Wachovia

http://www.onwallstreet.com/attachment-cache/iag/pdf/ows/payoutgrids/2008/OWS_BB.pdf

Jones:

35% payout on a 4% dealer concession with B shares.  There are a few small exceptions. 

I think it’s pretty good 24% for the first 6K and 50% there after I’m just starting your two. Beats the heck out of what I was getting from AGE. I do a lot of options and my pay out will almost triple.

Go to www.onwallstreet.com at the bottom select payout grid, it goes over the grid for each of the firms you are requesting for the past 3 years

It wont have the new payouts that just came out.

Did everyone get new payouts or just Wachovia?

I’m in year two as well.  It’s great if you are producing 20k per month which I’m not.  As a matter of fact if you are a senior broker it’s 10k 24% and 50% after.  Compared to Jones its about 30k per month to break even.  I live in a shit hole town and there is no COLA so why would I stay with Wachovia?  In addition to that the clients get the shIT charged out of them unless they have 250k and above in their account.

[quote=kujhawks300]  I live in a shit hole town and there is no COLA so why would I stay with Wachovia? [/quote]
Keep your eye on the ball.

COLA is nothing in this business.  It’s irrelevant.  Focus on landing clients and lots of them, and COLA will more take care of itself and you will have your pick of opportunities. 

I guess it sux if your on the edge–and I can relate, I’m there with you. If you dig into it though its pretty generous.

i just had an interview for a FA trainee with wachovia at the branch, it was a base salary of 35-45k and pay out of max 20% since im only a trainee for 2 years. how does that sound to you guys, seems low

[quote=airisthere]i just had an interview for a FA trainee with wachovia at the branch, it was a base salary of 35-45k and pay out of max 20% since im only a trainee for 2 years. how does that sound to you guys, seems low[/quote]


How is it that you are worth more than that?

The WS trainee program is fair.  Probably more geared for the greenest of recruits, the pressure to perform is there, but it is not ridiculous.  The salary declines every six month s if I am not mistaken, and the expectation is that you will be doing 20K a month after 2 years.  Not sure if that will be tweaked du to the environement we have been in.  By working in a branch, you will be at an unfair advantage to most other advisors out there becasue the clients will be lead in by the nose to your desk, it will be like fish in a barrel.

hank moody, its not necessarily that im worth more than that, its the fact that the other firms i interview with have payouts of double that. so instead of being a smartass, just answer the question. im not here to play on forums and be rude to people. the fact is that wachovia has great training from what ive heard on here but im trying to figure out if anyone else has interviewed there or worked there who know about the payouts. that would be helpful because it will give me a better idea on how much i can negotiate the terms.

[quote=airisthere]

hank moody, its not necessarily that im worth more than that, its the fact that the other firms i interview with have payouts of double that. so instead of being a smartass, just answer the question. im not here to play on forums and be rude to people. the fact is that wachovia has great training from what ive heard on here but im trying to figure out if anyone else has interviewed there or worked there who know about the payouts. that would be helpful because it will give me a better idea on how much i can negotiate the terms.

and how would you know that? ive mentioned nothing about my experience but you assume im not worth it based on a post asking about info on payouts. this shows how much of a dumbass you are. its apparent that you are a miserable f*** who has nothing better to do but act like a di** on forums hiding behind your profile. get lost. this forum is for people who are in financial services who are looking for advice or info, not to play who can be the biggest ass. go play on myspace nerd!

[quote=airisthere]and how would you know that? ive mentioned nothing about my experience but you assume im not worth it based on a post asking about info on payouts. this shows how much of a dumbass you are. its apparent that you are a miserable f*** who has nothing better to do but act like a di** on forums hiding behind your profile. get lost. this forum is for people who are in financial services who are looking for advice or info, not to play who can be the biggest ass. go play on myspace nerd![/quote]

I know it because you said it. I took you at your word. Your worth is from the firm’s viewpoint, not mine.

haha, so basically you have shown your sales skills. i dont know anyone who would take the first offer on anything. everything is negotiable. if you dont have enough sales skills to negotiate your terms for employement then your not going to be able to sell anything to anyone. yes…im probably not as valuable as i could be since i dont have a book due to the fact that ive been out of financial services industry for a couple years, but that doesnt mean im some kid out of school. anyone could go to merril, ubs, smith and get more salary and double the payout, but i like the advantage of working out of the branch

[quote=airisthere]haha, so basically you have shown your sales skills. i dont know anyone who would take the first offer on anything. everything is negotiable. if you dont have enough sales skills to negotiate your terms for employement then your not going to be able to sell anything to anyone. yes…im probably not as valuable as i could be since i dont have a book due to the fact that ive been out of financial services industry for a couple years, but that doesnt mean im some kid out of school. anyone could go to merril, ubs, smith and get more salary and double the payout, but i like the advantage of working out of the branch[/quote]

I own a business. I am not an employee. I don’t have to negotiate terms of employment. You are unemployed. Go get the best deal you can get.

haha, if you own a business then get lost and go work, why are you hanging out at a financial services forum? is your business in the financial services industry?

[quote=airisthere]haha, if you own a business then get lost and go work, why are you hanging out at a financial services forum? is your business in the financial services industry?[/quote]

Before you laugh, let me remind you that you are the one who failed out of this business and tried to make it in real estate, at the top of that market. You are the one who had to consider bankruptcy after a foreclosure. I apologize for triggering your low self-worth issues, but I did not cause them.

im laughing because you presume way too much about me. you talk about me like you know me. how do  you know anything about me to say the things you just said. i was in real estate but didnt fail, i didnt make what i thought of course but there are no low self worth issues with me, but you have made it obvious that there is with you considering that you hang out in chat forums being an asshole. i came on here for info from people in the industry who can give info on companies and payouts that i couldnt necessarily get from an interview.

[quote=airisthere]im laughing because you presume way too much about me. you talk about me like you know me. how do  you know anything about me to say the things you just said. i was in real estate but didnt fail, i didnt make what i thought of course but there are no low self worth issues with me, but you have made it obvious that there is with you considering that you hang out in chat forums being an asshole. i came on here for info from people in the industry who can give info on companies and payouts that i couldnt necessarily get from an interview.[/quote]

maybe they made such a lowball offer to you because they looked at your application and your writing and punctuation came across at about a 5th grade level?

hyman, your an idiot! hows that for grammar? lol if your going to make a comment on my grammar and punctuation, point out where there was a mistake.

[quote=airisthere]hyman, your an idiot! hows that for grammar? lol if your going to make a comment on my grammar and punctuation, point out where there was a mistake. [/quote]

His an idiot?

where did i say that?

What firm did you work for before?

it was just a small firm here in arizona, i dont have a lot of experience but ive interviewd with merrill and smith barney and the payouts were much higher. i was curious if anyone here knew more about wachovia.

Wachovia is pretty much belly up anyway. I still consider myself AGE. I’ll be glad when WB is dead and burried. The wirehouse side is pretty much 70% AGE. Very good perhaps best training, payout is good if you hit the numbers. It’s not as predatious as starting out with MS or ML.

PS Hank’s the man FYI.

Gaddock. That’s what I was thinking as well. So what’s the difference between the branch and the wirehouse side. The recruiter told me they r the same except the branch has the advantage of walk in traffic. Are u still with the company?

Yep. Where else would I go? ML? not. Have a very nice standing offer from MS but not sure they will be around either. To early for me to go indy.

When in doubt wait it out.

Never been on the branch side so I don’t know other than you get to prospect customers.

Yea I noticed the payout structure is very competitive with other firms but since I don’t have a book they want to hire me as an Fa trainee with a 20% payout but in todays market I guess the fact they r actually hiring is suprising. Why wouldn’t u go to ml?

I just got done with my final interview with Wachovia Securities.  This is a former AGE branch that has been around forever.  The BOM wants to “take it to the next level”.  He told me to go home, sleep on it, and call him in the morning with what I wanted as a base salary.  I am making total comp of $90K right now.  I know they want to keep you hungry, but I have to pay the bills.  For you Wachovia guys, what is the payout on production, bonus, etc while under salary (if any)?

You wont bring home any thing like 90K in your first year, unless you are some kind of superman. I did just under that in grosse year one. I’ll more than double that this year but still wont take home 90. As for salary 3k is around what you will get. You can get a higher salary but it will go away a lot faster.

[quote=airisthere]

hank moody, its not necessarily that im worth more than that, its the fact that the other firms i interview with have payouts of double that. so instead of being a smartass, just answer the question. im not here to play on forums and be rude to people. the fact is that wachovia has great training from what ive heard on here but im trying to figure out if anyone else has interviewed there or worked there who know about the payouts. that would be helpful because it will give me a better idea on how much i can negotiate the terms.

[quote=Gaddock]Wachovia is pretty much belly up anyway. I still consider myself AGE. I’ll be glad when WB is dead and burried. The wirehouse side is pretty much 70% AGE. Very good perhaps best training, payout is good if you hit the numbers. It’s not as predatious as starting out with MS or ML.

70% Former AGE employees.