Life in Wells Fargo Bank Channel? Transition Bonus Flexibility?
Hello all; I recently recieved an offer from Wells Fargo in their bank channel as an FA (stand alone, high traffic branch). I'm a branch FA now with a top 10 national bank. My book is about $27MM and I did just over $260k in GDC in the last 12 months. Been a branch FA for two years, started with an $8MM book.
What's it like as a WF branch FA? Pros, cons, experiences?
Also, the transition bonus is 70% of my rolling 12 month GDC. Does hiring manager have room to negotiate? If so up to what amount? Would it be foolish to negotiate and at least request 90-100%?
I know what it's like working in the bank channel, but anything specific to WF or any constructive feedback would be appreciated.
Here are the important questions you need to ask about the branch:
How many of the bankers are licensed? Are they Premier bankers (more experienced and better at referring) or licensed personal bankers?
How much did the branch/bankers refer in 2019?
What other branches in your area don’t have a FA sitting there or could you get another branch.
I don’t know much about negotiating the offer. My understanding is there are two offers they give FAs coming in. One with a higher bonus, but they expect you to bring more over faster.
I’ve been with WFA in the bank channel for 6 years now. Had some great years and some bad ones in regards to the referrals. Some as high as 25 million and as low as 3 million. There are a lot of factors that go into it, and its really hard to know if you are getting a good set up or not.
As far as I have read, Wells Fargo Advisors turn over out its channel for registered investment advisors and become the first of the four wirehouse firms to do so.