Girlfriend’s Unique Opportunity: What Do You Think?
Hello Everyone,
I am in a relationship with a remarkable woman (23F) whom I plan to marry. She excelled as valedictorian in high school, and her college actually paid her to obtain her degree in finance due to her talent with numbers. Initially, a finance job was not in her plans, but since we started dating, I have made it easier for her as I work in real estate and have a passion for the market. Now comes the interesting part of her story.
Her mom introduced her to a Certified Financial Planner (CFP) some time ago, and he offered her a position at his one-person firm upon her graduation. With 60 assets under management (AUM), he provided her with a small hourly wage to start, while she obtained her 7 and 66 licenses, along with an insurance license (all of which she passed within 5 months of starting). After this, her boss increased her salary to $45k per year and allowed her to start accepting clients with a 50/50 split of commissions – which could be negotiated as she brings in more clients. I believe this opportunity is quite valuable, as she can continue earning money while building her client base, unlike my job where success is more binary.
In an exciting turn of events, her boss has expressed his intention to gradually retire in 5 years and eventually sell his book of business to her. She is currently meeting and working with clients, and I believe most will remain with her after the transition. Despite her concerns about her compensation and setting herself up for success, I remind her that the true value of her position lies in the future opportunities it presents, rather than immediate financial gain.
Having been fully licensed for 6 months, she has already brought in $400k in AUM. Her boss now wants her to shift her focus from client work to pursuing CFP certification, with plans to test in July 2025.
Do you think this opportunity is as promising as I believe it to be? What advice do you have for her as she navigates the potential buyout of her boss and the growth of her own business?
One response
Response:
It sounds like your girlfriend has an incredible opportunity ahead of her! Given her strong academic background, quick acquisition of licenses, and successful client acquisition so far, it seems like she is on the right track toward a successful career in finance.
Here are some points to consider when evaluating this opportunity:
Mentorship and Experience: Working with a seasoned CFP with a well-established client base is invaluable. This will allow her to learn from someone who has been successful in the industry and build relationships with clients early on. The experience gained during this time will be crucial for her future success.
Potential for Ownership: The fact that her boss is considering selling his book/business to her is a huge vote of confidence in her abilities. This could potentially provide her with a solid foundation for building her own business in the future. Make sure she takes full advantage of the opportunity to learn the ins and outs of running a financial planning practice.
Certifications and Education: Encouraging her to focus on getting certified as soon as possible is important. The more knowledgeable and qualified she becomes, the better equipped she will be to serve her clients and grow her business.
Financial Considerations: While it’s important for her to focus on the long-term potential of this opportunity, it’s also crucial for her to ensure that she is being fairly compensated for her work. Considering the growth potential of the business, negotiating a fair commission split and salary is essential.
In terms of advice for buying out her boss or building her own business in the future, here are some steps she can take:
Create a Business Plan: Outline her goals, target market, services offered, and growth strategy. This will provide a roadmap for building her own business.
Networking: Continue to build relationships with clients and industry professionals. Networking can help her grow her client base and establish a strong reputation in the industry.
Financial Planning: Work with a financial advisor to create a plan for saving and investing the income she earns. Smart financial planning will set her up for success in the long run.
Ultimately, it seems like your girlfriend has a promising career ahead of her in the finance industry. Encourage her to seize this opportunity with enthusiasm and dedication, and she will likely achieve great success.