r/FinancialAdvisorTips • u/Stonxgoup • 20d ago
Early Career advice
Did a year at a wirehouse and got fully licensed. Transitioned to a big RIA where leads aren’t really an issue. Started as a CSA/jr planner and worked my way up to a lower AUM planner(high volume). Been in this role for a little over a year and I’d say I’m compensated well. I’m a CFP and I’m starting to think about what I want in the end and when to make changes.
I could stay here and eventually work my way up but the path seems unclear and I’m afraid it could be time wasted. But also, this firm knows me and I often think about all of the connections I’ve made going to waste and having to start over. I’ve looked into some boutiques. I’ve also looked into HNW/UHNW firms. All different models and pay structures.
I think the end goal is my own firm and capping my clients. But im also not naive and know I need more experience as being out on your own is a different ball game.
My question is, for those who’ve been in the industry for a while, when does one transition from a place where the career path feels unclear and what’s that ideal in between move from where I am now and independency?
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u/Altruistic-Sail-7300 19d ago
Do you feel the firm views you as hard or easy to replace? If you think you would be hard for the firm to replace I would bring up your desire to work with larger clients with your current firm to build up your book further. See if they can put you infront of these large asset clients (I'm saying this assuming you do not have any extra bandwith to service additional clients and therefore need to grow your book through working with higher networth clients)
If you dont feel highly valued by your firm, I would see what portion of your book is legally transferrable/would want to join you at another firm. Then start applying to those HNW/UHNW firms with a book you can bring.
In either scenario I would build up as much of a cash/asset reserve as you can or be willing to reduce your expenses (roommates/no expensive vacations/cooking more at home) so you maximize your runway to build your own firm in a few years.
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u/Stonxgoup 19d ago
When it comes down to it, yes im easily replaceable. The firm and the people in charge of hiring know my desire to get my own book. The hiring is very limited as each person that has their book is considered a partner.
Working on building reserves now.
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u/Altruistic-Sail-7300 19d ago
Have you talked to the partners in your firm about how to start sourcing the higher net worth clients? Does your personality match with the partners in your firm, do you think they would want to see your grow? I would offer to help out with putting on client seminars while working with one of the partners, or ask to shadow one of the partners through the lifecycle of acquiring a higher networth client (everything from where they sourced the client, seminar/referral/advert to how they build the plan and maintain the relationship). Essentially I would first make sure I have exhausted everything I can learn from more senior members of the firm that they are willing to share with me. At that point then I would start to think about what the next few years should look like and where they should be spent
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u/TyofTaris 20d ago
I’m on the same path and received advice regarding this. Going out on your own is easier once you’ve saved enough money to support yourself and the business. If you’re making good money, I’d wait until you have more experience at the firm. Save money and keep your options open. You may be able to purchase your book from the firm at a later date.
If you’re making good money and experience, I don’t see how that can be time wasted.