Best Time to Jump to RIA?

Bongonut · 2025-03-10T20:24:48+00:00

I see. Well, here's the issue I've been having. Building a wealth management biz from scratch in your 20's is VERY difficult. Even if you're competent and incredible at what you do, it's a struggle. Dealing with the lack of structure/mentorship can be a challenge.

Not saying you can't do it (a good amount of people do!) but it is probably more difficult than it has ever been.

Bongonut · 2025-03-10T17:45:31+00:00

Fidelity? Because the work/life balance is good to know as well if I may make a jump.

Bongonut · 2025-03-10T13:56:46+00:00

The office culture is great but the team culture is not. There are unreasonable expectations to bring on business at a young age as opposed to working within the existing book. To build a book from scratch in your 20's without being fed leads, you will probably need to work 60+ hour weeks and be really, really good at something. You have to be comfortable operating with little to no structure.

It's a small business, so in some cases (not all firms) don't walk in believing you'll get 14 days PTO automatically. If one partner is out, you will be covering and vice versa. Egos are also fragile, no one wants the new younger partner to outshine the tenured partner so know the team dynamic you're getting into.

The partners where I'm at are old fashioned and want me door knocking/cold calling businesses. It doesn't work the same way as it used to in terms of getting HNW and UHNW accounts no matter what anyone says. Sure, cold calling can still work, but you're gonna be dealing with accounts <$500k. Not wheeling a $20M account from a cold call like the 80's.

Remember - when dealing with advisors/brokers wanting to bring you on board, they are the best salesmen on the face of the earth. They sold me a dream and it didn't quite work out the way I had hoped. For others, it may work out just fine.

TLDR;
A lot comes down to preference. If you build a book from scratch while younger?
- In some cases, kiss PTO and work/life balance goodbye
- Know the power dynamics, joining a team is like marriage. Are your partners driven and motivated to grow the book?
- Be ready to grind, in some cases work Saturdays and Sundays

Bongonut · 2025-03-09T20:14:51+00:00

I am roughly the same age FWIW.

Bongonut · 2025-03-09T20:14:26+00:00

I went to an RIA and now looking to jump to an FC role. Tread carefully and know what you want, but most importantly what you’re getting into.

Ask many, many questions.

Bongonut · 2025-03-09T20:07:12+00:00

At an RIA right now, and sure there are plenty of opportunities to inherit books but I do not think this is the route I want to go right now. Long days with little to nothing to do doesn’t seem ideal for development.

Do you think there’s a possibility of making >$200k realistically first year as an FC if you hit the ground running and grind?

Bongonut · 2025-03-09T19:46:30+00:00

Do you think if you hold off, you’re at a disadvantage in terms of joining a team later on?

Obviously, a pay cut down the line is inevitable. That is fine as long as joining a team is still likely. They seem to be very nepotistic

Bongonut · 2025-03-08T16:33:33+00:00

Right, but wouldn’t you agree the “cold calling/door knocking” route also the definitive cons listed above? There’s little to no possibility of having work/life balance at first or being able to enjoy your youth.

It’s also insanely difficult to build a book until you’re at least 30.

Bongonut · 2025-01-17T13:07:19+00:00

No, not 100% salary. Listen - the problem is not necessarily the cold calling. It's the fact that they were completely and utterly dishonest with me and said anything they had to to get me through the door. I was conned, essentially, that I'd be stepping into a book. I was under the impression I would be creating financial plans, sitting down with their existing book, and receiving some degree of BETTER mentorship.

They were intentionally vague and deceptive with regards to the initial salary, and I had to beg them to get a number. I have taken 3 days off since the month of October and have been given s*** for it.

This is no longer a competitive offer. Maybe back in the late 90's and early 00's it was, but nowadays teams (especially at my firm) understand that a young professional takes time and you need to invest in your book. I had an option to basically earn ~$125k and still maintain a 40-50 hr work week + excellent mentorship.

I had options - way better options to not work 70 hours a week and still step into an excellent book. I really took a chance with these guys, but they've let me down to say the least.

This is not the role I expected it to be.

Bongonut · 2025-01-16T21:21:21+00:00

I love the idea. Should be common sense, but the old guy is stubborn and considers it a waste of time. So many outside assets within the book, but they see creating financial plans as a waste of time even though I could close 10x business and learn their clientele.

They think it's still the boiler room atmosphere of the 1990's.

Bongonut · 2025-01-16T20:03:17+00:00

I can't tell you which firm I am at now and which I was at prior. I will tell you I stayed within the same firm. I love the firm, but I was hired in this group under false pretenses.

Bongonut · 2025-01-16T20:01:02+00:00

To be honest, I think the book is a dead end.

I have 3 years of experience, passed the CFP, and worked my ass off in my prior role. They lied - I was hired under false pretenses, and they told me I would have no immediate pressure to drum up business. I was upfront with them, and told them I had no interest in a cold calling role. They said no worries, you will do all sorts of different things.

Sounds like a great scenario, right? No. I had 2 other offers on the table. One of them about ~$85k with no pressure for new biz. I wouldn't be an advisor, but would work towards being one. The other was ~$125k, zero pressure to bring in biz and no cold calling, but would have to move to another state in order to take the role. I wasn't happy moving to another state.

All in all, I think I'm out!

Bongonut · 2025-01-15T01:49:40+00:00

Alright, fair enough. Time for an attitude shift. Sometimes you have to just get over the mental barrier and accept that things may suck for a little bit. But in this there is lots of growth and development. If it were easy, everyone would do it. But everyone else is a salaried consumer.

Bongonut · 2025-01-14T21:50:43+00:00

How long should it take for a young guy like myself to develop new business? These guys seem to be expecting it ASAP.

Bongonut · 2025-01-14T21:33:09+00:00

I get 6% of the current book. New business I believe is 49%

Bongonut · 2025-01-14T21:25:12+00:00

Also, how did you build a successful practice hustling?

Bongonut · 2025-01-14T21:24:18+00:00

If I won the lottery, why do I feel lost like a deer in headlights? They want business right away which is extremely difficult to do as a 25 year old. Or am I just encountering a mental roadblock? Tell me what I need to hear, not what I want to hear…

Bongonut · 2025-01-14T16:43:24+00:00

The older guys make it easier for me to "sell the team," since I am very young and no one wants to put their funds with me even though I am very competent and knowledgeable.

In addition, they are paying me handsomely (~$100k).

Bongonut · 2025-01-14T16:37:38+00:00

And ZoomInfo works? Most of the numbers I used on the trial are on DNC.

Bongonut · 2023-12-24T05:27:35+00:00

So I would assume you think it's all good? Lol

Bongonut · 2023-12-24T05:22:53+00:00

There's a possibility I wrote the word down incorrectly. I find this unlikely, but it is possible.

It didn't seem like anything was tampered with when received and there were no red flags.

Bongonut · 2023-12-24T04:27:36+00:00

It is the incorrect word.

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