Financial Specialist vs.Financial Advisor

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Jun 20, 2007 3:29 pm

With Wachovia Securities.

I posted earlier that I am pursuing a position as an FA w/ WS, but I had a recruiter call me about a Financial Specialist position with Wachovia.

I didn't get a chance to speak with him, so I didn't have a chance to ask him about the differences in the positions.

Can anyone enlighten me on the difference between the two positions?

Thanks

Jun 20, 2007 3:52 pm

Call him back and ask him. Didn't they teach you how to figure sh*t out at UNC?

Jun 20, 2007 3:55 pm

No, they didn't.  My public ivy is sh*t.

I wanted to see if anyone had an idea of the differences so when I called him I could have an informed discussion.

Jun 20, 2007 9:28 pm

I hear Wachovia has one of those new fangled websites all the kids are talking about nowadays.  That could be a start.

Jun 20, 2007 10:04 pm

I think a Financial Specialist is the guy people go to in the bank to talk about credit cards & home loans.....



Do a google search.

Jun 20, 2007 10:22 pm

The Financial Specialist is a licensed bank employee who can sell certain mutual funds and annuities, up to a certain $$ amount.  The FS also has to sell loans, credit cards, deposit accounts, etc.  The FS refers higher $$ clients to the branch FA and receives a portion of the commission depending on which product the FA sells to the client.  The FA is not a bank employee but rather a Wachovia Securities employee.  The FA is full-service and can offer every investment, like managed money, UITs, individual stocks & bonds, etc.

Jun 20, 2007 10:35 pm
unc2006:

No, they didn't.  My public ivy is sh*t.

I wanted to see if anyone had an idea of the differences so when I called him I could have an informed discussion.



Here's a crazy idea....call him back and ask lots of questions....

Jun 21, 2007 1:48 am

Hey Joe...I can't return your PMs, man...your mailbox has been full...for at least two days now...

Jun 21, 2007 1:50 am
Indyone:

Hey Joe...I can't return your PMs, man...your mailbox has been full...for at least two days now...



poo.  It will be empty in about 60 seconds.

Jun 21, 2007 6:59 pm

It's probably full death threats from echo/parachute/freedomadvocate. Speaking of which, has anyone else noticed that she actually seems to have left this time? Not that I miss her or anything...the forum seems to have gotten back on track since she left.

Jun 21, 2007 7:05 pm

UNC, get out and have some real adventures before becoming a " financial advisor ". That's some pretty conservative sales sh*t, man. I love how these Ivy League guys think they're going to use their expensive education on Wall Street.

Jun 21, 2007 7:42 pm

UNC -



1 - I think you're at the right place.



2 - Starting as an FA is not an easy thing. In banks in general, you're an island in the middle of a sea of goals. You have to show the branch manager & staff that focusing on investments & your business will help them & their customers. The greatest benefit is that you get to focus on one thing(business line vs. as an FS you have to do everything), and you know where the money is. No one will ever ask you where you went to college, but you'll know it was Ivy League & that'll make you feel better about working so hard!



3 - As an FS your training will be far better than as an FA. People who you want to talk to will walk up to you and you can transition to investments in the middle of the conversation. You will have an FA partner who can mentor you and you can take as much time of his as long as you make it worth his while. Your basket of products will be more applicable to a wider variety of people(credit cards, loans, etc.) Consequently, you'll build a rolodex faster. You're pulled in at least 4 different directions on a daily basis. Your Branch manager will likely be a living, breathing, PITA. You'll have a dramatically lowered level of risk entering this business. You may have to change companies or move to become an FA eventually. Your high-priced education will be unloved for the 1st few years.



Chocolate, vanilla CHOOSE!

Jun 21, 2007 7:46 pm

OH - You'll likely make the same amount of money the 1st year as an FA and as a FS if you do it right. The second and third year you SHOULD make more money as an FA, but if you struggle you're fired - fast!

Jun 22, 2007 12:42 am
trisyn:

It's probably full death threats from echo/parachute/freedomadvocate. Speaking of which, has anyone else noticed that she actually seems to have left this time? Not that I miss her or anything...the forum seems to have gotten back on track since she left.



Definitely improved.  I don't think it is gone though, just lurking.  Maybe it is already back as one of these new personas and hasn't chosen to reveal itself.

Don't know.  I won't look a gift horse in the mouth, that's for sure!