The misinformation on this forum is amazing.   As an FA with ISG, I can confirm that the bank employees CANNOT see clients assets held in a Wachovia Securities brokerage account. They can see that the client has a brokerage account, but they can’t see what’s in it or how much is in it.   In fact, the only people who can see what’s in a brokerage account are the actual FA assigned to that account and his s/a.    Other FAs can’t even see what’s in the account unless it’s their account.   Whoever it was that said a teller could see a client’s securities account was total B.S.     Now, on the flip side, FAs can see all the clients’ bank assets - deposits, CDs, loan balances, etc. So, we are the ones that benefit, not the bank employees.

Additionally, I can also confirm that WE control the Envision plan. If you don’t want to list specific assets, don’t. If the client has assets held outside the firm and you don’t want the bank to know about them - then don’t include them, it’s that simple.    The firm says you have to run an Envision Plan and the client has to be aware that you are doing one.   The only people who are going to know how accurate a plan is are you and the client.   

Stumpfed, you are 100% wrong. I read about the bank knowing the value on here so knowing I still had some dividends that hit my old wachovia account I went to the nearest branch yesterday and played stupid. I said “The brokerage firm is closed, if I give you my SS# can you give me my account balance at WS”, seconds later sure enough she pulled it right up. Careful what you claim as right or wrong before you actually attempt it. Thank God I left to MS, every freakin teller in America can view my account.

CAP account cash and margin balances are displayed on the bank system since cash is in a ‘bank deposit program’.  No one but the FA can see the securities positions.

only 94 pages to go…

[quote=Quagmire] [quote=HymanRoth] only 94 pages to go…

[/quote]



You are a retard.[/quote]

Thanks for sharing.  Are you always so witty?

[quote=go_huskies]CAP account cash and margin balances are displayed on the bank system since cash is in a ‘bank deposit program’.  No one but the FA can see the securities positions.

[quote=Quagmire]yes.   Have you always been a retard?[/quote]

Nope.  Only just since you arrived.  I guess I never realized it was contagious.

Only 93 more and we hit 500.  Where is CDO?  We need some more haiku!!

haiku-

Mortgages on fire

From what I understand just about the whole branch in south Texas left yesterday and went to  Stifel

WS stopped recruiting for Profit Formula. 

[quote=S&P low 666]WS stopped recruiting for Profit Formula. 

My RP told us that they have been told to stop recruiting for PF.  Not sure about Finet.

So what does this mean ? My view is good, do not spend so much money bringing in people and spend money on clients.

My RP told us that they have been told to stop recruiting for PF.  Not sure about Finet.

NEW YORK (Dow Jones)--Wachovia Securities, a unit of Wells Fargo & Co. (WFC), recently put a hold on recruiting financial advisers for its profit formula group, according to people familiar with the situation.

The group is an offshoot of Wachovia's traditional brokerage, the private client group, and has been attractive to advisers because it allows them to operate somewhat independently from the firm. Brokers in profit formula are responsible for their own expenses but can receive a higher payout than some private client colleagues who typically earn 40% to 45% of their trailing 12-month production.

This group differs from the independent channel, however, because brokers can still receive various perks from their affiliation with Wachovia.

One recruiter said he views the move as Wells Fargo telling Wachovia that "giving brokers high upfront checks and high payouts doesn't make sense in this environment."

A spokeswoman for Wachovia Securities said the firm declined to comment on its current recruiting practices while it completes its integration with Wells Fargo.

Wachovia Securities recently adjusted its recruiting deal to base its payouts for financial advisers on three months' production rather than the standard industry practice of 12 months. The signing deal was altered to get a more accurate reading of brokers' production based on current market conditions.

In 2009, Wachovia had recruited 355 experienced financial advisers, as of Feb. 20, who had more than $181 million in combined production and managed more than $23 billion in client assets.

-Brett Philbin, Dow Jones Newswires; 201-938-5393; [email protected]

[quote=Stumpfed]The misinformation on this forum is amazing.   As an FA with ISG, I can confirm that the bank employees CANNOT see clients assets held in a Wachovia Securities brokerage account. They can see that the client has a brokerage account, but they can’t see what’s in it or how much is in it.   In fact, the only people who can see what’s in a brokerage account are the actual FA assigned to that account and his s/a.    Other FAs can’t even see what’s in the account unless it’s their account.   Whoever it was that said a teller could see a client’s securities account was total B.S.     Now, on the flip side, FAs can see all the clients’ bank assets - deposits, CDs, loan balances, etc. So, we are the ones that benefit, not the bank employees.

Additionally, I can also confirm that WE control the Envision plan. If you don’t want to list specific assets, don’t. If the client has assets held outside the firm and you don’t want the bank to know about them - then don’t include them, it’s that simple.    The firm says you have to run an Envision Plan and the client has to be aware that you are doing one.   The only people who are going to know how accurate a plan is are you and the client.   

the mother of all threads…

[quote=A b]the mother of all threads…