Wachovia ISG question

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Feb 5, 2009 9:58 pm

They are paying 100% upfront with a backend for 500k and lower???

Feb 5, 2009 10:14 pm

That is the most absurd thing I have ever heard.  Why would you pay 100% to a guy going to the bank channel.

Feb 5, 2009 10:25 pm

You don't work for a bank?

Feb 5, 2009 10:29 pm

A bank owns my firm but I don't sit in a bank branch getting fed.  If the referrals are so great why do they need to pay 100%.  And if these advisors are so good why would they want to sit in a Bank branch.

Feb 5, 2009 10:50 pm

You have walkins daily adding to your production?

Feb 5, 2009 10:56 pm

i'm not sure about the 100% upfront, in fact my region offers far below the market due to the opportunity.  as far as "why sit in a bank branch?"


i have an 20' x 20' office with a view of the green down the hall from the lobby.  i only take leads of 250m seeking advise.  i prospect with business bankers that hold the life line to their clients' businesses, and those owners aren't too happy with their brokers.


in essense, i get to work smarter not harder.  i used to work in a wirehouse.  nothing is a layup, but the asset gathering process is far easier in this system than elsewhere.  mock it if you'd like, but being good in a bank offers greater opportunity than being great in a wirehouse.
 
it's no panacea as they skimp on the back office and sa support. once you get over it, it's not so bad.  i'll be hiring my own sa later this year.
Feb 5, 2009 10:56 pm

I don't take small accounts anymore.  You are welcome to them.  In todays world 90% of people who walk into a bank branch are people that need help with a overdrawn account.  I think I go into a bank branch maybe once a year and I don't think that is unusual for most people.  I guess you can talk some old person into a fixed annuity since most bank brokers business is 90% annuities.

Feb 5, 2009 10:59 pm

wachovia isg is vastly managed money.  not your typical bank brokerage. again, you're open to mock it if it makes you feel better, but the facts are there.

 
i am concerned that wells could screw it up, but they could also enhance the opportunity
Feb 5, 2009 11:03 pm

Sorry Go Huskies my post was to Whalehunter not you. 

Feb 5, 2009 11:20 pm

by the way go huskies I read one of your posts on another topic.  I met a guy that worked for ISG in my CFP Cont. Ed. last year.  The stress he was under over the bank falling apart was tough.  he said he lost clients over the fear of the bank failling.  I believe ISG should get retention due to being so close to the disaster.  Thats my two cents but 100% to recruits is still absurd.

Feb 5, 2009 11:28 pm

retention is a sore subject.  if they pay recruits 100% and me nothing in retention, they will have to pay someone for my spot in due time.  that said, i don't believe the 100% is true.

 
the opportunity is real though, so i need to put my emotions aside and con't to focus on my biz.
Feb 16, 2009 7:24 pm

Does anyone know where we can find more information about the other firm throughout this whole integration process?? Like if Im at Wachovia, how do I see what the relevant couterpart at Wells is, or vice versa? I replied to this ISG forum because I specifically cannot find any information on ISG at Wachovia versus ...i guess it would be WMG at wells?? or what...confused. please help. thanks!

Feb 16, 2009 9:45 pm

Does anyone know where we can find more information about the other
firm throughout this whole integration process?? Like if Im at
Wachovia, how do I see what the relevant couterpart at Wells is, or
vice versa?
*********************************************************

I have heard of our guys calling Wells Wealth guys and simply asking them for info about Wells. From what I heard their were a number of Wells hitters at the meeting last week in St Louis and its likely your Reg Pres or manager met some of them. I understand mine did. They might be able to pass on a contact name. If you can find someone in mgt at Wells Wealth, perhaps they can give some insight.