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Masters baby what a time
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Totally understand. Like completely get where you’re coming from. I’m still figuring it out myself. I’m looking at institutional trading but someone may want to buy your book of business depending on if your able to do that or not.
No advice, but I hear you. Good luck with whatever you decide.
Keep the same role but go private banking. People have more money, get the market better and have more forgiveness with the portfolio’s volatility. They’re just more realistic.. generally
That's rough - only thing you can do here is regular risk tolerance reviews. Other than that, you can go work anywhere, getting out of three industry is easy.
FS1, thank you kindly. Looking to get fully licensed here soon and aim for the big bucks.
Try and move up a tier in clients? Ie if your a branch advisor, maybe become a specialist working with client portfolios over 100k for example if you have a local with office or travelling advisors.
Absolutely agree with the wealth doesn't equate to intelligence sentiment. Former FA, moved to risk with a few jumps.
Part 1
Depends on skills. But might be hard to match pay if your clients are 500k+ and you’ve been in for 10 years.
BUT
Can get into quant or other analytical roles -
Market Strategy or research -
Financial product development-
Financial educator / writing -
Or
Maybe something in Fintech/ something related to finance, but working for F500’s, etc
— I have a buddy that works for bojangles Corp as an analyst and is making 6 figures.
All and all, I feel you and was in a similar position just a few months ago but thankfully was able to pivot.
I would work on getting debts paid off, money saved up, looking for a way to have some residual income, and lowering monthly expenses to provide more options for something you may be passionate about, but doesn’t pay as much.
Good luck!!
They sell fried chicken.
Cant deal with the heat stay out of the kitchen times of volatility is where real advisors shine!
Well that’s kind of the name of the game. People are stupid and you know more than them, that’s why you get paid for advice. Focus on getting new, hopefully better, clients. I’m sure the past 2 years have been frustrating but this is our time to shine. Let the clients who have unrealistic expectations leave. You can only do so much… sorry to hear it’s getting to you to the point you’re considering leaving the profession. I’d stick through if you can
Yeah if you've been an advisor for 10 years, likely you’re pretty decent and this is your height.. you'll make good money. Stay in the role where they have a really good bonus structure.. it's worth it. One- up roles from a senior advisor are usually director or management which are garbage for bonuses
What firm?
I agree! The wealth management team was too toxic and stressful, teams fought among themselves. I understand.
Do you have your own book of business? If so, don't walk away from it as it is an asset. Consider bringing it to a team as an independent. Trust me, your quality of life will improve.
Sometimes you just got to fire the clients that take up too much of your mind space. They either value you or they don’t. So kick them to the curb if there is no mutual respect.
Also, if your age JPM, you guys have a ton of Model Portfolios at JPM-AM, use those and pass the performance to them. You’re only responsible for financial planning.
No worries. The mega funds w largest Aum and mst PhD staff are weakest 1 pcntl risk stats. It's pervasive and will continue
Can you move into a FA coaching role?
Sorry to hear. I get it. Hang in there.
Presently in the same both and actually on the edge of resignation without an offer in hand ☹️
Get severance and take the much needed time off
What firm?
JPM
Most banks have financial consulting roles, so you could consult FAs instead of having clients yourself. Pay is usually pretty decent. One of my friends is a Retirement Consultant and really enjoys it.
Have them invested in the S&P 500 index fund or ETF and tell them to give live their lives hahaha
Then why do I need a financial advisor?
I certainly wouldn’t listen to anyone who told me an S&P 500 index fund was diversified.