Skip navigation

Should I stay or should I go now?

or Register to post new content in the forum



  • Allowed HTML tags: <em> <strong> <blockquote> <br> <p>

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.
Dec 30, 2010 11:37 pm

Current situation:

26yrs old. 


Awaiting CFA level I results from Dec. 

Making 50k a  year + tuition reimbursment (tack on another 20k/year if I stay on for my MBA) doing finance for a large corporation. 

Wife makes about the same, no kids.  I passed the 65 a week ago after studying for a couple of hours. 

I want to get into the industry, but quitting this job is a bit hard.  Wife sure wouldn't be happy.  I could go part-time at starting an RIA.  I already have a pretty good network as "the finance guy" at work.  Maybe drum up some leads that way.   

It makes sense to start now since we'd have one income, but if we want to move back home, we'd have 0 income and I would lose the majority of my network. We can move tomorrow or 2 years from now (~2k miles).   I have an interview back home with a B/D next week.  I'd rather not touch that if I can help it.  I would also be happy just being an analyst for them, if the price was right.

Has anyone out there had any luck with client retention after moving?


Dec 31, 2010 4:45 pm

WHY would your wife have a problem with this, is probably a big part of your equation. Let me guess, at some point she'd like to have children?

You got it pretty good right now, and a 20k raise is a big deal at your age/demog. You're very young, this biz isn't going anywhere. I was 24 way back when, but entry level in this biz is so hard it can only be described as "impossible". I beat really, really, really hard, but impossible is even tougher. I had no choices but to succeed back in 92, but you actually got a pretty good gig. There are serious legal restrictions in doing this part time, not going to happen.

At first glance, I'd tell you to keep pursuing what you got for at least a couple few more years. Probably, you got some upside where you're at.  

Jan 2, 2011 8:12 pm

It sounds like you've got a good background for the business. I would say to look at joining a firm where you can get 3 years salary while you start. Getting some industry exposure is going to be valuable before going RIA. Your MBA and CFA are a big sticking point.

Option #1: If you quit your job and begin an RIA, you have overhead, a household income that has been cut in half, and who is financing your MBA and CFA? All of this and you still have to simultaneously build a book. Last, you lack the industry experience.

Option #2a: If you quit your job and go to a wire with a 3 year salary, your household income may take a moderate hit, build a book and gain valuable industry knowledge. Get to the end of the 3 year mark and have a lot of contacts who know who you are and what you do. By then your ideals may have changed, who knows? You may stick with the firm. If not, you are almost certainly going to have more clients for the new RIA than if you went with Option 1 straight away.

Option #2b: You mention being an Analyst for the B/D. In this case you may opt for Option 2a and finish your your CFA and MBA, then look to be hired internally. Not a bad way in, because you will know your firm and its practices inside and out.

Client retention after moving? Present it to your clients like this: They are doing business with you foremost and then your firm. Put yourself first in the equation and the firm secondary. Give them the best service. No reason to want to leave YOU. Then when you leave, if they are your ideal client, they will come with you.

I think going RIA "could" be premature. You've got an otherwise good recipe, but take the pizza out of the oven too soon and you've just got dough.