Very noble of you, (and I don’t mean it in a snarky way), but if you won’t do it, someone else well, and he’d get paid much better than you do too.
And I appreciate the offer, but no thank you. I just started a new job a month ago, and I have a very bad habit of switching jobs, so I would like to stay here for at least two years haha.
BTW- Huskie87–>UW? Just curious.
OP is correct that more firms are switching to targeted roles, and more importantly firms are switching to their own lead networks so advisors don’t have to drum up their own leads through the yellow pages and personal networks. The industry push is being led by the larger RIA’s, and firms that have this structure arn’t that hard to find anymore. I’ve worked in private wealth for the past 4 years since I graduated college. I started out in operations and made it to an advisor role 2 years ago. I’m at one of the largest shops, and I have zero clients from my personal network (friends, family, etc). There is no expectation for me to hit up my own network to drum up business. The firm sources all of the leads for me, and I spend my day meeting with people of all ages and providing financial planning (house, kids college, etc), retirement planning, and building portfolios of ETF’s and mutual funds. I get to choose any ETF and mutual fund I want, there’s no “short list” of high commission funds. Nothing I sell has a commission since I am paid a set fee on AUM. Work life balance is great and compensation is well into 6 figures. Life in private wealth isn’t as bad as people make it on these forums, however, I’m thinking of leaving for a more challenging role.
As a former retail and HNW advisor, you will soon learn that you are only interested in dealing with “Rich People” becuase these are the people you can actually accomplish something with and are the people that pay the bills. You will work 100x times harder with “regular” folks. accomplish nothing and eventually wash out of the business because you could earn a better living doing something else.
^ +1
This thread is full of fuck. Financial advisors get no love. “Oh, you’re an RIA? Ok, then you’re probably alright. Wait, you work for a Family Office? Holy Shit, nice job man.”
They’re all the same thing. People need people to help them reach their financial goals, just like I need someone to sell me tiger-penis facial cream. It’s a job that, if done with the right intentions, is a fine trade. And, btw, if you’re good at it, you’ll make more money than nearly everyone else on this board.
And, yes, you need your CFP.
do u need a cfp if u have a cfa
yes
CFP is more known than CFA among the retail crowd.
what does the cfp teach you that the cfa does not?
^ Estate planning
those two things can be totally different
former SAC is now a family office. the PM’s there do NOT have to find clients or new money to come in (they can’t even if they wanted to). the money is handed to them to manage.
a few family offices will be a hybrid model, but it’s still a massive difference between what a pure RIA is.
A true RIA is far more entrepreneurial then family office folks. they build his own book of clients, raising all funds on their own.
Former SAC isn’t a good example. And most Family Offices are really Multi-Family Offices which is just an RIA that won’t take anyone under a certain level of net worth and they provide concierge services that a typical RIA won’t.
My point was your typical family office “PM” and RIA do very similar things a good Ameriprise advisor does. They manage their clients’ money within a IPS framework. But, a Family Office “PM” that has $7B under management gets a great deal more respect than an Ameriprise advisor that takes home seven figures. They shouldn’t.