I work for a firm that's independent in SoCal. My wife and I decided that we are going to relocate to a different state.
My firm gave me two options: stay on and prospect in the new state. find a new firm.
I got licensed last year but have not opened any of my own accounts as I still handled all paperwork for 2 brokers. One of the brokers is recommending I go to a wirehouse as I will receive better training and will have name recognition. His concern is a small B/D does not have the name to be successfull in prospecting in an area where I have no network and no office.
They gave me an option of trying in the new state under my current b/d but I will be very limited in support and a much lower base pay.
What would you do?
(note: almost debt free, but having a baby. year left to finish school. cannot postpone move as we've postponed it for 2 years)
I would def get school out of the way and go a different direction, with no experience and no name rec. the odds are really stacked against you.
Let's see if I heard you right.
You're still in school, working as an assistant, with a license but no clients and no experience as an FA. There's a baby on the way, and you have to move now because you've "already postponed it" earlier. Now there's a compelling reason to move!!
I'd suggest you make sure your wife makes a very good income, or you're plan looks pretty pretty much like no plan.
What would you expect your firm to say - we have no branch and no FAs where you want to live, but we'll pay you your same FA salary to open an office there and support no one?! I'm amazed they even offered you the option of staying with them.
As for the wirehouse route - do yourself a favor: do more research on that than you did on your move. You may well get more name recognition and training, but it all comes down to the same thing: this business is all about finding clients and lots of them. Ask yourself honestly if you are willing to do what it takes to prospect, and if not don't waste your time. This isn't a career for the faint of heart or uncommitted. In any event, you will likely make LESS in your first year or two as an FA than you did as an assistant, and for much more work.
Sorry to not be more encouraging but you're about to become a father. Time to grown up and face the facts.
I agree you should definitely finish school. I'd also urge you to consider other options outside this industry if you need to support your wife and child in the coming few months.
I think you need to get a salaried job and finish school. What you are contemplating is the "going for broke" route. You will win big or lose it all. And trust me, at your age, based on what you are saying about your current firm, we all know how this story will end. Do the noble thing for your family and start making a steady paycheck. You have the rest of your life to become an FA.