RIA vs Lawyer (long post)
I graduated from a local university in May 2019. My East TX city has about 100,000 people. Around the time of graduation, I got a job with an RIA as his assistant. It has grown into me taking on a lot of responsibility: office management, helping him research, open client accounts, etc. We are the only two people at the firm. My boss is 62 and wants to retire in 5-7 years. He is looking for someone to take over.
However, ever since I was a kid I have always wanted to be a lawyer. I did take the LSAT and got a 145 (bad score). I do enjoy the flexibiltiy of my jo and have talked to the branch manager of Morgan Stanley, she says I am lucky to be where I am currently. In the past 9 months I have joined the symphony board, built up my business contacts, helped grow the firm, and bought a car.
Now that I set up the situation, I am seeking advice from fellow advisors. Would you leave behind everything in my current job to go to law school or stay where I am?
I feel like I have so much potential here, but at the same time I feel financially handicaped because of being an independent. (Our AUM is between $25-50M)
I am also looking at online MBA programs, which are significatly cheaper.
Sounds like you are focused and motivated. That will get you everywhere.
If you model yourself after your boss and continue where you are, you could go a long way as RIA.
If you choose your passion, law school, you can strive to be an attorney in the securities market …
If you choose to stay where you are and pursue an MBA, this will prove to be a great experience.
Having done all of what you speak of, life is a gift, choose carefully but wisely, i recommend passion
as in the end, you do not want to regret the choices you make. Who is to say you can not continue as
RIA and go to law school. Everything- anything is possible. Carpe Diem! Jan (best of luck) …
ask your boss…(: also ask some mentors…