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Paraplanner Transitioning to Junior Advisor

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Jun 20, 2021 6:20 pm

Hi all. I am a 5 year indestry vet living in the D.C. area, have worked for 6 FA’s (3 of them CFP’s) at 2 different Indipendent B/D’s, have my MD Life and Health license, series 7 and 66, and have a BS in Business Admin w/ a Concentration in FP. I started out of college working as a pParaplanner making $36k salary and topped out at that firm at $40k with my MD l/h Insurance License, Series 7 and 66. I joined my current firm as a Paraplanner and Investment Analyst (i don’t have my CFA). I write detailed all-inclusive reports for client investment management meetings which take up the majority of my time. FPs are occasionally done at client request. I manage our mutual fund and ETF models, trade client accounts, and help assess new investment products. I work for two Fa’s, one of which is mostly retired. I currently make $65k salary. There is potential for me to bring in my own clients but no time in my schedule to prospect.

I have many additional admin tasks that are not part of my job description. Additonal stresses are detracting from my growth and mental health. For these reasons, I am pursuing an opportunity with another firm that has a strong marketing funnel and easy access to lawyers, real estate agents, and CPA’s. They need help with current client servicing and will need help with additonal propects that their marketing funnel is generating. They intend to grow quickly over the next year or so and want help setting up and establishing a business model with functions that will help them manage the expected growth. I want to help clients but I also love the business side so this opportunity seems like a good fit. They have stated I will have ownership of new clients I bring in. They will slpit their comp with me for FP services and pay me a salary (?) to help build the business systems. Taking on business admin and FP roles may be a bit much, but we have yet to hammer out exact responsabilities, comp, and growth path.

I am waiting to discuss anything with my current seniority until I have a better idea of what this new opportunity will look like.

My first question is, what would be a reasonable comp split to help service an existing book? The second is, what is a resonable split if I need to access knowlwdge of senior advisors? I don’t yet know what the B/D takes. If there is any other advise you have for me, I would appreciate it. Feel free to ask clarifying questions if you need more info.