New member - considering a career change |
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RIArules
Platinum Member Joined: Mar/15/2010 Status: Offline Points: 36496 |
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Probably about as much as can keep you afloat, or less, and $5-$10MM.
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Is it too late to exhume Ken Starr?
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Mike Damone
Senior Member Joined: Mar/15/2010 Status: Offline Points: 6340 |
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Here's the deal at my work. $45k salary for 2 years, then you go straight to grid. Expectations would be minimum $6 million in assets. *I'm in rural midwest.
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Ron 14
Gold Member Licensed Teller Joined: May/12/2010 Status: Offline Points: 19385 |
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EJ is global. |
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Ron 14
Gold Member Licensed Teller Joined: May/12/2010 Status: Offline Points: 19385 |
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Go to EJ, they will lick your balls because of your MBA, stay 2 years and jump ship. They will pay for your licenses and you may fall ass backwards into a nice book that you can take from them in the future.
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LA Broker
Senior Member Joined: Mar/10/2010 Status: Offline Points: 3895 |
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LOL at the teller offer. That HR/recruiter doesn't even know what a CFA is. You need to contact Wells Fargo " Advisors" not WF the bank. |
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“If you're not a liberal at twenty you have no heart, if you're not a conservative at forty you have no brain.”
-Winston Churchill |
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knuk
Senior Member Joined: May/20/2010 Location: Canada Status: Offline Points: 7277 |
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I'm not interested in a career change to EJ, but I might go for a couple of interviews. |
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Dolieack
Greenhorns Joined: Oct/01/2015 Status: Offline Points: 10 |
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Joining a seasoned team in my opinion is sketchy for you. There's not much to keep them from using you up and taking all the business. What would you do about it? Leave them and try to pull the clients from them? If they bring you on board with the idea you have to produce then I hope you have a long time line for success and good amount of savings in the bank. You'll be focused on prospecting 95% of your time.
Wells or BOA would prob hire you as a licensed banker where you have goals to feed the FA's. After a year or two of eating crow you can try to get into their training program. If you get really lucky you might be able to walk right into the training program but they rarely open up. Merrill is my suggestion. You can pick the salary/ sales goals you think you can hit and they have a lot of advisors jumping ship. Knowing what I know now I would go to merrill if was you! |
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Kingpin804
Greenhorns Joined: Aug/25/2015 Status: Offline Points: 12 |
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Update:
I ended up taking a corporate finance gig in the Midwest. It was too good of an opportunity to pass. I think after a 3-4 years of living in the cheap seats clearing six figures I'll have enough of a nest egg for my wife to be comfortable with me taking a pay cut to switch careers. This lets me spend more time with my son until he starts school in 3-4 years when I can really focus on building a business. I can use the time now to build a lead network. Does this make sense or am I kidding myself and unlikely to switch if I don't now? |
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squeaky
Senior Member Joined: Apr/28/2011 Status: Offline Points: 661 |
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Makes perfect sense. Especially with the little nosepicker in toe.
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Mo Broker
Member Joined: Feb/28/2012 Location: Mo Status: Offline Points: 101 |
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You have a lot of EJ guys here that piss green, I started with EJ and agree they are great place to start. However with that said WFA is rolling out a new branch position in a lot of Midwest areas call FRA (not sure what it stands for). Very good Salary position with strong bonus potential. I would have loved this role when I started in the business. BUT be warned sr fa's don't trust this idea or role, guys around us look at it as threat to our model long term (salary bank employee vs commission FA). Lots of unanswered questions: are the assets the firms or FA, protocol or not, can FA move to regular FA role in 5yrs. Rumor has it wfa new success rate is below 20%, but truth be told i think that's the industry range (EJ is right there with everyone else). Understand this is awesome business but it's hard as hell to start with no contacts or no warm market, it will humble you real quick and takes time to get established.
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Mo $$$
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luvindy
Moderator Joined: May/17/2010 Status: Offline Points: 25767 |
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Federal Regulatory Authority?
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8/31/12,Sportsfreak:
"If Barak wins this election, or appears to be clearly winning, we are all fucked. Market will tank big time." Dow 13,090 S&P 1406 5/23/13 UC:Dow 20k before 20% crrectn Dow 15, |
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RIArules
Platinum Member Joined: Mar/15/2010 Status: Offline Points: 36496 |
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Financial Representative Assistant? Sounds like a fit with "a very good salary and strong bonus potential"
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Is it too late to exhume Ken Starr?
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Macduff
Senior Member Joined: Oct/27/2013 Location: United States Status: Offline Points: 1140 |
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Is that the program which acts kinda like Merrill Edge for WFA?
If it's the program that I heard of, the advisor takes problem accounts and accounts which don't meet minimums for the full advisors. Rather then send them to the call center, they send them to the new advisor who is responsible for covering a specific region. The client still gets personal service and a fairly local advisor to call. The branch manager I spoke with said that the program hadn't been getting much traction in his region.
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“I was born for the storm, and a calm does not suit me.”
― Andrew Jackson |
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Dolieack
Greenhorns Joined: Oct/01/2015 Status: Offline Points: 10 |
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The new WFA program looks a lot like the chase model where like mentioned earlier the bank claims the relationship. No to the smaller accounts, that's how it was when I started with wachovia. I had a "mentor" senior advisor that threw me $0 producing accounts to work. It was a 2yr program funded by the bank with a cut of revenue rolling to a "mentor" FA and if you made the cut your senior advisor could make you a % partner a disc rate from their cut but out of their pocket, not the banks. After the total of 4yrs if you succeed you were made partner or cut from the team to go on your own. It had a very low success rate and was scrapped. In my area 4 out of maybe 25 actually made the cut and produced 300k+ by year 4.
Edited by Dolieack - Oct/08/2015 at 1:13pm |
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I was in a very similar situation at a credit union.
It sucked.
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