Would you join a Parent/Child Financial Advisor Team if not blood
Hi All,
I'm a rookie in an analyst role, with the potential opportunity to join a successful wealth management practice. The team consists of a Parent/Child and they manage about 300mm and probably have a little over 1mm in revenue. The parent will retire in I'd say 5 years max, the person is in their 70's. The child is in their 40's.
I am in no way blood related at all, so this would be a situation where I am joining another family group.
Would you guys recommend this?
What is the possible upside from this? And negative?
It depends, is there a grand kid who will take the helm after working a few years less than you? Would you ever be able to make partner with the firm to reap some of the benefits from the whole team?
You need to ensure that you are able to build your own book of assets and not just be an analyst to them; however, if you're interest in being an analysts for a few years, you can use this position to go to another PWM shop (but have lost a few years of building your assets) or go to an MBA program (and do whatever you want from there, AM / PWM with a bigger shop / IB, or whatever)
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I see, the daughter is still a concern. So assuming the firm grows to $1 bill and you are very active in that growth. He decides to retire and his current 1 year old is in her early to mid twenties. She ends up becoming a peer of yours. Obviously, all the pieces would have to fall into place, but I would consider it a potential likelihood. If not her, then a cousin, nephew, etc. That is the biggest reason why I would potentially avoid it. That being said, it is experience and you do not know what they have in store for you. If you end up driving in revenue your value would increase dramatically. Like the other poster pointed out at a minimum you can use it as a spot to launch your career. One other thing to keep in mind is how well you click with the guys you will be working with.
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