I may be ignorant, but what is the difference between bank FAs, bank "wealth managers", and what brokers

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Oct 22, 2010 4:59 pm

I am a wirehouse broker (ex manager who needs to rebuild  book) and I may be stupid, but I am assuming bank FAs function similarly to wirehouse/indy brokers with slightly more restrictions on what they can sell depending on platform. Can a Raymond James bank based FA sell anything like a normal Raymond James indy broker?

And what is a bank wealth advisor....on their websites it says they construct and manage equity, fixed income, etc//portfolios for HNW individuals. Do they really "manage them" and pick stocks and bonds, or do they farm them out to money managers, SMAs, etc.

If I could actually pick my own stocks, doesn't sound bad, but I don't realy want to do the asset allocation questionnaire, check the box, and end up with six separate account managers or Wells Fargo Institutional running the money for me.

Anyone have more of a clue than me?!?

Oct 23, 2010 11:24 am

Find a Wells Fargo advisor, drop in and intro yourself. Tell them you'd like more information about their company, and ask for the RM phone number. Call him, and try to get an appointment, position yourself as someone that is qualified, and potentially seeking employment. Trust me, they'll talk, and if you show that kind of initiative, they'll notice that too.