Wells Fargo Different Business Models

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Jan 3, 2010 12:49 pm

Do the separate models all share the same platform? What are the differences? What are the positives at FINET?

Jan 3, 2010 3:33 pm

I know you need an ACAT to move from ISG to PCG.  As far as I know PCG and FINET are identical with the exception that you're permitted to purchase financial planning software from to vendors (and they're loaded with firms cap market assumptions).  FYI - I checked out the demo for the new performance reporting tool and I was really impressed.  I assume it will go to FINET too. It's realeased end of January.

Jan 3, 2010 3:51 pm

Thanks for the reply.



ISG? PCG?

Jan 3, 2010 5:54 pm
borei:

Do the separate models all share the same platform? What are the differences? What are the positives at FINET?

From what I have seen, it is the exact same platform as PCG.
Jan 3, 2010 8:13 pm
borei:

Do the separate models all share the same platform? What are the differences? What are the positives at FINET?




PCG private client group   Traditional non-bank branches

ISG bank brokers. I think they share much of PCG stuff with lower payouts and get bank referrals.

We were going to do "profit formula" or leave in mid 2008.

profit formula is actually very cool.



In essence the firm take a hit to their net and allows you to have more direct control over various expenses. rent, technology, SA's etc you pay for yourself. At the time the team had to be doing a minimum of 1 million per person.   For us it was a significant increase in net.

   

We were good prospects because we didnt have tons of support expenses and don't have LA or NYC rents.



Your paid just like PCG (w-2) and legal relationship with firm is the same. (not indy).



I think profit formula is very out of the box thinking by danny and the boys and a great options for FA's.

progressive and gutsy thinking on management's part to allow FA's more independence in house.



I dont know much about FINET expect it is indy or close to it.

Jan 4, 2010 12:18 am

Anyone know the minimum criteria for moving from pcg to finet? Production and los?   Approval process and do client have to sign off on transition? Also payouts similar to lpl?

Jan 4, 2010 1:27 am

I just moved to Finet 5 weeks ago. The service difference is striking. I am a generalist average producer( 6-750) and brought my registered assistant with me . no way I could have done it without him. If you are Wells and want independance go to finet. Yes you loose your deferred comp. I re-signed my retention with a 1 page agreement. I am on the september snapshot in forefront just like everyone else. Your clients sign a consent letter ...one page ...but I must say we worked very hard to get every client to sign and return before the deadline.

Jan 4, 2010 1:47 am

Thanks for the info redpen. Not sure what generalist Average production means? Are you part of team?   Are you also eligible to recieve sept snapshot and are you planning to take it? How long did the process take? Thanks in advance

Jan 5, 2010 2:44 am
skbroker:

Thanks for the info redpen. Not sure what generalist Average production means? Are you part of team?   Are you also eligible to recieve sept snapshot and are you planning to take it? How long did the process take? Thanks in advance





My business is a little of everything. Some fee based some traditional bond business a annuity here and there, mutual funds etc. I am not part of a team but I did bring my assistant/ very valuable. I have 275 households = 500 accounts just over 100 in assets trailing 12 the last three years 500-750. I got the Sept. snapshot to my amazment and 4 accounts got sent to December and no big deal.My goal is to get it all because I am where I want to be now. If by the process you mean how long was I on the phone with the " interviewer". about an hour but he said I did a good job on my envisions and there were just a few to go over (8).

Jan 5, 2010 10:33 pm

Thanks everyone, great responses.

Jan 6, 2010 8:28 am
Redpen:
skbroker:

Thanks for the info redpen. Not sure what generalist Average production means? Are you part of team?   Are you also eligible to recieve sept snapshot and are you planning to take it? How long did the process take? Thanks in advance



My business is a little of everything. Some fee based some traditional bond business a annuity here and there, mutual funds etc. I am not part of a team but I did bring my assistant/ very valuable. I have 275 households = 500 accounts just over 100 in assets trailing 12 the last three years 500-750. I got the Sept. snapshot to my amazment and 4 accounts got sent to December and no big deal.My goal is to get it all because I am where I want to be now. If by the process you mean how long was I on the phone with the " interviewer". about an hour but he said I did a good job on my envisions and there were just a few to go over (8).

 
How long have you been in the business?