Career Advice

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mlpfs1128's picture
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Joined: 2007-05-28

This is a rephrasing of a question I put up under the topic "Management Issues", but got no responses to.
Any thoughts on going from FA, to non-producing ABOM, then about a year and a half into it, deciding maybe this is not for me, rather own my own business, (as an FA). I never actually gave up my book, just havent grown it, in the last 1 1/2 years. Doing about 300k, 70% fee based, strong relationships. So I have a base from which to build if i did go back.
The upside, an easier life, take care of myself, not worry about other peoples BS, not be tied to the office, more control over my own destiny.
The downside, less money for about 2 years, till I get my production up to the level where it replaces the salary I will give up by going back to focusing on production.
One might ask what made me go managment in the first place, answer is, potential money (being older, I dont have the time necessary to build a million dollar book, then enjoy it for 10 years), and also the challenge, and idea of running a bigger business.
Relevant Facts:   I'm at a wirehouse, plan to stay put for the rest of my career, was 5 1/2 years LOS, when I went the managment route, 7 yrs LOS nowa nd I am in my mid 50's, plan to work another 10 years.
Tough decision in that its tough to go backwards.

troll's picture
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Joined: 2004-11-29

Dude, there's no way I would manage a branch. You've got a nice book and you can have a blast building it even more. If anything ever happens under your watch, as a BM, you're out on the street. You've seen it happen to other guys. There's nothing wrong with getting out of bed with mgmt. and carving out your own little piece of the universe.
I've known a number of guys who have done what you're thinking of doing. None of them had any regrets.

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