Thinking about Wells

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Feb 1, 2009 12:09 pm

I moved to BAI about a year ago. I am wondering, what do you think about moving to Wells now? What kind of offers are they giving? How would they be with Wachovia? Thanks

Feb 1, 2009 1:12 pm

Whats your T12?

Feb 1, 2009 2:41 pm

200

Feb 1, 2009 4:30 pm

Maybe 30% with some goal type incentives

Feb 1, 2009 4:40 pm

40% upfront plus a backend.  That's my guess.

Feb 1, 2009 4:51 pm

40% upfront??  I wonder if I can quit and get re-hired??

Feb 1, 2009 5:08 pm

??

Feb 1, 2009 8:18 pm

Be Patient, are you a Wachovia Manager?

Feb 2, 2009 10:31 pm

0

Feb 2, 2009 11:57 pm
NOVA:

40% upfront plus a backend.  That's my guess.



You guys just love to throw around the term 'backend'.  Kinda makes me wonder about y'all.

I'm gonne really freak if one of the wires starts offering a bonus package called a 'reacharound'.

Feb 3, 2009 8:48 pm

The last i heard you needed to have a T12 of 350k for WElls to consider.

Feb 3, 2009 8:53 pm
ozzie:

The last i heard you needed to have a T12 of 350k for WElls to consider.


Not true,
 
WFC hires lots who are leaving wirehouses whose gross either never was much because they were starting out and could not cut it, or hires guys who may have done decent numbers 200K plus and are tired of being stuck or have lost some accounts.  I know about 1/2 dozen guys who went their from wirehouse who were under 100K.  Depends on your location or branch.  Many WFC brokers were tellers and worked into the seat.  Think guys who do 500K in a lobby could not do 150K at a wirehouse. 
Feb 3, 2009 9:19 pm
as my dad said, "get off the cross, we need the wood"
 
if you could do 500m at a bank, but choose to "tough" it out at the wirehouse to do 300m, then you're a moron.  if one channel appears easier, why knock it?...you should be able to do 2mm if it's so easy.
 
it's what's in your W2 at the end of the year that matters, not what channel you've endured.
Feb 3, 2009 9:25 pm
go_huskies:
as my dad said, "get off the cross, we need the wood"
 
if you could do 500m at a bank, but choose to "tough" it out at the wirehouse to do 300m, then you're a moron.  if one channel appears easier, why knock it?...you should be able to do 2mm if it's so easy.
 
it's what's in your W2 at the end of the year that matters, not what channel you've endured.

Agree, in these times..5 years ago when a buddie went from MS doing 150K to Bank going 300K I did not agree.  He was stuck working Saturday's, working at the branch on a Friday into the evening.  One weekend he was told by some douchebag to drive to a branch in the middle of nowhere 200 miles away to meet a bank customer. 4 years later  he got it up to 500K+ and just quit, could not take it anymore, went to UBS.  Says he will be lucky to do 200K, but got 150% and does not care.
Feb 4, 2009 8:14 am
go_huskies:
as my dad said, "get off the cross, we need the wood"
 
if you could do 500m at a bank, but choose to "tough" it out at the wirehouse to do 300m, then you're a moron.  if one channel appears easier, why knock it?...you should be able to do 2mm if it's so easy.
 
it's what's in your W2 at the end of the year that matters, not what channel you've endured.
 
What it comes down to is are you an entrepneur or an employee.  The bank channel is all about how you serve the "bank's customers" 
 
other models can eventually lead to building your own CLIENT base
 
 
Feb 4, 2009 10:01 am

fritz & conage, that's how it works at some places, but not ws isg.  i run a wirehouse platform in a bank. no interference from mgmt.  i run my biz essentially the same way i did at smith barney, only i have more access to clients.

 
the downside is the back office is terrible and i have to share a sa that's in a remote location.  i have a small haircut in grid, but the increase in biz makes it worthy.
 
i used to make the same comments about bank brokers, "if i had access to a cd list..." i got over it, and i am thankful i did...
Feb 4, 2009 7:40 pm

completely agree go_huskies.  3 yrs and 500k later, proof is in the w-2.  I was doing well at a wirehouse, but why run from where the clients are at?

Feb 4, 2009 8:12 pm

as far as i know wells has a highering freeze right now unless you are large producer.  typically before that they would not higher guys under $350k and give them a package unless you were a rising star.  good luck getting a package now though for smaller producers last time i heard were getting only something in the 30%range.

Feb 4, 2009 8:20 pm

I couldn't agree more. Came over in 06 doing 250k and have had no problem moving right up to 500k. I have all the freedom i need, and i am allowed to run my business as i like. I don't have to answer to anyone in the bank, actually they are a great partner. I think many misconceptions exist about being an advisor in a bank, at least in my experience. To the original question i do know that in our region they will not consider under 350k.