Starting at an RIA vs. Starting at a WIREHOUSE
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Hi everyone,
I first want to wish you all a very good Labor Day weekend and hope your time is spent well.
I just graduated college 3 months ago. I’ve been working at a RIA as a junior advisor, practically doing a lot of service for clients through custodial accounts (Schwab and Fidelity). Currently studying for the 65.
I considered going the wirehouse route before starting, particularly with Merrill. Hurdles were ridiculous, but the real question lies here: If the end goal is to own my own firm one day, or manage my own book, am I in the right place right now? I feel as if I am learning a ton at an RIA, but my learning is slowed due to the fact that my focus is constantly service/paperwork, and not the actual planning. Maybe at ML, UBS, FAA, the hurdles are unattainable, most likely will fail, but WILL I LEARN how to actually advise...? Thoughts on this are appreciated!
Hi,
24 and came into the industry to a big wirehouse. Now at a smaller BD. I was offered double my split and gave up some guranatee.
In my opinon, it has nothing to do with having a huge name behind you.
You are the owner of your book of business, and you make the relationships.
It is a numbers game and every firm is going to teach you marketing ( cold calls, email, Linkedin, etc).
If you can start with a split that is 60/40-70/30 where you are at then that is where you should be. Large firms, it takes 7 years to get to 40 % on your end. Much much worse than wirehouse where you start ahead.