I recently met with a local CFP® Professional at a firm other than my own because I had posted on the CFP® Online Candidate Forum and he had responded and asked if I'd be interested in meeting. We met for a few hours and spoke about our careers, just generally getting to know each other. He bought me lunch, which was a kind gesture. Of course it can be written off as a business expense, but still... Nice.
Anyway, during the course of the conversation, he mentioned that one the administrative employees there has been somewhat flaky lately and there may soon be a job opening. My impression was that she was employed purely in an administrative capacity and I was told she had no ambition to pursue a meaningful financial planning career. The gentleman I spoke with asked if I'd be interested in potentially filling her place if they relieve her and I enthusiastically answered yes. The firm where I am currently working is... Less than optimal. I'll leave it at that.
In any case, I'm looking for guidance as to what sort of salary I should expect to be offered and/or what I should ask for. I have been in the industry for only 14 months, so I am definitely a newbie and I have a lot to learn. However, I passed my Series 65 and am licensed to provide financial advice for a fee in Maryland and Virginia. I am turning 28 in a few weeks, I have a Bachelor Degree, and I am currently about halfway through the education component of earning the CFP® marks. I'm about 40% through the experience component. I live in a relatively high cost-of-living area (e.g. the cheapest 1BR, 1BA apartment around runs about $1,300 without utilities, etc.)
I imagine that if I'm brought on I will be working in somewhat of a hybrid capacity, helping with both administrative duties and financial planning, at least in the background. Essentially, I expect to be a paraplanner. That's basically what I am now, but I am making state minimum wage ($13/hr) and I was told I would likely start out making at least 50% more if I switched jobs. I am thinking for asking for double, from $13 an hour to $26 an hour, equivalent to $54,080 per year. That's about market rate, from what I've seen.
Current duties include note taking during meetings, researching investment funds, filing, emailing clients, keeping track of important dates (birthdays, anniversaries, etc.), handling any technology issues clients may have with any software we use, opening new custodial accounts for clients, bookkeeping, billing, sending in client checks, and making sure we stay on top of our action items to complete them in a timely manner. Basically... A glorified secretary, but with the potential to be much more.
If you were going to hire me as a paraplanner, what would you expect to offer me and what would you expect me to ask for? If it helps, I live in a suburb in the Washington, DC metro area. So for anyone familiar with the general cost-of-living in the area... That's about where I am.
Any advice or input would be greatly appreciated. Thanks.
Submitted May 09, 2020 at 11:03PM by Just-A-Random-Guy-92 https://ift.tt/2WJHbEu
