Please help with recruiting offers!
I am considering taking a recruiting offer from BAC or another Bank. My reason for wanting to leave the wirehouse I am working for currently, is due to relocation and future opportunity. I basically found out that my manager is not onboard in accommodating my relocation efforts within the firm. I was presented two offers from the first bank I met with. It would be greatly appreciated if you could contribute any helpful input. I know there are a lot of seasoned vets on this board that can help provide some good insight to my situation.Front end offer : 50% of T-12 revenue up front........25% note after hitting 65%T-12 at 13 month mark.........another 25% after hitting 80% T-12 at 25 month mark. If I miss the 13th month note, I can make it up by hitting the 25 month mark. Total (assuming hitting my numbers) 100% T-12 (1/2 up front, other 1/2 back end) plus a small guaranteed draw for first year. Back end offer : First six months a decent guaranteed draw. Months 7-18 smaller guaranteed draw. Month 7 clock starts. Months 7-18 I need to hit at least 65% of t-12 by month 18 to get bonus note. If I hit 65% the note plus salary equals around 120% of t-12. I can hit higher marks of 80%, 100% up to 115%, the correlated total opportunity goes from approx. 120%, 150%, 170% of t-12. Back end offer is much more lucrative, but it's a must that you 65% T-12 at month 18. About Self: 29 years old, no kids, looking to marry soon and buy first home, hardly any debt, renter. Career info: Five years with firm. 2 years 8 months in production, 180k T-12. 16 million AUM No partnerships or ties to senior brokers. Do to relocation, I am planning on taking 50% of my book (conservative) It seems as though the front offer is less lucrative however there is guaranteed money in the bank. What would you do? Thanks for looking!! Any comments on working for WFC in contrast to BAC?
Have you spent any time reading the numberous posts on this bank regarding BAC?
I’m no wirehouse fan, but do you really expect 50% of your wirehouse clients to follow you to a bank after 2 yrs 8 months in the business? What if they don’t?
I’m not that familiar with WFC, but I don’t think I have ever heard good comments about BAC. Personally I would forgo the cash and find a regional bank instead. You have to look deeper and do your own due dilligence, but if you get a good setup you will make the same or more money, and will basically have the flexibility of an independent but the referrals of a bank broker. It’s a great way to quickly build a business.
I can’t give you much feedback about banks, but want to add one comment.
Don’t let the lack of your current BOM’s support of a relocation be the decisive factor in leaving your firm if you are otherwise satisfied and doing well. Understand that the BOM has no incentive to help you - he is basically losing you as a ‘client’ after having absorbed the costs of carrying you in your early days. Just when he might start making some money on you, you want to go somewhere else where ANOTHER BOM will get the benefit.
Elevate your request to the regional manager, who has more interest in keeping people within the firm, rather than simply at a particular branch. Let him know you need to relocate and really prefer to stay with the firm, but if that isn’t possible you’ll have to consider alternatives. He’ll also have a better idea which branch in your desired area needs to grow and which are full.
Think long term. Upfront payouts come with a cost - you’re locked in for years. Remember, there’s no such thing as a free lunch.
If at all possible, avoid BAC as a bank option. There have been numerous posts on this forum about the situation at BAC and attrition is even high for this industry.
I only know of the WFC FC (financial consultant) positions from a former employee who was a “licensed personal banker.” Every pb at Wells is either licensed or on track to take their exam although they must refer anythign over 100k to the FC within the branch or the one covering that branch if no dedicated FC. It didn’t seem like WFC was an ideal environment but perhaps ideal compared to BAC.