Advice About Moving to a team

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Sep 10, 2013 11:26 pm

Hi everyone, long time reader first time poster. I currently work in a major wirehouse in Southern California for a high producing advisor that just moved firms and am a strictly advisor paid "sales assistant". I worked part time for him for about 6 months and passed my series 7. I went full time and have been on the phones ever since I also help service his clients and do financial plans etc. The advisor I work for is almost 60 and hasn't prospected for many years so it was basically me teaching myself. I research all my own leads and have found a nice niche markert with corporate executives with larges amount of bargain element and tax advantaged strategies but my boss is not closing almost any of the HNW appointments I am getting for him. Since he just moved firms he is very rusty and although he says he wants to grow I just don't see it. To make matters worse he pays my salary so he basically owns me and doesnt like me even talking to other advisors in my office(I have to ask permission before I go to lunch with one). He acts like he wants to better my career but I am starting to believe he is just baiting me to have me keep being his slave. I am only 25 and am about 6 months away in experience from getting my CFP and am really thinking about trying to move to a large team but am afraid if I tell my managers that I am looking for another opportunity with a large team that they might inform him since he is the real asset to the business. I am hungry to work and am getting appointment with prospects weekly worth 4MM+(also have my CFP certificate and a decent network in my city). Does anyone have any advice on what I should do? I just feel like i'm stuck in a rock and a hard place since he pays my salary and is known to be a real dick. Any advice would be much appreciated.

Sep 15, 2013 11:05 am

move on.....at 25 with a CFP and able to bring in prospects with 4mm+ prospects, find a firm that may have older advisors that are winding down their careers but are not retiring. Let them know you want to build your own book but do not have the years and experience and would like to partner with them. You will bring in the clients they will close but you will split 50/50 the fees or commissions (since you are licensed) and you will service the client. In time the advisor may start giving you smaller clients they do not want to deal with. At independent firms the payouts are more than double what a wire house pays. The range is 80% to 90% depending on production. You could partner up with an independent advisor and your split could be 40-45%. However all expenses are yours. By working at an existing financial planning firm you could reduce your costs....Good Luck.