I am in the Wealth management space. I currently have a good job with a client book and am paid well. My concern is that the client book is not technically mine (think of us as advising other firms clients) so if that firm leaves I can lose a lot of my book quickly since the underlying clients would go as well. Our firms growth has also slowed but I do have an opportunity to earn equity (value anywhere from $500k-$1.5M). I have been recruited by a firm that has older Advisors that have

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significant books ($1M+ annual comp) and will be retiring in the next 7-10 years. They want to bring me on to work new business and transition their clients through a succession plan over the long-term. The upside is significant as my pay could 4x once they retire. Main downside risk is I would have to focus on closing new referral business for the first few years and leaving a stable option. If it didn’t go well, there is always risk that the succession plan is altered since I haven’t worked with these people before. Additionally, they could always stay in their roles longer. My current firm I’ve built a lot of political capital and respect so very little risk. Thoughts?

Depends if you are willing to take the risk. I think you should stay. The grass seem greener on the other side. The potential for a loss in income from what you have described is real so you should be careful moving. Just sit back and relax a few more years. A better deal could come.

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