To Nipp, the ultimate reward of joining a financial advisory firm is ownership. "From Stepp & Rothwell's Web site," says Nipp, "it looks like I would start in the back office as an assistant to their planners, or maybe even lower, depending upon their needs. Hopefully, after I've proven myself, they'd move me up to the next series of steps and, eventually, a partnership."

Whether this partnership path is possible for staffers is unclear when you look at Stepp & Rothwell's site. But the point is that young, would-be advisors like Nipp see employment from a broader perspective than we may give them credit for. They want to go to work for smart people who have built a great business, get mentored to improve their skills as planners and business managers and then buy the business when the smart people are ready to retire.

"I've thought about starting my own business," says Nipp, "but with all these great firms out there, it's much easier to step into an established business where the owners will be selling in the future." According to Nipp, this attitude prevails among most of the students at Texas Tech. "Many speakers come into our classes and say, 'Don't worry about starting your own practice. I loved doing it, but it's just much easier now to get in with an existing firm.'"

Does Nipp demand a mentorship by a firm principal? "It would be nice to be mentored by one of the principals, but I see every staff person as having their area of expertise, so I would be fine with having more than one mentor." Texas Tech emphasizes the importance of mentoring, says Nipp. "The best way to learn is from others' mistakes. Our school is wonderful and the professors are great, but it's not a substitute for real-world experience. We're all looking for someone who will invest time in us."

So Nipp is happy to climb the ladder as defined primarily by his employer. And he's asking a seemingly modest $35,000 to $45,000 ("Preferably towards the middle of that range") to start. What would Kathy Stepp say to that?

"Taylor would start here as an analyst." In the total scheme of things at Stepp & Rothwell, an analyst is what they call the bottom rung of the professional ladder, just below planners (with their CFP designations), who are below principals Kathy Stepp, Howard Rothwell and Ken Eaton. "The job of the analyst," explains Stepp, "is to support the planners by gathering data from third parties (e.g., insurance companies), shopping for clients (e.g., mortgages), communicating routine messages to clients (e.g., tax payment reminders), preparing internal client information forms, doing research and generally whatever planners request. Doing this job is a fantastic way for someone to learn the real business."

Because Taylor wants to work with his own clients, Stepp says he would need to earn his CFP and reach planner status. "As a planner, Nipp would team up with a principal to provide and implement recommendations to the firm's clients assigned to Nipp. Right now, our planners each have 25 to 30 clients for whom they spend all of their time. The planner is the main contact for the client, and the planner maintains all client data."

Meanwhile, Stepp & Rothwell established a phantom stock ownership plan just this year that would cater to Nipp's ownership ambitions. "Participation begins after five years of service, with full vesting at ten years, and Taylor would share in the growth of the company from the point at which he entered the plan," explains Stepp.

As for salary, the firm currently has one analyst earning $45,000, but will hire the next one at a base salary of $30,000 to $35,000-a tad on the low side of Nipp's expectations. However, planners make $80,000 to $95,000 a year, which should be ample incentive to Nipp to train hard as an analyst, earn his CFP and move up the ladder quickly. Stepp is quick to point out the generous benefits also offered to employees, not the least of which is that the firm shuts its doors at 1 p.m. every Friday.

One thing to realize about the firms we've selected for this article is that they have a clue. They're not representative of the old-school thinking that an intern or young employee should come in without a game plan, be grateful for the opportunity to do menial work indefinitely, and then expect a fight when asking for her own desk and computer. Austin, Burns and Stepp & Rothwell are all growing firms that hire regularly and have a well-thought-out strategy for developing their talent.