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Bowl Leader
It’s not just about the pay cut, it’s about the ego too. I’m not saying you have one, but can you hack starting over, losing the prestige or your current title, scaling back your lifestyle etc?
If you can it’s definitely worth it in the long run but the first few years are tough.
great advice having gone through the journey 8 years ago.
Are you willing to take a pay cut to start over? Are you willing to put in the time and energy to get licensed?
*get licensed and build a book. I would expect it to take 3-5 years of very hard work to get back to $140k. I started in the industry 2.5 years ago and am currently at $107k.
Sounds like a big paycut
Coach
At Edward Jones I made $80k my first year and didn’t have a big network. The salary+new asset bonus is great.
If your concern is getting back to $140k, look at numbers. If you're independent you would start with nothing, but grid payout could be 80%+. At a 1% fee you would need $17.5MM in AUM to get back to even.
If you start at a bank or more established firm, you could get a salary $50k(?) Then it would probably take you 1-3 years to get back based on your network and skills.
Expect a pay cut, but if you believe a FA role makes sense for you long-term, the short-term pain will be worth it in the long run
My personal network is pretty large, but the worry about ramping up to back to current comp has me wondering if it’s even wise at this juncture. The longer I stay in consulting the higher my comp goes, but that earning potential in wealth advisory and ability to manage your own business is very attractive
I agree not far fetched but unlikely. It’s not like consulting where there’s an up or out culture. You hope to get there but probably won’t. As long as you understand that it’ll all be hunky dory
Math it. Going FA will likely be years of less pay unless you land on a huge team.
If you take a $100k pay cut year 1, and an $80k pay cut year 2, and so on, how long will you need to break even?
If you're young, go for it.
If the timeline is not in your favor, then think twice.
I’m 37 and I am young in this game. I am probably the youngest independent advisor in my town. There are some captive advisors I know who are younger, but I know when I go to industry events, I am among the youngest people in attendance.
So 33 is very young. You just have to swing a temporary pay cut. It’s totally worth it though. I absolutely love my lifestyle with this profession.
Building your own book as an FA is extremely difficult. I don’t think you understand how hard it is for people to trust you enough to hand money over to you. It is a grind, and there is a ton of uncertainty. If you want to, go for it. I’d look at joining a larger team and work from there. If you go out on your own, prepare for an extremely stressful lifestyle. It takes a certain type of person to be successful in the field, high energy, charismatic and extremely motived my money.
Could you do both? I know some financial advising firms allow you to work part time.
Coach
If you can afford the temporary pay cut based on your current expenses, and have faith that you will like the job and enjoy working directly with clients, do it.
If you love sales and have a large personal network and hate consulting sure. If not, do not do it
This!!