Is Wachovia asking for too much?

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Oct 1, 2006 2:38 pm

I see Wachovia is running an ad for "Financial Consultant" in our local paper.  They want a Series 7 and 63 .. AND "Financial Planning designation".  "Designation"?  Do they want a CFP?  Hmm..mm ..?  That's asking a bit much for a "bank job" don't you think?



Oct 2, 2006 9:25 am

I'm guessing the job is in their "wealth management" segment, not their FAs in the lobby.

Oct 2, 2006 4:00 pm

Wachovia Securities has 3 platforms.


PCG - Old Prudential, wirehouse


ISG - Bank side, fully licensed, 100% commission. This is probably the position listed.


Finet - Independant platform.


Wachovia Wealth Management is completely different and not affiliated with Wachovia Securities. 

Oct 2, 2006 4:28 pm
tanman:

Wachovia Securities has 3 platforms.


PCG - Old Prudential, wirehouse


ISG - Bank side, fully licensed, 100% commission. This is probably the position listed.


Finet - Independant platform.


Wachovia Wealth Management is completely different and not affiliated with Wachovia Securities. 



Agreed, and I believe the ad the poster was talking about was for their wealth management area of the bank.

Oct 3, 2006 10:36 am

I am pretty sure Wealth Management does not house security licenses.  Wealth Management is for 5 million + households where a "relationship manager" interacts with the client and uses a team of portfolio managers, investment strategists, loan specialists, insurance advisors, and the trust department. 


Wachovia Securities is an affiliate of Wachovia Corp.  Internally Wachovia Securities is called the Capital Management Group which all 3 platforms fall under which includes all licensed representatives inculding Evergreen.  Wealth Management is a seperate line of business.

Oct 3, 2006 10:52 am
tanman:

I am pretty sure Wealth Management does not house security licenses.  Wealth Management is for 5 million + households where a "relationship manager" interacts with the client and uses a team of portfolio managers, investment strategists, loan specialists, insurance advisors, and the trust department. 


Part of the team is a licensed FA. I know folks who have moved from the broker-in-the-bank side to the licensed job within WM. BofA has a similar licensed FA type in their PB.

Oct 3, 2006 11:23 am

agreed

Oct 3, 2006 11:49 am

To orginal poster, in my opinion, this ad is for the ISG side.  I checked out some of the positions in wealth management and they appear to be a lot more senior.  CFP/CFA, 5 to 10 years experience.  Salaried positions. Internally, they never mentioned series 7 and 63 as a requirement.  If you go Wachovia's external website and type in "financial consultant" in your search, you will get the ISG posted jobs, which asks for 7/63. Just my 2 cents.


But I do agree that a lot of the positions in WM are probably former FAs moving on to something else.