Thinking About Making the Move - Fully Licensed, Currently Work for a Fund Family in NYC
So I currently live and work in NYC for a big fund family
(they sponsored me for my 7 & 63) and the idea of becoming an FA is
interesting to me but I’m really just not sure if it’s the right move for me at
the moment. In my current role, I
work with all of the internal and external wholesalers and support them in all
kinds of ways. I’m also
working with the home offices of a few BD’s, banks, and planners. Basically, I’ve learned how a bunch of
different firms works. I currently
make about $75K a year with bonus, but the idea of building out my own business
is something I find exciting and rewarding. I should also point out I have an undergrad degree in Finance.
My problem comes down to comp. I’m currently living a relatively comfortable life but due
to some family problems I have to support someone else and I really can’t afford to take a huge pay cut while I
establish a book. I know you
can’t tell me that I’ll make a salary of X and commissions of Y, but what’s a
reasonable range I can expect? I’m
assuming being licensed is an advantage but I don’t have any sales experience,
how does that factor in? Any
advice, thoughts, comments are appreciated. I’m expecting the worst. Thanks.
Not sure why my post is being formatted so strangely. It looks fine when I try to edit it. Sorry about that.
perhaps you should wait until you are no longer supporting someone else? there are so many variables in play. it's reasonable for you to get hired at a large wirehouse and get a decent salary through their training program, but it will phase out completely in the first year or 2. this is a tough business to get going. many people come in, take a paycut and basically live off of their spouses salary until they get going. nyc isn't cheap.