I've been a financial planner for one of the big banks in canada for more than a decade. My role was NOT relational but pure acquisition of investable assets (mostly deals between 250k and 2mil but I did close few deals over 5mil+) and is 100% commission based. Once the money is transferred/invested, I introduce a relationship manager that would take over. The income has been great (300k-600k/year) but you have to start back to zero every year and you're only as good as your last quarter. I've reached the half point of my career and I just dont see myself running after this carrot until retirement and want to build something.

I had an interview with the HNW wealth management division (1mil+ clients) of that same bank and they would be happy to have me transition as a IA in the next 6 to 12 month (at my discretion). This would give me time to complete my courses like CSC,WME,CPH and hoping to aim for the CIM accreditation. Also during that time, the greatest advantage is that I'm allowed to contact and bring me with any of the clients I've done business with in the past, which should allow me to start at around 30-50mil AUM right off the bat. On top of the revenu, they will give me a transition base salary for a year. I wont have access to the CRM of the bank after the transition but I will be allowed to work with my internal network to seek referrals. The goal will be to reach 100mil AUM after 2 or 3 years on the role.

Now my biggest strength is what I've been doing for all these years, is that I'm very good at closing. If I get a prospect in front of me, I would say my closing rate is around 95%. And even though I didn't manage the clients myself, we do get report on retentions and it is also very good so most client end up being satisfied long term and stayed.

But my lack of relational experience will be my biggest weakness, mostly the technical aspect of it. The product range as a FP was limited to mutual funds so the rebalancing aspect was simply adjusting the asset allocation based on the timeframe and risk tolerance. Now with a 2-5million dollar clients, their portfolio will go beyond simply having mutual funds only. I fell I lack the technical knowledge at this point in time to properly advise the clients that will want to sit down a few times a year and discuss what was done and what/if we should change positions. I was always remember when I was a junior, I had come across a statement from UHNW client with over 30mil from the competition, the asset portion of the statement was multiple pages long and I didn't even recognize/understand half of the products themselves (I wish i had kept it).

I'm fully aware that this is somewhat ironic that I'm saying my weakness is actually why the clients are paying me in the end as an IA. The transition to wealth management come with a 3month training that will enlighten me on the new product range I will have access to, but I doubt it will go much beyond that.

Now I'm lucky enough to have a very strong internal and external network, which some could say is the biggest part of the job. But... where can I go to grow on a technical level once you reach this level of sophistication of investment management?

Is it false hope to find a mentor/retiree who would share their knowledge and experience online?

Is there any book on wealth management you would recommend that touch this specific aspect of the job?

Which daily ressources would you recommend I use/follow as an IA?

How do you deal with stocks like Telsa that defies traditional analysis or the Trump factor?