Bank of America v. Wells Fargo

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Jul 21, 2005 1:48 am

Have interviews with both, leaning towards Wells (because of location more than anything), but would like to hear the pros and cons of each from anyone that is or has worked at either.


Thanks in advance.

Jul 24, 2005 2:55 pm

Is there really a difference?


Aren't they both slave labor?  No ownership, change managers every 5 years, short term careers, if you can build client relationships, why would you go to a BANK?


Just starting out, go to Edward Jones, BEST TRAINING FOR NEWBIES learn to prospect, then when you get up to about 250K Gross, go INDY......abut first learn the business

Jul 24, 2005 3:26 pm

You know...your posts might have a bit more credibility if you would place limits on your use of smileys.  One or two at the end of a message...fine.  Averaging one every 5 words...not kosher.

Jul 31, 2005 10:21 am

Which city/state are you in?



I used to work for Wells Fargo as a personal banker and as an operations manager (bank side, no investments).



As I was leaving WF, they began a program in Orange County, CA to
license ALL their bankers with L&D, S7 & S66.  This
included their Personal Bankers (for everyone), their Premier Bankers
($100k+ deposits) and (of course) their financial advisors.



The result is now - WHY should I refer to another person when I'm licensed to do what they do?



I don't know if they have $ limits on what the bankers can do or
exactly how they're compensated.  But as an FC in a bank, your
bankers should be your best partners.  If there's incentive for
them to NOT refer, then the system is broken and would be difficult to
work with.

Jul 31, 2005 10:49 pm
D.H.K.:

Which city/state are you in?

I used to work for Wells Fargo as a personal banker and as an operations manager (bank side, no investments).

As I was leaving WF, they began a program in Orange County, CA to license ALL their bankers with L&D, S7 & S66.  This included their Personal Bankers (for everyone), their Premier Bankers ($100k+ deposits) and (of course) their financial advisors.

The result is now - WHY should I refer to another person when I'm licensed to do what they do?

I don't know if they have $ limits on what the bankers can do or exactly how they're compensated.  But as an FC in a bank, your bankers should be your best partners.  If there's incentive for them to NOT refer, then the system is broken and would be difficult to work with.


This is how the licensed banker program at Wells Fargo was explained to me:


Each branch will have one licensed banker.  That banker will be limited to $100k or less accounts and only mutual fund investments.  Any account over that is over $100k or that will involve more than mutual funds goes to the FC -- and the FC gets a cut of anything the banker invests.  The purpose (or so they say) is to allow the FC to concentrate on the bigger accounts.  Also, as for an incentive to refer, all bank employees still get "points" for referals to the FC and have to have a certain number of referrals each month.