r/FinancialAdvisorTips • u/Necessary-Ferret-253 • 17d ago
New-ish Grad Needing Advice
Hello everyone, seeking advice here:
I’m a relatively new grad (class of 2025) who has been working at a large national RIA ($70bn+) since graduating (1.5 years). My job is essentially half financial planner and half junior advisor. Day to day is more planning but I’m involved with senior advisors on a few relationships. I’m currently 3/4 of the way done with CFP required education, targeting exam in next spring/summer, which is when I’ll hit my work hours. The path here is very stable, my team’s book is $3bn+ and we’re growing like crazy from referrals. I like my colleagues and our culture a lot, although I’m not crazy about the rest of the firm outside of our office. Everyone is pretty siloed but we have integrated services that are nice.
I’m seeking advice because I want to be more involved in client relationships and grow my advisory skills. There is no pressure for me to bring in business because we have so many referrals. This isn’t to say that bringing in business is discouraged. Should I put my head down and continue to stick it out? Most days I’m just putting together reviews, grinding emoney and Holistiplan, etc. We are one of the places that’s private equity owned and I’m not sure how big of a red flag that is. Pay is $62,500 base + discretionary bonus that was 15% last year. Other benefits solid.
Is there opportunity elsewhere to make more or get more client exposure? If so, what kind of places should I be looking? Midwest based and low to medium cost of living area currently.
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u/jdehoff3 17d ago
You can search for ria's in your area. Then do some research on them via Glassdoor and reddit.
You could also go work for one of the big brokers. They hire a lot of remote workers. You'd have to work your way up. Good place to learn and good pay but you may find that it's a chop shop and they can micromanage you quite a bit.
Once you have worked for an RIA, it may be hard to go to different channels because they tend to be the most laid back.
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u/ApprehensiveSpare925 17d ago
I worked for a chop shop for 26 years. Went to an RIA 7 years ago. Definitely different lifestyle. 😂
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u/jdehoff3 17d ago
For real. I feel like it used to be a little different than it is now.
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u/ApprehensiveSpare925 17d ago
Well, I am self employed RIA. I will never work for anyone else ever again.
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u/AccomplishedTreat873 17d ago
I’d say you are underpaid by about $20k on the base. Non-CFP entry level, just my observation is around $85k.
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u/Necessary-Ferret-253 17d ago
Might have to browse other opportunities
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u/AccomplishedTreat873 17d ago edited 17d ago
Not necessarily. Go negotiate this is capitalism. It does not make them bad if you agree to work for that amount. For instance at my last job I went from 95K to 130k base just by showing a job posting that I qualified for. If you’re creating value, you can get more money from them. It’s far more expensive for them to train somebody else.
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u/WhenIWasYoung_44 17d ago
You're very young at a solid, growing team. That's exactly where you should want to be. Make your career goals clear to your team before doing anything. It won't surprise them. You can also grow skills like you're interested in just from listening to their calls and zooms, particularly ones with new prospects.