Wachovia Guys
Hello,<?: prefix = o ns = "urn:schemas-microsoft-com:office:office" />
I was recently extended an offer to enter the new FA training program for Wachovia's Private Client Group. I was wondering if someone who has been through the program could comment on the difficulty of consistently bringing in 5,000 in gross each month during the first year.
If I understood correctly, assuming I do only managed money, I would need to bring in at a minimum of 500,000 of NEW money each month to accomplish this (assuming 1% fee) and trailors from previous months do not count. Correct?
For what it's worth I already have my 7, 66, L&H and was a Sales Assistant at SB for about 2 years. (In other words no book or significant natural network to speak of, but some industry experience).
Thanks
this business sucks
go back to grad school on obamas money then get a real jobno natural market or clients = a very tough road
Thanks for the responses. I agree I have a tall order ahead of me, but the only thing I can do is put my head down and go to work. I’ve already been to grad school, that option is out.
Can anyone confirm that not trailers are included in the next month’s hurdle?
Yes, it does. 100% through training and into the apprentice period. Once production starts it is decreased to 75% but commissions kick in. Payout is 24% up to the hurdle (5,000/month for the first year) and 50% for everything after that.
After six months you need to have had 12,000 trailing gross in addition to hitting 5,000 each month in new money (I think, this is where it gets fuzzy for me). If you hit that you keep getting 75% of salary for the next 6 months.
New Dude
read “400 or bust” thread.
will tell u all u need to knwo about WS
there’s more than just managed money. a few annuities could pay 4.5% with a small trailer. if you can do a few insurance reviews and long term care cases, the 5m month won’t be so overwhelming. you can get close to a point off fixed income, so a few laddered bonds wouldn’t hurt, either.
my point is to suggest your practice should be more broad minded than focusing on managed money. it's a great component, but not the sole solution. the reason trails don't apply to your example is you're taking an entire year of fees up front. after month 13 rolls around, you'll begin being paid from the previous year's effort. this is the process of building a practice, and it's immensely challenging.[quote=New dude]
Hello,<?: prefix = o ns = "urn:schemas-microsoft-com:office:office" />
I was recently extended an offer to enter the new FA training program for Wachovia's Private Client Group. I was wondering if someone who has been through the program could comment on the difficulty of consistently bringing in 5,000 in gross each month during the first year.
If I understood correctly, assuming I do only managed money, I would need to bring in at a minimum of 500,000 of NEW money each month to accomplish this (assuming 1% fee) and trailors from previous months do not count. Correct?
For what it's worth I already have my 7, 66, L&H and was a Sales Assistant at SB for about 2 years. (In other words no book or significant natural network to speak of, but some industry experience).
Thanks
[/quote] New Dude, Wachovia never had a trainee program. wachovia Securities is not the firm of choice. They took over the AGE program that was legendary . At one time during my tenure 60% of the brokers at AGE were former AGE trainees. Unprecedented. I went through it in 88 and as a MGR sent about 20 people through it also . I was lucky and so were about 15 of the 20 trainees that went throgh it . Those days are gone. Gone forever. Side yourself with an estabished succesful team and work your way up. The trainee program in this industry is gone. Now is the time for team....and work.Huskies, thanks for the response and it answered my question.
Redpin, What I think I understand from your post is that WS took over the AGE training program and it is now not as good as it once was? Also, once I get in there and get to know other brokers on teams, is it possible to team up after being hired as a stand alone?[quote=New dude]Huskies, thanks for the response and it answered my question.
Redpin, What I think I understand from your post is that WS took over the AGE training program and it is now not as good as it once was? Also, once I get in there and get to know other brokers on teams, is it possible to team up after being hired as a stand alone?[/quote] Now you are thinking..... I think the training is just as good but the environment ( outside )is very very different. Be your own guy . You can team up at anytime, I just think it is a great way to make sure your hard work ends in a long career. One more thing, get in early and work late. Be the last guy to leave on Friday ,Take the weekend off and be the first guy in on Monday.Seriously, if you want to be a broker come to jones. I will put in a word for you. Wachovia lol I love when I run into your clients and I run over you. muhahahahaaa
[quote=Fighting Chance]Seriously, if you want to be a broker come to jones. I will put in a word for you. Wachovia lol I love when I run into your clients and I run over you. muhahahahaaa[/quote]
why would anyone ever want to work at jones?
[quote=Don Draper]
[quote=Fighting Chance]Seriously, if you want to be a broker come to jones. I will put in a word for you. Wachovia lol I love when I run into your clients and I run over you. muhahahahaaa[/quote]
why would anyone ever want to work at jones?
[/quote]Lets see… no layoffs, firm growth, and the best training in the industry for new Advisors. In this environment I don’t see a better firm to start with. You will get paid a salary during training, your first 12 month of production and you will get 40% payout with no hurdles(unless your in one of the 5 special states like me then you start at 36% and grid up). And many bonuses are available to you during your first 3 years. Dont just dismiss them take a serious look, chances are that once you work for Jones you will love it. Markets are tough right now but at least I have a Firm that is standing behind me and giving me all the tools I need to succeed in this business.
Just my .02
I am looking at EJ. I did my phone interview a week ago and they called back and to start the market analysis portion of the hiring process. I am also looking at MWM and NYL and none of the other wires in my area are looking to bring a new FA on. <?: prefix = o ns = "urn:schemas-microsoft-com:office:office" />
Wachovia is definitly my first choice and once my application, background check, etc. goes through I will accept their offer. After visiting two EDJ branches and reading these forums EDJ isn't as high on my list.
All the tools except; a decent suite of advisor products, a robust list of SAM's/Funds, tactically allocated ETF portfolios, and planning software. It must have been fun charging clients 5.75% up front then having their portfolios go down an additional 5-8% every month for the past year. Statement shock anyone![quote=Don Draper] [quote=Fighting Chance]Seriously, if you want to be a broker come to jones. I will put in a word for you. Wachovia lol I love when I run into your clients and I run over you. muhahahahaaa[/quote]
why would anyone ever want to work at jones?
[/quote]Lets see… no layoffs, firm growth, and the best training in the industry for new Advisors. In this environment I don’t see a better firm to start with. You will get paid a salary during training, your first 12 month of production and you will get 40% payout with no hurdles(unless your in one of the 5 special states like me then you start at 36% and grid up). And many bonuses are available to you during your first 3 years. Dont just dismiss them take a serious look, chances are that once you work for Jones you will love it. Markets are tough right now but at least I have a Firm that is standing behind me and giving me all the tools I need to succeed in this business.
Just my .02
All the tools except; a decent suite of advisor products, a robust list of SAM's/Funds, tactically allocated ETF portfolios, and planning software. It must have been fun charging clients 5.75% up front then having their portfolios go down an additional 5-8% every month for the past year. Statement shock anyone![/quote]Ummmm....get with the program, Advisor products? Check. ETF portfolios? Check. Planning software? Check.[quote=Eyetattoo] [quote=Don Draper] [quote=Fighting Chance]Seriously, if you want to be a broker come to jones. I will put in a word for you. Wachovia lol I love when I run into your clients and I run over you. muhahahahaaa[/quote]
why would anyone ever want to work at jones?
[/quote]Lets see… no layoffs, firm growth, and the best training in the industry for new Advisors. In this environment I don’t see a better firm to start with. You will get paid a salary during training, your first 12 month of production and you will get 40% payout with no hurdles(unless your in one of the 5 special states like me then you start at 36% and grid up). And many bonuses are available to you during your first 3 years. Dont just dismiss them take a serious look, chances are that once you work for Jones you will love it. Markets are tough right now but at least I have a Firm that is standing behind me and giving me all the tools I need to succeed in this business.
Just my .02
Next Question.
Is the advisor program open architecture? Or do you get to select 1 or the pre-set models?
You can choose from several models or build your own. Its up to the advisor/client.
5 special states WTF!!!
All the tools except; a decent suite of advisor products, a robust list of SAM's/Funds, tactically allocated ETF portfolios, and planning software. It must have been fun charging clients 5.75% up front then having their portfolios go down an additional 5-8% every month for the past year. Statement shock anyone![/quote]Ummmm....get with the program, Advisor products? Check. ETF portfolios? Check. Planning software? Check.[quote=Baba Booey][quote=Eyetattoo] [quote=Don Draper] [quote=Fighting Chance]Seriously, if you want to be a broker come to jones. I will put in a word for you. Wachovia lol I love when I run into your clients and I run over you. muhahahahaaa[/quote]
why would anyone ever want to work at jones?
[/quote]Lets see… no layoffs, firm growth, and the best training in the industry for new Advisors. In this environment I don’t see a better firm to start with. You will get paid a salary during training, your first 12 month of production and you will get 40% payout with no hurdles(unless your in one of the 5 special states like me then you start at 36% and grid up). And many bonuses are available to you during your first 3 years. Dont just dismiss them take a serious look, chances are that once you work for Jones you will love it. Markets are tough right now but at least I have a Firm that is standing behind me and giving me all the tools I need to succeed in this business.
Just my .02
Next Question.
[/quote] Who are you kidding, do you even work there?? Your planning software is a joke... Your advisory program is really poor, automatically rebalances when percentages change too much(yeah that is a nice in a bull market but clients lost their rear when they went in to it in this market).. You can change anything in the program once it is set without having the clients redo the risk tolerance and then sign some more forms(while their portfolio is heading down)..
All the tools except; a decent suite of advisor products, a robust list of SAM's/Funds, tactically allocated ETF portfolios, and planning software. It must have been fun charging clients 5.75% up front then having their portfolios go down an additional 5-8% every month for the past year. Statement shock anyone![/quote]Ummmm....get with the program, Advisor products? Check. ETF portfolios? Check. Planning software? Check.[quote=Eyetattoo] [quote=Baba Booey][quote=Eyetattoo] [quote=Don Draper] [quote=Fighting Chance]Seriously, if you want to be a broker come to jones. I will put in a word for you. Wachovia lol I love when I run into your clients and I run over you. muhahahahaaa[/quote]
why would anyone ever want to work at jones?
[/quote]Lets see… no layoffs, firm growth, and the best training in the industry for new Advisors. In this environment I don’t see a better firm to start with. You will get paid a salary during training, your first 12 month of production and you will get 40% payout with no hurdles(unless your in one of the 5 special states like me then you start at 36% and grid up). And many bonuses are available to you during your first 3 years. Dont just dismiss them take a serious look, chances are that once you work for Jones you will love it. Markets are tough right now but at least I have a Firm that is standing behind me and giving me all the tools I need to succeed in this business.
Just my .02
Next Question.
[/quote] Who are you kidding, do you even work there?? Your planning software is a joke... Your advisory program is really poor, automatically rebalances when percentages change too much(yeah that is a nice in a bull market but clients lost their rear when they went in to it in this market).. You can change anything in the program once it is set without having the clients redo the risk tolerance and then sign some more forms(while their portfolio is heading down).. [/quote]Yes I work at Jones. And in regards to the rebalancing....it did exactly what it was supposed to do during this down market, it has beat it and beat it well. Our planning software is just as good as any other in the market so I don't know what your talking about (yes Ive seen others too). You obivosly dont work at Jones and are basing your opinions on second had information.
Hey, leave the Jones Advisory program alone, they have at least 40 MFs in their program.
I have tried to stay away from Jones bashing... but...
I was there when they rolled out the advisory solutions as well as their financial planning software. They say that it is just as good, but really, it sucks. You'd be better off paying for your own. My question to the Jones is --- if it's as good as anywhere, what are you comparing it to? Give us some reason that it is truly as "good as anywhere". Get a trial of MoneyGuidePro and see what the difference is. As far as advisory solutions... it may have beaten the market, I'm not sure, but the crap bonds they have Jones brokers peddling and "buying and holding" for their clients are ruinous. But I do concur that Jones is a good place to get your feet wet and realize that you need to move on. If it were me, I would pick Jones before I'd pick Wachovia. Before I left Jones, I interviewed there, and can't say I would have liked it. Jones does a great job marketing to it's own advisors. Once again, great company to start with, just question every thing you are told.... it might not all be true.New Dude, Every Firm offers plenty of services and products. Training at XYZ Large Firm is Good to Great depending on how serious you take it and how much you put into it. Your success depends on you not the firm or environment. The rookies that succeed decide that this is it and they never look back. So here is what I think will make the difference for you in deciding what firm to go to. When you tell people who you work for are you full of passion that the people you work for have integrety and can be trusted at all times. People make mistakes, but , are they worth your trust and your client’s trust ? I should now take my own advice.
Thanks for all the replies, I really appreciate it.
One of the reasons Wachovia stands out to me is because I will be in an office with other brokers and won't be stranded on my own at EDJ. I also liked the branch manager and some of the other brokers I met, they seemed like sharp guys. The salary at Wachovia is also higher, there's another reason. I've read a lot about how Wachovia destroyed AGE and how the back office sucks, etc. etc. but not having worked there before and not having been in the business for very long, I'm not sure I'd notice. Plus, having worked for Smith Barney, I can tell you working with our back office ain't exactly a ball of joy. I do see what you are saying that most firms offer basically the same products and services. I'm really just looking for a place land and get my feet wet. If things aren't going well with the firm I choose then I'll start looking elsewhere, provided I've built a big enough book of course. I know Jones has that three year deal, does Wachovia or the other firms? Just wondering. Thanks again everyone.Source URL:https://www.wealthmanagement.com/forums/rookies-trainees/wachovia-guys