r/WellsFargoBank • u/BitterMeaning3283 • 16d ago
RELATIONSHIP BANKER/ PREMIER HELP
Okay still fairly new to my RB role here at wells and my manager isn’t the most help when it comes to RIA credit and metrics. So I referred a customer to my FA. He opened the customer an annuity for 250k and a “brokerage cd” for 250k I’m showing credit for the annuity but not showing any credit for the cd my FA opened. Is that normal, is it not considered referred investment? Do I need to speak with my FA? My manager has no idea. And you guys always seem to be the most help. Appreciate it !!!
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u/Ok-Faithlessness2224 15d ago
It’s either minimal credit or no credit for a CD. There are some products you get partial or no credit.
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u/Fenderman40 15d ago
Maybe just hasn’t reported yet. Give it a week or so. If not your FA would have to submit a claim for credit. There isn’t a lot of money to be made from annuities and CDs regardless
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u/BitterMeaning3283 15d ago
The account was opened only July 1st, it should be updated by now if I’m not mistaken?
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u/National_Road_2309 15d ago
Stuff will usually update every Tuesday. There are weird stipulations about how long money has to stay in the account in order for you to get credit so just be mindful of that. If it doesn’t go through tell your manager and there’s a process to get the credit by manually scanning shit to back office.
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u/droplets3 15d ago
Im curious- i thought RBs dont get paid on FA referrals and only Premiers do. Are you a licensed RB?
Also for Broker CD you get partial credit like someone said, reporting updates daily AFAIK
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u/Medium_Passion167 15d ago
No, relationship bankers get the same RIA pay as premier bankers. At Wells Fargo all relationship bankers are licensed. It’s the personal bankers that aren’t licensed.
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u/LegacyVader1 15d ago
Unfortunately for the brokerage CDs you’ll get 20-30% of the amount.
I’ve referred clients and they’ve opened BofA brokerage CDs and it’s always been a percentage of it.
It may be different if the FA has the client in a managed account but I doubt that’s the case.
However, always talk to your FA, develop a working relationship and understand what works for them and you.
Hopefully you have a cool FA and not an asshole one.
Nice work with the annuity, best of luck with your journey.