- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Coaching Changes
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
Financial advisor salaries in Louisiana
Posted on 8/28/24 at 2:18 pm
Posted on 8/28/24 at 2:18 pm
In my late 30s and looking for a career change. Currently make approximately $150k as a house supervisor at a small hospital in Lafayette. Work on average 48 hours/week (4-12s from 7a-7p). No weekends and half the holidays. Want to get out of the hospital setting and medical field all-together. Finances always intrigued me, and I have an opportunity to go back to school to obtain an MBA in finance.
My question to the board, how difficult and likely could I make over $200k/year as a financial advisor? With 4 kids in private school, $150k plus my wife's income of approximately $55k is just enough to get by monthly (just 1 vehicle note...I drive a 13-yr vehicle that has been paid off for years). We're close to maxing out both 403b/401k and Roth IRAs, but I would like to save more and have more disposable income. Any input is greatly appreciated.
My question to the board, how difficult and likely could I make over $200k/year as a financial advisor? With 4 kids in private school, $150k plus my wife's income of approximately $55k is just enough to get by monthly (just 1 vehicle note...I drive a 13-yr vehicle that has been paid off for years). We're close to maxing out both 403b/401k and Roth IRAs, but I would like to save more and have more disposable income. Any input is greatly appreciated.
20
Posted on 8/28/24 at 3:31 pm to Crescent Connection
It is unlikely you would make that within the first 3-4 years. If you were lucky and were able to pull some doctors and some oil baws in Lafayette, you could maybe do it faster, but it just takes time.
The amount you can make is unlimited - but that also takes time.
The only way I can think to make that much off the bat or even within a couple of years would be to screw a bunch of people over by placing them in high commission products that they'd get stuck in for a while. Clearly, this isn't how you would want to start in business -- it isn't sustainable bc you can only eat what you kill in this scenario and your base is growing much slower because you just locked up your clients assets in BS products that generally won't work in the long run.
When you work on fees, it takes a while to build up a critical mass to get to this point. If you work for someone else, they are taking their cut too. And you can't work for yourself until you have the critical mass of assets to pay your own overhead.
Great, wonderful business, but no quick entry level 200k jobs in Louisiana.
The amount you can make is unlimited - but that also takes time.
The only way I can think to make that much off the bat or even within a couple of years would be to screw a bunch of people over by placing them in high commission products that they'd get stuck in for a while. Clearly, this isn't how you would want to start in business -- it isn't sustainable bc you can only eat what you kill in this scenario and your base is growing much slower because you just locked up your clients assets in BS products that generally won't work in the long run.
When you work on fees, it takes a while to build up a critical mass to get to this point. If you work for someone else, they are taking their cut too. And you can't work for yourself until you have the critical mass of assets to pay your own overhead.
Great, wonderful business, but no quick entry level 200k jobs in Louisiana.
Posted on 8/28/24 at 4:10 pm to Crescent Connection
Seems like you're doing very well to me. If yalls household income is just enough to get by monthly and you only have1 vehicle car note it seems the private school cost is the issue.
Posted on 8/28/24 at 4:17 pm to Crescent Connection
I'd move to a better school district.
Posted on 8/28/24 at 8:29 pm to Crescent Connection
stop relying on a job only for income. career change or not.
you need more income streams.
real estate/rentals
dividends from stocks/ETF's
loans to HML's
trade futures contracts
options
you need more income streams.
real estate/rentals
dividends from stocks/ETF's
loans to HML's
trade futures contracts
options
Posted on 8/28/24 at 9:07 pm to MoistureintheOyster
quote:
it seems the private school cost is the issue
Yep. Move to the burbs like everyone does in most of the rest of the country and commute 30-45 minutes to work.
Posted on 8/28/24 at 9:39 pm to Crescent Connection
quote:
My question to the board, how difficult and likely could I make over $200k/year as a financial advisor?
How long are you willing to take a pay cut?
Unfortunately it doesn’t sound like you have the flexibility to do so at the moment.
Posted on 8/28/24 at 11:53 pm to Crescent Connection
“Want to get out of the hospital setting and medical field all-together”
I can’t imagine why.( that’s sarcasm)
I can’t imagine why.( that’s sarcasm)
Posted on 8/29/24 at 12:52 am to Crescent Connection
Without having an existing book, the chances of making 200k out the gate is not likely. That being said you could buy a 200k book but it would likely cost you 600k.
The upside is there and would provide flexibility- unfortunately you would have to take a pay cut in the beginning.
The upside is there and would provide flexibility- unfortunately you would have to take a pay cut in the beginning.
Posted on 8/29/24 at 7:35 am to Crescent Connection
I just read that there is a 72% attrition rate for advisors during the first three years. Some make very little during that time. That would be especially devastating for someone who left a lucrative career. To succeed, you need to be pretty passionate about the business, or have a close relative with 10s of $millions of dollars that they are willing to place with you.
Posted on 8/29/24 at 7:46 am to Crescent Connection
If you owned your very own FA business, you would need to be managing about $20 million to be grossing $200k/year. Seems that would take a while to build up to.
Posted on 8/29/24 at 7:51 am to Crescent Connection
I looked into this career change last year and ultimately decided against it. After talking with a few FA's, to get the certification(s) and just get going it takes a long time. It's not something you do in 2-3 months. If you want a CFA or CFP, that takes 3+ years with experience. Then there's all the series exams.
From talking with the people I did, expect to take a massive paycut for a handful of years until you put in the work to get all your certifications necessary and most firms start you out completely fresh more as an admin for the people with the certifications until you effectively work your way into having your own clients you can manage. This doesnt happen overnight and it definitely doesnt happen in 6-12 months.
Long story short, in your situation its basically impossible unless you guys can somehow survive on say ~$100k/yr combined for a few years. With 4 in private school, I'd say probably not
I frankly dont know how you guys do 4 in private school with your current income, i guess its not too costly? Here private schools start out around $20k-$25k mostly for elementary.
You might just think about doing some personal finance advice on the side as extra income. You dont need to run out and get a ton of certifications and just stay away from very specific investment advice to cover your bases there. to strangers. I started out helping out a lot of friends and family with personal finance and its pretty rewarding. I typically never charge anything but some people just pay some anyways...you could definitely make this into a side gig though.
From talking with the people I did, expect to take a massive paycut for a handful of years until you put in the work to get all your certifications necessary and most firms start you out completely fresh more as an admin for the people with the certifications until you effectively work your way into having your own clients you can manage. This doesnt happen overnight and it definitely doesnt happen in 6-12 months.
Long story short, in your situation its basically impossible unless you guys can somehow survive on say ~$100k/yr combined for a few years. With 4 in private school, I'd say probably not
I frankly dont know how you guys do 4 in private school with your current income, i guess its not too costly? Here private schools start out around $20k-$25k mostly for elementary.
You might just think about doing some personal finance advice on the side as extra income. You dont need to run out and get a ton of certifications and just stay away from very specific investment advice to cover your bases there. to strangers. I started out helping out a lot of friends and family with personal finance and its pretty rewarding. I typically never charge anything but some people just pay some anyways...you could definitely make this into a side gig though.
This post was edited on 8/29/24 at 7:58 am
Posted on 8/29/24 at 8:12 am to Crescent Connection
So you're making just over $200k/yr but the budget is tight. It doesn't sound like you need a career change so much as you need to look at other options in your field and possibly at where your spending is going.
As boomers age into their final years, medical services are going to be increasing in demand. Your best bet is to stay in the field but shop around for a better job (more pay and/or fewer hours), you may even want to look into finding a headhunter.
During that time, also take an honest look at your finances.
How much are you and your wife bringing home each month (ie: after taxes and retirement)?
How much is the lone car note? How much longer do you have on it?
How much is the private school for each child? Are there less expensive options in the area which are just as good?
How much is your mortgage?
How often are you taking vacations and how much are you spending on them?
How often are you eating out?
How much other debt do you have?
If the answers to these aren't favorable, moving to a new job isn't going to really fix anything. If the answers are good, see the above option about job-hunting.
As boomers age into their final years, medical services are going to be increasing in demand. Your best bet is to stay in the field but shop around for a better job (more pay and/or fewer hours), you may even want to look into finding a headhunter.
During that time, also take an honest look at your finances.
How much are you and your wife bringing home each month (ie: after taxes and retirement)?
How much is the lone car note? How much longer do you have on it?
How much is the private school for each child? Are there less expensive options in the area which are just as good?
How much is your mortgage?
How often are you taking vacations and how much are you spending on them?
How often are you eating out?
How much other debt do you have?
If the answers to these aren't favorable, moving to a new job isn't going to really fix anything. If the answers are good, see the above option about job-hunting.
Posted on 8/29/24 at 8:13 am to Bard
Excellent advice! 
Posted on 8/29/24 at 8:49 am to Bard
Thanks for all the responses.
To answer some of the questions asked on here, our monthly breakdown...
Total tuition cost for all 4 is roughly $36k/year or $3k/month
Mortgage = $2900
Vehicle note (3 years remaining) = $550
Auto insurance = $250
Groceries = $1000-$1200
Utilities = $400
Internet/Streaming services = $100
Gas = $200-250
Combined 403b/401k accounts = $2500
Combined Roth IRAs = $600
Date night (once or twice a month) = $300-400
Obviously, there's other expenses that pop up weekly, but this is the bulk of where our income is dispersed. Add in 2 vacations a year, and there's not much left over. And I should correct myself, we're about $16k short of maxing out the $46k combined limit on both of our 403b/401k accounts, and would like to close the gap on that. Another $50-75k/yr in income would achieve that goal.
I will likely still enroll to obtain an MBA in finance just to have options as I enter my 40s.
To answer some of the questions asked on here, our monthly breakdown...
Total tuition cost for all 4 is roughly $36k/year or $3k/month
Mortgage = $2900
Vehicle note (3 years remaining) = $550
Auto insurance = $250
Groceries = $1000-$1200
Utilities = $400
Internet/Streaming services = $100
Gas = $200-250
Combined 403b/401k accounts = $2500
Combined Roth IRAs = $600
Date night (once or twice a month) = $300-400
Obviously, there's other expenses that pop up weekly, but this is the bulk of where our income is dispersed. Add in 2 vacations a year, and there's not much left over. And I should correct myself, we're about $16k short of maxing out the $46k combined limit on both of our 403b/401k accounts, and would like to close the gap on that. Another $50-75k/yr in income would achieve that goal.
I will likely still enroll to obtain an MBA in finance just to have options as I enter my 40s.
Posted on 8/29/24 at 8:55 am to Crescent Connection
quote:
Any input is greatly appreciated.
Leave Louisiana.
Posted on 8/29/24 at 8:59 am to Crescent Connection
quote:
I will likely still enroll to obtain an MBA in finance just to have options as I enter my 40s.
One more thing, you definitely don't need the MBA to be a financial advisor. You'd be better off waiting tables on the weekends. The skills of being able to explain things to people and help people that desperately want to be irrational is way more important than whatever it is you actually learn in an EMBA program (I honestly just googled it and all of them talk about benefits, but not what you learn, it's crazy). Hands on experience with people is way more valuable.
Posted on 8/29/24 at 9:11 am to UpstairsComputer
quote:
It is unlikely you would make that within the first 3-4 years. If you were lucky and were able to pull some doctors and some oil baws in Lafayette, you could maybe do it faster, but it just takes time.
The amount you can make is unlimited - but that also takes time.
The only way I can think to make that much off the bat or even within a couple of years would be to screw a bunch of people over by placing them in high commission products that they'd get stuck in for a while. Clearly, this isn't how you would want to start in business -- it isn't sustainable bc you can only eat what you kill in this scenario and your base is growing much slower because you just locked up your clients assets in BS products that generally won't work in the long run.
When you work on fees, it takes a while to build up a critical mass to get to this point. If you work for someone else, they are taking their cut too. And you can't work for yourself until you have the critical mass of assets to pay your own overhead.
Great, wonderful business, but no quick entry level 200k jobs in Louisiana.
Listen to this guy, OP. He is correct
Posted on 9/2/24 at 11:24 pm to Crescent Connection
You need to buy a boomer’s business while keeping your current job for a while. There are opportunities to buy businesses for little money down if you’re creative with terms. They’re not around every corner but that’s what I’d be doing. Leaving one job for another with the hopes of making more salary is silly. You’ll be trading one jobs headaches for another. Start figuring out how to be a business owner.
Posted on 9/3/24 at 12:39 am to Crescent Connection
200k combined income and you’re stretched thin?
Thats a spending problem, not an income problem.
6k/month in just tuition and mortgage is… a lot.
Vote red in November
Thats a spending problem, not an income problem.
6k/month in just tuition and mortgage is… a lot.
Vote red in November
Page 1 of 3
Popular
Back to top
Follow TigerDroppings for LSU Football News