My situation is probably a little unique. I'm the former president/CFO
of a $300 million publicly traded community bank. We sold out a few
years ago before the market collapsed and I took a few years off to help raise
the kids while my wife pursued a new career.
Three years later and I'm going nuts-I really need a new challenge and
career. I'm passionate about financial planning and investing- I
also have a fair amount of experience. I managed money for the bank and have
read just about everything I could find on financial planning over the past
five years. I've built my own excel models and purchased and learned to
use several financial planning/investment software packages as well.
Like anyone looking to enter this field, I bring both pros and cons to the
Potential client pool of over one hundred contacts (a few HNW) who did quite
well as both employees and investors at the bank I was with.
I do not need to make a lot of money doing this, and very little to start
with. Over time, I'd be fine with considerably less than six figures and a
decent work/life balance.
I am willing and able to make an equity investment into an existing firm or
to buy into an existing practice.
I'm fifty years old, maybe too old to get started, and I'm too used to being
my own boss.
I'm an introvert. I'm a good communicator and I am a driven
goal-oriented person, but I don't have the personality attributes of the
typical successful salesperson.
I would want to work with a fee-based model, which obviously limits my
I have no licenses or sales experience (though I am currently studying for
the Series 65 on my own).
I have received numerous emails from insurance companies trying to solict me
as a salesperson--Prudential, Metlife, etc. ---really not what I'm looking for.
I thought about establishing my own practice as an RIA, but most of what
I've read on these forums indicates a minimum of $10-15 million AUM before
that's even a remotely viable option. I suppose I could try to land
something at Jones but the idea of spending the next two years knocking on
doors doesn't hold a lot of appeal. I've thought of reaching out to banks, but
I'm not really interested in peddling variable annuities.
I know there are plenty of noobs (and knobs) asking for advice about
starting out in this business (no wonder the attrition rate is so high).
But I'd greatly appreciate the input of anyone who has an opinion on whether I
may be a viable candidate for success in this field, and if so, what might be
the best way for me to enter it.