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Chips
Senior Member Joined: Jul/08/2019 Location: SF Bay Area Status: Offline Points: 694 |
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Posted: Jul/09/2019 at 6:36pm |
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Hey all. Relative newbie with about 5 years experience as an outside rep and wirehouse advisor. Just want some input on how the roles are at different firms.
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NachoDynamite
Greenhorns Joined: Jul/09/2019 Status: Offline Points: 16 |
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I've spent a lot of time searching the forum. Some good info here. I'm new too, just registered.
I lived in the Bay for over 20 years. If you can do the drive, you can make good money there.
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Yep, that about does it.
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Linescreamer
Member Joined: Jun/20/2019 Status: Offline Points: 127 |
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What roles are you asking about?
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Chips
Senior Member Joined: Jul/08/2019 Location: SF Bay Area Status: Offline Points: 694 |
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Chase, Fidelity, and Edelman. I’m an associate planner at an RIA now and eventually want to do my own thing. Would working at any of the other ones benefit me at all?
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ClarenceBeeks
Senior Member Joined: Aug/31/2011 Status: Offline Points: 14334 |
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All terrible choices. Sorry. Maybe Edelman is ok but the other two really suck.
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Good luck and good selling.
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wbcinvesting
Greenhorns Joined: Jul/10/2018 Status: Offline Points: 11 |
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Came to the right place!
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Linescreamer
Member Joined: Jun/20/2019 Status: Offline Points: 127 |
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If it's doing your thing means running a financial advisory practice. Meaning you want to develop a book of business and clients, you will need to be somewhere where you can gather assets and eventually take them with you. I would suggest a good Regional firm like Raymond James or Stiefel. Just be careful not to sign any non-compete clauses.
Edited by Linescreamer - Jul/10/2019 at 11:23am |
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Indyone
Senior Member Joined: Mar/10/2010 Location: Rural Midwest Status: Offline Points: 3666 |
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I'm personally in the process of adding a newer advisor, but preferably not one I have to feed for 2-3 years. If I have to go that direction, I'd just about as soon hire a new finance grad as an assistant and teach them the business with the idea of transitioning them to production-based comp. If you can live on 40-50K/year while you learn the business and develop a client base, an established indy is a great place to consider. The only non-compete I have is a formula that compensates me for any client a departing adviser takes with them, as long as it was a client I gave the adviser. If the adviser takes clients they developed themselves, that's fine by me. Client source is established when I hand the client over. Having come from an environment where my old employer did everything they could to keep my clients, I was determined not to ever do that to anyone else. I suspect you'd find independents more of this mindset than captive employers. If I were you, I'd canvas the local independent adviser population and start making contacts. Odds are, you'll find some thinking about retirement without a good succession plan in place.
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"Independence is like the Berlin Wall. People are only jumping in one direction." - Philip Palaveev - November 2005. "You are never free...unless you are independent..." - Indyone - May 2005.
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Chips
Senior Member Joined: Jul/08/2019 Location: SF Bay Area Status: Offline Points: 694 |
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The offers I’m currently looking at are for a FC role with Fidelity and a bank advisor with JPMCHASE. Both have some interesting circumstances that make them slightly more appealing than the role would typically be.
Fidelity’s is an acquisition focused role. Basically meeting with referrals from the 401k and ESPP/ESOP groups. I think it would be higher touch than a traditional FC with 400 clients if I’m onboarding them, winning the business and not necessarily focusing on managing existing relationships. Idk. Maybe the manager is just blowing smoke to get me in the door. JPMCHASE is just a good branch in SF where I’d be the only advisor. Just seems like a great way to build a book of HNW clients really quickly but I REALLY don’t want to go to a bank. I’d appreciate input from people that know more about these company’s MOs. |
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advisorman
Senior Member Joined: Oct/22/2011 Location: Behind you Status: Offline Points: 4246 |
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What’s comp look like?
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King of sarcasm and speling
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Ron 14
Gold Member Licensed Teller Joined: May/12/2010 Status: Offline Points: 19385 |
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Do not, under any circumstance, go to Chase. Go to Edward Jones if you are looking for a decent place to start. |
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Chips
Senior Member Joined: Jul/08/2019 Location: SF Bay Area Status: Offline Points: 694 |
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75k base for both. My understanding is that fidelity pays bonuses on new flows but it’s also tied to how the office as a whole does. Typically hard to do more than 100-150. Not sure how chase works. I assume it’s a typical 30-35% of production.
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Linescreamer
Member Joined: Jun/20/2019 Status: Offline Points: 127 |
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Again. If you want to build and own a business don't go to a bank or a discount broker. Don't take a Salary or if you need to, make sure you don't get locked in or sign a non compete. If you just want a job go for the higher salary but you will never have job security.
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RIArules
Platinum Member Joined: Mar/15/2010 Status: Offline Points: 36498 |
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Is it too late to exhume Ken Starr?
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Krameoj04
Greenhorns Joined: Aug/23/2019 Location: PHL Status: Offline Points: 10 |
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Welcome!
I'm new :)
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To your more success,
Suxz |
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Chips
Senior Member Joined: Jul/08/2019 Location: SF Bay Area Status: Offline Points: 694 |
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What sort of goals would you set for a new producing adviser? Like if you paid them 50k a salary, what would you want their production to be after 1-2 years? |
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