Wachovia Bank - FA in training program

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Dec 14, 2007 11:05 am

Interviewed a few days ago in charlotte area for this position. They hire on the Wachovia securities side (the manager is a wachovia securities guy), but its for the bank channel.

He acted like most people make 60-70 first year in this position total comp. Does this sound accurate at a 40k base?   Can anyone give me an inside scoop on being an FA at wachovia on the bank side?   I searched every wachovia topic here and the most of the topics are littered with insults and not much info. Their selling point is their brokerage like platform and advanced software system. The manager seemed really cool too.   Any feedback on them is appreciated.
Jan 3, 2008 11:23 am

a big selling point should be that you could have a good base of people to talk to. some people like the idea of working there since there is a little less cold calling. they typically look for a person in the business less than 5 years with a GDC of $75,000 or better but will train people if they cant fill the position with before mentioned rep. Anyone over $250K in less than 5 years gets paid pretty well along with someone over $400,000 in over 5 years. I am 99.9% positive that they have 5 different levels for the types of brokers they are looking for (value of rep)

$75,000 to start
$130,000 next level

The more money you are making the less likely you are to go to a bank.

Jan 19, 2008 10:04 am

$40K is good base compared to Jones’s 21K. But how qualified are their newbies? Chime in someone i.e. do u need more experience than u wld @ Jones?