Introduction from Long Island |
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DVince
Greenhorns Joined: Mar/24/2018 Location: Long Island Status: Offline Points: 10 |
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Posted: Mar/24/2018 at 4:01pm |
Hi,
I am new to the Forum and looking forward to being an active member. I’m licensed (Series 7, 63, 24 and CFA, CAIA) and have more than 15 years of experience in the investment industry. I’m am very analytical but also work very well with client without being technical. I am in the process of looking to join an existing practice or connect with advisors who are interested in creating a succession plan. Looking forward to the next chapter in my career. D |
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Iamlegend
Platinum Member Joined: Mar/09/2010 Status: Offline Points: 22532 |
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Are you solo now? Or in a group?
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DVince
Greenhorns Joined: Mar/24/2018 Location: Long Island Status: Offline Points: 10 |
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I’m currently employed in the industry at a large global bank but not at as advisor.
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What is your role at this large global bank? With your credentials, I would assume either at a trading desk or some other kind of portfolio management position?
Why the desire to leave lucrative employment to grunt work until you can take over a succession plan? (You don't have to answer for me, but it's a valid consideration just for yourself.)
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DVince
Greenhorns Joined: Mar/24/2018 Location: Long Island Status: Offline Points: 10 |
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I’m actually in sales on that asset management side of the business right now.
I work very closely with FAs and UHNW clients on a daily basis. Quite frankly I understand that it isn’t a glamorous career but I do feel strongly about wanting to help clients more directly and am also keenly aware of how conflicts of interest can drive some advisors to make decisions that aren’t necessary in the best interest of their clients. I think that I could succeed as an advisor while also helping people. The ability to take more control of my destiny and have a higher earnings potential over time are also important considerations for me. Unfortunately, I’m at a stage in my life where I don’t have the savings needed to completely reboot my career and start from zero so I am looking for other ways to enter this side of the business. That many advisors are approaching retirement age but lack a succession plan seems like a good way to partner with someone, learn from him/her and eventually take the reins. |
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Iamlegend
Platinum Member Joined: Mar/09/2010 Status: Offline Points: 22532 |
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There is a guy on here who may be interested, but he is on the other coast.
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DVince
Greenhorns Joined: Mar/24/2018 Location: Long Island Status: Offline Points: 10 |
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Well that’s a bummer ;-)
I know that there must be good opportunities for me out there but my biggest hurdle is identifying them and being introduced, which is a big part of why I’m on here. I’ve seen services that broker sales of books but they are all paid services and I am skeptical of their value. Any insights into how I can more effectively execute my search would be appreciated. I’m also aware of how important it is to find a partner with the right fit, this is such a personal business and if we don’t have the right personality fit it will be hard to build trust. |
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Iamlegend
Platinum Member Joined: Mar/09/2010 Status: Offline Points: 22532 |
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You shouldn’t have a big problem since you live in a large metropolitan area. I would just network. Talk to external wholesalers. They usually know who is looking to retire.
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Sportsfreak
Platinum Member Wise Old Perv and CTO of AH Joined: Mar/09/2010 Status: Offline Points: 25704 |
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Vince, I'm on Long Island (but already have a succession plan in place)
The Financial Planning Association has a very large chapter on Long Island. I haven't been to a meeting in quite a while but unless something is changed I think they usually meet at the crest Hollow country club once a month. Just Google financial planning Association Nasssau County. It's a good networking opportunity I remember quite a few older guys at those meetings which are usually attended by 75 - 100 people. |
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If you eat an entire cake without cutting it, then technically, you only had one piece
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DVince
Greenhorns Joined: Mar/24/2018 Location: Long Island Status: Offline Points: 10 |
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Thanks, I’ll check it out! I’ve been trying to network but it’s like trying to find a needle in a haystack.
Are there any other good forums or resources that I should be looking into? |
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Hacksaw
Platinum Member Joined: Mar/27/2010 Status: Offline Points: 31478 |
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There’s no easy way. Every young advisor is looking for the same thing as you - a book to buy/inherit. There are practices out there, but it’s like a frat party - 10+ looking for every one willing to put out.
Network, and even look within your firm |
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PEACH_cm
Senior Member Joined: Jan/16/2013 Status: Offline Points: 7184 |
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I heard Lloyd Blankfein is about to retire. You should give him a call as the position is yours of you want it.
Edited by PEACH_cm - Mar/26/2018 at 9:23am |
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DVince
Greenhorns Joined: Mar/24/2018 Location: Long Island Status: Offline Points: 10 |
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You’re absolutely right Hack. I’ve considered mining teams in my own firm, but to be honest I am not really interested in starting my career as an advisor at a firm that has made settlements or been found guilty of a seemingly endless series of felonies... to be fair I guess that’s true of all the big wirehouses.
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Hacksaw
Platinum Member Joined: Mar/27/2010 Status: Offline Points: 31478 |
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Was just about to point out that you shouldn't go anywhere then. Keep long-term in mind as well. Depending on your age, where do you want to be in 10-15 years, and work backwards. Don't try and rush things if you would be better off in the long run. There are lots of old guys. But why would the want you? Why would they give up any of their income to bring you on? 90% don't care about "legacy" planning until they have a reason to - like a health scare. No matter where you go, you will likely have to bring in $$ by yourself and "prove yourself" to be in a position to get a book of business.
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