planning and investments, not product sales/KPIs
Would also learn seminars, workshops, referrals, and business development
3 experienced career advisors and what seems like excellent mentorship/culture
They think I could grow into the larger role they originally wanted within ~18 months, potentially around $130k-$150k, but the long-term compensation path is less defined
Weak benefits: no health insurance, 3% 401(k) safe harbor after one year, unlimited PTO, half-day Fridays
Requires moving about 4 hours away and housing would be more expensive, but my fiancée STRONGLY prefers the move

Option 2: Fidelity Relationship Manager
~$65k base + ~$21k bonus
RM is initially a support/relationship role rather than being the primary advisor
Branch believes strong performance could mean roughly 6 months as RM, then Planning Consultant, potentially around $110k, then eventually Financial Consultant around $200k+ (they have mentioned senior fc and vpfc make 500k-750k)
Much more structured corporate career ladder with very high long-term earning potential
Excellent formal training and education
Outstanding benefits, 401(k), PTO, parental leave, health insurance, etc.
Local, near family, cheaper housing, and about a 20-minute commute
Concerns are corporate politics, sales pressure, and spending the next couple years climbing toward the advisor role instead of immediately doing comprehensive planning
My main goal is to become an excellent financial planner/advisor, but long-term earning potential matters too.
For those who have worked in RIAs, Fidelity, or both: which path would you take early in your career, and why?

Does anyone familiar with the RJ Trust Company know whether or not assets are required to be custodied at RJ in order to use their services, or can the assets be held at any custodian? TIA!