Wachovia/AGE

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May 6, 2008 8:25 pm

Does anyone know what the average startout salary is for a newbie with Wachovia?  Also, are they keeping the AG Edwards name or are the offically switching it to Wachovia Securities?

 
Thansk!
May 6, 2008 9:06 pm

My Father got some literature in the mail the other day that was an AGE brochure but with a Wachovia business card inside. The included letter had an AGE letterhead but was signed by a "Wachovia" advisor.



I guess they're just going to be skitzo for awhile.

May 6, 2008 9:09 pm

Yeah, I saw a job posting for a position as a "Financial Advisor with Wachovia Securities" but with you go to the website it has Wachovia at the top, but the info still says AG Edwards.  Sounds like an identity crisis in the making. 

May 6, 2008 10:19 pm

It is Wachovia Securities.  The official name change was April 1st.  Second Q of 2009 we will be fully implemented into the Wachovia system.  Starting payout depends on whether or not you have experience.  This is negotiable.  I have seen 32K as a starting salary and someone I know is getting 67K.  Hope this helps.

May 6, 2008 10:28 pm
gecko1134:

It is Wachovia Securities. The official name change was April 1st. Second Q of 2009 we will be fully implemented into the Wachovia system. Starting payout depends on whether or not you have experience. This is negotiable. I have seen 32K as a starting salary and someone I know is getting 67K. Hope this helps.





Anyone who has had their local bank bought by one of the "giants" knows how long these name changes take. But doesn't the Skitzo theory sound more interesting?

May 6, 2008 10:51 pm

I know.  It has been quite interesting since we got bot out last June.  My branch office is fairly new in the area (4 years) and there isn't a WB bank nearby.  I have been approached by a bank in town with assets in the north of 40. Good book, I checked it out.  The former broker left to try a new venture that isn;t in the securities industry.  Not sure if this would be a good move to take or not.  Any advice or insight would be appreciated. 

May 6, 2008 11:01 pm

This is pure speculation on my part, but I think the only real advantage of a bank owned brokerage is the referrals from the retail banking side. The AGE office in my area is two states away from the closest Wachovia bank. I can't imagine this to be a good transition without that added benefit. I'm sure others with more experience can either confirm or deny this.

May 7, 2008 9:55 am

I applied for a Wachovia/ AGE posting last night, it used both names, but seemed to use Wachovia a bit more.  Since Wachovia is the purchaser I used that in my CL. 

Especially given the current situation I understand why they would be a little schizo right now... they don't want to spook any clients making them think AGE is troubled or the like.  It's a unique situation so you can't really blame them. 

May 7, 2008 10:45 am

Eventually - all signs of AGE will be gone.

 
Starting salary has a large range (like we saw in the earlier post).  It can be anywhere from $24,000 - $75,000 per year.  Where you end up is driven by past experience and prior salary.
May 7, 2008 12:05 pm

Beware!  Wachovia not only allowed my fellow FAs to move accounts I was paying for from my rep code to theirs (stealing) but my branch manager encouraged it!  He said I didn't deserve to buy the book I was buying because the other man in the office had been there longer.  He even accused me of granting sexual favors to get the book!  Also, the little gal in the office forged my name REPEATEDLY-I have prood and they won't do anything about it.  We'll be in court soon. Wachovia is not the company they claim to be.  Go look at ANYONE besides Wachovia. 

May 7, 2008 10:39 pm

 Does anyone know about M&I wealth managment (structure, compensation, benefits, etc).  I have been approached by them  as well.   I am looking at all options and don't want to miss out on an opportunity. 

May 8, 2008 4:27 pm
ivebeentaken:

Beware!  Wachovia not only allowed my fellow FAs to move accounts I was paying for from my rep code to theirs (stealing) but my branch manager encouraged it!  He said I didn't deserve to buy the book I was buying because the other man in the office had been there longer.  He even accused me of granting sexual favors to get the book!  Also, the little gal in the office forged my name REPEATEDLY-I have prood and they won't do anything about it.  We'll be in court soon. Wachovia is not the company they claim to be.  Go look at ANYONE besides Wachovia. 

 
Sorry to hear that.
 
But remember it is a  wirehouse  Most but not all Branch managers care about no one! Ethics & morals do not exist in there world!