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June 12, 2007 at 08:08 AM
A few (what seems to be) ages ago, I started my consulting business by giving career advice to young professionals and career changers entering the planning profession. It was, and still is, one of the most enjoyable things I do.
The questions asked by you have changed over the years. In the past, they were like the following: How do I find a job in the profession? What type of business should I work for–fee-only, brokerage, independent? What should I expect for a starting salary? How do I add value to the firm I am working for? How do I ask for a pay raise?
Today, economics have helped answer those questions. For example, with the current shortage in supply, it’s not as hard to find a job, and most people want to work for independent advisors. We now have lots of research on what constitutes acceptable salary ranges and how to determine your value to the firm. However, there is still little information about being a partner in a firm.
