Why I Will Never Work for a Bank (Financial Advisor) financial advisor

This is a pretty biased video. As an FA in a retail bank, your goal isn’t to be the branch manager. That’s not how the ladder works. You would progress to the equivalent of a regional manager for FA’s you once were. This is a good entry point with those who don’t have a huge network or wealthy families. Also a great point for someone to learn the ropes.
As an FA at most wire houses, sure you can make much more money. But the risk is there too with it all being dependent on you sourcing these new clients.

In terms of products you can or can’t use; it’s all about your firm. Most firms now have platforms where you can use other firms products.

Going independent comes with a ton of liability. Not just the business side but also suitability. Insurance, office, buying access to firms platforms, etc are all expenses the average Joe like me, isn’t going to be able to handle. That being said almost all those who go independent only do so after building a book of clients. If you’re starting off, that’s not feasible. Not to mention having a well known firm name on your business card is sometimes better at grabbing attention then a one off independent company.

Wow Anderson, great information. For these reasons is why I recently left working as a personal banker at PNC Bank and partnering with a private equity company and insurance company to provide investment opportunities and financial support for people I serve. Thanks

Great video Anderson. You've got the right amount of information to keep us learning throughout the whole video