I live here in Maine and am currently working for a wirehouse as an FA. I am struggling to meet the hurdles and find prospects. I know what the career entails, I love the sales aspect, working with people, and asset management itself, but I am having a hard time prospecting. I am not very close to hitting my hurdles for the year and am beginning to worry about being let go. I have been receiving a few emails from recruiters in the area looking to fill some spots that seem interesting and I would love to hear input if anyone has familiarity with them.
People's United FA position where their FA would cover 10 branches in the region and have access to all of the clients in that region. There are sales goals but the clients are already at the firm and walk in regularly. Small base pay with capped bonus structure.
Raymond James Advisor Mastery Program that sounds similar to what I am doing now but has a very regimented plan and boasts an 86% rate of advisors successfully completing the program. RayJay has two years of decent base salary and then you are paid on AUM. It sounds like they pair you with a mentor who has been successful and will do some 1 on 1 teaching. I also like the 86% statistic.
The last position I have been looking at is at TD Ameritrade as an investment consultant. You are given a book of about 500 clients and just call them to come in to review their plan and sell to them. They have a small base salary with quarterly bonuses based on hitting certain metrics.
If it was up to me I would stay at the wirehouse because I like their model and pay structure the best. However I think it is time to start thinking about an alternative position that would not be entirely a step back, but would allow me to stay in the industry and continue to build a book of business. I really appreciate any thoughts or advice, have a good one!
work yourself to the bone to try to stay in the wirehouse. if you really like the career, try for RayJay, but if that doesn't workout, do some soul searching and maybe consider a different career
This. Wirehouse for the entire career or an eventual move to an RIA is the best way to be extremely successful. RayJay is an "almost wirehouse" which could be useful if you want a change in scenery. I suspect the other positions are dramatically different.
I think it's important you do an honest assessment of why you're struggling in the current role before you consider your next move.
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