Financial Advisors

Thinking of leaving a $80k salary banker job to become an FA at a competitor. Salary is $60k + inheriting a retired advisor’s book. Has anyone taken a salary paycut like this? Tips/advice?

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I worked a a mutual fund company right out of college for 3 years, earning $100k+ (base + bonus, deferred compensation). I HATED the job and my boss, so I left that to work at my current job as a jr financial planner at an RIA ($70k base + annual incentive based bonuses) and I don’t regret it one bit Additionally, I was fortunate enough to have made the switch without sacrificing our current quality of life because my wife is a high earner too (more than what I was making at the mutual fund company). My advice - think long term. Will the move make you happy? Hope that helps. Good luck.

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What mutual fund company did you work at and make 100k..

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It would be better if you went from $80k to $0k and full commissions/wrap fee.

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I did it 4.5 years ago. I Worked as a licensed private banker for many years and I was making over 100k a year. In my mind i had to take a step back to move forward. I knew a head a time that I was making the move , so I saved some money and I prepared my wife for what was coming. My wife was very supportive in every way ( emotionally and financially). She knew not to overspend, but be prepared for some bad months. In my case no mater I said to my wife , I had a bad stretch where my salary went away after 1 year and I was on full commissions . She got really nervous and I had re assure it was gonna be ok. It is very hard the first 2-3 years but it is so worth it and it gets easier. I am entering year 5 and I love it. Good luck

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Made exact same move 3+ years ago. $80k at bank to zero salary, straight 100% commission. Zero regrets whatsoever.

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If you think you’d thrive running your business, and the idea of additional income based on value/effort intrigues you, go for it

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How are you getting compensated for the retired advisor’s book? If it’s discretionary bonus, then I would think twice. If it’s based on some sort of percentage of production, then it’s a lot more interesting. I left a $200k base salary + bonus role at a private bank to become a FA, and I have no regrets. Good luck!

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I would be getting the trails in perpetuity on the inherited book (percentage of production). It’s not a discretionary bonus. I’m just nervous because I’ve always been on a salary and it feels safe to know what I’m making every month. I’m worried that my income will be affected if clients decide to leave because of the current market volatility because if clients leave, then of course I won’t be getting those fees anymore. I’m happy to hear that you don’t regret leaving the private banking role and your salary was much higher than mine. Thank you 🙏🏼

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What do you want your income to be 1 year from now, what about 5 years? 10? It sounds like this other position gives you the ability to grow more.

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Hustle and it won’t be. Left $125k attorney job to take the plunge. Make more than guys who stayed at firm to become partners and I have way more qol

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What mutual fund company did you work at and make 100k?

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