At age 30, Hugh Morris was earning just over $250,000 a year as a financial advisor at JP Morgan Wealth Management. He enjoyed the company, his colleagues, and the work itself. However, after a divorce in early 2024, Morris saw an opportunity for a major life reset. With no partner, kids, or pressing obligations, he decided it was the right time to pursue his long-held dream of running his own financial advisory business.
Motivations for Leaving
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Morris wanted the freedom to set his own schedule, allowing more time for volunteering and community involvement.
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He was attracted to the idea of choosing his own clients and potentially earning more by taking home all the fees, even with a smaller client base.
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He also envisioned building a business that could eventually be sold for a significant sum to fund his retirement.
Preparing for the Leap
To prepare, Morris created a strict budget, saved aggressively, and reduced his living expenses by selling his house and moving into a less expensive rental. He networked with friends and family to line up potential clients and set a first-year goal: $10 million in assets under management, which would generate about $100,000 in revenue at a 1% fee.
The Panic After Quitting
Upon resigning in August 2024, a higher-up warned him, “This will be the biggest mistake of your life.” That comment lingered. For three months, Morris suffered panic attacks, insomnia, and anxiety about his financial future. He worried about bankruptcy and whether he’d need to find a new career if his business failed. During the first two months, he had no income and relied on savings. His initial clients were mostly family and friends, and growing his client list was a struggle.
Turning the Corner
Encouragement from his grandfather and a sense of responsibility to his new clients kept him going. By December 2024, Morris started seeing progress. He began earning an average of $1,500 a month from management fees, gained new clients through referrals, and invested in marketing and business coaching to accelerate his growth. By early 2025, he expected to generate $100,000 in revenue with around 40 clients.
Life After JP Morgan
Morris now works 40–60 hours a week but enjoys the flexibility to set his own schedule, spend more time with clients, and engage in community activities. While his income is directly tied to the stock market’s performance, meaning it can fluctuate, he has built a safety net and continues to grow his business. He occasionally feels lonely working solo, but has developed a supportive network of fellow advisors.
No Regrets
Despite the initial anxiety and financial uncertainty, Morris no longer regrets leaving JP Morgan. He feels he has created the practice he always wanted and is optimistic about the future, saying, “There is no turning back”.