How long does it take to build a book as an advisor? Do you think the salary is worth the work? Trying to figure out my career path

likehelpful
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Based on industry feedback, you are in the right place to start that path. Fidelity is highly recognized and they can definitely develop you as an advisor. In regard to the book of business, it depended on you but most successful advisors take years to build a book of business and yes, it’s worth the work because is one of the top compensation in the industry. Also, consider that Fidelity may be your starting path because you won’t own the business you build there (the book is owned by them). But later on, after you are working on the field you’ll be able to define what would you prefer to take: either continue under a large firm or build your own independent path. But it’s too soon for you to understand that. I recommend you get develop by fidelity and then you’ll figure it all out.

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Go for it! You got this. Good luck 🍀

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You will always be building your book as long as you are an advisor

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It’s a 10 year mega grind

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Realistically 5 years. I used the bank channel with JPMorgan Chase. The salary sucks for 5 years but eventually it’s worth it… if you can build a book

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You don’t have to prospect alone thankfully. The branch should have a few licensed bankers that are talking to their clients about you. With that said, you still need to do a ton of prospecting the first few years in order to truly establish a base of clients.

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Depends on your goals…but at Fidelity forever.

Once you reach certain AUM figures you aren’t off the hook - you’re still expected to produce new business, even if you’re satisfied with your comp. (A large amount of your comp also comes from this new business) so in essence the grind doesn’t really stop here. Very different if you owned your own book outside - coasting is possible

To me, building, owning, and eventually selling my own book when I retire is my career plan. As an FA, independence is crucial for me and makes all the hard work worthwhile.

What folks need to understand is that if you’re paid a salary, you’re an employee, and anything you work on is owned by your employer. How and with whom you work is essentially beyond your control. Yes, you get more freedom the more you produce, but that’s because you’re producing more for someone else. That you’re producing more for yourself is a side benefit.

If you’re independent, while the path is much harder because you won’t have the admin support, the infrastructure, the marketing, and brand recognition you might when you’re with a big financial institution or firm, your book is yours, it’s an asset, it’s your annuity, it’s your retirement plan. You shape it however you see fit, you attract the clients you want, you treat them the way you feel they should be treated, you work your job however you want to work it, and at the end of the day you can be at peace with what you do and who you are.

I’m not saying that being an employee is bad. I’m suggesting you make sure you understand what it means and is what you want.

Bust your ass for x # of years and make your clients uber loyal and loving you. Then you can take your book to the independent channel and make xxx more in grid payout.

Working for a firm where there is a lot of managers will ultimately suck.

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