Considering Career Change

or Register to post new content in the forum

12 RepliesJump to last post



  • 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.
Apr 11, 2006 6:11 pm

I’m considering a career change and being an FA is an offer I’m beginning to seriously consider. I’ve been and banking for the last 5 yrs (1 Trust Sales, 2 as a Business Banker & 2 running the Merchant Processing Division). I’ve got a tremendous amount of contacts in the area and I know with the relationships I’ve built over the last 15yrs I’ve been in the area I should have a solid base to pull from not to mention additional calling efforts.


If I decided to move forward with being an FA should I move to a smaller firm like Jones, more grass roots approach who pushes accts being opened, or consider ML, Citigroup, UBS who actively seeks larger accts. I currently talking to Smith Barney, Jones & ML

I guess I realized when becoming a banker that yes I have a lot of contacts but they already had a relationship with someone, but they were always willing to give something to help out. I would imagine it would be the same for FAs.

Apr 11, 2006 6:59 pm

Without a doubt, Merrill Lynch. Strength, stability, resources, recognition.

Nuff said.

Apr 11, 2006 7:12 pm

Since you already have the contacts and you think they’d give you a chance why not go independent w/ LPL, RJFS, etc?  Instead of working for another company you can build your own business!

Apr 11, 2006 10:46 pm

in my area ML has about 75% of the market share. that is a concern on mine, and can start out being an independent?

Apr 11, 2006 10:57 pm

If you can go to ML and bring in 15 million in a year, they’ll give you $30,000 in cash bonus (along with $100,000 in FCAAP, which is the nonqual stock program that doesn’t vest until 5 years).

But as a banker, are you are used to selling fixed rate, FDIC, etc etc.  You can sell that at ML, but you’ll starve.

Apr 11, 2006 10:57 pm

Most of the good indy firms want proven production, so you make a valid point about starting out as an independent…I think it would be tough.  Sounds like ML would be an excellent place to start.

Apr 12, 2006 10:25 am

I went from banking to Jones and then to Independent.   I was a commercial lender for many years and morphed into the position of financial advisor/less lending in the last 10 years before leaving the bank. Looking back I don't believe I would have been as successful in just going Indy from the start. But that is just me, you have to decide for yourself.

I did bring most of my clients with me when I left the bank and again they followed my as independent. The transitional period at Jones taught me a lot about running an office as a business (how to and how NOT to) and honed my skills in prospecting and work discipline that I frankly didn't need at the bank because it was easy.  Those skills are essential to being an independent and being able to kick your own butt into gear each day.

Being a banker, you have built up a great deal of trust, so you might be able to go indy immediately and bring a lot of clients with you. 

Apr 12, 2006 2:43 pm

how long where you with Jones b4 going independent. I like the Jones format b/c it does help u to better understand running your own business but there are disadvantages to Jones(limited selection). . .

Apr 12, 2006 3:50 pm

oh Looney I learned something about you that I did not know.  Good for you it seems like you have earned the stripes.

Apr 12, 2006 10:41 pm

BankFC - The FCAAP vests after 8 years, not 5.  Good thing I don’t have to worry about waiting for it… 

Apr 21, 2006 9:50 am

hey, have u thought about being broker in the bank u already with??  that seems to be a growing trend in my area, almost every bank has a finance center attached to it with 1-3 brokers.  the last meaningful bank in town without is now looking to add one, got a call yesterday asking if i intersted. ever since banks were alllowed to do this, it seems harder to get prospects to tnfr accts, have to work a lil’ harder now, cause they seem to like having everything all in one place… that money becomes very sticky to where they currently are…

Apr 21, 2006 7:43 pm

[quote=Scorpio]BankFC - The FCAAP vests after 8 years, not 5.  Good thing I don’t have to worry about waiting for it… 

Yeah.  It sucks getting a Fat C Note on a Friday after 5 of the last 8 years making 6 digits.  ML sucks.