Wells Fargo (bank channel)

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Feb 18, 2010 11:28 pm

Can anyone offer insight into their program?


I'm was contacted by a recruiter today and accepted an invitation to meet with manager. What is the opinion of WF Bank channel compared to other banks? I go into Supermarkets and see branches. That to me is just not something I'd be interested in i.e. working in a supermarket lol...
 
Besides that though, what type of access to bank customers is there? Are bankers given incentive to refer? What about payout tiers?
All of this I'll ask the manager when I meet them but any insight ahead of time would be great.
Feb 19, 2010 12:09 am
bluewire:

Can anyone offer insight into their program?

I'm was contacted by a recruiter today and accepted an invitation to meet with manager. What is the opinion of WF Bank channel compared to other banks? I go into Supermarkets and see branches. That to me is just not something I'd be interested in i.e. working in a supermarket lol...



Besides that though, what type of access to bank customers is there? Are bankers given incentive to refer? What about payout tiers?

All of this I'll ask the manager when I meet them but any insight ahead of time would be great.





I work for Wells Fargo, and I started as a licensed banker (it's a hybrid position - I was a banker for Wells Fargo Bank and an investment consultant for Wells Fargo Investments). DON'T DO IT!!!! It totally sucks. The benefits are FANTASTIC but if you have any dignity then dont go to work for them.



Here is the reason; as a "banker" you have to source clients to open widgets. (Widgets classify as a checking acct, savings, debit card, online banking, bill pay, cd's, etc.) It is a sales position, and you will have management up your rear ALL DAY LONG about getting sales. I personally dont have a problem with a sales position or I wouldn't be an FA, however the amount of work it takes to hit "minimum" goals compared to what you get paid - is not worth it. Your salary will be between $30K - $34K starting out plus quarterly bonuses. The bonus structure keeps getting worse because they keep increasing required production, and they are lowering the quarterly bonuses. So, MORE WORK WITH LESS MONEY. IF you have your investment licenses, then you only get paid on "invest-able assets." Which means, you dont receive commissions for sales, but you have a quarterly goal to hit with "invest-able assets" NOT gross revenue. IF you do hit your quarterly goal on the investment side, you will not get paid out the investment bonus UNLESS you hit your bank goal FIRST.



My advice - IT SUCKS DONT DO IT!



FYI: Wells Fargo & Company's turn-over rate (across the board) is 65%. If that doesn't tell you something, then I dont know what will.

Feb 19, 2010 12:29 am

So in case I need to state the obvious, the position I was contacted for was as an FA and not a licensed banker

Feb 19, 2010 12:42 am

[quote=bluewire] So in case I need to state the obvious, the position I was contacted for was as an FA and not a licensed banker[/quote



Okay, i scanned your question, and I started responding. I guess i deserve a smartass response but next time, try to be polite.



Bankers have no incentive to refer. No bonus, payout or anything; however all FA's at WF get their clients from referrals. You will get 30 referrals and only 1 will be worth anything. Cold calling is non-existent. Your payout will be tiered between 30-35% depending on production. (Most new advisors) You will be on base salary for 24 months, plus commission. After 24, then you will on straight commissions. W-2 employees, 401K w/ 6% match, 18 PTO days starting off, and you will cover several branches to build your referral pipeline. Don't be suprised if your referring bankers are jackasses.

Feb 19, 2010 1:33 am

avoid any firm or bank that starts with w and ends in f.   

Feb 21, 2010 10:51 am

Sounds like a less than mediocre setup. I'll probably end up staying where I am but I'll still take the meeting and ask the questions on my own.

 
Do FA's have access to viewing branch assets or at least customer names?
Feb 21, 2010 12:19 pm
bluewire:

Do FA's have access to viewing branch assets or at least customer names?





Yes, FA's can view reports but most reports must be given to the FA by the bank branch manager. There are "cd reports" that FA's can get access to, however most reports are already picked through by the bankers. For a long time, Wells Fargo Investments didn't advertise, so A LOT of clients never new we had an inhouse investment arm. Just recently did WFC start advertising about our investment arm and business began to pick up.



WFC is to the point that they are firing people left and right for not hitting "set" production goal. The problem is they keep raising goals but not raising the incentives or compensation.

Feb 22, 2010 3:06 am

Ask the manager about the broken promises on forefront, cash assistance program and about 25 percent tax on commission. Worst place work among all the firms

Feb 22, 2010 11:27 am
CORR:

[quote=bluewire] So in case I need to state the obvious, the position I was contacted for was as an FA and not a licensed banker[/quote

Okay, i scanned your question, and I started responding. I guess i deserve a smartass response but next time, try to be polite.

Bankers have no incentive to refer. No bonus, payout or anything; however all FA's at WF get their clients from referrals. You will get 30 referrals and only 1 will be worth anything. Cold calling is non-existent. Your payout will be tiered between 30-35% depending on production. (Most new advisors) You will be on base salary for 24 months, plus commission. After 24, then you will on straight commissions. W-2 employees, 401K w/ 6% match, 18 PTO days starting off, and you will cover several branches to build your referral pipeline. Don't be suprised if your referring bankers are jackasses.


Not a bad set up for a newbie...
 
When you say cold-calling is non-existent, isn't that broker choice, not firm mandate...
 
PS When did you get canned for low production?
Feb 22, 2010 4:51 pm
chief123:

Not a bad set up for a newbie...



When you say cold-calling is non-existent, isn't that broker choice, not firm mandate...



PS When did you get canned for low production?





Your are correct by stating that it is broker's choice. The firm does not mandate "cold-calling" but they do want phone calls to be made for follow ups or "warm hand-offs" from banker referrals. Usually, the client is expecting a call from the FA, so....cold calling is non-existent.



You will usually get clipped within 12-24 months of low production...and you really have to be trying to get fired. After 24 months, you are expected to hit $25K/month (gross production) just to keep a job. WFC will place you on informal action, after that it's formal and then it's "bye bye!" After warnings have been given, it takes 3-6 months to officially get the "boot!" Once again, you really have to try to get fired.