Interviewing with a wire house and a bank FA position...I️ have been told two totally diff worlds. I️ have only worked for a wire house. Can anyone give me some pros and cons w/bank experience?

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Branch FA at WF for 5 years, $60mm AUM mostly clients I want. Can sell whatever, WF compliance gets testy if you go over 30% annuity biz. Overall been happy. We have our problems and BS like anyone else.

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Agreed with WF 1.. I’ve been indie and bank. Grew to 100MM bank in 5yrs, 60MM fee based.. more contacts, faster growth.. sit next the the vault and money will come.. if you are honest, do the simple things like follow up , you will win most business..CFP will help as well

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I have worked both channels - started at wire house - transitioned to a community bank platform. I feel most wire houses are similar in the way they operate - bank channels can be significantly different from one another. Some I see are product pushers - sell annuities mostly, others (the one I am with) are more independent minded in that they are less concerned with the products you utilize and are more concerned about good business that focuses on the client and their needs - they want to generate good consistent business and want to get you in front of their key bank business clients. I am predominantly a fee based advisor and I was apprehensive going to work for a bank, but I knew a few folks that worked there that I trusted and it was a great decision. The support has been great and the referrals from the commercial side have helped grow my client base significantly. We do joint marketing efforts (wealth management/commercial lending) and it is a win/win.

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Great question ... I️ suppose it went well ... I’ll find out by Friday. Crossing fingers anyway.

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Wow! Thank you for answering my question. Honestly, that’s exactly the way they presented it to me in the interview. I️ have worked as an independent and with 3 diff wire houses ... thinking maybe I️ should give this a chance. The bank I️ am interviewing does not have proprietary funds or annuities. Ty again.

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I recently moved from an Edward Jones type to a bank and I continue to have the freedom I was used to. I agree with the other post that growing new clients with partners at the bank has helped. On the flip side, a lot more politics than I'm accustomed to, pretty good commission cut, and I depend more on those partners now for better or worse. I will say going to a bank is considered a demotion in the FA world but you gotta do what works for you.

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Our grid is based on gross monthly production and pays out from 20-42% - great month good pay - poor month, not so much. Top pay out at 42% is for production over $60k.

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When's your interview OP? How did it go?

Sending you good vibes, let us know how it goes!

Huh ... ok. Ty for your comments; very much appreciate.

Ty Wells Fargo 2 ... my second interview is scheduled for tomorrow. Looking forward to it.

What's your net payout for the bankFAs? What are you taking annually

BankFA here. Grid is on rolling 6 month, lowest is 28% and highest is 55%ish I think? They add restricted stock after a certain point as well

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