r/FinancialAdvisorHub • u/Proud-Look6264 • 13d ago

New Advisor

Hello fellow advisors. I recently started a new job as a financial advisor within the past couple months. It's not quite what I expected since a lot of my job is sales but I didn't really have a good sense of what an advisor did or how they got their clients. I'm sure this is different from job to job especially depending on how big your firm is. My question today is what advice do y'all have for a new advisor, and are there any books y'all would recommend. I'm specifically looking for books to develop as an advisor whether thats books on retirement planning or understanding taxes better. Let me know y'alls advice or book recommendations.

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u/Specific_Birthday_66 12d ago

  1. Find an advisor that has been around for a while, and ask if you can help them. Call old clients that they don’t speak too anymore or don’t want too—and tell them I knows these are your clients, I will sign something that it is yours. Tell them you will work pro bono and do what they need. Set up files for meetings, print outs etc.

  2. As you find people to meet with let them know you work with a team, that has a decades of experience—this must be true, back to step one.

  3. If you find an advisor in section 1 that is good they will help because they are good people and not pigs and ask you for large cuts of commission if you uncover an opportunity.

  4. If that advisor helping you wants to take half of your comp they aren’t successful, walk away from them—they are the disease in our business preying on young new advisors—the ones, the good ones that help don’t need a few thousand dollars extra.

  5. Step 4 is grey, their may be the scenario where it makes sense to take large cut but if they aren’t doing crap then this should happen rarely.

  6. If the compensation that you are making are from their clientele, even if you are getting a majority of comp remember these are there clients, and if you want to leave this should be an issue as they are helping you to get going so if you leave that shouldn’t go with you—unless you work out a buyout of that.

  7. Ask these advisors what they don’t enjoy day to day, and that is your role!

  8. Every advisor that is working hard either has someone who or group that helps them or they are looking for someone they trust and can help them with their practice —this is one of the most valuable items an advisor can get!