Wachovia Bank FA

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May 9, 2006 10:01 am

I currently work as an FA for a bank that was acquired by Wachovia.  Anyone here work for Wachovia in the bank channel?  What can you tell me about their culture, their pay out, and how you get your clients?  Where I am now, the bank employees HAVE to refer customers to me.  Plus, I have a book of over 50 mil to work from; brought in 20 mil last year alone. 


Just curious to hear from some current or former Wachovia bank channel FAs.


Thanks.


azdawn

May 9, 2006 8:27 pm

it's a bank and it sucks.

May 9, 2006 9:36 pm

funny one by ezmoney.


I have several friends at Wachovia Bank here on the East Coast.  Their program is much better than Bank of America's (who's isn't) and they have pretty good managers.  They've able to keep most of their top brokers.  However, their territories are small, usually two branches max.

May 9, 2006 11:19 pm

Would one of your friends mind if I called him/her?  I'm in Arizona, so I wouldn't be encroaching on their territories.  I'm in one branch now in the bank I'm in, with 350mm in deposit/assets, and like being in one branch.   I'm wondering about their corporate culture, how they get their business, payout grid, etc. and would love the change to ask a current Wachovia bank FA these questions.


If you have a friend who would talk to me, PM me their name and number.  I would be eternally grateful.


BTW, I was in a wirehouse and hated it.  I have my CFP, and am not an annuity pusher LOL

May 10, 2006 12:56 am
azdawn:

I currently work as an FA for a bank that was acquired by Wachovia.  Anyone here work for Wachovia in the bank channel?  What can you tell me about their culture, their pay out, and how you get your clients?  Where I am now, the bank employees HAVE to refer customers to me.  Plus, I have a book of over 50 mil to work from; brought in 20 mil last year alone. 


Just curious to hear from some current or former Wachovia bank channel FAs.


Thanks.


azdawn



You didn't "bring in" 20 mil last year, you were SERVED 20 mil. 

May 10, 2006 1:46 am

You didn't "bring in" 20 mil last year, you were SERVED 20 mil. 


That's a little condescending. He didn't say he didn't pay a price for the 20 mil. The thing to consider is how different that 20 mil is different in general margins, control and longevity from any other retail asset and that's true wherever you are. I was curious what his net was and how onerous the departure contract and non-compete was.


Mergers are very stressful with winners and losers on both sides usually, he's right to worry. I suspect he might be from Golden West and reacting. I'm curious if others on the scene have a comment?



 


 


 


May 10, 2006 9:06 am

Agree with Farmboy.  I'm pretty annoyed at Bank of America on the East Coast but if I was one of the dozens of California B of A brokers doing over $1 million, I wouldn't care if I was "served" the revenue. 

May 10, 2006 9:40 am

Yes, the branch refers clients to me, but I still have to close them.  The 20mm didn't just fall into my lap, and I have many clients who have every single penny with me, and I get to see them all the time because they come in to do banking.


I am with GDW, and we are very, very different from BofA and other banks.  We deal primarily with affluent seniors; none of the people who come in week after week to cash their little paychecks.  And my comp is different from any others; we get a small base, plus bonus on assets gathered.  We sell proprietary no load funds, annuities and life insurance.


I was the #1 rep in the company last year, have a total of 13 years with GDW, and have worked my butt off to get where I am.  No other rep in our company has ever done 20mm in one year; my branch set a company record.


It will be interesting to be full service again; I just wonder what Wachovia's culture is like.  They don't have any bank branches in AZ so I can't just waltz in and check them out.


Oh, and guys, I am female...


Thanks for the info from those of you in the bank channels.  The rest of you, I'm not trying to start a war here, I just wanted to hear from bank channels FAs.

May 10, 2006 10:22 am

Well done, but I think you just blew your cover...

May 10, 2006 12:58 pm

I wasn't trying to be undercover; I don't care if anyone knows who I am or where I work.

May 10, 2006 8:01 pm

AZ, if you ever wanted to say something crazy (like, "I'm interviewing for another job."), you can always set up another alias.


From my personal friends at Wachovia and my own interviewing experience with them, I'd say they are the best bank program on the East Coast.  They are run like a brokerage, which is unusual for a bank.  They invest in technology, pay for good managers, and recruit with wirehouse deals.  I would not be surprised if they gave the top producers at Golden a nice retention package, in the form of some long-term loan, of course.  However, there is no way you'll keep the big branch to yourself.  All the large branches (over $150 million in deposits) on the East Coast have at least two advisors in there.  And $20 million in a year is great but you're going to be part of a pack at Wachovia.


They're pushing the fee-based just like everybody.  I didn't think there were bank programs like Golden left out there.  Salary and proprietary funds?  Crazy.  At least you had a good 13 year run. 

May 10, 2006 8:37 pm

Two advisors?  yuck.  But oh well, maybe there will be a retention package worth hanging on for.  Like I said before, I'm going to see what happens.  I can always sell new stuff to my book, right?


Thanks for the great info.  I appreciate it.  Everything I've read about Wachovia seems acceptable, but it will be different, that's for sure.  I've gotten used to the way things are done around here, now I'll have to learn a new corporate culture.


Change is good, right??

May 10, 2006 9:04 pm
azdawn:

I wasn't trying to be undercover; I don't care if anyone knows who I am or where I work.


Oh brother! 2 in one week.

May 10, 2006 10:01 pm

Heheh.  Forgot about the other one.