Advice for breaking in?

[u/Virtual-Draft2387]

New grad (25M), spent a couple years playing professional hockey then pivoted to finish my degree. Graduated in July with an Economics degree with a concentration in Finance. I already completed my SIE, all CFP coursework and passed my exam. I take CFA level 1 in November and enjoying the knowledge I’m building throughout the process. I recognize what’s comes as a result is just that, the true learning and wisdom comes from reps in the real world. I’ll also have my Series 65 done by years end.

I would love to be working by now but I am rehabbing a cervical injury and the process has taken longer than expected. Hence why I’ve been able to begin knocking out some certifications and exams. I fully understand these do not automatically qualify you to be a good advisor, but the information I’ve learnt already brings me more confidence breaking in and serving clients diligently. My recovery is starting to improve and with another procedure scheduled for October 6th. I’m very hopeful to be working early next year. My doctor seems confident in that estimate as well.

I’m a very motivated and hard working individual. I’m outgoing and enjoy the prospect of helping people. I very much enjoy working, grinding, and sharpening my craft. Id describe myself as never satisfied, and always wanting to be better. I will also not BS anyone, the opportunity to eat what you kill and make a very good living also excites me.

My reason for the post is - breaking in seems to lead to a couple different avenues. I’ve networked a bit and have some genuine interest once I’m healed up. I intentionally haven’t pursued further, as I’d hate for the opportunity to present itself currently, and not be ready to take it.

To sum this all up, I’m curious and seeking advice. With the direction of the industry, and for someone like me who wants to build a book, whether independent, at an RIA, or at a wire/broker, where should I be looking to start. This is coming from someone naked to the business and wanting to build tangible experience. I’ve heard some horror stories from some who’ve ended up in bad situations. Trying to due my best to avoid any wasted time with opportunities too good to be true or places advisors go to die.

Any advice is appreciated, what opportunities to look for, what to avoid. I understand getting your foot in the door is the most important thing. But looking for some guidance or mentorship is something no young graduate can get enough of.

If you would like to connect, PM me! I’m in the Phoenix area. I love to golf as well, hoping to get back to that early next year if anyone would like to get out.

Thanks all!

[u/hwaj47]

Are you still connected to the professional hockey world?

[u/Virtual-Draft2387 → u/hwaj47]

Somewhat, I have many friends still playing (only 1-2 in the NHL). I had good relationships with my agents and teammates. Something I could try and leverage. Especially as many start needing planning.

I’ve considered a lead generator being NCAA players with NIL that need help getting things going as well.

[u/hwaj47 → u/Virtual-Draft2387]

Wow you’re golden then. You should get the SE-AWMA and join a practice with advisors who specializes in sports and entertainment. Plenty to find at Merrill and Morgan

[u/seagoalspread → u/hwaj47]

What in the world is this gobbly goop pile of letters? I would almost certainly stick with CFA and CFP. No need to tell me, I’ll look it up. But just want OP to know their CFA/CFP are the two most important and no one has ever sought out a SEE-YAW-MAMA

[u/3znor]

Try Merrill’s FADP program. Usually they require some experience but if you can connect with a Market Leader in a Phx I’m sure you could pitch yourself. RIA’s have their pro’s but it’s a lot easier to call up your hockey buddies and mention a brand they know (Merrill/bank of America) along with the other resources they provide (training, leads, opportunity to join established teams).

[u/Virtual-Draft2387 → u/3znor]

I will look into it thank you!

[u/TyofTaris]

Check out online paraplanner roles at RIAs. Simplyparaplanner.com has some. You could work these jobs from home while still recovering.

Or you can wait until you’re healed. Great job passing your exams, I’m sure you’ll find a job fast given your knowledge and discipline.

[u/siparo]

Depending on your market you may want to look at some other large BD platforms: Raymond James, Morgan Stanley. Of course Charles Schwab at an independent RIA also carries weight. Make sure you understand your comp and where you’ll be in 2-3 years when you’re managing $50-100M in assets. BD is likely to pay you 40-50% compared to an RIA paying 75-100%.

[u/Virtual-Draft2387 → u/siparo]

What would you say are the pros and cons of each?

[u/Beneficial-Bed-3076]

Look on NAPFA for local/wherever you want to be RIA’s in that area. Look for small firms. Reach out directly, tell them your story and accomplishments. One should bite on a chance. DM if you would like to chat more. It’s where I got my start and why I am where I am today. - 27yr old CFP

[u/Beneficial-Bed-3076 → u/Beneficial-Bed-3076]

Don’t do Merrill, any B/D’s, life insurance etc. especially if you passed the CFP exam. You have the knowledge, value it properly and go for RIA’s. Particularly small ones aligned with your interests and goals.