Hi all,
I have a bit of a unique situation for breaking into the industry, and I’m looking for some input as to what you think would be the better path. My end goal is to become a financial planner (CFP is the goal designation). However, I have a few years before I can make the jump (personal financial milestones, existing workplace benefits, etc.)
Since I have a few years before needing to make a decision, I find myself at a bit of a fork in the road.
Option 1. Open a solo RIA next year after getting my licensing, and build it slowly while I continue working full time job in a different industry. Start doing soft networking and planting seeds in hopes to convert people to clients in the future when the RIA is up, I’m fully licensed, and confident in being able to provide an exemplary product/service.
Option 2. Take a job working under a different financial planner with a start date of 2028/2029. He offered a salary of ~$90K, and I’d be responsible for managing ~100 of the firm’s clients until I get enough AUM to supplement my income and earn $90K+ from my own revenue (and give back his clients, essentially).
My question is, what would you do? If I go the solo route, there’s no pressure, quotas, or things I have to do, as it would be a side/passion project until the revenue is great enough to replace my full time job. I’d be able to build my own brand, dial in on my niche, and build out the work life balance, targets, and identity on my own. On the other hand, option 2 gives me a great set of training wheels, structure, and allows me to jump in from day 1.
I am employed in another industry, and I do have a decent amount of flexibility to be able to slowly start the RIA process. I’ve also contemplated working in academia full time for the benefits suite, and providing a sort of concierge planning practice - but I know I am far away from needing to make those decisions. But I’d love insight and advice from professionals that are CFPs/Planners on what you’d do in my shoes.
Thanks in advance!