| Topic Name: |
Biz School Preference |
| Message Name: |
More Info - Please |
| Date Posted: |
01/17/2006 |
| In Reply To: |
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. |
| Message: |
I'm not from BofA, but would be interested in learning more about PWM if you're so inclined.
(1)How do you and your unit fit into GI&WM? Are you an employee of the Bank or of BofA Securities?
(2) Do you work in a branch or a central office?
(3) What range of products do you sell? Deposits, Loans, Investments, Insurance, Annuities, Brokerage Services?
(4) Do you have a banker/product specialist differentiation in PWM? That is, do you develop leads and then hand them off to a product specialist? Or do you close the sale yourself?
(5) Series 6 or 7 qualification or other?
Many thanks
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