Wachovia ISG FA's (losing branches)

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Nov 30, 2008 3:25 pm

Any FA's losing branches to new recruits from the likes of Merrill? Seems mgt is in a recruiting frenzy. I do near 600k. 2 medium sized branches in a semi rural area.  I have been advised they want me down to one branch as they want to bring in a recruit. I have worked very hard to develop relationships and trust and have blown the doors off the branch INV goals every year, including this one. We met goal for that branch in early Sept. The reality is I do not believe I will be able to make a living off the one branch. I dont think the recruit will be able to make it in the one branch once his bonus runs out. Its just not an area that one branch can support 1 FA. I have no issues with anyone, have developed a good book and have increased revs every year, have good relationships with all FS's and FCM's and FSL. I have even helped recruit 2 quality guys. (just not for my area).  I figured the next year would be tough but doable with the 2 branches. Now losing one, I find survival to be in question. Its a real shocker. My colleagues are stunned as well. I dont get it.

Nov 30, 2008 4:01 pm

Sounds like a bad situation, the thing with the business in my opinion is the sh*t is hitting the fan and over the next 12-24 months you will see people get screwed in about every which way.  Whoever is making the decisions in your area is scared for his job and gets paid or job security from recruiting.  IF the market does not come back, or continues a decline for years before coming back your story will be the rule not the exception. 

Nov 30, 2008 4:07 pm

It is no secret that the ISG channel wants a FA in every branch.  It is an open architecture, so anybody can call on anybody, unless they already have a brokerage acct with WS, so while each branch is a referral source, the compnay does not view it the way an FA might view it.  I have had, and lost 4 branches over my 6 years with Wachovia, so you have to learn to live with, or without it.  I can hear the surge of Indy comments coming in the next ten posts.........

 
3rd ID, I sent you a PM.
Nov 30, 2008 5:32 pm

Mgt is being greedy in this case. They are bringing in a 300k guy vs the 580-600k I do. They are willing to disrupt my clients, my FS's, the FCM the FSL, me, my family. I have proven myself, yet they are willing to risk much on a guy who was not elig for retention at ML just to get another body in and how many millions could he bring? Guy is gonna have a very hard time bringing clients in this kind of market. Dont matter how crappy the firm is. People will stay put. I though I would be able to eke it out next year with the 2 branches. Now going to one medium sized branch and with the huge losses in managed revs, survival will be questionable. I can already see myself having to get a PT job somewhere. Unreal. Go from grossing around 200k to needing a part time job in the span of a year. Retention???? If we even get one I guess a good chunk of my pay next year will go to pay the taxes. Beware, mgt gets paid on recruiting. They will be taking many offices from other fa's in the near future. If I can lose one, Id have to say pretty much anyone is at risk to lose one. Just depends on if they find a recruit in your area that they want a branch for. 

Nov 30, 2008 5:43 pm
3rd ID:

Mgt is being greedy in this case. They are bringing in a 300k guy vs the 580-600k I do. They are willing to disrupt my clients, my FS's, the FCM the FSL, me, my family. I have proven myself, yet they are willing to risk much on a guy who was not elig for retention at ML just to get another body in and how many millions could he bring? Guy is gonna have a very hard time bringing clients in this kind of market. Dont matter how crappy the firm is. People will stay put. I though I would be able to eke it out next year with the 2 branches. Now going to one medium sized branch and with the huge losses in managed revs, survival will be questionable. I can already see myself having to get a PT job somewhere. Unreal. Go from grossing around 200k to needing a part time job in the span of a year. Retention???? If we even get one I guess a good chunk of my pay next year will go to pay the taxes. Beware, mgt gets paid on recruiting. They will be taking many offices from other fa's in the near future. If I can lose one, Id have to say pretty much anyone is at risk to lose one. Just depends on if they find a recruit in your area that they want a branch for. 

 
Dont know if this is a bright side or the opposite...But in 2010 ALL NEW people will be calling the shots.  I would guess 90% of Mgmt current management will be gone.
Nov 30, 2008 6:09 pm

90%, I just do not see that.  Just to much of a geographical divide between WB and WFC, so while the President will probably be gone, most of the Regionals and super-regionals will still be there I would think.

Nov 30, 2008 6:43 pm

Hit me up on the PM

Nov 30, 2008 6:51 pm

I'm sorry that you're feeling the squeeze, but you are an employee and neither branch "belongs" to you, anyway. The firm should and will do what's in their best interest, as they see it. Besides, you should have been recruiting for your own branches. 

Nov 30, 2008 8:00 pm

Sorry, what did you mean by "I should have been recruiting for my own branches"??

Nov 30, 2008 8:03 pm

I did recruit 2 quality FA's for my manager. The guy thats taking away a branch. When I said not my area, I meant not my town. I sure as heck wasn't looking to serve them up a guy who would be coveting my branches. 

Nov 30, 2008 9:00 pm
3rd ID:

I did recruit 2 quality FA's for my manager. The guy thats taking away a branch. When I said not my area, I meant not my town. I sure as heck wasn't looking to serve them up a guy who would be coveting my branches. 



Apparently, your firm thinks that they are THEIR branches.

Nov 30, 2008 9:14 pm

This is the same song sung over and over again.  Sounds like the ISG FA has good skills to go Indy.  That's where you get to drive the show.  In any other format - you don't.  You've gained enough "experience" in the bank channel, now take thatand use it for yourself.  No one is more interested in seeing you succeed than yourself.  Be it.   Do it.

Dec 1, 2008 2:10 pm

will your manager let you keep your clients from the branch you're losing? if so, it may not be as bad as you think. this may give you an opportunity to build deeper relationships with your existing clients.


if you have really good relationships, jumping ship to an other bank or indy may be an option. with 600,000 in production you should have some good options.


good luck!