Advantages of working for a bank compared to a financial planning company

by **poster2000** » Wed Sep 14, 2005 9:23 pm

What are the advantages of working for a bank as a personal banker/advisor like wells fargo compared to a financial advisor like AMEX?

by **david.kinder** » Wed Sep 14, 2005 9:49 pm

The following thread outlines my opinion of a personal banker position at Wells Fargo.

http://www.financial-planning.com/phorum/read.php?f=4003&i=18354&topic=18205

Just some additional information.

DHK

by **vincegutierrez** » Wed Sep 14, 2005 9:58 pm

hey DHK,

thanks, after reading all the posts I'll stick to the financial advisor role rather than pushing checking accounts and other products

by **david.kinder** » Thu Sep 15, 2005 9:10 am

IMO - that's a smart move.

As far as comparing ADVISOR roles between banks and brokerage houses, the banks have the referrals of their deposit base and the brokerage houses - well, you've got to get your clients yourself.

This was the main difference for me to help me decide that I'd rather be in a banking environment than "on my own" at a brokerage house.

DHK

by **tom_b** » Thu Sep 15, 2005 4:09 pm

DHK: COuld you comment on the income potential at a bank? tnx

by **david.kinder** » Thu Sep 15, 2005 9:01 pm

Not really, because I'm an ASSISTANT to a financial advisor. I don't have any real information to share on that.

by **vincegutierrez** » Fri Sep 16, 2005 12:14 am

So DHK,

What you were saying in your previous post was that after the training period with wells fargo, You start off selling deposit and checking accounts then you are allowed to sell investment products later on at Personal Banker 2 level?

For customers, is it a major advantage having the branches deposit base as leads?

by **david.kinder** » Fri Sep 16, 2005 8:31 am

It is a MAJOR advantage!

One of the BIGGEST advantages is that as a banker, you are to sell loans - especially Home Equity loans/HELOCs. When you take an application for the loan, you are able to ask and get information about other deposit and investment balances, insurance, retirement accounts, etc. Although this information is needed for additional criteria in approving a loan, it's EXCELLENT information for generating additional business! You can say something like "Gee, Mr. Customer - you're only 55 and you've only saved this much for retirement? I think in addition to this loan, we're going to need to find you some additional ways to help you save more money!" OR "You've only got this much life insurance? This is a new obligation that your previous insurance may not be enough to cover this new debt. Perhaps we need to look further into that to ensure that your insurance needs are being met."

Loan applications can be a great way to generate more business AND just deepen the relationship with that person to let them know that you really do care about them.

DHK

by **vincegutierrez** » Mon Sep 19, 2005 12:06 am

Had a question re Wells Fargo, I have an interview scheduled this week for a Licensed Personal Banker trainee position.

Wanted to ask if this position is the same from your previous posting that the first year I'll just be selling deposits and checking accounts or will I be able to sell all the products like education plans, IRAs, Mutual Funds, and insurance?

thanks

by **david.kinder** » Wed Sep 21, 2005 12:01 am

Better ask them in the interview.

Of course, you'll be opening the deposit accounts (I'd be lying if I told you otherwise). Your MAIN focus will be home equity loans. When you have that balance information, those are the best clients to become familiar with and build rapport.

I have no doubt that you'll learn about IRA's and Mutual Funds. Make sure you ask WHICH funds you'll be allowed to sell. Wells Fargo has their own family of funds. Education plans (529 plans) - of course you'll sell them. Insurance will probably be limited to fixed annuities as a Licensed Personal Banker.

DO ask if you'll be opening them yourself, OR referring to online trading/investment services.

ASK THEM IN THE INTERVIEW TO MAKE SURE!!! ASK OTHER LICENCED PERSONAL BANKERS NEAR YOU TO GET A FEEL FOR THE POSITION AND HOW THEY MAKE IT WORK FOR THEM. If you don't know anyone, ask your interviewer for 2-3 people they would recommend that you speak to. Trust me, the bankers will be open to speaking with you (the ones worth speaking to, that is) and you'll impress your interviewer.

DHK