I need some advice

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Feb 7, 2007 7:24 pm

I'm looking for some quality advice from those of you that might have had a similar opportunity:

Currently I'm a banker with JPMorganChase. I have done quite well with Chase and overall I think it is a pretty good company to work for. However, I'm not sure that climbing the corporate ladder or the structure of the financial advisor postion is what I desire.

I currently have a Series 7, Life&Health and a Real Estate Sales license and am studying for my masters in financial planning and a CFP designation. Also, I'm 28 and I have a wife and 2 little girls to support.

The Opportunity....

My grandfather has had his own small tax and investment business (through an independant B/D) for years. However, his business is primarily taxes now. He is getting close to retiring and has about 100-150 clients with investment accounts with him. He has offered for me to take over the investment side of the business to start building my own book of business. I'm not sure as of yet how much assets he currently has under management.

My heart wants to do this, but my mind tells me to be cautious. I know that 100 clients to start is not a lot, but its something to build upon. I'm in the process of getting my real estate license relisted. I'm thinking that I can build up some real estate listings and possibly get some income built up from that while I'm at the bank, so that I can take this risk. Also, I could possible do both real estate sales and investments and cross sell between the two. I'm open to thoughts, opinions and ideas.


Feb 7, 2007 9:19 pm

The question you should ask is how many tax return clients he has so
you can see how many potential new investment clients you may be able
to add from his existng client base.  Also, I would not try to do
the real estate and investment business at the same time.  Focus
on just one and put all your effort there.  You will be more

Feb 8, 2007 11:24 pm

Damn if a young RR could get access to hundreds of direct refferals from family member… That is a good deal also if its indy your commissions go up to 80%

Feb 8, 2007 11:44 pm

My heart wants to do this, but my mind tells me to be cautious.

It usually comes down to "geography". In this case, do you want to continue climbing the corporate ladder, or go you want to be the neighborhood planner.

These are very different lifestyles. The corporate thing may be more stimulating, perhaps glamorous, maybe pays better right now, although down the road you could do at least as well as an independent.

Having sat in the glass tower brokerage firm, and having had a glamorous international job, I am now happy to spend several hours a day in my neighborhood office and play nine holes at the end of every other day, and still have tons of time for family.

Check in with your heart and mind, stay on the corporate ladder if that is your style.

As far as success, I had two kids in year one and made little money - you can do it.

Not sure you can do real estate and brokerage at the same time, though. Would your broker dealer allow that - seems like a conflict of interest, not to mention "serving two masters". Lower your expenses, get out of the rat race, and focus, if you choose the independent path.