Introduction from Long Island

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

I’m currently employed in the industry at a large global bank but not at as advisor.

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.

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.

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.

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

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.