I’m considering a move to Truist. By the looks of it, Truist has high managed account fees, unattractive compensation grids, leadership turnover, etc. What are the benefits for being a financial advisor at this organization?
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@b2 writes the person who is a bot or fake.
@b0 agree 100%. Those “letters of education” always remind me of something the Ge----o does if you don’t toe the line.
@bv completely agree, and I’ve been at several firms. Truist would be the LAST place I would be a financial advisor at. Systems don’t talk to each other. They are forced to roll out new systems like FSC, they can’t support it, the person doing the training is horrible and wrong most of the time and then we are STILL dealing with problems two months later and the answer always is “we are talking to Salesforce.” Who pays for the service?! This place is a dumpster fire. So much also depends on the office you are in and who you work with. I work with a great team. Our manager? He punched a DEI ticket while they pushed out a manager who had the respect of all.
@yj those are the bank facing advisors. Those who truly do financial planning only do annuities in the right situation. Any advisor worth their salt don’t sell an annuity to every single person to get the big upfront commission. But here’s the thing - all bank advisors do it everywhere. It’s disgusting. I knew a guy at Merrill Lynch who did that.
@OP you gave all the reasons for not being here so then why would you come? Another fake post.
Have you read this board? Stay away, what are you nuts!!!
Support is nonexistent and if it is there it’s incompetent. They switched to a new client management platform in March without making sure everything was working, it’s still not working. The new platform is even more cumbersome than the old one. Truist is very annuity heavy and they coach the branch team around selling them to clients before they are even introduced to you. Oh and you will be hounded for deposits even though you don’t work in that area.
Wire brush
Answer to your question: None. Literally no benefits to being a FA at Truist vs anywhere else, and literally no benefit to being a FA at Truist vs any other job at Truist.
RUN - DON’T WALK!
CEO has little or nothing to do with it. If you’re going to be branch-based, then the poster about banker partnerships is 100% correct. Just know that if you ado have an apathetic branch or poor partnerships, your manager is going to look at you, not them. The secret to success is two way partnership and your attitude toward self-sourcing. The worst firms in the world have successful people at them.
Are you in a branch based broker dealer somewhere or some other type of firm? The rule of thumb for all of banking is that banks are idiosyncratic. So the working experience from one branch based broker dealer versus another can be tottaly different and in a way not really related to the larger bank itself. In general the deposit market share and foot traffic of a regional will be less than a money center bank. At the same time you might have less channel conflict since they never bought a traditional full service broker/dealer like Wachovia. Also take a look at be segmentation/channel conflict between their trust/wealth management/private banking and the branch registered reps.
No experienced financial advisor should make this move without looking at every alternative first.
The firm has been losing talent for years, morale remains low, and many advisors are actively looking for the exits. A new CEO may change the narrative, but it doesn’t change the underlying problems.
There are countless firms that offer a better advisor experience, stronger leadership, and a more compelling future. In my view, this organization is broken at a foundational level, and one executive hire isn’t going to fix that.
Doesn't matter. Things are moving forward now, and you will have a better chance to succeed now that Rogers is gone.
Couple things to remember. Its not YOUR book of business. Even if they say it is. To Truist, it is THEIR book of business and you and your future endeavors there will be treated as such. The support model is cr-p and has been getting worse for some time. If you are looking to work in a branch, its hit or miss. Some have great teammates that refer and lots of prospecting to do and are virtually untapped gold mines. Others have teammates that check boxes and send you cr-p referrals and little potential. Supervision likes to give out letters of education like they are candy and upper leadership seem to be Jekyl and Hyde, changing operating models or fees on a whim and you are just left picking up the pieces and making the best of it. That's just my opinion from 15 plus years here. I'd be careful and fully vet it before jumping in the deep end and don't let them sell you a golden tu-d of an opportunity. It can work but be careful.
Rogers is leaving so there’s that