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Hungry View Drop Down
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    Posted: Jun/07/2018 at 2:36pm
Hi guys, I just started my grind (month 1 in production) with all my licenses and crap at a big 3 as a financial adviser (planner what have you). I'm making calls and lists everyday basically but recently sought out by a large PWM advisor (barrons 100) within our firm (I'm in WM so anyone with a pulse/50-100k right now)  to be a "senior" CSA for them. Chatted over coffee, appeal for them is that I have my licenses, work hard, and ideally they would want to transition me over to the private wealth adviser (clients with min 5-10M I think our firm is like 2M to get paid but unsure) as a partner working for the adviser/the team (3-5) years into it. That being said, I'm worried that everything just mentioned is BS just to get me into a client service job with little to no upside as I understand many FAs burn through sales associates and service associates with bait and switch tactics.

Pros for me, they are supposedly happy to let me prospect/share in revenue of clients/assets I solicit during the 2 years I'm a CSA. I'm currently fresh out of college and have informal help/partnerships with two advisers if I need it for larger clients. No network so the role would let me learn the field, investments (finance degree in college/I read but they both don't mean much) get a CFP etc and build so that I have ideally a team and a probably small book by the time I start as a PWM adviser.

Cons: Client service associate is a bit of a step back, not to say I'm above it and I don't want to enter the role for 2 year avoidance only to waste time and be back or worse than when I started. Current relationships at office are slightly important. I'm also worried about prospecting larger clients in PWM and if it is even more difficult than the program I'm currently in.




Edited by Hungry - Jun/07/2018 at 2:37pm
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missionshooter View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote missionshooter Quote  Post ReplyReply Direct Link To This Post Posted: Jun/07/2018 at 5:03pm
They want you bc their last ppwrk bitch quit
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bc2051 View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote bc2051 Quote  Post ReplyReply Direct Link To This Post Posted: Jun/07/2018 at 9:05pm
I'm hearing this big 3 over and over lately as if naming a firm is going to out someone.

Who's the big 3 - ML, MS, and WF?
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Ironman View Drop Down
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Post Options Post Options   Thanks (1) Thanks(1)   Quote Ironman Quote  Post ReplyReply Direct Link To This Post Posted: Jun/07/2018 at 9:40pm
I don't think there's anything wrong with taking this career step. You are in your early twenties. You will find it difficult - very difficult - to get wealthy people 50+ and older to give you their real money. It's not impossible but not likely either. This would give you the opportunity to see successful producers up close. How do they hold appointments. How do they run a team. What does success look like. You'll also learn the firm systems. You'll get some years on you. You'll be able to start making strategic contacts. You'll watch other new hires come and go and you'll begin to see what it takes to build a practice.

It's a way to slowly merge into the business. Have some patience with yourself. And yes, you can tell us what firm you're with. I guarantee you you're one of many new hires. Don't tell us your actual locale and you'll be fine.

And BTW: If I were starting over again I'd start at a bank. 


Edited by Ironman - Jun/07/2018 at 9:44pm
This is a place of welcoming and you should just get the hell out. Michael G. Scott.
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Ironman View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Ironman Quote  Post ReplyReply Direct Link To This Post Posted: Jun/07/2018 at 9:43pm
Originally posted by bc2051 bc2051 wrote:

I'm hearing this big 3 over and over lately as if naming a firm is going to out someone.

Who's the big 3 - ML, MS, and WF?

MassMutual
Northwestern Mutual
New York Life


This is a place of welcoming and you should just get the hell out. Michael G. Scott.
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advisorman View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote advisorman Quote  Post ReplyReply Direct Link To This Post Posted: Jun/07/2018 at 9:48pm
Originally posted by Ironman Ironman wrote:

Originally posted by bc2051 bc2051 wrote:

I'm hearing this big 3 over and over lately as if naming a firm is going to out someone.

Who's the big 3 - ML, MS, and WF?


MassMutual
Northwestern Mutual
New York Life




Hahahahaha.
King of sarcasm and speling
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D.H.K. View Drop Down
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Post Options Post Options   Thanks (1) Thanks(1)   Quote D.H.K. Quote  Post ReplyReply Direct Link To This Post Posted: Jun/07/2018 at 10:39pm
Just to add some additional information here:







There's a LOT more on Michael Kitces YouTube channel and I think it would give you a GREAT 'leg-up' on your career.
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Post Options Post Options   Thanks (1) Thanks(1)   Quote RipRock Quote  Post ReplyReply Direct Link To This Post Posted: Jun/08/2018 at 9:14am
Originally posted by Hungry Hungry wrote:

Hi guys, I just started my grind (month 1 in production) with all my licenses and crap at a big 3 as a financial adviser (planner what have you). I'm making calls and lists everyday basically but recently sought out by a large PWM advisor (barrons 100) within our firm (I'm in WM so anyone with a pulse/50-100k right now)  to be a "senior" CSA for them. Chatted over coffee, appeal for them is that I have my licenses, work hard, and ideally they would want to transition me over to the private wealth adviser (clients with min 5-10M I think our firm is like 2M to get paid but unsure) as a partner working for the adviser/the team (3-5) years into it. That being said, I'm worried that everything just mentioned is BS just to get me into a client service job with little to no upside as I understand many FAs burn through sales associates and service associates with bait and switch tactics.

Pros for me, they are supposedly happy to let me prospect/share in revenue of clients/assets I solicit during the 2 years I'm a CSA. I'm currently fresh out of college and have informal help/partnerships with two advisers if I need it for larger clients. No network so the role would let me learn the field, investments (finance degree in college/I read but they both don't mean much) get a CFP etc and build so that I have ideally a team and a probably small book by the time I start as a PWM adviser.

Cons: Client service associate is a bit of a step back, not to say I'm above it and I don't want to enter the role for 2 year avoidance only to waste time and be back or worse than when I started. Current relationships at office are slightly important. I'm also worried about prospecting larger clients in PWM and if it is even more difficult than the program I'm currently in.




Admin cannot get paid production @ the "big 3"
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Hungry View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Hungry Quote  Post ReplyReply Direct Link To This Post Posted: Jun/08/2018 at 10:40am
Hi guys,

Thanks for the advice, starting out at Morgan Stanley, I am talking with the head of the CSAs today and will confirm/clarify exactly what I can and can't do. 

And yes I'm exactly worried they just want a fresh ppwrk bitch. 

I feel the main advice older FAs have been giving me is to take it, worst case learn and start out fresh with knowledge and some nuggets of wisdom. Just very hard for me to wrap around giving up 2 years for it when I'm prospecting myself already.

Thanks for all the advice though and the videos were helpful. 
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luvindy View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote luvindy Quote  Post ReplyReply Direct Link To This Post Posted: Jun/08/2018 at 11:19am
I'll admit that you sound like you have your shit together far more than other idiots that post about "opportunities" they are being offered. I'm not sure what that means, but it's my take.
8/31/12,Sportsfreak:
"If Barak wins this election, or appears to be clearly winning, we are all fucked. Market will tank big time."
Dow 13,090 S&P 1406
5/23/13 UC:Dow 20k before 20% crrectn Dow 15,322
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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: Jun/14/2018 at 3:45pm
A new video posted today fits this thread too:


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Post Options Post Options   Thanks (0) Thanks(0)   Quote luvindy Quote  Post ReplyReply Direct Link To This Post Posted: Jun/15/2018 at 1:38am
I'm starting to realize that these videos are transcribed in the e-mails, so if you want to just post the Kitces text, that would work as well.
8/31/12,Sportsfreak:
"If Barak wins this election, or appears to be clearly winning, we are all fucked. Market will tank big time."
Dow 13,090 S&P 1406
5/23/13 UC:Dow 20k before 20% crrectn Dow 15,322
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