Suntrust vs wells fargo-leaving chase?

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Apr 28, 2017 12:00 am

First off all I want to thank this forum and anyone who responds in advance I feel its truly a Godsend that we have a place to air out our concerns and questions without the scrutiny and oversight that we face on a daily basis.

My background: I am an advisor at Chase bank. A bank advisor that sits in a bank. I have been an advisor for over 5 years and have been able to grow a book business that's about 50 Mil with roughly 30 Mil fee based. I run a mostly financial planning based business with the resources available to me. At Chase, what that looks like is an array of mostly proprietary expensive Chase managed stuff. I ,must admit I built my business on this proprietary suite. Quite frankly, I didn't know any better when I started. Hindsight is always 20/20. Over the last year, I have grown the confidence to build my own portfolios and they have been doing very well vs the Chase stuff and their corresponding benchmarks. I didn't wake up one day to wanting to be a portfolio manager, is that the Chase account performance has been atrocious. I've lost many accounts in the last 3 years due to this. Now I'm using a very limited wrap account to do most investing with ETFS doing most of the lifting. My core model is mostly fee based. Over the last 12 months I've been getting calls from Wells Fargo and Suntrust and they are offering me what seems to be some life changing money. At times, it seems like Golden handcuffs. Suntrust uses Money Guide pro for their financial planning software and I really like the system. That's the same system I use at Chase and I feel I am very well versed in this system. Its a great tool to do planning and gather assets. The Wells Fargo planning tool seems archaic to me. The recruiters did a demo for me. Important but not the deal maker or breaker. I must admit the strength of Wells and their footprint I see as a plus. I've heard their investing platform is the best out of all the banks. Unfortunately, they've gone through the account scandal and there seems to be no end in sight. Never mind client perception. Also, at Wells you don't have access to the bank client database. At Suntrust you do. The ability to self generate traffic makes me feel a little bit more in charge of my own destiny as I can't control the quality of the banker assigned to me and their ability or willingness to refer. Both firms offer insurance. Chase does not. Seems like Chase wants everyone in managed account or deal with a compliance flurry.I feel insurance is an integral part of planning and well revenue can be generated from it. My trailing twelve is 400k. Wells will write me a check for 70% up from with some asset transfer bonus. .35 for every dollar (120% total payout max based in trailing 12}. In year 1-3 on what I can move over. Suntrust is offering 100% trailing twelve upfront and at 5 years another 20% if I'm still there. The time commitment is 7 years at Wells and 9 at Suntrust. I'm quite fed up with Chase, its constant turnover of personnel including management. They are also understaffing branches so bad it has become a threat to my business. Plus, having only one widget to implement is just wrong. I'm afraid to go independent. I really don't know how many clients will follow or how much emphasis the clients will place on the brand. I want to stay in a bank since that's the model that created me and I work well in the environment. I also built my book with the koolaid and that has its flaws. My rebuilding wherever I end up will be around me not the bank. I'm not fearful of producing wherever I end up but I am fearful of starting from scratch assuming no clients transfer over (Dooms Day Scenario), If there are any fee based guys in here we know it takes time to build a fee based book of business that generates bill paying revenue. Plus I not sure what the expecatations of these firms are going to be? Assuming worst case and no one follows, will they be ok if Im closing 6-10 Mil a year even though my revenue is slow due to fee based model. Ok. That's the landscape. Any insight anyone can provide will be helpful. I see my trailing twelve dwindling as clients get frustrated with service and some clients not buying into me managing their funds as opposed to the brilliant minds in New York. I also lost my biggest client due to death 5 Mil. Am I wrong for thinking that the check is alluring. I am leaning heavily on leaving since the up front money is significant. Just want air this out to see what you guys think. Suntrust vs Wells? Stay Put?- Not my current default choice. Thanks in advance for your help!