Wells bank channel to finet
I'm sure this topic has been discussed before but i couldn't find a recent conversation.
I am a bank FA for Wells Fargo. I'm still under a transition bonus period, but i've been able to build up my book to a point where i may be interested in moving to Finet. I know I'd give up bank referrals but those have dried up anyway. here are my questions, and i'd appreciate your input.
Is this even doable?
could they come after me me over and above the unpaid portion of my transition money?
can Finet reps still maintain accounts with the Wells IM&T department.
I heard clients don't even need to change account numbers, true?
is there a penalty grid for the first few years for going over there. I tried looking up this topic and another thread mentioned a 15% haircut for 3 years.
What expenses would I need ot cover, such as Sales assistant, health insurance, E&O, office rent.
I was being recruited to Wells bank channel. When I asked this question I was told point blank "no". You can go from PCG to Finet, but not bank to Finet. For me that was a deal breaker.
I'm a former WBS FA from Wells. In talking to upper management and Danny himself, the move from WBS to Finet is not allowed.
So what happens if you are talking to someone at Finet and want to move. Can WBS do anything more than they would do if i were talking to a different wirehouse?
Finet is still Wells Fargo. They just would not transition your license would be my guess.
They would make you stay. Or they could fire you, knowing you are looking to leave, so they can get a jump on keeping your/their accounts.
wbsfa, I know guys that work at wells fargo in the bank as an FC, that make 500 a year. I think you are sitting on a goldmine. Go talk to some people inside your organization that have success at what you do.
To be at finet, you have to have a minimum annual gross production of $300k. You are responsible for every cost including finra fee's, Wells Fargo software, rent, mailing, hiring an assistant. Its all you.
Clients do stay with same account number, not to much changes except location.
If you do try and do it all yourself, you also have to take the series 9 and i also think the series 24 unless you are working undersomeone else.
Commissions are higher, but again, you have to take care of all expenses.