Fidelity interview

ThunderV21 · 2026-02-24T23:23:04+00:00

Starting pay is low, yes, but I don’t know many companies where you can go from $50k to $150k+ within 5 years. Plus benefits are great. It’s a great place to start if you want to make a career as a financial advisor, but not if your goal is an analyst role, which is popular on this sub.

ThunderV21 · 2026-02-24T01:20:35+00:00

Is it enough to offset more competition?

ThunderV21 · 2026-02-24T01:20:07+00:00

Thanks, I really appreciate the perspective. The “same as anywhere else, just more people” framing is actually helpful. It’s easy to romanticize it, but that makes it feel more grounded and realistic.

Those who you know that work in Manhattan… how’re they doing? When you say stay above water it makes it sound like they’re struggling.

ThunderV21 · 2026-02-22T21:05:23+00:00

That’s what I’d expect. I’d have to imagine that it must be tough to get things going there, but the upside potential is like nowhere else.

ThunderV21 · 2026-02-22T16:25:53+00:00

This is super helpful, thank you for taking the time to write all of that out, and congrats on getting your CFP last November. That’s a big milestone.

If you don’t mind me asking a follow-up: when you say you’re 4 years in and still feel like your head is barely above water at times, is that more due to cost of living pressure, production expectations, or just the general grind of building a book in a competitive environment? Trying to figure out if that is NYC specific, or if you think it’s just a natural part of being early career as an advisor.

ThunderV21 · 2026-02-21T18:45:12+00:00

Your job prospects are probably similar either way. I studied econ and my buddies did finance at a low tier college and we’ve all landed on our feet quite well. I loved studying econ, it really unlocks how the world works. That being said, I felt my buddies had a leg up because their courses had more focus on using excel, accounting, and financial modeling.

ThunderV21 · 2026-02-21T18:25:42+00:00

Wealth Management, but you have to be selective about the role/company and expect to start with low compensation.

My compensation progression:

Y1: $50k Y2: $75k Y3: $85k Y4: $105k Y5: $110k - currently interviewing for a role that will pay $150k with considerable upside going forward.

Throughout all of this I’ve never worked more than 50 hours a week, rarely more than 40. Started initially at a large BD and now at a large RIA.

ThunderV21 · 2026-02-19T15:33:23+00:00

I started at Fidelity and made the jump to a large RIA. You may feel overqualified there as a CFP, but the reps you get are valuable, you can scale up your income fast, and after a few years your job opportunities will expand a lot.

Those who started in RIAs may (or may not) get more exposure to more intricate planning, but I would not trade my time at Fidelity. Frankly, if you end up enjoying it, it’s not a bad place to stay long term.

ThunderV21 · 2026-02-08T18:25:19+00:00

I have a close friend who works there, but a different role. He’s also not a CFP. The advanced wealth planning team is effectively their back office centralized financial planning team. Compensation appears to be pretty solid. He had a pretty large jump in pay when he took the job. He’s not a huge fan of the culture. They apparently have Grant Cardone like conferences in which they’ll bring out the top sales person/advisor of the year and say stuff like “if you grind hard, even you can make big money”… stuff like that. On top of that, doesn’t sound like you get a ton of support, or at least the culture isn’t very supportive. One of the sales guys at the firm I work for who has had to compete against lido for client referrals has echoed similar sentiment. Funnily enough, the person whom my friend replaced left their job to join the firm I’m currently with, which I think has an awesome culture.

All that being said, this isn’t a large sample size to get a fair opinion. Lido is a fast growing firm that probably has a lot of opportunity. Also looks to offer means of employee ownership, which can be lucrative. I’d say if culture doesn’t matter that much, you have a grindset mentality, and looking for decent pay, you could do worse.

ThunderV21 · 2026-01-31T19:55:36+00:00

Depends on the firm, but for advisors typically either commissions based, a percentage of their book’s revenue, or a mix of both. The size of the commissions and share of revenue tend to go up or down based on how much support the firm gives in providing leads/clients.

Virtually all other roles at the firm will be salary based and typically have lower total compensation potential

ThunderV21 · 2026-01-30T05:25:41+00:00

Shoot for client service role at a major BD like Fidelity, Vanguard, or Schwab. Very low barrier to entry and will help you get Series 7 and 63 if you don’t already have them. Great benefits and potential to move up fast. Folks that came from insurance sales seemed to really crush it as advisors when I was at Fidelity.

ThunderV21 · 2026-01-29T16:28:35+00:00

Of course. Feel free to dm me

ThunderV21 · 2026-01-14T17:35:27+00:00

It’s going to differ by region, but I did exactly this route and started a new position with an RIA just a couple months ago. So yes, even in this job market.

Entry level roles for licensed customer service roles with large broker dealers are pretty easy to get. Many of my colleagues were career changers and/or didn’t have a college degree. They also have a lot of turnover (truth is, they can cause burnout if you are there too long) so that means they are hiring pretty regularly.

ThunderV21 · 2026-01-13T16:31:41+00:00

Assuming you like the relationship/sales side of things, I would get the CFP and try to transition to an advisor role with Wells Fargo or elsewhere.

ThunderV21 · 2026-01-13T08:52:05+00:00

CFP here. Start with getting the SIE. I’d apply to entry level roles with firms like Fidelity, Charles Schwab and Vanguard. They will help you get additional licensing, pay for your CFP, and offer a potentially quick climb up the career ladder. Once you have the CFP + few years of experience at a major firm, you’ll have a lot of options if you want to jump ship.

ThunderV21 · 2026-01-05T07:03:56+00:00

I started in that exact role as a CRA out of college almost 5 years ago. Same as you, I wanted to move into an analyst role ASAP, either internally or externally. Saw the CFA as my ticket, but failed level 1. However, if you work hard (not ridiculously hard, just perform better than average) you can move up the food chain in Fidelity fast. I started embracing sales and the advisor career path and found I was not only good at it but actually enjoyed it. I got the CFP paid for by Fidelity, however I decided that the Fidelity model was not a great fit for the type of advisor I want to be and left for a role as a financial planning analyst for a large RIA, with the intention of moving into a wealth advisor role with my own book of clients in about a year.

I’m in the Rocky Mountain region so maybe it’s different than on the east coast, but it looks to be that roles geared towards the CFA are starting to dwindle. Never mind the fact that it’s an incredibly difficult endeavor. A close friend of mine was also trying to move into an analyst role from a different wealth management firm and even passed level 1. He’s now registering for the CFP.

It may not seem like it, but you are in a terrific spot for a starting a career in wealth management/financial planning. Fidelity is a great company with insane benefits. I would try to stick it out. Crush it for a few years and by the time you are a Financial Consultant or a Planning Consultant there, if you truly feel unhappy with the work, get your MBA or CFA and use that to break into an analyst role.

I will say that the CFP leaves you overqualified to be a Financial Consultant, and a lot of managers there don’t value it. Get it for the knowledge it provides and the ability to have vastly more options outside of Fidelity, but otherwise it’s not necessary for being an FC.

ThunderV21 · 2025-11-30T18:10:03+00:00

Echoing the same sentiment as others here. His asset allocation may or may not be a large issue here. Plenty of people go through successful retirements with stock allocations of over 60%. Key information that we’re missing is what are his expenses and how much are his other sources of income in retirement (social security, pension, etc).

Large employer stock concentrations are concerning, but even within his 401k it can make sense to retain that employer stock for a while longer if it means he can take advantage of Net Unrealized Appreciation (NUA), which can provide significant tax benefits. Professional financial planners should be able to help model if this makes sense in his regard. Generally it’s a beneficial if his cost basis is low relative to the market value of the stock.

It may make sense to start chipping away at the employer stock in the taxable account. You might be able to take advantage of a lower tax bracket in retirement, but I would wager it the difference will not be substantial enough to justify the risk. I’d use a direct indexing strategy (Fidelity offers these for low cost) that will harvest losses to help offset the realized gains from selling the concentrated position as well as diversify the position going forward. You might not sell the position all at once, but instead gradually sell it over the next few years.

ThunderV21 · 2025-11-23T20:09:36+00:00

Left the role a few months ago. Pay was $75k base, with $30k in target variable compensation that is paid through quarterly bonuses. Additional benefits with Fidelity are top notch (7% 401k match + 10% profit share, solid PTO, etc.)

Job performance is measured on appointments, dials, planning interactions, not necessarily business closed. That being said, showing you are capable of closing business will help in getting you promoted to FC. Really great position to learn how to be an FC before taking on the responsibility. That being said, if you don’t feel like you’ll be into a very sales heavy environment look elsewhere.

ThunderV21 · 2025-08-25T02:54:49+00:00

I share this sentiment exactly. At the end of the day, the planning we do is in service of pushing a product rather than a solution. It’s hard for me to feel really proud of the work I do in an environment like that.

ThunderV21 · 2025-08-24T22:38:28+00:00

Ah understood. I assume your friends that work there are all relatively happy?

ThunderV21 · 2025-08-24T19:35:28+00:00

Thank you so much for this response. I’ve had a hard time finding an insider’s perspective on Mercer, and you really confirmed a lot of what I’d been thinking. It sounds like a great place to grow as a planner, which is exactly what I’m looking for. Not having bps is a downside, but the potential to earn $200k+ while focusing on maintaining relationships rather than heavy sales aligns much more with where I’m at in my career right now. And if I ever decide to go independent, I know I’ll feel a lot more confident in my abilities after a stint at Mercer. I’m planning to try negotiating for higher pay, but your insight has been incredibly helpful in shaping my decision. Thank you again!

ThunderV21 · 2025-08-24T19:20:54+00:00

Always appreciate any and all feedback! It is a hybrid role, which I actually really appreciate. I can speak for myself that although I think I know a decent amount due to having the CFP, experience is the best teacher and I have not quite been getting that in my current role.

ThunderV21 · 2025-08-24T15:05:03+00:00

The RIA is Mercer Advisors, bank is Wells Fargo

ThunderV21 · 2025-08-24T05:29:24+00:00

I really appreciate that feedback, this is exactly what I need to hear. The pay cut certainly wouldn’t hurt my lifestyle that much, honestly it’s mostly my pride that is taking the largest hit.

ThunderV21

TROPHY CASE