Wachovia Securities - Bank or Office?

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Aug 9, 2007 11:30 am

I am sorry to post so often but I don't have many people to talk to about this career move.


I met with Wachovia Securities today and the broker recommended that I start out in the bank for Wachovia Securities. He said I am less likely to fail since I don't have any current clients or wealth management experience. He is probably right, but is it worth it to start out at the bank? I don't want to sell out just because something is easier.

Aug 9, 2007 2:11 pm

It's not easier, it's less difficult.

Aug 9, 2007 2:50 pm

If you can PROSPECT, go to a branch........


If you can't go to the bank........:)


Aug 9, 2007 3:10 pm

Do you know people with assets of about $5 million that will trust you to be their financial advisor?  That is just the first year goal.  Second is $10 million.


There is nothing wrong with the bank.


Aug 9, 2007 5:00 pm

Bank = Less commission per deal because the bank is effectively doing some of the prospecting for you simply by presenting you with walk ins.  Tellers, lenders, managers may send you referalls if you treat them right, plus the trust you gain thru sitting next to a vault will gain credibility with people who are lower on the risk-taking spectrum.


Wirehouse = Higher percentage of the commission.  Licensingand expenses such as telephone line, office space and technology to make trades, and E&O when you screw up are covered.  You are now ceo, chief marketing officer, chief financial officer, chief of operations and chief coffee maker of your own business as long as you do what you are allowed to do.  Cold Call, Cold Walk and tell everyone what you do with the intent of getting a chance to pitch your product or value added service.  The sky is the limit and really only limited by your ability to prospect.


This is a sales business and no matter where you hang your hat, success is going to hinge on the number of people you get in front of and ask for business.  Prospect first and learn the solutions as you find a need for them.

Aug 9, 2007 5:33 pm
LEAP:

Bank = Less commission per deal because the bank is effectively doing some of the prospecting for you simply by presenting you with walk ins.  Tellers, lenders, managers may send you referalls if you treat them right, plus the trust you gain thru sitting next to a vault will gain credibility with people who are lower on the risk-taking spectrum.


Wirehouse = Higher percentage of the commission.  Licensingand expenses such as telephone line, office space and technology to make trades, and E&O when you screw up are covered.  You are now ceo, chief marketing officer, chief financial officer, chief of operations and chief coffee maker of your own business as long as you do what you are allowed to do.  Cold Call, Cold Walk and tell everyone what you do with the intent of getting a chance to pitch your product or value added service.  The sky is the limit and really only limited by your ability to prospect.


This is a sales business and no matter where you hang your hat, success is going to hinge on the number of people you get in front of and ask for business.  Prospect first and learn the solutions as you find a need for them.



Depends on what bank.  I get 42% from grid and a much better payout before grid.  Ex most VAs upfront is 7.5%.  I'd say I have it much better than wires or big banks.  Problem is that I have to prospect without a big name like UBS, ML, MS or the like. 


No biggie though, I like to cold walk busineseeseseses

Aug 9, 2007 7:20 pm

Plenty of advisors making big bucks at banks.


The FAs at Wachovia get to own their book.  I doubt that any bank would ever put in writing that the FA owns their book.


I can't see how you could be hurt starting there.  See if you can move to the regular FA channel at a later date.

Aug 9, 2007 8:50 pm
Ferris Bueller:

The bottom line is that only retards work at banks. Go get the job at ML.


This from a kid sitting in the bonus room above his Daddy's garage typing away on the Internet.

Aug 9, 2007 9:18 pm

Ferris, which firm do you work for?

Aug 9, 2007 9:38 pm

Which firm?

Aug 10, 2007 5:34 pm
Ferris Bueller:

The bottom line is that only retards work at banks. Go get the job at ML.


you looking for broker?

Aug 10, 2007 5:35 pm
DAtoo:
Ferris Bueller:

The bottom line is that only retards work at banks. Go get the job at ML.


This from a kid sitting in the bonus room above his Daddy's garage typing away on the Internet.



I didn't know that you were capable of being funny.  Nice work.