Wells Fargo personal banker registered?
I'm currently looking for a new job. I have my 7, 66 and insurance license. I just graduated from college 6 months ago and I'm working at a known firm (name anonymous). I use to be in retail baning throughout college and this is basically my first full time job. However, I'm overcome with student loan bills and financial stress. I want a job that has a more stable pay and higher than what I'm earning now. At the bank I was paid more. So like the topic states, I'm thinking of leaving the firm (only been there 1 month but sponsored for 3+ months) and interested of going back to the banks (from opinions the banks pay more and stable). The bank I wasthinking about going to is wells Fargo as a personal registered banker. I'd still be able to keep my licenses, but just unsure if anyone has do e wells frgo?
I would recommend Wachovia Securities or Citibank if you want retail banking AND a higher base pay. However, these banks do not have a high volume walk in traffic therefore you would still need to prospect/market.
If you want a whatever base pay, but a HIGH walk in traffic guaranteeing lots of clients (not all of which are high net worth) then go to Wells Fargo or BOA. The traffic will guarantee you enough business to be a producer, but you should by no means rely on that.
You also need to consider if your firm will come back on you for their training costs. Sometimes in the excitement to get the job, people sign things they don't read/understand or even remember.
This firm isn't going to come back with the training costs. I spoke with my manager's manager and told him how I felt and what I'd like to do. He insisted I hold out and just give it another week under close supervision. However, I already made my decision and said I needed to cut. I was hoping to go another path in sales for a bit and just grow from there, rather than get thrown into the cold water and start swimming for land. I figure, gain some experience in retail bankiing (where I started off) and move up the chain. After a year or two, move back into the financial planning sector. My main concerns have been some short term goals, I've been told that this career focuses on the long term (first 2 years are crucial, the first 5 years are a struggle, the 5 years + is the life). I basically told myself 1) I need a cash flow income without risk and 2) I'd like the hours to be reduced from 60+ to 40 hours a week.
Just like if someone was going to be buying a home for the first time but has never paid for a single expense. Start them off by paying rent or a expense with a high bill to get them use to paying for a monthly mortgage but still have a safety net to protect them from being foreclosed on, etc etc. I'm unsure if that's a great example, but being only in my early 20's I want something with a little more safety at this point.
Fact is you hate prospecting (no sin, most of us do) just don't say I'm young I need safety. That is just an excuse and everyone on this board knows it, whether you admit it or not. Now is the time to take risks my friend. Much tougher at 35 with 2 kids and fam to support.
However, I don't blame you for taking the easier route. It can still work for you, just take a lot longer.
If you were only in production for a month or so and already feeling financial stress, you must not have done much serious research into what you were getting into. For that, you really have no one to blame but yourself.
Don't repeat the same mistake as you change jobs. You'll make mistakes - we all do - just make sure you make NEW mistakes and then learn from them!
One thing you really need to recognize is that you're unlikely to make much money anywhere in the next few years. Sure, at a bank you'll probably earn a bit more and work less in the short run, but the tradeoff is your longer-term earning potential is dramatically lower there than in the environment you are in the process of leaving. And as others have said, there will be no better/easier time to accept lower pay than NOW, when you are young and have relatively fewer responsibilities or mouths to feed.
Don't make excuses to yourself. You have to make a choice - you're just fooling yourself if you think you can find safety and shorter hours without hurting your income generating potential. If it was easy to make more money, everyone would do it. Most want the benefits without being willing to pay the price. What about you?
So do the research FIRST, decide, and follow through. You'll be a lot happier in the long run.
TO all the replies, THANK YOU THANK YOU. I've done much thought of it over the past couple of days and as what a lot of replies have stated I basically left with the understanding "it's a sales job, a career with a lot of risk in the beginning but a high payoff in the end. You are also right about the excuse about being young, the prospecting was killing me and the hours even worst. It was my first full time sales job, coming from a banking operations retail, it was really like diving into cold water. I have better perspective and I'm looking forward to moving on. My mind set right now is to just look for a new opportunity, same typ eof career field, but just put my head down and grind and sprint to the end.
Right now, i'm looking towards moving into financial services at a bank but open to positions at Smith Barney. From what I've been researching, Smith Barney has a great entry level FA program and the hours are as much as the same as a retail bank; or am i wrong? Thanks again for the input everyone!
You're still trying to kid yourself. SB may have a better training program than what you just experienced, but eventually it will STILL come down to you prospecting and working long hours for relatively low pay in the short run. How is that any different from what you just told us you can't take?
As long as you keep focusing on "hours" and comparing this to banking, you will be fooling yourself. The beauty of sales driven careers is that the only limits to what you can achieve and earn are self-imposed. However, anyone as focused as you are on how many hours you work and how much you earn in the short run does NOT have the proper mind set for that road. And deciding after one month - ONE MONTH! - that something is too hard or unpleasant reveals more about you than it does the job involved.
Life is about choices, my young friend. You need to decide what is most important to you, and then show courage in following through when it's no longer easy.
There are many routes in this field, sounds like starting as a personal banker and trying to work up to the top might be your best shot at this IMHO.