Another Newb .. Noob?
Printed From: Advisorheads
Category: Introductions
Forum Name: Greenhorn Introductions
Forum Description: MAKE YOUR FIRST POST HERE!
URL: http://www.advisorheads.com/forum_posts.asp?TID=21162
Printed Date: Mar/26/2026 at 4:29pm
Software Version: Web Wiz Forums 12.03 - http://www.webwizforums.com
Topic: Another Newb .. Noob?
Posted By: macaduna
Subject: Another Newb .. Noob?
Date Posted: Aug/30/2024 at 5:35pm
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Found the site a few weeks ago. Thought I'd finally introduce myself to gain access to the rest of the board. I recently (January) joined a small - mid sized regional bank with a BD and RIA. I joined as a wealth advisor associate. 39, 16 years in financial services. Coming from a large insurance company, annuity space on the service side. Long story short, I was increasingly unhappy where I was at. The opportunity came and I took a leap of faith to try my hand at something I always wanted to. I knew going in that I'd be starting from scratch after building a skillset in service / back office / operations, but that wasn't getting me anywhere and I was starting to hate it. Understand it's going to be a grind for many years too ... however, I'm finding that lack of infrastructure and formal procedures to be a bit challenging. Now that I've got a few months under my belt and have all of the required licenses, I'm also unsure if the comp structure is really as lucrative as I thought going in. Base salary (took a small cut moving with the understanding that with commission the potential to earn was greater than where I was at previously) + .05% trailing on clients assigned to service. .38% on new money for both the RIA and BD business over $50K. There you have it. Roast me and I'll answer any questions. Have I fucked myself?
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Replies:
Posted By: CFLRS
Date Posted: Aug/30/2024 at 9:09pm
| First. I'm not a good roaster, but the chorus will chime in soon. |
Posted By: missionshooter
Date Posted: Aug/30/2024 at 9:56pm
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How much is base salary? How much AUC is the existing my book you took over ------------- Our purpose is to partner for a positive impact- to improve the lives of our clients and colleagues, and together, better our communities and society. |
Posted By: CFLRS
Date Posted: Aug/30/2024 at 10:29pm
| I don't really know anything about being a bank advisors. What's a typically day like? |
Posted By: Nathan Explosion
Date Posted: Aug/30/2024 at 11:21pm
| Coffee…hit on the fat teller chick….hit on the fat private banker chick……..pretend you are working…….sell an annuity to an old lady…………kiss regional VPs ass. |
Posted By: Dream35
Date Posted: Aug/31/2024 at 1:03am
| Do it until your boss pisses you off, then come take over a book at Jones. |
Posted By: macaduna
Date Posted: Aug/31/2024 at 9:06am
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missionshooter wrote:Posted By: macaduna
Date Posted: Aug/31/2024 at 9:08am
Right now I am calling clients to schedule review meetings with their advisors. Sitting in on those meetings as "training". Preparing reports and presentations. Calling house account clients to try and restart the relationship.
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Posted By: macaduna
Date Posted: Aug/31/2024 at 9:09am
Love this
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Posted By: macaduna
Date Posted: Aug/31/2024 at 9:11am
My direct is fine. It's his boss who's a monster.
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Posted By: stillfloatsguy
Date Posted: Aug/31/2024 at 9:13am
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Expect that your new skill set is going to be winging it. The bank advisors I see do well usually manage huge AUM of banks assets that might be up to 2000 clients as well. Probably a decent place to start if aggressive production goals don't get you fired up to be uncomfortable for the next 5 years. |
Posted By: macaduna
Date Posted: Aug/31/2024 at 10:50am
I'm finding this to be very accurate - winging it. Observing the advisors and taking a little bit of flavor from each one that suits my style. The # of clients is also true, which is why they needed somebody new to offload some for servicing. They've grown a lot over the last 10-15 years to the point where they needed to expand. |
Posted By: CFLRS
Date Posted: Aug/31/2024 at 12:15pm
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Like I said, I don't know the bank space, but of the advisors that I've seen survive their first 5 years, "winging it with confidence" is definitely the common thread.
Just try to make sure you know the basic tax, investment, and compliance rules in the process.
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Posted By: TheWizard
Date Posted: Oct/24/2025 at 11:59am
| How goes the job now? |