Wachovia FA trainee

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Dec 13, 2008 3:30 pm

i interviewed with wachovia and it was for a position as an FA trainee. i have experience as an FA but my licenses expired cuz i went down another career path but i want to go back into the financial services industry. well the salary they were giving me is 35-40k with a payout of 20% for the 2 year training. i was suprised that i couldnt get the job as a REAL FA, but they said it was because i dont already have a book of business. can any of you guys confirm that this is usually how they hire an FA. any thoughts?

Dec 13, 2008 3:35 pm

Yes, unless your being invited to join a team that is accurate.

Dec 13, 2008 3:41 pm

do you think this is a fair comp plan considering most other firms like merrill, ubs, smith are offering a higher salary with much larger payouts.

Dec 13, 2008 3:46 pm

Unless I read the newest FA trainee packet incorrectly there was only a hurdle limit set at at 24% on everything up to $5,000 gross and all gross over was paid at 50%.  How long ago was the offer made to you?

Dec 13, 2008 3:49 pm

yesterday… he told me that the payout would be 15% for anything under $12500 for the month and then 20% for anything over. i feel this is way too low. i understand that its a trainee program but i have past experience and im not some kid fresh out of school so this seem like a low ball offer. do u work there? so whats the comp plan for most trainees

Dec 13, 2008 3:50 pm

Is this for ISG or PCG?

Dec 13, 2008 3:54 pm

Sam Houston just asked the right question.

Dec 13, 2008 3:55 pm

im sorry but im new so i dont know what isg or pcg mean

Dec 13, 2008 3:57 pm

Are you in a bank?

Dec 13, 2008 4:10 pm

yes, i would be in the branch. i would be working with the senior FA who handles 3 branches and i would be sitting at one of them, this just sounds like they want someone for cheap. your input would really help me out

Dec 13, 2008 4:16 pm

The payout schedule Tin mentioned earlier is for PCG (wirehouse).  It most be different for ISG (bank).  Sorry I can’t be more informative.

Dec 13, 2008 4:28 pm

the manager told me the wirehouse side would be the same as the branch side and the only difference between the two would be that i would have the benefit of being in the branch and having customers come to me.

Dec 13, 2008 4:36 pm

If that was the case we all would work in the bank…he has discretion and so the question then becomes is the arrangement right for you?

Dec 13, 2008 4:40 pm

good point. thats my problem, the job market is so bad i think i should just take it cuz its still a good job with good income potential, but would i be giving a way a good portion of the payout as opposed to some other firms that have higher payouts

Dec 13, 2008 4:48 pm

It appears that your bargaining chips are limited to non-existant, you need to question the stability of the bank channel with the Wells aquisition happening this month.

Dec 13, 2008 4:51 pm

haha i know. i have no bargaining chips. i think most people getting into this industry at this time would have problems being able to negotiate when managers basically can have the pick of the litter since there are so many people available. any good companies u recommend? someone posted something about ameriprise having a 40k salary and up to 50% payout