Starting Out: Wirehouse vs. Independent
Guys, I'm new to the site and somewhat new to the business. I've been out of school 4 years and got registered (7, 66, and insurance) at my first job out of school. Before becoming a full-fledged advisor I changed jobs but now I'm looking to get back into it. I have offers from MSSB and ING Financial Partners (Indy) right now and I'm wondering if the training at wirehouses is worth the demands and/or restrictions they place on you?
The base at MSSB is nice compared to ING where they'd require me to hit $4k in production of their proprietary insurance products before qualifying for benefits and a pretty low first-year base.
I'm confident in my ability to build a book but I'm nervous about all the scare tactics used by wirehouses (i.e. not acquiring X in AUM by a certain time and you're out).
Quick responses would be much appreciated as I've got a couple days to make my decision. Thanks all!
Go with MSSB and take the salary... Build as much as you can and hope to make wire goals, if not look at RIA, or Indy(LPL, Cambridge, etc) at that point.
What squash said... Take the wirehouse opportunity and put your head down, don't just hit your goals - blow past them - build a base and then review your options at that point. If you do so, your options will be plentiful.
Thanks, I appreciate the feedback guys. One thing I didn't mention is my relationship with a decent producer in another local office for MSSB. Could be a potential teaming opportunity at some point.
More feedback would be appreciated! Thanks