| Topic Name: |
Biz School Preference |
| Message Name: |
To differentiate . . . |
| Date Posted: |
01/17/2006 |
| In Reply To: |
So each employee has a portfolio of clients he or she must acquire and retain? I always thought the bank itself has the clients and the employees work together to create the investment plans for the clients.
I guess its a good thing I asked instead of applying!
Thanks!
-clegg |
| Message: |
As far as building a client base, the true banks (B of A, Wachovia) allow their FA's to call on existing retail bank customers (the local business owners, the old lady with the CD's etc.) in order to build one's own clientelle from which to generate commissions. The PWM areas at Investment Banks (Merrill, UBS) do not have such a channel, and virually all business generation is up to the individual FA. The tradeoff is that, with the Merrill or UBS name on your business card, you've got much more credibility if/when you do have the opportunity to close a client with $1 million or more in assets. All in all it's a great field and, if it's truly what you want to do, find a way to succeed. It's more than worth it once you reach the promiseland. I'm not there yet, but I'm working like heck to get there.
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