Moving to an FA role

Hi Folks

I am currently an Personal banking officer at a BIg 5 bank in Canada.My job pertain to lending,Investments(mutual fund &GIC) and personal and business account.I have an opportunity to work as a FA at a major credit union where i will have my own book of clients.The money is significantly higher so are the targets .My concern is leaving a Bank for a credit union is that a smart move ? Should i stay at my current role and get into an FA position at my Bank one year down the road or should i go for the credit union? At the credit union i will still only be doing mutual funds but i am not restricted to just my banks Mutual funds. I am a CFA level 3 candidate and would eventually like to work in capital markets helping instituioanl clients and want to get out of retail .Any hope for me?

PS i am bout to get my CFP soon as well

Any feedback is appreciated.

Something to consider about being an FA at a bank or credit union - it’s not as easy as it used to be. Even though bank/CU reps make less than an FA from a broker-dealer, they were still fairly nice gigs because you didn’t have to prospect. Whoever walked in off the street was your next potential client. Problem is most banking is now done online so foot traffic is way down. That means bank/CU FAs are forced to prospect just like traditional FAs, but make less money.

If you’re hoping to move to institutional, don’t go the credit union route. At least the bank would have the type of opportunities you’re looking for.

I’ve always been curious how big bank salesmen that are candidates/Charterholders stay in compliance with the Code of Ethics. Do you disclose all commissions to your clients when you sell one of those juicy 2.56% MER funds (I mentioned this in another thread)? And do you explain that they’d save 2% a year in fees by switching to a low cost index fund (and explain the commission advantage you receive by selling the high MER fund instead)?

I mean, I can see how a guy can play the game ethically, but I can’t see how a guy can make any money doing it ethically.

Due to the above, I’d go to the credit union where you have more flexibility in ethically offering appropriate products for your clients.

I have no opinion on your ability to move to capital markets. I know it happens. I know it’s rare. CFA can’t hurt. That’s all.

^^ dont ask dont tell policy =)