What is the skinny @ Wells Fargo Advisors?

3 replies [Last post]
Buster's picture
Buster
Offline
Joined: 2013-02-27

I have jumped through the hoops @ WFA, had 3 interviews taken the pre test exam( passed) and now we are getting down the real negotiations. What is really going on behind the fluff talk they are giving me. What can I expect as an offer in the form of salary, bonus, deferred comp etc.

Background: Was an FA for 6 years until my bank was shut by the FDIC so I have some experience but will need to retake my securities exams since they have lapsed. No marks on my U4 but I want a real inside picture of the truth. What is the non compete like? Who owns the clients, can you sell your clients when you are ready to retire? Can you form teams? What don't you like about WFA? Are they making you push credit cards, mortgages etc
Anything else you want to add would help me get an idea of what I am getting into would be greatly appreciated. If I had the funds to go straight indie I would but that is not an option right now. BTW, I am in Houston Tx.

Buster's picture
Buster
Offline
Joined: 2013-02-27

I need specifics please.

DaveW's picture
DaveW
Offline
Joined: 2012-05-30

I've heard that some people have issues with the minimum monthly goals, especially in the beginning, and that falling behind for just one month really hurts because your draw will take it out of your surplus the next month... but if you get a good banking center / territory, and you make it in the beginning and develop a good annuitized book of business, you can do really well in the long run.

Being a bank FA brings with it its own hurdles, though, and if you don't like being in a retail bank and can't really bond well with the personal bankers and the banking managers there then it isn't for you..

Buster's picture
Buster
Offline
Joined: 2013-02-27

Thanks for the info Dave but I am not going to be in a Wells Fargo bank branch. I am interviewing with Wells Fargo Advisors, basically a combination of the mergers with Wachovia and AG Edwards over the years. It's a non bank affiliate of Wells Fargo, the bank.

Please or Register to post comments.

Latest Forums Topics

http://wealthmanagement.com/site-files/wealthmanagement.com/files/uploads/2013/02/forums-graphic.jpg

"Do firms check U5's when hiring?"

Read More

More Topics

Chase Private Client

Does anyone know anything about the Chase Private Client and J.P. Morgan Private Client direct merger?...More

Bank Guarantee For Lease

We are direct provider for BG/SBLC specifically for lease, at leasing price of (5.0 + 0.5 + X)% of face value, Issuance by HSBC London/Hong Kong or any other AA rated Bank in Europe, Middle East or USA. Our BG/SBLC Financing can help you get your project funded, loan financing by providing you with yearly renewable leased bank instruments....More
Retirement Planning Snapshot

The Numbers Behind Social Security

Most Recent Blogs & Columns
May 24, 2013
blog

Advisors on the Move

Wunderlich Securities, Janney Montgomery Scott, Rothschild and Schechter Wealth Management boosted their ranks recently with fresh recruits, while others like Chase and NFP promoted executives from within to take on new responsibilities....More
May 23, 2013
blog

The Blotter Report: Legal Legwork Pays Off

Federal and state prosecutors, as well as several New York law firms, have put the screws to advisors this week. Back in the U.S., a former stockbroker who fled prosecution for a pump-and-dump scheme was hit with a 7-year jail sentence this week, while FINRA and Massachusetts levied multi-million fines against some of the biggest independent broker-dealers....More

Browse Blogs Browse Columns
Market Data

Market index values delayed 15 min

Newsletter Signup