Wachovia

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Nov 4, 2008 11:30 am

Has anyone heard of the new comp for Wachovia.  For a new FA it sucks.

 
Does anyone know the pay outs for:
 
Smith Barney
Morgan Stanley
Ed Jones
Raymond James
Stifel Nicolaus
LPL
 
Thanks,
Nov 4, 2008 1:10 pm

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

Nov 4, 2008 3:08 pm

Jones:

40% on most stocks, bonds, CD's, A share funds, A share annuities, advisory, SMA's.
very small stock trades or highly discounted trades get lower payouts
35% on C shares
not sure on B shares (never use them)
 
Then you got profit bonuses based on profitability of your office, so your net payout rises with production.
 
We are in the middle of the pack compared to most wirehouses and regionals, at most production levels.  Oddly, you can actually do better at Jones at the $1mm+ production levels than many firms, since the profit bonus payouts are progressive.
Nov 4, 2008 3:17 pm

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

Nov 4, 2008 3:19 pm

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.

Nov 4, 2008 3:56 pm

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

Nov 4, 2008 6:41 pm

It wont have the new payouts that just came out.

Nov 4, 2008 7:51 pm

Did everyone get new payouts or just Wachovia?

Nov 4, 2008 9:21 pm

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.

Nov 5, 2008 9:25 am
kujhawks300:

  I live in a shit hole town and there is no COLA so why would I stay with Wachovia?


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. 


Nov 6, 2008 3:24 pm

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.

 
If you're under yr2 I asume you're on the new training program.  We get either salary or commisions...WS trainees have been getting both.  1st of the year, we will too.
 
Example: months 16-18 trailing 3mths over 45k.....50% of salary AND commisions
 
Also...greater than 120k t-12 @ yr 2= bonus of 25% GP (10% upfront cash and 90% defered comp)
 
travel and expense award for yrs 2 & 3 if over 60k in yr 1 GP
 
several items kicked in we didnt have....nit pick the $95 tickets and miss the good stuff.
Dec 14, 2008 9:51 pm

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

Dec 15, 2008 7:52 am
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




How is it that you are worth more than that?

Dec 15, 2008 8:00 am

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.

Dec 15, 2008 10:49 am

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.

Dec 15, 2008 11:23 am
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.



How can you negotiate if you're not worth more than what they are offering?

Dec 15, 2008 11:29 am

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!

Dec 15, 2008 11:33 am
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!



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

Dec 15, 2008 11:36 am

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

Dec 15, 2008 11:43 am
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



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.