23 y/o in Wealth Management
Hi everyone,
I’m 23 years old and recently graduated college. I’ve been in financial services for about 5 years, mostly part-time while I was in school. Right now, I work full-time for a small independent financial advisor in a high-cost-of-living area in the Northeast. The advisor manages around $25–30 million in AUM. I started less than a year ago and have been full-time for a couple of months. I currently make about $18/hour.
My role is more than basic admin. I support a lot of the day-to-day operations of the practice, including client service, investment and annuity paperwork, life insurance processing, CRM management, client follow-up, and communication with custodians, insurance carriers, and back offices. I help with account updates, distributions, transfers, rollovers, 1035 exchanges, beneficiary changes, address changes, pending business, signatures, underwriting requirements, “not in good order” issues, meeting prep, client reports, documentation, and compliance-related items. I also handle life insurance cases from the beginning of the process through submission and follow-up, including applications, medical questions, underwriting requirements, carrier communication, and case updates. So I feel like I’m getting real exposure to how a practice operates, not just doing basic administrative work.
There is also some opportunity to earn additional compensation if I bring in new clients or sell life insurance. That makes me feel like there could be some upside if I stay, especially because I’m learning directly under an independent advisor. At the same time, I’m not sure how realistic the long-term growth path is or how much structure there is for me to eventually become an advisor.
My long-term goal is to become a CFP and grow into a real advisor/planner role. I haven’t started the CFP coursework yet because I don’t currently have the money to pay for it. The advisor has mentioned that they would like to pay me more, but there isn’t much room in the business right now, so I don’t really see CFP support happening anytime soon either.
Now I have a second interview coming up with Valley Bank for a Wealth Management Associate role, and I also received an interview request from Morgan Stanley for a Wealth Management Associate role. I’m trying to decide whether it makes more sense to stay where I am and keep getting hands-on experience with a small independent practice, or move to a larger firm where there may be more structure, training, mentorship, resources, and a clearer path toward becoming an advisor.
I don’t want to make this only about compensation. Of course that matters, especially in a high-cost-of-living area, but my bigger concern is career growth and development. I want to be in the place that gives me the best chance to learn the business the right way, start moving toward the CFP path, and eventually become a strong advisor.
For those of you who have been in the industry longer, what would you do in my position? What should I look for when comparing a small independent advisor role versus opportunities like Valley Bank or Morgan Stanley? Any honest advice would be appreciated. I’m open to learning and improving.
Very long, I’m sorry but it was important to point out everything.
Thank you in advance!