Thinking about a career change to fee-for-service or fee-only financial planning

I don’t have an offer from PWL and understand that it wouldn’t be easy to get one. But they do appear to have a model for taking in people without tons of industry experience and certifications.

They like to hire people as a “Portfolio Manager Assistant” with the intention of guiding them toward a PM role in the long term. It also appears that’s their PMs prefer to take the CFA/CIM route rather than get a CFP.

I could be wrong, but I doubt many people with a CFA are willing to start in an assistant role for $50k or so a year.

The short term pay cut wouldn’t be a huge issue for me since I am frugal and save most of my income.

Re: the Upton Sinclair quote, I think it applies to everyone (including me). I’m sure the PMs at PWL have a very good understanding of their marketplace, but that doesn’t mean they tell everyone who will listen that “our business model is dying.” Also you have to admit that when a client asks the question “should I rent or buy” in a market like Toronto that could be the difference between the client’s invested assets being $1.5M or $500k so the advisor has a vested interest in recommending their client continue to rent and invest.

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