Knowledge and Insight
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'Brutalized' Breakaway Brokers Speak Out: 7 Stories From the Road to Independence
Added on April 2014 in Join an RIA
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Summary: Advisors who break away from wirehouses or big regionals don’t expect a goodbye kiss. Instead, they often get hit right in the gut. ThinkAdvisor’s recent story about Edward Jones’ alleged treatment of feisty breakaway advisor John C. Lindsey, who fought back and won when the firm sued him for $5 million, struck a major chord with other advisors, especially those whose dream jobs turned into nightmare alley when they resigned.
Getting a CFP Is a Lot of Work. Is It Worth It?
Added on April 2014 in Join an RIA
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Summary: Steven Harp has run six marathons and is training for a punishing 140 mile swim-bike-run Ironman, but he says the most challenging thing he's done recently is try to get Certified Financial Planner accreditation. The 32-year old adviser with Northwestern Mutual sat for the CFP exam March 22, along with about 1,570 others. All hope that adding the initials CFP to their business cards will indicate expertise, credibility, and help build their businesses.
Career Options for Breakaway Brokers Grow
Added on April 2014 in Join an RIA
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Summary: Job options for the most successful wealth managers just keep growing.Around six years ago, a wave of small but high-profile firms emerged to target high-producing financial advisers, many of them seeking new alternatives to working at the major Wall Street brokerages such as Morgan Stanley, MS +0.13% Merrill Lynch and UBS. sing a variety of business models, these smaller firms, including HighTower Advisors, Dynasty Financial Partners and United Capital Financial Advisers, tapped into the so-called breakaway movement of brokers who wanted greater independence.
Financial adviser: Maybe not the sexiest job, but among the best paying
Added on April 2014 in Join an RIA
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Summary: A job as a financial adviser may lack the cachet of a position with a white-shoe Wall Street investment bank, but when it comes to salary and flexibility, the industry can make a pretty good pitch.This is especially true for top brass. Partners at financial advisory firms can expect to make a median salary of $324,000 per year, according to InvestmentNews Data. Those in the lower ranks, however, may spend much of their 20s wishing they had picked a more lucrative profession.
Voices: Joe Birkofer, on Becoming a Financial Planner in Middle Age
Added on April 2014 in Join an RIA
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Summary: For 11 years, I've taught a class for Rice University's Certified Financial Planning program. I see teaching as an opportunity to keep my skills sharp and give back to the industry. As a financial planner, it's good to say that I'm teaching what I'm preaching. I normally encounter two kinds of students. The first are career enhancers--established advisers who are looking to add the CFP designation and return to their jobs. The second kind of student--the career changer--doesn't have it nearly as easy.
