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A competitor--have thoroughly explored that already.
Want local Seattle area, and in office work so we get to know each other. But they will not work with my clients.
My question: I am working with a lawyer, we are trying to decide how much experience to ask for in our solicitations and ads. Thought 10 years, because experience is so important. Then 7 to 10 because we need somebody amenable to mentoring and learning my ways. But as I read various posts here, it seems like 4 to 5 years is a big movement point. Whoever I hire would have to agree to be fee only Fiduciary. We are independent RIA. Has to be good with individual securities. Over 75% of our holdings are individual stocks and bonds.
Our model is boutique highly customized mostly mass affluent clients (so 2 to 12 mln networth). I do not care what new advisor targets, but I will not provide company funds for wining and dining and kowtowing to the high net worth crowd. I hate that stuff.
So, opinions please: I have been in my co since mid 80s. My clients are amazing, kind, funny, grounded, awesome human beings. If I say 5 years experience and then retire in 3 to 5 years, that will mean 8 to 10 years experience b4 they take over my clients. Is that enough? (Remember the personalized financial planning--that is the part that needs creativity, open mindedness and experience. I am not really worried about the inv. mgnt part.)
Or if I require 10 years, am I getting people less flexible and less open to mentoring (again mostly the fp part less on the aum part).
I know that I am being difficult about this, but I still have my 1st client, my client loss is less than 1 client every 8 years, and most of those were through death. The loss of this wierdly intimate relationship that is like no other in life, and that I cherish, is terrifying. I feel as strongly about my successor as I did about choosing guardians for my children when they were young. I knew (and now know) that there were a ton of better parents than me--but the big question was who would adore my kids as much I do. Now I want the same for my clients--absolutely there are a ton of better financial planners and asset managers than me, but who will adore them like I do. Who will insist that Jim buy a better set of binoculars for his bird watching, or talk Beth into buying the keyboard. Or convince Sally that every time she buys a new outfit or pair of shoes, that she also deposit the same amount into her savings? Or remind a couple that a decision about one of their kids certainly means that they need to beware of the financial consequences, but that the primary driver of the decision might be one of the other life toolboxes.
Excuse missed typos, typed on my phone.
Bowl Leader
What a wonderful post, you’re a credit to the industry.
Mentor
Please don’t take this the wrong way, but a lot of advisors who have been out longer than 10 years have built a solid enough business that they won’t be interested in your offering. It’s not that they don’t want the assets, but they won’t want to fit your mold. Most have over 50 million by that point, and a good portion have well over 100 million. Personally, I would love to buy a book of 70 million, but no way would I mold to their ways. I have been out 13 years, and personally manage 172 million. I feel like a lot of others will be the same way. You are going to have much better success looking for someone 5-10 years out.
Mentor
You’re welcome. Best of luck!
I also think your looking for a unicorn. 5 years experience. You might need to be flexible with Sharing client work sooner so you"know" how the for is going early. Consider a matchmaking service to help you; you're already paying the lawyer.
I am a younger advisor that is currently setting up my fee only fiduciary RIA to go out on my own. I seem to, on the surface at least, check a lot of the boxes you are looking for. Send me a private message if you want to chat in more detail.
I sent you a message.
Associate Advisor with 10 years experience? Most will have well more than 77 mil on their own. And not contact your clients? Not an attractive offer unfortunately. And none of us are not replaceable. Someone will take as good of care of your clients as you do. You’ll find them. Be patient and find the right fit. It’s likely you will be more attractive to a large team with large assets who can stroke you a check.
Thanks!
I'm in a bank environment and I think you could find what you're looking for there. I kind of fit your profile (not that I'm interested) but bank advisors arent building their "own" book, and may be interested in this type of offer.
There isn't usually great training either, so you could potentially mold someone from there.
I think 5-7 years of experience is where you'll find most interest- they have their own book and probably looking for other opportunities. Years of experience isn't necessarily telling of what you're looking for, but looking at where they've been will give some insight I would think.
I think 4 to 7 years of experience is where you will find your person. Be patient and use the interview process to narrow it down to your top 2 or 3, and then go back and talk to each again. Go with your gut instincts and you will get the right one.
Thank you!
So in short: require 5 years experience, 7 years or 10 years?
I’m willing to work with you !
Are you in Seattle area?