Hi guys (and ladies), I posted about a month ago when I accepted a new position at WF. Unfortunately I couldn't really figure out how the site worked and my post fell way behind and some people asked me to reply. My situation is that I was working for an independent wealth management firm and have my series 6,7,66, and state Insurance licenses, but that company was struggling and doing layoffs too, so I took the position at Wells (hopefully for more security), but also because it pays approx 90K a year + bonus, where my old position only paid around 45K + bonus. I applied at many other financial firms, but most were offering pay in the 40K's a year + bonus, while this position at WF is basically double that. This is my first week working inside the branch ("premier banker 2" –Job Title), and I've asked around about layoffs. The management has told me that this role was specifically approved by some sort of executive team, and I don't have to worry about a layoff. My concern is....well...they wouldn't come right out and tell me the truth if they thought I might get laid off, because who would take a new job if they thought they were about to get laid off, right? Anyway, I've asked several people in management and even the recruiters before I started, and they said I'm going to be ok. Anyone have any feedback? I love this position, and it pays very well. I love the increased responsibility and feel I'm going to do well here, just worried about my family....as I'm sure many of you are too. I'm new so I don't know a lot about who/what departments/what positions they are looking to eliminate. I'm in a local retail branch.
17 replies (most recent on top)
OP, let me summarize: “ I doubled my pay quickly with a relatively minor skill set and I feel a bit at risk.”
Ok, that’s a good assessment that you made, without microeconomics training yet. Very good. Now, you must realize that this is normal. The greater the reward, the more risk you bear... you could indeed strike out and be displaced. However they saw something in you that they liked and they want you to succeed.
Keep taking risks, keep swinging for the fences. Your post stands out for intelligence and you are going places. Keep trusting your gut as you have the internal compass needed. Your post puts a huge chasm between you taking control and the hordes of whining dependents. You don’t any advice, you are going places.
OP is not a troll. I’m a branch manager 3 making 83k. My premier banker 2 makes 89k base salary. (MRP is 88k). Bonuses average about 30k-40k a year and there is no cap. This is a goldmine job. The bank is placing a huge focus on this specialty banker job and it’s not going away. It will only grow in scope. Your job is to work closely with very affluent clients and you get paid a c-ap ton when they bring investments over to your Financial Advisor. Your job is 100% safe but if you’re worried, stash away the extra salary you’re making for a rainy day. Save the extra 45k you just got in income and don’t let your lifestyle increase with your income. If you do that and get laid off with 30k in savings your family is set for 3-6 months until you find work.
Please never use “... (and ladies)” again. SMH
Personal banker 2 is in the 60k range. Premier Banker 2 is in the 90k range. Confirmed in Job Families tool.
OP needs to learn what a carriage return is.
Unreadable trolling.
The poster work at Bank of America, trying to stir the pot
Assuming this is a real post, not entirely clear on the question. You got reassurance from your leadership, which matters more than the opinions of folks here who don't know you.
Regardless, it's probably unlikely you'll be laid off, so soon after being hired. It seems logical that they had to justify why filling the role was critical, before it was posted. But no job is guaranteed, and we're talking about WF here – it's a hot mess. So my advice to you would be the same I'd give any WF person... Hope for the best, plan for the worst.
this is 100% a fake post. There is NO WAY they are paying 90k salary for licensed premier banker plus bonus (I was in this role a long time ago btw and salary was 50k). Regular bankers barely make 40k. Someone can go pull it up in the job families tool to verify, I won't bother to myself.
keep in mind there are no ethics here; managers are pathological liars too
Sounds like you are overpaid
Might not be as at risk as others, but nobody is safe.
I worked at a very large tech company that was in having mass layoffs in 09, they would give you x days to find a new internal job. Unfortunately some managers would hire you from the layoff list so they had someone to layoff instead of a regular. Not saying your people are are thinking that but wouldn't be first.
OP: to @msa+18MDmAvo and others. Thank you very much for the information. I've never been one to be above anyone. My philosophy is if I can help everyone around me make as much money as possible, then I'll be ok too. I'm sorry for all the concern going on in the company. I know oftentimes one person can't make a difference, but I will try in a small way. I really enjoy working with the FA, and look forward to getting to know the mortgage rep and others. Thank you again! Very excited and feel fortunate for the opportunity. Best of luck to everyone. If our paths ever cross and we have no idea, may we be friends.
I'm a financial advisor (branch based) and I work with bankers like you. As long as you and the FA work well together, your position is safe. Mix it up by working well with the mortgage rep, the Treasury management rep, business bankers, and The Private Bank (for larger clients with custom lending/planning needs). Call a lot of leads, keep a good working relationship with the branch manager, NEVER THINK YOURE ABOVE THE OTHER NON-LICRNSED BANKERS, and make it rain... You'll be an asset to the Firm.
You are in a great position! WF has publicly said they want to expand their investment business and you check all of those boxes.
If you are good at sales, and are bringing in more money for the bank than they are paying you, you should be fine. Good luck.
Well if they tell you “you good” then you are good...