Interview with bac

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Oct 5, 2008 1:53 am

and thatt would be great

Oct 5, 2008 7:04 am

YTB, I'm sure this will change with the merger anyway, but I had been called for a WM interview once two years ago, and another time a little under a year ago. Here's the basic setup:



1) You are very limited in what you can sell. (I believe only one of three Putnam funds.)

2) The base is 35k. It's not flexible.

3) You don't really get commissions. Everything is based on the grid of the person above you, which will lead to your grid based bonus. Your sales only incidentally help you to the extent that they help him/her produce.

4) A friend of mine started there after a secretarial role at a discount firm and made a total of 60k in year one. That's apparently average.



I didn't go because of the structure of the sr/jr situation, although that's common to many bank platforms. Like many things, it depends on what you want.

Oct 12, 2008 8:16 pm

bump to the top for more advice/info/suggestions

 
Oct 12, 2008 8:38 pm

YTB,


You're only looking at NUMBERS in this decision right now.  You need to look at the big picture.
 
Some of these threads should help you open your eyes further into the lifestyle of a bank rep:
 

http://forums.registeredrep.com/forumposts.asp?TID=6322&KW=bank


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http://forums.registeredrep.com/forumposts.asp?TID=5797&KW=bank



http://forums.registeredrep.com/forumposts.asp?TID=5035&KW=bank



http://forums.registeredrep.com/forumposts.asp?TID=4909&KW=bank



http://forums.registeredrep.com/forumposts.asp?TID=4839&KW=bank



I think most bank reps get a 3-month initial salary to get them going and then it's commission-based from there on out.



The difference is that you know what people have on deposit, are calling on "warm lists" of people who are familiar with your location and bank name and you have people walking in all the time.



What you don't have much of - is freedom to choose your clientele, to build your own book or even the hours that you will work.



Look carefully before you leap.  Those threads above should help you with that.

Oct 15, 2008 4:48 am

YTB, I wouldn't trust anything that someone says who is trying to recruit you. You don't want to know that a number is "possible" within a comp structure but that other people in that role HAVE ALREADY MADE THAT AMOUNT with some degree of regularity. I have never had an interview with any firm that didn't tell me how much 'could' be made. Many of them could not give me a single example of an employee making that hypothetical number.



Regarding my 3rd point, if the role is the same in your area as mine, they will give you a title indicating you're an advisor within the branch (something like licensed financial associate) but you will really be a glorified sales assistant to the FA in the area. Your bonuses (can't remember if quarterly or monthly...) are based on whatever THEIR production is. While you do sell, your production is "rolled up" (their term) to the "sr" producer so only incidentally benefits you to the extent that it increases their production. You'll also be expected to handle a large amount of that persons administrative legwork. I don't know how that works if assigned to multiple branches. I'm in a fairly large area where they appear to attempt to keep each branch staffed, but it may vary depending on your area. They will tell you you're being "trained" to move into the upper level role and should view this role with it's lower base as an introductory period to that, but the individual I know in this role has been there 2 years without any prospect for getting his own sr level territory.



If you're concerned about where MS is going, I don't see WM as any more stable. How will your position be altered upon the full integration within JPM? No one's going to have an answer to that. You should choose the position you wish to have independent of assumption of stability. On a side note, I know of an individual who left MS in the role you're in to go into production at another firm. They offered him a 10k raise to stay, which he declined. If you're really prepared to leave you could use the counteroffer to increase your current salary, although if you want to really go into production, best to head out anyway. Just look at a number of environments.



Oct 15, 2008 9:57 pm

Thanks for those threads Ominous.

Oct 17, 2008 1:48 am

excellent info Xbanker. What you said is nearly exactly what I've come to realize over the last week.

It is exactly how you explained it.

Oct 17, 2008 3:30 am

The WFC position is a much better role in general than the branch FA role at WM, although it has very little investment exposure. From what I've heard through those who've worked directly on the investment side or as personal bankers, the majority of your goals are bank related products, heavy on the lending side. While you're supposed to service the "total relationship," your goals you will be measured on are a different story. This may have changed so just ask to see your metrics beforehand. I know several people at WFC who indicate the goals are constantly changing and almost impossible to hit due to the complexity of the setup, but probably a better way to get in front of HNW clients than WM/JPM while at least getting paid in the interim.

Oct 21, 2008 10:16 pm

Today I meant with WFC Private Bank and I feel I did really well.

Oct 22, 2008 3:22 am

Congrats on the offer. Couple questions:



1) What ultimately made that choice number 1 as opposed to WFC?



2) What will your reaction to a counter offer from Morgan be?



3) Are you at least waiting to see what the official offer is at WFC and what would have to change to make that choice 1?



4) Was anything different than what you expected about the WM offer for better or worse?





Oct 22, 2008 3:24 am

Oh, just a side thought... Give two weeks in your official written notice. Most MS branch managers will ask you to leave that day but pay out the full amount. At least this is what I've heard from a sales assistant who was licensed. Not sure if in every role, but I'd write a the date officially in a resignation letter.

Oct 22, 2008 3:56 am
xbanker:

Congrats on the offer. Couple questions:

1) What ultimately made that choice number 1 as opposed to WFC?

2) What will your reaction to a counter offer from Morgan be?

3) Are you at least waiting to see what the official offer is at WFC and what would have to change to make that choice 1?

4) Was anything different than what you expected about the WM offer for better or worse?



 
All good questions
Oct 24, 2008 1:36 am

So how many in person WAMU interviews? Total time to offer?

Oct 24, 2008 9:29 pm

Total in person interviews has been 7