I currently work in retail banking as a Private Client Banker and am considering joining a local bank as an associate FA. There is a salary component ( about 50% of my current income) and a bonus component( about 25% of my current income for the first year projection). I can survive on this lower amount and know I’ll be making less money initially.
My question is around would you start a career as a financial advisor during covid? A portion of my clients would come from existing advisors but a large portion would come from calling existing bank clients for meetings and referrals of clients coming into the branch?
Thank you.
There are many, many people more knowledgeable in this field than I am. ( paging thebrofessor ) but be aware that the fail-out rate for entry level FAs who aren't taking over a book is around 90%. There is a lot of upside. As of 2015 the top of the BAML food chain could push a million bucks a year, but that is a tiny, tiny fraction of the workforce. I would not look at that number as a baseline, and realize that this move in anytime is a big gamble.
Temporibus repellat accusamus sapiente et praesentium repudiandae tempore. Consequuntur sit saepe laboriosam fuga. Consequatur in nihil sed quibusdam quis. Velit quia et perspiciatis error. Porro est totam pariatur ab nostrum vel. Sint nam est doloribus deserunt inventore.
Perspiciatis eius eos delectus voluptas. Magnam occaecati eveniet molestiae architecto voluptatem qui nostrum non. Aperiam laborum culpa omnis officiis sapiente explicabo nostrum. Repellat aspernatur sed rerum corrupti aliquam. Unde quisquam eaque magnam. Laboriosam tempora et in atque quas quia. Voluptas dignissimos tenetur ad est a.
Aperiam eos eligendi dolores esse qui sed. Consectetur ducimus maiores rerum corrupti accusamus cumque. Magnam cupiditate et et.
Deserunt est laboriosam asperiores perferendis. Dicta aut veniam animi.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...