Washington Mutual Financial, opinions?

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Aug 17, 2006 10:26 pm

To start off with, first time poster, long time lurker. I've read through all the posts with Nasd Newbie, Put trader, and the battles that they have with the regulars on this board , I find it quite amusing and informative. Hehehe, anyhow....

Well, I know most people's thoughts here on the bank programs but am curious if anybody here is familiar with Wamu's program/platform?
I've been at a large wirehouse for 2 years, and the last 2 years at a regional bank as an FA but have recently been recruited for Wamu.

I'm fairly young (late 20's) and at times find it difficult to get the larger and more affluent clients to close. My numbers are average and I've never not made my goals at either places but I want to excel if I move. I want to make sure that the environment at this bank will allow me to do so. Like most people here, my problem is asset gathering and I've done my
fair share of cold calls, seminars, cold walking, and I just seem
better for the bank channel, for those whom will say I didn't build the
book on my own, etc. I don't disagree with you, but on the bank side we
give up the headaches of the networking, prospecting, and such and deal
with the political bullsh!t of the bank. Making managers and tellers
happy, so that they'll throw us a bone, ah, what the hell am going on
for....

Well, enough rambling. your thoughts and opinions?

Aug 17, 2006 10:28 pm

BTW, I did do a "search" for you moderating Nazi bastards. Nothing on Wamu financial. either that or I"m just "dee dee dee"  and typed in the wrong key words. 

Aug 17, 2006 11:04 pm

Do you know if this is a new effort?  I am not aware that they were into securities marketing at all.  Any idea who they use as their facilitating B/D?

Aug 18, 2006 12:00 am

You should consider whether or not it is a good idea to be changing firms AGAIN after only 2 years.

Job hopping could eventually catch up with you.....looks bad on your resume.

Aug 18, 2006 12:26 am

WaMu is a bank that is preparing itself for sale.  They recently sold off their mutual fund business.  I'd stay away--far away until the smoke clears.  Good luck.

Aug 18, 2006 4:32 pm

WAMU is a joke....................veerrrrryy limited platform.  If you want to hawk mutual funds and VA's they are O.K.

Aug 18, 2006 7:37 pm

Well the b/d is National Financial Services (NFS) and from what the recruiter was telling me, they are changing the platform this upcoming year and their products are changing over to more fee-based products.

Eh, it's from one extreme to the other for me, at the wirehouse we were "brainwashed" into thinking wrap accounts was the best product on earth and than on the bank side, it's fixed annuity slinging left and right so I've been on both sides of the field. Don't get me wrong, both products, when used and purchased by the correct individuals, serves their purposes.

Soothsayer, it's interesting that you say that they are preparing to sell off. Are there any other indications other than the fact that they did sell off their mutual fund line?

Ah, but let's Keep em' coming fellas', more thoughts and opinions?

Aug 18, 2006 7:54 pm

brker



I enjoy the bank environment, I meet with a lot of people it is very demanding. I have held a couple of different territories with a couple different banks before finding my home.



I would not work for a large bank unless they were 100% committed to making their customers happy, we have no big banks like this in my area. I prefer the smaller environments. Look to work in an upscale area and in an area with a lot of retirees and your business will flourish.



I have 1 meeting a year, no politics and no set schedule. Hope this helps.

Aug 18, 2006 10:03 pm

Bankrep, check your box, it's full! Thanks
   

Aug 19, 2006 12:59 pm

I emptied it