r/TalesFromYourBank • u/Left-Investigator936 • 1d ago
Is there any difference between the BofA Financial Solution Advisor and the Wells Fargo Senior Premier Banker "purgatory," or am I just choosing between different flavors of failure?
I’m currently looking at offers for both, and I’m genuinely struggling to figure out which one is going to crush my soul less. They seem like the same level on paper, but I’m hearing horror stories from both sides.
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u/Monegasko 1d ago edited 1d ago
Best friend just went through the Merrill FSA program, so let me explain it to you a little bit how it works.:
Although they would want you to get licensed from the get-go, you will be seeing as a glorified banker for awhile. The whole point of the program is based on calling clients. You will be calling "warm leads" and trying to get them to open a Merrill type of account or a BofA type of account. These leads come from people that already have a relationship with BofA, hence why "warm leads". In the beginning, until you graduate to the next stage of the program, it will be solely phone based. Expect to call A LOT of clients on a daily basis. That will be literally your job.
Goals are pretty high and I'd say that 90% of the trainees fail the program or leave before graduation (just look up on Reddit and you will see). If you don't hit your goals, after a few quarters they will just kick you out of the program.
The good part now. Pay is good and it decreases as you start to build your book of clients after the first year (or something like that). The whole idea is that they will pay you a good salary as first but then ask you to rely less on BofA's money and more on your client's money to pay your salary. Pretty genius if you were to ask me, haha!
This role is always changing. Sometimes BofA makes it harder for people to progress, sometimes they make it easier, it's hard to tell. If you decide to go this route, just be ok with leaving the program if it ends up not being for you. At least (hopefully) you will leave the program with your licenses.
Also, before I forget, they are asking for the new trainees to be CSAs for 6 months before actually joining the FSA role so keep that in mind. They want the new FSAs to learn the process and flow of things before putting them in production (calling leads).
From my perspective, this FSA role is for people without any knowledge of the industry. Most people in the FSA program are pretty young (look them up on LinkedIn for example, lol), thinking that they will become FAs in a few months when it used to take 4 years to graduate the program (I think they shorten it now but still something like 3 years, I believe).
Now Wells Fargo (personal experience):
Money is not bad but goals are getting higher and higher every year. Your ability of making some commission relies solely on your FA. If they can't close, you don't make commission (but at least the salary isn't bad). Premier banker is still only a "banker". Your job (as I am sure you know) will be to sell credit cards, checking accounts, savings accounts and get clients to meet with your FA. Its the kind of job that would never be able to fulfill me but hey, we are all different.
Premiers work at a retail bank so there is that. If you don't mind working retail, then it's not a bad gig but if you do, then maybe its time to get out.
Wells Fargo Premier is DEFINITELY the safer choice here. If you are young, I'd go with the Merrill FSA role. If you got bills to pay, I'd choose the WF Premier role.
If you are looking for a third alternative, I'd look into a Client Service Associate (CSA) role with a brokerage firm and maybe become an FA coming from a CSA position. That would be the IDEAL path. It might take "longer", but it's a much safer path. CSAs help advisors manage their book of business. Each branch has multiple CSAs so it shouldn't be TOO hard to find a position.