#WealthManagement #FinancialPlanning #FinancialAdvisor #7FiguresIn7Years
Hey everyone! 👋 I’m turning 30 soon and looking to make some serious moves in the wealth management industry to secure a better future for my family. I’ve been in financial sales for a while now and while the income is decent, I’m ready to stop starting over every year and start building something lasting.
So, here’s my burning question: What’s the best way to hit seven figures a year in 7-10 years in wealth management? I’ve heard about the importance of working with a producer-oriented Broker/Dealer, but I’m not sure where to start. Should I work under an established manager first or jump into a BD advisory development program? 🤔
Here’s what I’m thinking as a possible solution:
– Consider working under an established manager to learn the ropes and gain valuable experience
– Look into joining a BD advisory development program to get specialized training and support
– Network with successful wealth managers and seek mentorship to fast-track your growth
What do you all think? Any other tips or advice you can share? Let’s help each other reach our financial goals! 💼💰
Start your own firm. Do you have exp? If your starting with none its going to take you 7-10 years to hit 250k again.
You need more leads. When I was an intern at Morgan Stanley in one of their California wealth management offices, I helped scrape leads that they would then cold call.
Turn mormon/muslim and marry a rich wife
OP I have a question. When you say financial sales, can you please specify what are the products that you are selling if you don’t mind. Thank you in advance.
Closely monitor mega millions drawings and pitch your services to winners. Can’t take that long to get to 100-250M in AUM.
Essentially you need to build a book that you own and can hand to your kid or sell at fair market value. You can acquire practices (huge market for that today as most advisors are older and many don’t have a succession plan). You can join an RIA and work your way into their succession plan. You can build from scratch. Lots of ways to do this. Not easy but know many who have high 6 and low 7 figure recurring income from doing just that. They’re not 30 though. Get in now and go all in balls to the walls and by the time you’re 42-45, you could be there. Probably sooner.
Take the DeLorean back to 2010 and buy up lots of bitcoin, apple and nvidia stock.
we need a circle jerk sub at this point lmao
So let’s say you charge 1% per million investable. That’s $10k per client. So $100mm gets you $1mm in production. Great but firm’s have a grid, let’s say you’re payout is 45% so that means your take home is $450k so realistically you’re actual goal is closer to $200mm in AUM in 7-10 years. Now 1% is a respectable fee but no one millions is going to pay that so your fee goes down as the account size goes up. So balancing out the fee needed vs what’s the market fee is something to work out. There’s a lot of fee pressure which has been great for customers and most of it has been on the asset management side not the advisor fee. That’s starting to change as firms are lowering the fees so it might not be competitive to even charge 1% for $1mm much longer.
Wealth management really isn’t the field you get in to make $1mm but it is the field you get into to make $350-$500k and be there for you kids ballgames and graduation.There is certainly possible to make 7 figures in WM but you will be the elite of the elite and something that takes decades not 7-10 years.
What is “financial sales” seems like some bullshit role. Actual advisors get recurring revenue and don’t “start over at zero every month”.
You need proper expectations. You aren’t going to start in wealth management and make 7 figures in 7-10 years. You will start out making like $70k and grow it gradually. Oy exception is if someone hands you their book of business, like usually your parent. You can build one but it’s going to take alot of work, alot of of being in the right place at the right time and patience.