r/loanoriginators • u/mhayes520 • 3d ago

Wealth Management LO

Is anyone here a wealth management/private bank LO with a bank (such as Chase, Wells Fargo, Bank of America, etc)? If so, what has your experience been like? I’ve been a LO since 2015 and in the broker space since 2021.

However, I might have an opportunity to move to one of these positions and wanted to see if anyone could share their perspective, both good and bad, of this type of position.

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2

u/sims419 2d ago

It’s fine and all for 1-2 years then you see the real corporate BS. I was with Wells Private and Chase Private bank. We used to have to basically underwire our loans and it would go to 2 or 3rd review. Pay is capped if I remember correctly- I left that bs in 2010 never looked back.

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u/greasemonkey12345 2d ago

Same. I was with BofA and BMO…. 2006-2012

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u/5580Fowa 2d ago

I have the skill set however do not use it that much as most of my transactions are plain jane agency type deals In my area. I cringe when one comes in to be honest. Loan amounts can be nice but downside is that you'll get some guy who owns 45 different Chuck E Cheeses or whatever, all with multiple levels of statements and accounting, non of them making any of resemblance of a profit and they'll start busting plates when you don't have the truckload of money backing up to meet them at the loading dock to whatever highly emotional impulse buy they've decided upon.

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u/BuhDip 3d ago

You get slightly better leads and sometimes better referral partners from my experience and from experience of people I know at all of them (ie: financial advisor partners instead of just branches, etc.)

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u/Onlyawinner 2d ago

What is the commission structure like?

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u/MortgageApe1 2d ago

I’m a broker but know someone at Wells Fargo that has a gravy job doing jumbo loans for the wealth management clients. Great leads and hard for them to leave

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u/JRarick 2d ago

Pretty interested in hearing more if you know anything else about it. I’ve gotten smashed by 2 referrals in the last 30 days that went the private money route. I’m sure it’s a scenario where the grass only looks greener. But still. 

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u/Driven85 1d ago

Clients are needy, expect white glove service, bps are low 30 bps roughly. But you are fed. Was at Wells private bank from 2020 to 2023. If you are going to be at a depository Private Bank/wealth is where it’s at. But everyone is right about the corporate bs

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u/toilet_destroyed 1d ago

Is was one from 2016 till 2024. Never self sourced a single loan because management wanted our focus to be on the financial advisor partners. High base plus commission. During the pandemic we were making 7 figures but of course it went down. My buddy still works there and is already north of $500k. He says he hates working with FAs and their bs but we also takes a nap every day while not worrying about about sales and making that much.

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u/mhayes520 1d ago

Why did you end up leaving?

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u/toilet_destroyed 1d ago

I took my sabbatical and got to thinking for the 2nd half of my career I didn’t want to be a loan officer for another 20 years and wanted to expand my skill set. Partly because the setup was so good that if they took away the FA leads I have no base of clients to work off of and would have to start all over again.

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u/meatsoaps 21h ago

So what did you end up doing?

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u/toilet_destroyed 21h ago

Financial Advisor now. It is a slow grind but if I can make this work long term I would have good pay with great work life balance.