Wachovia channels?

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Mar 12, 2009 10:46 am

I know you can move from the wirehouse side of WB to FiNet, but does anyone know of anyone on the bank-side moving to FiNet?

Mar 14, 2009 3:07 pm

Isg production belongs to the bank not the broker. One needs 250 to get in to Finet. If the production is not yours then you don't get in.  My conversation with bank guy not something I really know, but it made sense.

Mar 14, 2009 4:45 pm
Redpen:

Isg production belongs to the bank not the broker. One needs 250 to get in to Finet. If the production is not yours then you don't get in.  My conversation with bank guy not something I really know, but it made sense.

 
I'm not sure I understand you there. Sounds like you're saying if you're on the bank side you need 250k in production to  move to FiNet, but ISG production doesn't count. How do they count ISG production from other production?
Mar 15, 2009 1:53 am

Wachovia Bank and Wells fargo Bank believe they own the clients of the branch of the bank, not the FC " they hired to service their customers " Therefore if you happened to be the FC that is in the seat at the branch , those are bank customers not yours . If you want to go to Finet you need your own customers not the branch customers to qualify. Not my words...came from a WB guy.

Mar 15, 2009 3:09 pm
Redpen:

Wachovia Bank and Wells fargo Bank believe they own the clients of the branch of the bank, not the FC " they hired to service their customers " Therefore if you happened to be the FC that is in the seat at the branch , those are bank customers not yours . If you want to go to Finet you need your own customers not the branch customers to qualify. Not my words...came from a WB guy.

 
It makes perfect sense to me that the bank side wouldn't want to help an FA build a book via bank referrals and then see him/her take it to FiNet. The thing is, FiNet says you can't do that, but the bankside executive (and their lawyer) trying to recruit a buddy of mine says you can do it.
 
I'm wondering if the apparent contradiction comes down to the bank side hiding from my buddy some way in which they ID "his clients" (ones he brought in) versus "bank clients" (people who became clients via the bank referral system) and will let him take HIS, but not THEIR clients to FiNet.
Mar 15, 2009 9:27 pm
Conrad Dobler:
Redpen:

Wachovia Bank and Wells fargo Bank believe they own the clients of the branch of the bank, not the FC " they hired to service their customers " Therefore if you happened to be the FC that is in the seat at the branch , those are bank customers not yours . If you want to go to Finet you need your own customers not the branch customers to qualify. Not my words...came from a WB guy.

 
It makes perfect sense to me that the bank side wouldn't want to help an FA build a book via bank referrals and then see him/her take it to FiNet. The thing is, FiNet says you can't do that, but the bankside executive (and their lawyer) trying to recruit a buddy of mine says you can do it.
 
I'm wondering if the apparent contradiction comes down to the bank side hiding from my buddy some way in which they ID "his clients" (ones he brought in) versus "bank clients" (people who became clients via the bank referral system) and will let him take HIS, but not THEIR clients to FiNet.
 
I would be skeptical.It's kind of like a joint account . Once you bring outside assets to the joint account they are 100% owned by the other party also. Any referrals you get or business  going forward came as a result of the affiliation to the bank .  
Apr 8, 2009 11:42 pm

PF and Finet are history

Apr 9, 2009 1:21 pm
S&P low 666:

PF and Finet are history

 
Can you elaborate?
Apr 9, 2009 11:20 pm
By Brett Philbin Of DOW JONES NEWSWIRES

NEW YORK (Dow Jones)--Wachovia Securities, a unit of Wells Fargo & Co. (WFC), recently put a hold on recruiting financial advisers for its profit formula group, according to people familiar with the situation.


The group is an offshoot of Wachovia's traditional brokerage, the private client group, and has been attractive to advisers because it allows them to operate somewhat independently from the firm. Brokers in profit formula are responsible for their own expenses but can receive a higher payout than some private client colleagues who typically earn 40% to 45% of their trailing 12-month production.


This group differs from the independent channel, however, because brokers can still receive various perks from their affiliation with Wachovia.


One recruiter said he views the move as Wells Fargo telling Wachovia that "giving brokers high upfront checks and high payouts doesn't make sense in this environment."


A spokeswoman for Wachovia Securities said the firm declined to comment on its current recruiting practices while it completes its integration with Wells Fargo.


Wachovia Securities recently adjusted its recruiting deal to base its payouts for financial advisers on three months' production rather than the standard industry practice of 12 months. The signing deal was altered to get a more accurate reading of brokers' production based on current market conditions.


In 2009, Wachovia had recruited 355 experienced financial advisers, as of Feb. 20, who had more than $181 million in combined production and managed more than $23 billion in client assets.


Strumtp and the gang will axe pf and finet.   They want bank FA's making half what we make now.  hand writing on the wall
Apr 10, 2009 1:13 am

[quote=S&P low 666]

By Brett Philbin Of DOW JONES NEWSWIRES

NEW YORK (Dow Jones)--Wachovia Securities, a unit of Wells Fargo & Co. (WFC), recently put a hold on recruiting financial advisers for its profit formula group, according to people familiar with the situation.


The group is an offshoot of Wachovia's traditional brokerage, the private client group, and has been attractive to advisers because it allows them to operate somewhat independently from the firm. Brokers in profit formula are responsible for their own expenses but can receive a higher payout than some private client colleagues who typically earn 40% to 45% of their trailing 12-month production.


This group differs from the independent channel, however, because brokers can still receive various perks from their affiliation with Wachovia.


One recruiter said he views the move as Wells Fargo telling Wachovia that "giving brokers high upfront checks and high payouts doesn't make sense in this environment."


A spokeswoman for Wachovia Securities said the firm declined to comment on its current recruiting practices while it completes its integration with Wells Fargo.


Wachovia Securities recently adjusted its recruiting deal to base its payouts for financial advisers on three months' production rather than the standard industry practice of 12 months. The signing deal was altered to get a more accurate reading of brokers' production based on current market conditions.


In 2009, Wachovia had recruited 355 experienced financial advisers, as of Feb. 20, who had more than $181 million in combined production and managed more than $23 billion in client assets.


Strumtp and the gang will axe pf and finet.   They want bank FA's making half what we make now.  hand writing on the wall [/quote]

Man, you have no idea what you are talking about.  None whatsoever.  Profit Formula is on hold for now simply because the que for conversion to the channel is stuffed with a huge backlog. 
Finet will never go away, and is more likely to acquire other independent brokers. 
Apr 10, 2009 7:45 am

Like our retention.    Just watch brother.     PF is way,way,way to good for FA's.  Its old Danny before he was castrated by Strumpf.   Finet will survive.   No way PF does.