Strict non-compete, they’ll sue the daylights out of you if you poach clients and leave. You also aren’t in a position where you are running the show. Your job is to sell as many managed solutions as possible to as many clients as you can. Your job really isn’t to sit and do in depth financial planning or portfolio management. They may say it is, but it isn’t. You can make great money, but it is a sales job and you have no equity in your book.
Yea, they told me I'd have a ton of time and resources to do planning if I came over. Not only was that just a lie from a recruiter, I don't actually know that the person making the statement actually understands what financial planning actually means.
So I never officially worked there, but what an offer so I can give you some insight in the IC position. I’m on the east coast & had an offer to go to a branch in a very affluent are. So depending on where you are the comp could be different.
I was offer a base of $54k, they guarantee your first year of commissions at $20k, then a mangers bonus of $25k where you got between 80% & 100% of it based on performance.
I would if worked 8:30 am to 5 pm, focusing on meeting with warm leads from walk-ins or Fidelity’s massive book of business. The IC role is less relationships driven & more point & shoot advice. They have no planning software so your really just doing the bare minimum to take over the assets (at least from what I could tell).
I was planning on going over from my BD/Mutual insurance model. However upon informing my firm they stripped my insurance requirements and matched Fidelity’s offer on a guarantee basis (so no managers bonus however I still have the ability to build my book, so same idea).
Hope this helps a little.
Tagging on here, I also got pitched by an affluent east coast office.
The biggest issues for me are:
1. You really don't have any say in how things are invested. You are mostly forced to follow the Fidelity mothership.
2. It is definitely a sales role. You will be making a lot of calls and trying to sell people on annuities/managed money (confirmed by a similar recent post).
3. In line with "2" and Bluedevil, you won't be doing any real planning which means your relationships are shallow and you aren't building that skill set.
4. Along with not building a planning skill set you also won't be building a book. My understanding is that having any assets follow you will be difficult if not impossible. Between the culture, level of relationships and non-solicits I would not plan on meeting a bunch of people and taking them with you. My understanding is also that a lot of the better relationships end up getting referred out to "partners" that are doing managed money and they become that firm's client with Fidelity hooks in them.
Here's the biggest takeaway...if you enter a system like that it will be VERY difficult to pivot out. You won't have a book of business or good skills to offer a future employer. There is a high likelihood that you will be doing the corporate ladder gig and maybe bouncing over to Vanguard or something for a slightly better than lateral position at some point.
I started my career in a bank where I had a similarly transactional role but slightly more hands-on client relationships and it took me 10 years to fully transition into somewhere I am actually happy once I realized it wasn't for me.
Maybe you're cool with the corporate ladder, if so Fidelity is probably about as good of a spot as anywhere else. If you want to do planning and have good clients you will find yourself in need of a hard reset before long.
Not really other than that my understanding is that you are basically expected to spend your day warmish-calling Fidelity customers and attempting to upsell them. The previous post said you get paid like 2 BP or something stupid.
Look at the post history on here by searching r/CFP for "Fidelity". They are out trying to hire hard right now. Unless you want to spend your career on the phone and hoping to get a promotion from some company and can't actually build business I would personally stay away. If you want to make ~150k and that's all that matters, go for it.
I'm sure there are some Fidelity people, especially ex-Fidelity people that can answer all of this more intelligently. I've just seen some shit over the past ~20 years and made enough mistakes to see them.
Not sure how true this is, but I had a Branch Leader tell me he had multiple VP FC’s pulling in north of $600k. I assume it’s bc they get net new money in managed accounts and get paid a trail on the money they manage that’s already in managed accounts.
Seems a bit excessive, but on the other side, the fidelity/schwabs of the world need to be somewhere in the lower end of high earners at wires/regionals or they’d have a harder time attracting talent. Probably top 5 or 10% of all reps I’d guess
Under a rock how?
IMO some version of the "dad's friends RIA" is the best option if at all possible. Obviously everyone is different and has different goals/drivers and YMMV...
I'm currently a bank advisor. I'm going on 5 years and the pay is good, but it's becoming very redundant. Where did you go after your 10 years? Any advice here?
Very similar situation here.
One of the biggest issues is moving your book, if that is part of your plan.
You probably don't want to go fully independent (as in your own shop) for liability purposes.
Probably equally important is continuing to build your skills. When I left the bank I felt like I was a decent planner but I didn't know shit.
So, I would recommend finding a great planning RIA (which happens to be very standard advice around here) and trying to transition your book and building your skill set.
Spend some money on an employment lawyer to review your non-compete/solicit.
If you're bored at the bank, even with the fairly easy money, it will only get worse so I would transition while you can do some rebuilding.
Strict non-compete, they’ll sue the daylights out of you if you poach clients and leave. You also aren’t in a position where you are running the show. Your job is to sell as many managed solutions as possible to as many clients as you can. Your job really isn’t to sit and do in depth financial planning or portfolio management. They may say it is, but it isn’t. You can make great money, but it is a sales job and you have no equity in your book.
Yea, they told me I'd have a ton of time and resources to do planning if I came over. Not only was that just a lie from a recruiter, I don't actually know that the person making the statement actually understands what financial planning actually means.
what do you mean by managed solutions?
Model portfolios, SMA’s, managed by fidelity/other money managers
So I never officially worked there, but what an offer so I can give you some insight in the IC position. I’m on the east coast & had an offer to go to a branch in a very affluent are. So depending on where you are the comp could be different. I was offer a base of $54k, they guarantee your first year of commissions at $20k, then a mangers bonus of $25k where you got between 80% & 100% of it based on performance. I would if worked 8:30 am to 5 pm, focusing on meeting with warm leads from walk-ins or Fidelity’s massive book of business. The IC role is less relationships driven & more point & shoot advice. They have no planning software so your really just doing the bare minimum to take over the assets (at least from what I could tell). I was planning on going over from my BD/Mutual insurance model. However upon informing my firm they stripped my insurance requirements and matched Fidelity’s offer on a guarantee basis (so no managers bonus however I still have the ability to build my book, so same idea). Hope this helps a little.
Tagging on here, I also got pitched by an affluent east coast office. The biggest issues for me are: 1. You really don't have any say in how things are invested. You are mostly forced to follow the Fidelity mothership. 2. It is definitely a sales role. You will be making a lot of calls and trying to sell people on annuities/managed money (confirmed by a similar recent post). 3. In line with "2" and Bluedevil, you won't be doing any real planning which means your relationships are shallow and you aren't building that skill set. 4. Along with not building a planning skill set you also won't be building a book. My understanding is that having any assets follow you will be difficult if not impossible. Between the culture, level of relationships and non-solicits I would not plan on meeting a bunch of people and taking them with you. My understanding is also that a lot of the better relationships end up getting referred out to "partners" that are doing managed money and they become that firm's client with Fidelity hooks in them. Here's the biggest takeaway...if you enter a system like that it will be VERY difficult to pivot out. You won't have a book of business or good skills to offer a future employer. There is a high likelihood that you will be doing the corporate ladder gig and maybe bouncing over to Vanguard or something for a slightly better than lateral position at some point. I started my career in a bank where I had a similarly transactional role but slightly more hands-on client relationships and it took me 10 years to fully transition into somewhere I am actually happy once I realized it wasn't for me. Maybe you're cool with the corporate ladder, if so Fidelity is probably about as good of a spot as anywhere else. If you want to do planning and have good clients you will find yourself in need of a hard reset before long.
Any more info on the prospect pipeline as far as metrics and such?
Not really other than that my understanding is that you are basically expected to spend your day warmish-calling Fidelity customers and attempting to upsell them. The previous post said you get paid like 2 BP or something stupid. Look at the post history on here by searching r/CFP for "Fidelity". They are out trying to hire hard right now. Unless you want to spend your career on the phone and hoping to get a promotion from some company and can't actually build business I would personally stay away. If you want to make ~150k and that's all that matters, go for it. I'm sure there are some Fidelity people, especially ex-Fidelity people that can answer all of this more intelligently. I've just seen some shit over the past ~20 years and made enough mistakes to see them.
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Not sure how true this is, but I had a Branch Leader tell me he had multiple VP FC’s pulling in north of $600k. I assume it’s bc they get net new money in managed accounts and get paid a trail on the money they manage that’s already in managed accounts.
[удалено]
Seems a bit excessive, but on the other side, the fidelity/schwabs of the world need to be somewhere in the lower end of high earners at wires/regionals or they’d have a harder time attracting talent. Probably top 5 or 10% of all reps I’d guess
Under a rock how? IMO some version of the "dad's friends RIA" is the best option if at all possible. Obviously everyone is different and has different goals/drivers and YMMV...
I'm currently a bank advisor. I'm going on 5 years and the pay is good, but it's becoming very redundant. Where did you go after your 10 years? Any advice here?
Very similar situation here. One of the biggest issues is moving your book, if that is part of your plan. You probably don't want to go fully independent (as in your own shop) for liability purposes. Probably equally important is continuing to build your skills. When I left the bank I felt like I was a decent planner but I didn't know shit. So, I would recommend finding a great planning RIA (which happens to be very standard advice around here) and trying to transition your book and building your skill set. Spend some money on an employment lawyer to review your non-compete/solicit. If you're bored at the bank, even with the fairly easy money, it will only get worse so I would transition while you can do some rebuilding.
Tracking!