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Introduction from Long Island

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DVince View Drop Down
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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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Post Options Post Options   Thanks (0) Thanks(0)   Quote Iamlegend Quote  Post ReplyReply Direct Link To This Post Posted: Mar/24/2018 at 5:32pm
Are you solo now? Or in a group?
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DVince View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote DVince Quote  Post ReplyReply Direct Link To This Post Posted: Mar/24/2018 at 5:47pm
I’m currently employed in the industry at a large global bank but not at as advisor.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote D.H.K. Quote  Post ReplyReply Direct Link To This Post Posted: Mar/24/2018 at 5:51pm
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.)
Originally posted by SometimesNowhere SometimesNowhere wrote:

Ranking careers in order of degeneracy:

1) Real estate
2) Insurance sales
3) Financial sales
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DVince View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote DVince Quote  Post ReplyReply Direct Link To This Post Posted: Mar/25/2018 at 7:38am
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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Post Options Post Options   Thanks (0) Thanks(0)   Quote Iamlegend Quote  Post ReplyReply Direct Link To This Post Posted: Mar/25/2018 at 9:02am
There is a guy on here who may be interested, but he is on the other coast.
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DVince View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote DVince Quote  Post ReplyReply Direct Link To This Post Posted: Mar/25/2018 at 9:17am
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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Post Options Post Options   Thanks (0) Thanks(0)   Quote Iamlegend Quote  Post ReplyReply Direct Link To This Post Posted: Mar/25/2018 at 1:08pm
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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Post Options Post Options   Thanks (0) Thanks(0)   Quote Sportsfreak Quote  Post ReplyReply Direct Link To This Post Posted: Mar/25/2018 at 3:11pm
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.
Sorry MINT, SF is right, I was wrong......Helado...March 8th, 2014
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DVince View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote DVince Quote  Post ReplyReply Direct Link To This Post Posted: Mar/25/2018 at 3:41pm
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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Post Options Post Options   Thanks (0) Thanks(0)   Quote Hacksaw Quote  Post ReplyReply Direct Link To This Post Posted: Mar/26/2018 at 8:51am
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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Post Options Post Options   Thanks (0) Thanks(0)   Quote PEACH_cm Quote  Post ReplyReply Direct Link To This Post Posted: Mar/26/2018 at 9:23am
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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Post Options Post Options   Thanks (0) Thanks(0)   Quote DVince Quote  Post ReplyReply Direct Link To This Post Posted: Mar/26/2018 at 9:25am
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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Post Options Post Options   Thanks (0) Thanks(0)   Quote Hacksaw Quote  Post ReplyReply Direct Link To This Post Posted: Mar/26/2018 at 12:54pm
Originally posted by DVince DVince wrote:

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.

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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