India
Yesterday
284
Heard congress distributing wealth
Tech Industry
2d
42716
Worried that our top performer is an attrition risk. How do managers handle this?
Tech Industry
Yesterday
1118
I haven’t done shit today!
Tech Industry
Yesterday
689
Goodbye USA tech jobs
Tech Industry
Yesterday
3184
Avoid teams with only Chinese or Indians especially with a Chinese/Indian manager
I’m thinking about becoming a Financial Advisor, is it really worth it? Or am I better off through the private banking path?
Start by advising blind users and we'll evaluate if you're a good FA.
Fa has a hypothetically higher ceiling. Private banker has a nice base salary. If you’re good at your job, get your cfp and become an fa. Wells has a good platform.
FAs have a higher upside. I would suggest going with a wirehouse first, build a client base and then go independent.
It depends on what type of talent you are & your strength/weakness. A good FA can expect to bring home at least $1MM a year over time; as a private banker, ceiling is around $500k
Also depends on your strengths. If you’re good at a broader range of things: sales, lending, project management, investments, then private banker. If you’re good at: sales and investments, then fa
Are financial advisors really that big nowadays? Sure you have the people who work with family offices, etc but you average Joe, Hawking mutual funds isn't clearing 1M a year (unless they are independent and have a large business, but that is a different category) At the end of the day, it's a sales job, not an investment job.
70% sales 30% investment
Sounds about right. It seems all the ne'er do wells from high school ended up as financial advisors or insurance salesmen. I'd rather take financial advice from internet spam.
It Is a lot of sales & relationship management. But the ones that understand investment are the best. Join a wire house & you will know. I'm not even talking about the top advisors. The top ones have no ceiling. Period.
Top ones you never hear about because they pick and choose their clients carefully or are part of a larger operation
Ha. Join a true wealth management firm & you will hear about them all day long.
Independent or for a firm such as Merill Lynch? Learn from a firm and then go independent. Get quals beyond Series 7 such as CFP, CFA CAIA and you'd benefit the client. An FA in Detroit found a sweet spot with customers in 40s and beyond with 500k to 5M and charges only 0.7-1.1% fees. He became very successful with usual entrepreneurial techniques. It is as entrepreneurial as it gets. Look at Ric Edelman.
Thanks for the insight, will check him
Would certainly recommend FA route over PB. Although I disagree with starting with wire houses. I am in one now but I have colleagues who started in RIA or independent and have built very nice careers with more flexibility. Most wirehouses will have parameters that make it difficult to survive on your own where RIA, you can set your target audiences and adjust your comp to match. Downside is lack of branding from a wire house and exposure to various investment vehicles that big players come across. Private equity/middle market deals etc.
VS what?
FA vs Private Banker