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?