r/FinancialAdvisorTips

Hi there!

tl;dr: are you a Jones advisor that left during the first three years to another firm? Did they try to charge you the $50K clawback? Can I talk to you over reddit messages?

I’m an FA with Jones in my third year. My contract states I’d have to pay the clawback $50K if I left to another firm, minus some reductions for tenure.

Well, a friend wants me to work for her RIA as a service advisor….no prospecting, just caring for a chunk of her clients.

The offer is 100% salary and it’s pretty attractive, especially compared to what I make now.

I want to talk to a few Jones advisors that left in those first three years and find out what this will look like.

Hello,

I'm on the road to opening my RIA and I'm trying to follow as much advice as I can get. I've heard defining a niche is very important, but after going to a meetup for one my potential niche's I found out they are not really interested in financial planning services. It was a letdown, but good to know. I then spoke with another advisor who said that when starting out, it's best to not have a niche. He suggested that be wide open in the beginning and over time I'll come to know my niche(s) based on the kind of clients that gravitate to me. He also said, it may be good to never have a niche to encourage client variety.

What are your thoughts?

#masonfinancialadvising

So I went to the Advice-Only conference and learned how important having a social media presence is, particularly YouTube. I was thinking about starting a channel where I document my journey towards opening an RIA. i. e. Deciding on a name, writing a business plan, finding a niche, etc.

My question is: do you think potential clients would appreciate the transparency of this content or would it turn them off from being a client?

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!

I just recently finished my sophomore year of college and I’m taking my SIE this summer. I’m planning on getting an internship next summer, after my junior year. I was thinking on taking my series 66 before my internship to help me be able to hit the ground running faster when I actually start out of college. Would love any advice on if the series 66 is the next best thing to go after or just any advice at all for a 20 year old who has yet to have any experience.

I've been wondering if a financial investment advisor could help me do a better job planning for the future. I have some savings and retirement investments, but I mostly manage everything myself and sometimes feel like I'm just figuring it out as I go. I'd like to build more long-term wealth and make smarter financial decisions. Mostly reading online and using investment apps.

Has anyone here worked with a financial investment advisor for long term wealth building, and if so, what benefits did you see compared to managing everything on your own?