Wachovia problems

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newFA08's picture
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Joined: 2008-07-23

Hey everyone, I just recently accepted the FA position at Wachovia Securities.  Should I be concerned about the company as a whole?  I know that the stock has taken a beating over the last year, but do you guys think that they will be one of firms remaining when the dust finally settles?  I would love to have some feedback from FA's that work at Wachovia...please feel to sent me a private message.Thanks in advance.

Borker Boy's picture
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Joined: 2006-12-09

Noone can even guess about any firm's future right now. If you can get your old job back, I'd recommend doing that and giving this mess a year or so to work itself out. 
 
It's one thing to begin a career in a down market; it's another to go to bed every night wondering if your new job will exist in the morning.
 
I have a relative who left JP Morgan Chase for Merrill a few months ago. Oops...

newFA08's picture
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Joined: 2008-07-23

Agreed in regards to training, however I am not looking to jump around.  I would like to know that my job will be there 1-3 years down the road.  Should be an interesting rest of the year....

anabuhabkuss's picture
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Joined: 2005-05-02

Waste of time to get in this business right now. You're going to have to make money in an environment where clients don't want to do anything but liquidate on top of having to learn how to manage your clients money.
 
Get out. Seriously, unless you have a network of people you know will give you money. Trying to break into this business right now is silly, imo.

newFA08's picture
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Joined: 2008-07-23

I appreciate the feedback so far, but a couple of things.  1.  I know that times are rough on Wall Street and will probably continue through next year.  However, I have made a commitment to WS...I am not going to back out.  It might be tough for me starting out but I will not allow myself to fail.  I know many that started around the time of 9/11 and today are very successful advisors.  2.  All we hear from the media these days is equities.  Now I know i'm a rookie and just getting into this game, but I would like to think that I will be focusing more on funds, bonds, IRA's and annuities.  Reason I say this is because I would rather invest his/her money is something safe to gain his/her trust...does this make sense for me to do?One last thing, I hear all the time that this a good time to get in because many are pissed with their advisors and it gives me the opportunity to have those people hear me out.  I've heard this from several firms i've interviewed with.  Do you guys agree??

Morphius's picture
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Joined: 2007-07-21

newFA08 wrote:2.  All we hear from the media these days is equities.  Now I know i'm a rookie and just getting into this game, but I would like to think that I will be focusing more on funds, bonds, IRA's and annuities.  Reason I say this is because I would rather invest his/her money is something safe to gain his/her trust...does this make sense for me to do?
So instead of equities your plan is to focus on those completely separate asset classes called funds, IRAs and annuities?Do you have any idea how clueless you are?!

newFA08's picture
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Joined: 2008-07-23

didn't ask for sarcastic posts morphius.  I might sound clueless but I also am just getting into this business...so kill me for asking questions.  

captclose's picture
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Joined: 2008-02-14

New FA, you are definitely a little confused about what you are really getting into.  Don't worry you will learn.  This is a very tough market to start your business in.  I'm telling you from first hand experience since I am just 5-months into production.Every prospect is afraid of the market right now.  It might be easy to open accounts but you can make any money putting clients in a money market.  Right now, it's even tough to convince people their insurance company will make good on their guaranteed annuity.  In 5-months I've opened around 38 accounts, accumulated 850,000 in assets, grossed about 16k in total production.  That only amounts to around $6400 in net commission at my firm.  Without my base salary, I'd be in the streets.Finally, the definition of "Equities" is an ownership interest possessed by shareholders in a corporation or Stock as opposed to bonds.  Unless you are referring to a bond fund of some sort, then the mutual funds you mention are indeed "equities".  Also, all variable annuities are also equity backed.  IRA's are special tax deferred accounts usually funded with equity assets but not always.  To make a long story short, this biz is all about equities  Unless you're just a bond guy pushing Lehman Bro's bonds and then you don't have to worry about how the company stock is doing right? 

bullinachinashop's picture
Joined: 2008-07-18

Borker Boy wrote:
Noone can even guess about any firm's future right now. If you can get your old job back, I'd recommend doing that and giving this mess a year or so to work itself out. 
 
It's one thing to begin a career in a down market; it's another to go to bed every night wondering if your new job will exist in the morning.
 
I have a relative who left JP Morgan Chase for Merrill a few months ago. Oops...
 
 
The merger actually won't affect your friend.
 
 Merrill is keeping their brand name and is actually absorbing BAC's advisors. Same as Smith Barney and Citi.

ytrewq's picture
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Joined: 2008-08-02

NewFA08,This is just as good as any time to start in the business.  Frankly, it is better than most. The market is great then no one has any incentive to change advisors.The market is bad then no one wants to invest right now.I would prefer to try to gain business when people are scared and confused and really need our help.You get to choose what gas you put into your tank.  Regular or Premium.One day when you reflect back on a long and successful career you will know that 2 things allowed you to make it.  HARD work and perseverance.  It is not going to be the level of the Dow, the price of oil, or some fruit loops prediction about some irrelevant something that never happened anyway.Forget about the price of gas.  Go fill up with premium and make us proud.ytrewq

newFA08's picture
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Joined: 2008-07-23

Thanks ytrewq, I appreciate it.  I am in the same mindset as you are.  I think this is a great time to get in as an advisor. 

Bud  Fox's picture
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Joined: 2008-07-20

Hey newFA,
 
Good luck to a long & prosperous career in one of the hardest industries to break into and stay in as well as really succeed in.  You will have to put 12-14 hour days 5-5.5 days per week for the first couple of years or more till your pipeline is built and has a good flow through it.  I am with WB and you are really starting with as good of company as any as far as training goes as well as product availability.  Don't be too thin skinned with some of the posts you will see here in regards to anything you might say. It is kinda like the varsity football team coming in and pummelling the peewee's in grade school.  Or more like the angry annuity salesmen that post here that don't have much else to do but jab at the newbies even though they were once at the same starting point that you are.  You have to remember that you are a competitor to every person here, potentially trying to take away assets from someone such as myself without really knowing it.  There is plenty to go around for everone and the game today is basically just to cannibilize assets from another advisor who is not giving his client the warm fuzzies when the market is giving him the hypothermic goosebumps. Great time for you to be prospectin new clients and asking how well their advisor has held their hand trough these evolving times.  You have to plant seed now in their mind cause it takes time grow.

nestegg's picture
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Joined: 2007-06-14

No one can be certain about any firm at this point...but IMO WS will be a survivor when the dust settles. I started in this business 8 years ago this month! My first year was the busting of the internet bubble followed by 9/11 and one of teh worst bear markets in history...to me I would not have changed a thing..it was a wonderful environment ot gather assets and create relationships...I hadn't blown anyone up, and clients were unhappy with Wall Street and their advisors so I brought in alot of assets. Sounds familiar huh! History  To me a bear market is the best time to start. Most dont make it, but if you do you will be rewarded.

Morphius's picture
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Joined: 2007-07-21

newFA08 wrote:didn't ask for sarcastic posts morphius.  I might sound clueless but I also am just getting into this business...so kill me for asking questions.  
I thought when you posted here asking for feedback you were asking for honest feedback.  My mistake.  "I never did give them hell. I just told the truth, and they thought it was hell."
  --  Harry Truman

Morphius's picture
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Joined: 2007-07-21

Bud Fox wrote:Don't be too thin skinned with some of the posts you will see here in regards to anything you might say. It is kinda like the varsity football team coming in and pummelling the peewee's in grade school.  Or more like the angry annuity salesmen that post here that don't have much else to do but jab at the newbies even though they were once at the same starting point that you are.  You have to remember that you are a competitor to every person here, potentially trying to take away assets from someone such as myself without really knowing it.  Agree that one can't be too thin skinned in this business.  Disagree entirely with your analogy of why.Contrary to what some seem to think, this is NOT primarily about what the FA (or FA wannabe) wants to do for a living.  It's first and foremost about the CLIENTS and their financial well being.  Only by actually helping clients can we hope to help ourselves, career-wise.  I don't want to hurt anyone's feelings here, but to help clients we need to have some idea of what we are actually doing! D'oh!Those who show by their posts that they are clueless yet have no hesitation in advising clients anyways are dangerous and ought to be made to feel uncomfortable.  Their discomfort will be nothing compared to that of their clients.  This has nothing to do with the varsity picking on anyone for kicks or worrying about them as possible competitors.  It has everything to do with pointing out the obvious:First do no harm!   Learn FIRST, do second.  Not the other way around.Otherwise don't be surprised and indignant when someone holds a mirror up to you and you don't like what you see.  It's not the mirror's fault. 

anabuhabkuss's picture
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Joined: 2005-05-02

Seriously, we have no reason to tell you what we're sharing with you. We get no benefit telling you that you're going to have very little chance.
 
Once again, I ask if you have a network of people who will give you cold assets you can invest. Because to answer your question, people aren't peeved at their advisors. That is a cliche. If you honestly think you're going to make a living because people are peeved than your wasting so much of your time.
 
And what's with this "I made a commitment to Wachovia  thus I must stay"? Dude, for the love of god almighty, make a commitment to yourself and pay your bills. Investors aren't going to help you do that by asking you to liquidate and go into cd's. If anything clients are peeved at thier advisors for not heeding their orders to liquidate.

apprentice's picture
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Joined: 2006-06-06

Yawn! 
 
Senior members - good job keeping these posts interesting.  Everyone else - quitchurbichen.
 
NewFA - your timing is excellent.  Getting people to have a conversation with you is one of the toughest parts of this job (especially starting out).  I can't think of too many people who would not be willing to engage in a conversation with a financial professional right now.  Even if it's just to talk through their problems.  Learn to be an investment counselor.  Then...go for the jugular!!
 

anabuhabkuss's picture
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Joined: 2005-05-02

Exactly how can he make money playing therapist?

newFA08's picture
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Joined: 2008-07-23

agreed apprentice.  I believe, just as you said, starting a conversation is the key to my success.  If I can get people talking about what they invest in, how they feel about their current situation, what their financial goals are, I can then come in with a solution/proposal on how I can help them meet their short and long term financial goals.  Great posts and words of encouragement so far. 

apprentice's picture
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Joined: 2006-06-06

Ana butt-kiss, it's all about hypnotizing the person and leading them into signing paperwork (and a lot of blank checks). 

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