I am currently in a retail position at Wells Fargo and make around 140k a year in salary and commission. I hold Series 6, 63, 7 and 65. Looking to get out of the retail politics as lately I am bumping heads with a senior leader. Please suggest what other routes can I take. If I become a Financial Advisor, I will be going all commission and as a starter in that role, I may have to take a big pay cut which I am not looking forward to so I am here to see if anyone can suggest something. Thank you

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The longer you wait to become an independent FA the more you are tied to that salary. If you have six months living expenses saved up believe in yourself and take the leap

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Real key is save enough to pay 6 months of your expenses and get started. Also while you are sure to have a non solicit clause if your clients love you they will follow. You just have to make sure they know how to find you when you leave

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You described my situation perfectly. We are now two at Wells in the same boat. Let see how many of us are out there looking for growth in our professional careers.

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Unfortunately it’s sad. I thought I was the only one sailing in this boat but at least I know a lot others are feeling the same way. I am in the same role as you and have been doing it for 9 years. I appreciate you replying. Hoping for other things to open up for us. Good Luck to us !

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Retail banking culture sucks so bad

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Agreed 100%

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You can become an IAR salaried. Average pay is 100K with bonuses

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Thank you. Do you mind sharing the name of the business?

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Take a look at the financial consultant role at fidelity, you are given a guarantee for a year to help you get up and running in terms of building a book and getting clients and there is always a salary of about 75k other than variable comp.

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Thank you, that’s really good to know.

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I'd look into business execution consultant roles on the wim side

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I'd do a cost benefit analysis. Shouldn't want to keep a license just because. If you'd want to keep some finea licenses then try other front office roles but the commercial side pays the most. Ex. Senior lead fixed income traders in 2019 made 1 million and senior lead commercial relationship manager (middle market) made 500k in 2019

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Check out North Star Resource Group.

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Thank you!

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Work into being a WFA Advisor to dip your toes into ‘that’ world. Should be able to pass up your current pay fairly quickly, and have a branch environment to feed you business…for better or worse.

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Look at equitable advisors

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An experienced licensed senior relationship banker at Santander Bank will make about 65k - 80k base and can get paid unlimited commission for investment referrals without being the actual FA. The best make about 150k-175k...the average ones still make a out 80-90k.

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The three in our district at Santander all make over 100k with over half of that in base salary.

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What city and state do you live in? I may have an opportunity for you,.

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I am in California.

Look at smaller investment advisor offices, not Edward Jones’s but look for the small independent ones. Not all keep you on commission. Where I work (small family owned office) we don’t (I’m not an advisor but I make what you do where we are in salary & bonus).

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Nice, thank you for sharing this.

I have recently left a big company that paid minimal GDC for an independent position where I get paid 100% gdc, with no min requirement, yes I said 100% gdc. Stirlingshire Investments, and you will see them advertising for advisors on CNBC starting tomm.

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