Moving to a New City and becoming a Financial Advisor - Is it Possible?

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Comments (19)

Ryan in Philadelphia, Pennsylvania

58 months ago

I'm considering a move from the east coast to southern California and beginning a career there as a financial advisor. I'd like to hear some thoughts and opinions on the reality of starting/building a new practice in a completely different city than where you currently live and where you may have little to no contacts. Are there any of you out there that have done this successfully? What were the biggest challenges or hurdles? What would you have done differently if you could do it over again?

I think that establishing a client base will be the most difficult part of the job, but I believe this is the most challenging aspect of the job regardless of where you start your career as an advisor. My current reasoning is that, as an FA, most of your clients turn out to be strangers at first while prospecting (with the exception of a few friends and family) so where you begin your business may not be quite so important if all of your prospects are essentially strangers. I do have more friends and family here on the east coast, but who's to say that they'll even become my clients?

Also, this is not really a question about which firm I should go to or what I need to do in order to prepare to become an advisor. I am very familiar with the background of the profession having worked in the financial industry for several years in the analysis and operations area in both New York and Philadelphia. This is all about the question of relocating to a new city and starting a career there as a new advisor vs., staying put and starting your career in your current city.

Please let me know your thoughts.

Thank You!

(P.S. – If it helps you with your answers, I’m considering moving to the following areas in CA: San Diego, Orange County, Los Angeles, Ventura, and Santa Barbara).

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Danny in Orange, California

58 months ago

Ryan,

I am considering doing the same thing. I currently live in Southern California but am looking at going elsewhere and becoming a FA. I came out here 10 years ago not knowing a soul and I built a business I just sold. I don't think it really matters.... if you want to do the work I believe you can build a business wherever you go. It might be easier to have some contacts but at some point you will run out of those and have to continue to grow your business anyway. I say go where you want to go work hard and reap the benefits.

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Ryan in Philadelphia, Pennsylvania

57 months ago

Thanks for the advice Danny. Where are you considering moving to and why not stay in Southern California and become a FA?

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Ryan in Philadelphia, Pennsylvania

57 months ago

And what kind of business did you build and sell?

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K Brown in Suwanee, Georgia

55 months ago

Hey Ryan did you end up moving to California? If so how is your FA career going? If you need any help plugging into some people, let me know.

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Steve

41 months ago

Let me give you a gentle warning. I have 24 years of experience as a financial planner, 21 as an independent. I have had a reputation of being able to build a million dollar practice anywhere I go...until I moved to a very closed, clanninsh Southern city to "join" a local firm with a history. Suffice it to say I spun off on my own and have only picked up 12 clients in three years. All of this right after The Stanford Group fleeced this city, and Madoff struck, during the worst economic times in history, beginning in 2008.

Pick your location carefully!!!!!!!! I have spent $45000 per client. Dumb! I am moving on to Houston, a much better environment. Make sure you have liquidity and a years worth of income and marketing dollars. I have many other pieces of valuable advice if you would care to hear them. Drop me a line.

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Joe in Lawrence, New York

41 months ago

anyone know of broker dealer that will hire with negative credit?

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Joe in Lawrence, New York

41 months ago

K Brown in Suwanee, Georgia said: Hey Ryan did you end up moving to California? If so how is your FA career going? If you need any help plugging into some people, let me know.

hi my credit is less than stellar - know any broekr dealers that will hire- was a victim of fraud

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Canadian Aussie in Sydney, Australia

37 months ago

Steve said: Let me give you a gentle warning. I have 24 years of experience as a financial planner, 21 as an independent. I have had a reputation of being able to build a million dollar practice anywhere I go...until I moved to a very closed, clanninsh Southern city to "join" a local firm with a history. Suffice it to say I spun off on my own and have only picked up 12 clients in three years. All of this right after The Stanford Group fleeced this city, and Madoff struck, during the worst economic times in history, beginning in 2008.

Pick your location carefully!!!!!!!! I have spent $45000 per client. Dumb! I am moving on to Houston, a much better environment. Make sure you have liquidity and a years worth of income and marketing dollars. I have many other pieces of valuable advice if you would care to hear them. Drop me a line.

Hi Steve

I have been working in Australia for 5 years as a financial adviser with standard FA experience and feduciary(power of attorney) experience. I am planning to relocate to the US next year to be closer to family. Many people have recommended Texas on general economic and lifestyle factors. I will need to retrain to the US system and start from scratch.I am completly open to any ideas and suggestions... thanks

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Kate in Philadelphia, Pennsylvania

37 months ago

Hi Steve-

I would LOVE to speak to someone that has moved around a bit as a fianncial advisor as I'm trying to break into this industry. Could you email me at: katejoynt@gmail.com? It would be much appreciated. I'm in the interview process now.

Thanks,

Kate

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Kate in Philadelphia, Pennsylvania

37 months ago

and Ryan- I see it's been quite a while since you initially posted. Did you make it out to CA from PA as a financial advisor?!

Kate

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Steve Stahler in Houston, Texas

37 months ago

Canadian Aussie in Sydney, Australia said: Hi Steve

I have been working in Australia for 5 years as a financial adviser with standard FA experience and feduciary(power of attorney) experience. I am planning to relocate to the US next year to be closer to family. Many people have recommended Texas on general economic and lifestyle factors. I will need to retrain to the US system and start from scratch.I am completly open to any ideas and suggestions... thanks

Absolutely Texas is a great place and perfect for starting a new financial planning/biz. International community, great people and resources. Let me know what you are going to do I can embellish further. I have had a practice in Iowa, Chicago, Spingfield Missouri, Baton Rouge ( I absolutely don't suggest outsiders try that place) and now Houston.

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Steve Stahler in Houston, Texas

37 months ago

Kate in Philadelphia, Pennsylvania said: Hi Steve-

I would LOVE to speak to someone that has moved around a bit as a fianncial advisor as I'm trying to break into this industry. Could you email me at: katejoynt@gmail.com? It would be much appreciated. I'm in the interview process now.

Thanks,

Kate

See your inbox

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Canadian Aussie in Sydney, Australia

37 months ago

Steve Stahler in Houston, Texas said: Absolutely Texas is a great place and perfect for starting a new financial planning/biz. International community, great people and resources. Let me know what you are going to do I can embellish further. I have had a practice in Iowa, Chicago, Spingfield Missouri, Baton Rouge ( I absolutely don't suggest outsiders try that place) and now Houston.

Hi Steve

I could really benifit with a conversation offline. Could you send an email to m.c.stetson@gmail.com

thanks, Michael

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kylefruzz in Huntsville, Alabama

33 months ago

Joe in Lawrence, New York said: anyone know of broker dealer that will hire with negative credit?

Im looking also for a financial advisor or planner? do you have to get a degree for it or is there just a class for it specificaly? Iv'e been this site ultimo.financial-planners-sydney.com.au and it helps some.

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Michael in Needham, Massachusetts

23 months ago

Steve said: Let me give you a gentle warning. I have 24 years of experience as a financial planner, 21 as an independent. I have had a reputation of being able to build a million dollar practice anywhere I go...until I moved to a very closed, clanninsh Southern city to "join" a local firm with a history. Suffice it to say I spun off on my own and have only picked up 12 clients in three years. All of this right after The Stanford Group fleeced this city, and Madoff struck, during the worst economic times in history, beginning in 2008.

Pick your location carefully!!!!!!!! I have spent $45000 per client. Dumb! I am moving on to Houston, a much better environment. Make sure you have liquidity and a years worth of income and marketing dollars. I have many other pieces of valuable advice if you would care to hear them. Drop me a line.

Any particular reason for the move to Houston, TX?
I know that, currently, Texas is a decent place to find employment BUT it depends on the type of job. The state specializes in Oil/Gas but services are needed to help the workers.

What's the financial planning field like after the financial crisis?

Thanks!

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mchan1 in Boston, Massachusetts

23 months ago

Steve said: Let me give you a gentle warning. I have 24 years of experience as a financial planner, 21 as an independent. I have had a reputation of being able to build a million dollar practice anywhere I go...until I moved to a very closed, clanninsh Southern city to "join" a local firm with a history. Suffice it to say I spun off on my own and have only picked up 12 clients in three years. All of this right after The Stanford Group fleeced this city, and Madoff struck, during the worst economic times in history, beginning in 2008.

Pick your location carefully!!!!!!!! I have spent $45000 per client. Dumb! I am moving on to Houston, a much better environment. Make sure you have liquidity and a years worth of income and marketing dollars. I have many other pieces of valuable advice if you would care to hear them. Drop me a line.

Almost forgot... please drop me line at mwtchan1@gmail.com

I'd really appreciate it as I'm considering switching careers from tax accounting.

Thanks!

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Kyle in Kansas City, Missouri

18 months ago

Steve,

I would like to hear those ideas as well. I'm moving to kcmo and would greatly appreciate the help.

Thanks

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SamL in Beverly Hills, California

16 months ago

Kate in Philadelphia, Pennsylvania said: Hi Steve-

I would LOVE to speak to someone that has moved around a bit as a fianncial advisor as I'm trying to break into this industry. Could you email me at: katejoynt@gmail.com? It would be much appreciated. I'm in the interview process now.

Thanks,

Kate

I use to work at a financial advisor firm for a few years before moving on. Below is an article that I think will answer a lot of your questions if you are thinking about starting in the industry.

www.jobunlocker.com/blog/8-things-you-should-know-before-getting-a-job-as-a-financial-advisor/

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