I’m interested in pivoting from direct client advice to a more management focused role within my existing firm. Has anyone made a similar transition, and if so, can you share the pros and cons you have experienced with the change?

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Yes I did. I am at a major bank though so might be a little different of an experience. So far I have loved it and am excelling at it far more then when I was an advisor. Don’t get my wrong I was successful “in the biz” and could have stated, but I was not overwhelmingly good. I hated hunting for new clients but loved everything else. I have also always had a thought I wanted to try management. Figured I’m only young once and this is my opportunity to pivot and if it hate it I’ll go back to being an advisor. So far I have no plans to go back. It’s been great training new advisors and helping experienced advisors take their business to the next level. I think the pros are that im still helping people which is why I got into wealth management in the first place, I get to put my advanced planning skills to work everyday which I enjoy. Income upside is more limited but after a certain point I think the money is just gravy and not adding much happiness to my life. Im not at that income point yet in my career but Im totally comfortable, one or two promotions and I’ll be there and those don’t feel out of reach at all.

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Thank you for sharing! You hit on several of the same motivations I have for making the shift and I appreciate your take on it.

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Management as in you will be helping other advisors?

Correct, ideally I would like to either work as a team lead for advisors or work on improving their daily experience through process improvements and refining existing resources. Both options are fairly in reach within a year or so. Just depends on which avenue I can take at the time.

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Just remember, as an advisor you work for yourself and your book is worth something. As a manager, you work for the firm with no real residual value for your work.

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