I'm a Little Nervous for my Future in Financial Advising
As the title says, I'm a little nervous for my future in financial advising.
I am 22 years old and are graduating in the next month with a bachelors degree. A little background, I met a financial advisor who is an RIA and owns his own business and became very close to them. Learned a lot about their business and ever since my sophomore year in college I wanted to pursue advising. College came and by my senior year I got a job at a, slightly less sketchy than a full MLM selling only insurance, financial advising company. It was fully commission but it prompted me to get my 2-14, SIE and Series 65. I spent maybe 4 days there before I realized how much I hated it. 200-300 cold calls a day in an office that is the financial equivalent to a homeless shelter. I very quickly quit after realizing I now have my 2-14, SIE, series 65, and was obtaining my degree within the semester and knew I could do better. I was searching for another advising job and came across a job posting from Merrill Lynch for a new position called the ADP client associate. It was a huge change from the old Merrill ADP FA or FSA. Where now as the ADP CA you still get your Series 66 (65+63) and your Series 7 but you work under the advisors learning the system and servicing clients, building relationships, and after a year become a ADP FSA where you then enter production. I was so excited because I was entering into a position that was going to fully license me and let me break into the world of financial advising. I get offered a fairly competitive salary for my age and in the next year will start building my book.
Here is why I am concerned. I want my path or at least end goal to be similar to the advisor I mentioned in the beginning. I would love to own my own firm and be an independent IRA. I recently just started at Merrill and for some reason decided to do some research on people's experience in the old program. It seems to be pretty bad and from what I've read most people don't make it. I know this is why they changed it. Most people said to find an independent RIA and to work for them if you really want to go far into this business or to learn it and to stay away from the big wire houses. Is the path I am on right now leading towards my goal of a financial advisor? Is this a long term career for me at Merrill, or a stepping stone, or something I needed to leave yesterday. I want to be a successful advisor and want my career while I am young to support that. I know this is very difficult career in general and owning your own business is very hard and I am not asking for advice on wether it is hard or not. Just if I am on the right path?