Advisorheads Homepage
Forum Home Forum Home > Introductions > Greenhorn Introductions
  New Posts New Posts RSS Feed - Hola
  FAQ FAQ  Forum Search   Events   Register Register  Login Login

Hola

 Post Reply Post Reply
Author
Message
Chips View Drop Down
Rookie
Rookie
Avatar

Joined: Jul/08/2019
Location: SF Bay Area
Status: Online
Points: 6
Post Options Post Options   Thanks (0) Thanks(0)   Quote Chips Quote  Post ReplyReply Direct Link To This Post Topic: Hola
    Posted: Jul/09/2019 at 6:36pm
Hey all. Relative newbie with about 5 years experience as an outside rep and wirehouse advisor. Just want some input on how the roles are at different firms.
Back to Top
NachoDynamite View Drop Down
Groupie
Groupie
Avatar

Joined: Jul/09/2019
Status: Offline
Points: 14
Post Options Post Options   Thanks (0) Thanks(0)   Quote NachoDynamite Quote  Post ReplyReply Direct Link To This Post Posted: Jul/09/2019 at 6:42pm
I've spent a lot of time searching the forum. Some good info here.  I'm new too, just registered. 
I lived in the Bay for over 20 years. If you can do the drive, you can make good money there.  
Yep, that about does it.
Back to Top
Linescreamer View Drop Down
Groupie
Groupie


Joined: Jun/20/2019
Status: Offline
Points: 61
Post Options Post Options   Thanks (0) Thanks(0)   Quote Linescreamer Quote  Post ReplyReply Direct Link To This Post Posted: Jul/09/2019 at 8:59pm
What roles are you asking about?
Back to Top
Chips View Drop Down
Rookie
Rookie
Avatar

Joined: Jul/08/2019
Location: SF Bay Area
Status: Online
Points: 6
Post Options Post Options   Thanks (0) Thanks(0)   Quote Chips Quote  Post ReplyReply Direct Link To This Post Posted: Jul/09/2019 at 11:22pm
Chase, Fidelity, and Edelman. I’m an associate planner at an RIA now and eventually want to do my own thing. Would working at any of the other ones benefit me at all?
Back to Top
ClarenceBeeks View Drop Down
Senior Member
Senior Member


Joined: Aug/31/2011
Status: Offline
Points: 2372
Post Options Post Options   Thanks (0) Thanks(0)   Quote ClarenceBeeks Quote  Post ReplyReply Direct Link To This Post Posted: Jul/10/2019 at 12:00am
All terrible choices. Sorry. Maybe Edelman is ok but the other two really suck.
Good luck and good selling.
Back to Top
wbcinvesting View Drop Down
Groupie
Groupie


Joined: Jul/10/2018
Status: Offline
Points: 11
Post Options Post Options   Thanks (0) Thanks(0)   Quote wbcinvesting Quote  Post ReplyReply Direct Link To This Post Posted: Jul/10/2019 at 8:42am
Came to the right place!
Back to Top
Linescreamer View Drop Down
Groupie
Groupie


Joined: Jun/20/2019
Status: Offline
Points: 61
Post Options Post Options   Thanks (0) Thanks(0)   Quote Linescreamer Quote  Post ReplyReply Direct Link To This Post Posted: Jul/10/2019 at 11:22am
If it's doing your thing means running a financial advisory practice. Meaning you want to develop a book of business and clients, you will need to be somewhere where you can gather assets and eventually take them with you.  I would suggest a good Regional firm like Raymond James or Stiefel.  Just be careful not to sign any non-compete clauses.


Edited by Linescreamer - Jul/10/2019 at 11:23am
Back to Top
Indyone View Drop Down
Admin Group
Admin Group
Avatar

Joined: Mar/10/2010
Location: Rural Midwest
Status: Offline
Points: 3624
Post Options Post Options   Thanks (0) Thanks(0)   Quote Indyone Quote  Post ReplyReply Direct Link To This Post Posted: Jul/10/2019 at 2:52pm
Originally posted by Chips Chips wrote:

Chase, Fidelity, and Edelman. I’m an associate planner at an RIA now and eventually want to do my own thing. Would working at any of the other ones benefit me at all?

I'm personally in the process of adding a newer advisor, but preferably not one I have to feed for 2-3 years.  If I have to go that direction, I'd just about as soon hire a new finance grad as an assistant and teach them the business with the idea of transitioning them to production-based comp.  If you can live on 40-50K/year while you learn the business and develop a client base, an established indy is a great place to consider.  The only non-compete I have is a formula that compensates me for any client a departing adviser takes with them, as long as it was a client I gave the adviser.  If the adviser takes clients they developed themselves, that's fine by me.  Client source is established when I hand the client over.  Having come from an environment where my old employer did everything they could to keep my clients, I was determined not to ever do that to anyone else.  I suspect you'd find independents more of this mindset than captive employers.

If I were you, I'd canvas the local independent adviser population and start making contacts.  Odds are, you'll find some thinking about retirement without a good succession plan in place.
"Independence is like the Berlin Wall. People are only jumping in one direction." - Philip Palaveev - November 2005. "You are never free...unless you are independent..." - Indyone - May 2005.
Back to Top
Chips View Drop Down
Rookie
Rookie
Avatar

Joined: Jul/08/2019
Location: SF Bay Area
Status: Online
Points: 6
Post Options Post Options   Thanks (0) Thanks(0)   Quote Chips Quote  Post ReplyReply Direct Link To This Post Posted: Yesterday at 2:24pm
The offers I’m currently looking at are for a FC role with Fidelity and a bank advisor with JPMCHASE. Both have some interesting circumstances that make them slightly more appealing than the role would typically be.

Fidelity’s is an acquisition focused role. Basically meeting with referrals from the 401k and ESPP/ESOP groups. I think it would be higher touch than a traditional FC with 400 clients if I’m onboarding them, winning the business and not necessarily focusing on managing existing relationships. Idk. Maybe the manager is just blowing smoke to get me in the door.

JPMCHASE is just a good branch in SF where I’d be the only advisor. Just seems like a great way to build a book of HNW clients really quickly but I REALLY don’t want to go to a bank.

I’d appreciate input from people that know more about these company’s MOs.
Back to Top
advisorman View Drop Down
Senior Member
Senior Member
Avatar

Joined: Oct/22/2011
Location: somewhere
Status: Offline
Points: 2494
Post Options Post Options   Thanks (0) Thanks(0)   Quote advisorman Quote  Post ReplyReply Direct Link To This Post Posted: Yesterday at 9:23pm
What’s comp look like?
King of sarcasm and speling
Back to Top
Ron 14 View Drop Down
Senior Member
Senior Member

Licensed Teller

Joined: May/12/2010
Status: Offline
Points: 15423
Post Options Post Options   Thanks (0) Thanks(0)   Quote Ron 14 Quote  Post ReplyReply Direct Link To This Post Posted: Yesterday at 10:21pm
Originally posted by Chips Chips wrote:

The offers I’m currently looking at are for a FC role with Fidelity and a bank advisor with JPMCHASE. Both have some interesting circumstances that make them slightly more appealing than the role would typically be.

Fidelity’s is an acquisition focused role. Basically meeting with referrals from the 401k and ESPP/ESOP groups. I think it would be higher touch than a traditional FC with 400 clients if I’m onboarding them, winning the business and not necessarily focusing on managing existing relationships. Idk. Maybe the manager is just blowing smoke to get me in the door.

JPMCHASE is just a good branch in SF where I’d be the only advisor. Just seems like a great way to build a book of HNW clients really quickly but I REALLY don’t want to go to a bank.

I’d appreciate input from people that know more about these company’s MOs.


Do not, under any circumstance, go to Chase. Go to Edward Jones if you are looking for a decent place to start.
Slinger of toasters
Back to Top
Chips View Drop Down
Rookie
Rookie
Avatar

Joined: Jul/08/2019
Location: SF Bay Area
Status: Online
Points: 6
Post Options Post Options   Thanks (0) Thanks(0)   Quote Chips Quote  Post ReplyReply Direct Link To This Post Posted: Yesterday at 10:46pm
75k base for both. My understanding is that fidelity pays bonuses on new flows but it’s also tied to how the office as a whole does. Typically hard to do more than 100-150. Not sure how chase works. I assume it’s a typical 30-35% of production.
Back to Top
Linescreamer View Drop Down
Groupie
Groupie


Joined: Jun/20/2019
Status: Offline
Points: 61
Post Options Post Options   Thanks (0) Thanks(0)   Quote Linescreamer Quote  Post ReplyReply Direct Link To This Post Posted: 8 hours 20 minutes ago at 2:42pm
Again. If you want to build and own a business don't go to a bank or a discount broker.  Don't take a Salary or if you need to, make sure you don't get locked in or sign a non compete.  If you just want a job go for the higher salary but you will never have job security.
Back to Top
RIArules View Drop Down
Senior Member
Senior Member
Avatar

Joined: Mar/15/2010
Status: Offline
Points: 16175
Post Options Post Options   Thanks (0) Thanks(0)   Quote RIArules Quote  Post ReplyReply Direct Link To This Post Posted: 8 hours 8 minutes ago at 2:54pm
Originally posted by Ron 14 Ron 14 wrote:

Originally posted by Chips Chips wrote:

The offers I’m currently looking at are for a FC role with Fidelity and a bank advisor with JPMCHASE. Both have some interesting circumstances that make them slightly more appealing than the role would typically be.

Fidelity’s is an acquisition focused role. Basically meeting with referrals from the 401k and ESPP/ESOP groups. I think it would be higher touch than a traditional FC with 400 clients if I’m onboarding them, winning the business and not necessarily focusing on managing existing relationships. Idk. Maybe the manager is just blowing smoke to get me in the door.

JPMCHASE is just a good branch in SF where I’d be the only advisor. Just seems like a great way to build a book of HNW clients really quickly but I REALLY don’t want to go to a bank.

I’d appreciate input from people that know more about these company’s MOs.


Do not, under any circumstance, go to Chase. Go to Edward Jones if you are looking for a decent place to start.


We may "rob you slowly," but you're not going to see that shit.

Edward Jones Newb, Circa September 2016
Back to Top
 Post Reply Post Reply
  Share Topic   

Forum Jump Forum Permissions View Drop Down

Forum Software by Web Wiz Forums® version 11.04
Copyright ©2001-2015 Web Wiz Ltd.

This page was generated in 0.063 seconds.