Is it worth trying to transition to wealth management? A buddy of mine did it about 18 months ago and seems to be doing okay. The industry seems to be holding up well and even expanding. I'm just in retail banking right now so I'd have to get the certs and stuff and also start finding clients. Is it worth it?

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Two things… I would first try to get into a development program… it’s worth learning cold calling, prospecting, and onboarding clients by yourself… once your done with that, I’d move to a retail bank advisory and build your book… it is difficult to get retail clients transitioned to wealth management, but once you build out a strategy and develop confidence as an advisor, it becomes easier… especially in an environment where your bankers get paid on investments, and you start putting money in their pockets, you’ll be inundated with referrals…

It’s worth it in the long run… as long as you have the confidence and the resilience… which is why a development program is the best place to start… you’ll get so many no’s that it’s surprising when someone actually says yes…

likesmart

A lot of work getting started, and a learning curve to do it. Worth considering if you really want to put in the work for it and if it will have you better off than you are now.

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Worked retail banking for 10 years. The #1 thing I’ve learned in my 9 months in wealth management is: Bank clients are not wealth management clients. You’ve got to start from the bottom, and it’s a different world man.

One of the partners in my firm transitioned from corporate banking about 3-4 years ago. I could connect you with him if you like.

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