Charles Esther
Hugh Morris made just over $250,000 at JP Morgan before he left in August 2024 following his divorce.
He was told by a senior colleague that leaving to start his own firm was a big mistake.
Initially, Morris regretted his decision and suffered panic attacks, but now he runs his dream practice.
This as-told-to essay is based on a conversation with Hugh Morris, the president and senior wealth advisor at The Morris Group at LPL Financial.
Morris’s employment and financials have been verified with documents.
It has been edited for length and clarity.
A New Beginning After Divorce
At 30 years old, Morris had worked for nearly three years as a financial advisor at JP Morgan Wealth Management, making just above $250,000.
He loved the company, the people, and his job, but after his divorce in January 2024, he felt the need for a reset.
He had always dreamed of owning his own business.
Being single with no children or heavy obligations gave him the chance to take a risk and test his abilities in business.
He wanted the freedom to set his own schedule to allow time for volunteering and community involvement.
Owning his own firm meant he could choose the number and type of clients he worked with.
He planned to take fewer clients but still make the same money by keeping all the fees.
He also envisioned building a business he could sell in 30 years to fund his retirement.
Preparing to Quit His Job
To prepare, Morris created a monthly budget of his essential expenses.
This helped guide his savings to cover living costs if the business failed.
After his divorce was finalized in March 2024, he sold his house, eliminating a $6,000 monthly mortgage payment.
He moved to renting, paying less than $2,000 a month to reduce expenses.
He knew he would have to invest a lot of his own money into the business.
Each month, he tried to save between $5,000 and $6,000 to build a safety net.
Morris also began networking with friends and family to find potential clients.
His goal was to manage $10 million in assets in the first year, generating $100,000 in revenue at a 1% fee.
Facing Panic Attacks After Quitting
Morris resigned in August 2024.
A senior colleague warned him, “This will be the biggest mistake of your life.”
For three months, he suffered panic attacks, waking up sweating and heart racing.
He struggled with sleeplessness and loss of appetite.
He doubted his decision and feared bankruptcy.
He worried about needing to find a new career if his business failed.
Until December 2024, he regretted leaving JP Morgan.
His first clients were family and friends, but growing his client base was difficult.
His grandfather’s encouragement helped him persevere.
Building His Dream Practice
Morris didn’t take a salary for the first two months, living off his savings.
By December, he earned an average of $1,500 a month from management fees.
He gained referrals from clients and invested in marketing services starting January 2025.
In March, he hired a business coach to accelerate his growth and shorten his learning curve.
He now expects $100,000 in revenue in 2025 from about 40 clients.
He works 40 to 60 hours weekly but enjoys setting his own schedule.
This allows him to volunteer during the day and leave early on Fridays.
He values building personal relationships with clients through dinners and golf.
Though sometimes lonely working alone, he maintains a network of advisors in similar situations.
Income Dependent on Market Conditions
Morris’s income fluctuates with the stock market.
He lives lean to manage market volatility and maintain a safety net.
He has prospective clients but some hesitate due to economic uncertainty.
If the market drops 20%, his revenue will drop proportionally, and vice versa.
Despite economic challenges, Morris no longer regrets starting his firm.
He has had enough wins to believe in his success.
He is proud to run the practice he always wanted.
There is no turning back.
