Is there a way to get back in
I spent thirty plus years in the business and ended up as a complex manager for a big firm. About five years ago I walked away from the business to pursue a passion. Now I am beginning to wonder if there is a way to get back into the industry. There are few if any management jobs, and I 'm not sure that I would want one even if I could find one. Starting from scratch, cold calling etc, doesn't seem feasible but my experience should be an asset in some way. Anyone have any ideas.?
Talk to a wirehouse firm about coming in and taking over all the orphaned accounts, accounts the veterans don't want, etc. Not ideal, but gets you some assets right away.
The other option would be find a decent sized indy or RIA that needs another advisor and does not want to risk hiring a newbie. Maybe they are looking to hand a part of the book to someone. You may not get paid full commission, but it gets you int he door. At your age, it doesn't make sense to come on as a junior broker on a team, so you need to go somewhere that will allow you to manage your own clients.
The OTHER option is looking to be some sort of mentor/manager/trainer at a large indy firm that is looking for someone to develop a growth plan. But someone with experience that is not already wrapped up in managing clients. And maybe they throw you some overflow clients to manage as well.
B24 has some good ideas. Another idea would be to find a book for sale, and buy them out over a period of 5 or 10 yrs. When I say find, that means that you actively beat the bushes, as compared to finding a search firm, or some sort of advertisement of sale. Start with wholesalers, that have indy contacts. Obviously, you'd have the issue of getting your 7, 63, and insurance licenses back. I met a guy recently, that did exactly what I described.
Why not just start your own RIA and charge fees to get your new clients set up with a comprehensive "plan"? Use your grandfatherly charisma on the golf course to close the deal, one client at a time. It will be the last time you ever need to get hired (by yourself).
I left a producing manager position a little over a year ago, at a wire, trust me, you don't want to be in management. If you left 6 years ago, its a whole different game now. The opportunities that used to exist just aren't there anymore. And most managers are just administrators.
If you are in a position to handle it financially, the suggestion of joining an existing RIA, or Indy, and taking advantage of your contacts is a good one.
Otherwise look at the larger indie firms, RJ, Stifel, etc - probably a good fit in terms of culture, and maybe a position in training or asset management. Wish i had more its all i can think of. Tough position in tough times.