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Mar 17, 2009 4:11 pm

Hello,<?: prefix = o ns = "urn:schemas-microsoft-com:office:office" />


 


I was recently extended an offer to enter the new FA training program for Wachovia's Private Client Group.  I was wondering if someone who has been through the program could comment on the difficulty of consistently bringing in 5,000 in gross each month during the first year. 


 


If I understood correctly, assuming I do only managed money, I would need to bring in at a minimum of 500,000 of NEW money each month to accomplish this (assuming 1% fee) and trailors from previous months do not count.  Correct?


 


For what it's worth I already have my 7, 66, L&H and was a Sales Assistant at SB for about 2 years. (In other words no book or significant natural network to speak of, but some industry experience).


 


Thanks 

Mar 17, 2009 4:22 pm

this business sucks


go back to grad school on obamas money
 
then get a real job
Mar 17, 2009 4:28 pm

no natural market or clients =  a very tough road

Mar 17, 2009 9:40 pm

Thanks for the responses. I agree I have a tall order ahead of me, but the only thing I can do is put my head down and go to work. I've already been to grad school, that option is out.



Can anyone confirm that not trailers are included in the next month's hurdle?

Mar 17, 2009 10:01 pm

Yes, it does. 100% through training and into the apprentice period. Once production starts it is decreased to 75% but commissions kick in. Payout is 24% up to the hurdle (5,000/month for the first year) and 50% for everything after that.



After six months you need to have had 12,000 trailing gross in addition to hitting 5,000 each month in new money (I think, this is where it gets fuzzy for me). If you hit that you keep getting 75% of salary for the next 6 months.

Mar 17, 2009 10:19 pm

New Dude    

read   "400 or bust" thread.

will tell u all u need to knwo about WS

Mar 17, 2009 10:45 pm

there's more than just managed money.  a few annuities could pay 4.5% with a small trailer.  if you can do a few insurance reviews and long term care cases, the 5m month won't be so overwhelming.  you can get close to a point off fixed income, so a few laddered bonds wouldn't hurt, either.

 
my point is to suggest your practice should be more broad minded than focusing on managed money.  it's a great component, but not the sole solution.   
 
the reason trails don't apply to your example is you're taking an entire year of fees up front. after month 13 rolls around, you'll begin being paid from the previous year's effort.  this is the process of building a practice, and it's immensely challenging.
 
Mar 18, 2009 1:57 am
New dude:

Hello,<?: prefix = o ns = "urn:schemas-microsoft-com:office:office" />


 


I was recently extended an offer to enter the new FA training program for Wachovia's Private Client Group.  I was wondering if someone who has been through the program could comment on the difficulty of consistently bringing in 5,000 in gross each month during the first year. 


 


If I understood correctly, assuming I do only managed money, I would need to bring in at a minimum of 500,000 of NEW money each month to accomplish this (assuming 1% fee) and trailors from previous months do not count.  Correct?


 


For what it's worth I already have my 7, 66, L&H and was a Sales Assistant at SB for about 2 years. (In other words no book or significant natural network to speak of, but some industry experience).


 


Thanks 

 
New Dude, Wachovia never had a trainee program. wachovia Securities is not the firm of choice.  They took over the AGE program that was legendary . At one time during my tenure 60% of the brokers at AGE were former AGE trainees.  Unprecedented. I went through it in 88 and as a MGR sent about 20 people through it also . I was lucky and so were about 15 of the 20 trainees that went throgh it . Those days are gone. Gone forever.
 
Side yourself with an estabished succesful team and work your way up. The trainee program in this industry is gone. Now is the time for team....and work.
 
 
Mar 18, 2009 11:10 am

Huskies, thanks for the response and it answered my question.

 
Redpin,
What I think I understand from your post is that WS took over the AGE training program and it is now not as good as it once was?  Also, once I get in there and get to know other brokers on teams, is it possible to team up after being hired as a stand alone?
Mar 21, 2009 9:02 pm
New dude:

Huskies, thanks for the response and it answered my question.

 
Redpin,
What I think I understand from your post is that WS took over the AGE training program and it is now not as good as it once was?  Also, once I get in there and get to know other brokers on teams, is it possible to team up after being hired as a stand alone?
 
Now you are thinking..... I think the training is just as good but the environment ( outside )is very very different.  Be your own guy . You can team up at anytime, I just think it is a great way to make sure your hard work ends in a long career. One more thing, get in early and work late. Be the last guy to leave on Friday ,Take the weekend off and be the first guy in on Monday.
Mar 23, 2009 9:52 pm

Seriously, if you want to be a broker come to jones. I will put in a word for you. Wachovia lol I love when I run into your clients and I run over you. muhahahahaaa

Mar 23, 2009 11:46 pm
Fighting Chance:

Seriously, if you want to be a broker come to jones. I will put in a word for you. Wachovia lol I love when I run into your clients and I run over you. muhahahahaaa



why would anyone ever want to work at jones?

Mar 24, 2009 2:42 am
Don Draper:
Fighting Chance:

Seriously, if you want to be a broker come to jones. I will put in a word for you. Wachovia lol I love when I run into your clients and I run over you. muhahahahaaa



why would anyone ever want to work at jones?

Lets see...... no layoffs, firm growth, and the best training in the industry for new Advisors.  In this environment I don't see a better firm to start with.  You will get paid a salary during training, your first 12 month of production and you will get 40% payout with no hurdles(unless your in one of the 5 special states like me then you start at 36% and grid up).  And many bonuses are available to you during your first 3 years.  Dont just dismiss them take a serious look, chances are that once you work for Jones you will love it.  Markets are tough right now but at least I have a Firm that is standing behind me and giving me all the tools I need to succeed in this business.

Just my .02

Mar 24, 2009 11:57 am
 

I am looking at EJ.  I did my phone interview a week ago and they called back and to start the market analysis portion of the hiring process.  I am also looking at MWM and NYL and  none of the other wires in my area are looking to bring a new FA on. <?: prefix = o ns = "urn:schemas-microsoft-com:office:office" />


 


Wachovia is definitly my first choice and once my application, background check, etc. goes through I will accept their offer.  After visiting two EDJ branches and reading these forums EDJ isn't as high on my list. 

Mar 24, 2009 11:30 pm
Eyetattoo:
Don Draper:
Fighting Chance:

Seriously, if you want to be a broker come to jones. I will put in a word for you. Wachovia lol I love when I run into your clients and I run over you. muhahahahaaa



why would anyone ever want to work at jones?

Lets see...... no layoffs, firm growth, and the best training in the industry for new Advisors.  In this environment I don't see a better firm to start with.  You will get paid a salary during training, your first 12 month of production and you will get 40% payout with no hurdles(unless your in one of the 5 special states like me then you start at 36% and grid up).  And many bonuses are available to you during your first 3 years.  Dont just dismiss them take a serious look, chances are that once you work for Jones you will love it.  Markets are tough right now but at least I have a Firm that is standing behind me and giving me all the tools I need to succeed in this business.

Just my .02

 
All the tools except; a decent suite of advisor products, a robust list of SAM's/Funds, tactically allocated ETF portfolios, and planning software.
 
It must have been fun charging clients 5.75% up front then having their portfolios go down an additional 5-8% every month for the past year.  Statement shock anyone!
Mar 25, 2009 12:56 am
Baba Booey:
Eyetattoo:
Don Draper:
Fighting Chance:

Seriously, if you want to be a broker come to jones. I will put in a word for you. Wachovia lol I love when I run into your clients and I run over you. muhahahahaaa



why would anyone ever want to work at jones?

Lets see...... no layoffs, firm growth, and the best training in the industry for new Advisors.  In this environment I don't see a better firm to start with.  You will get paid a salary during training, your first 12 month of production and you will get 40% payout with no hurdles(unless your in one of the 5 special states like me then you start at 36% and grid up).  And many bonuses are available to you during your first 3 years.  Dont just dismiss them take a serious look, chances are that once you work for Jones you will love it.  Markets are tough right now but at least I have a Firm that is standing behind me and giving me all the tools I need to succeed in this business.

Just my .02

 
All the tools except; a decent suite of advisor products, a robust list of SAM's/Funds, tactically allocated ETF portfolios, and planning software.
 
It must have been fun charging clients 5.75% up front then having their portfolios go down an additional 5-8% every month for the past year.  Statement shock anyone!

Ummmm....get with the program, Advisor products? Check. ETF portfolios? Check.  Planning software? Check.

Next Question.

Mar 26, 2009 2:54 pm

Is the advisor program open architecture?  Or do you get to select 1 or the pre-set models?

Mar 26, 2009 11:20 pm

You can choose from several models or build your own.  Its up to the advisor/client.

Mar 27, 2009 9:01 pm

5 special states WTF!!!

Mar 27, 2009 9:59 pm
Eyetattoo:
Baba Booey:
Eyetattoo:
Don Draper:
Fighting Chance:

Seriously, if you want to be a broker come to jones. I will put in a word for you. Wachovia lol I love when I run into your clients and I run over you. muhahahahaaa



why would anyone ever want to work at jones?

Lets see...... no layoffs, firm growth, and the best training in the industry for new Advisors.  In this environment I don't see a better firm to start with.  You will get paid a salary during training, your first 12 month of production and you will get 40% payout with no hurdles(unless your in one of the 5 special states like me then you start at 36% and grid up).  And many bonuses are available to you during your first 3 years.  Dont just dismiss them take a serious look, chances are that once you work for Jones you will love it.  Markets are tough right now but at least I have a Firm that is standing behind me and giving me all the tools I need to succeed in this business.

Just my .02

 
All the tools except; a decent suite of advisor products, a robust list of SAM's/Funds, tactically allocated ETF portfolios, and planning software.
 
It must have been fun charging clients 5.75% up front then having their portfolios go down an additional 5-8% every month for the past year.  Statement shock anyone!

Ummmm....get with the program, Advisor products? Check. ETF portfolios? Check.  Planning software? Check.

Next Question.

 
Who are you kidding, do you even work there??
Your planning software is a joke...
Your advisory program is really poor, automatically rebalances when percentages change too much(yeah that is a nice in a bull market but clients lost their rear when they went in to it in this market).. You can change anything in the program once it is set without having the clients redo the risk tolerance and then sign some more forms(while their portfolio is heading down)..