Two offers on the table.
Both offers reside from firms with large footprints and significant market share.
Offer 1: Inserted into multi-year training program, base salary with bonus during initial training phase, potential to match up with a financial advising team at end. No technical hurdles throughout.
Risk: Being used as a financial planner for multiple years before joining a team.
Upside: No hurdles, access to licenses and CFP within first 18 months, able to scope a variety of FA teams throughout.
Offer 2: Join a sole practitioner who is likely retiring in the next 7-8 years, $150M+ AUM, 100+ clients, retain 100% of business I personally bring in, split what we bring in together, undecided breakdown on their current book but mentioned that they would be fair. Health of book: $600k/year revenue, average age is between 55-60, 40% of clients make up 80% of book, top 5 clients make up 35% of book, 82% fee-based, slightly contrasting investment philosophy but does not mind me managing new business as I see fit.
Risk: Sole practitioner decides to cut me loose at any time. Does not give fair equity stake when the time comes. Does not introduce me to their clients. Quarterly / Annual hurdles to meet. Hitch my wagon to a horse I know little about.
Upside: Join with a successful advisor with a sizeable book and kick-start the career.
Comments welcome as I decide.
A successful advice a better able to make their own career opportunities than someone less educated, and be more engaged in their work.