What do these "Vice President" titles mean at Financial firms? (sales, transaction)
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I used to work for Prudential as an agent with a Life, P&C, Series 6 & 63. My wife worked for Wells Fargo Financial as an assistant to a bunch of stock brokers aka VP for over a decade and my good friend who is a stock broker aka VP for the past 25 years who I meet up once or twice a month to hang out (prior to covid). My friend and I laugh about his VP title all the time. Yeah, you are right, I don't know what I'm talking about.
He shoots... He Scores... AND THE CROWD GOES WILD!!!
In banking AVP, VP titles are simply for added vacation and a little bump is salary. Has nothing to do with decision making or overall knowledge. (well maybe knowledge since they've been around longer)
You small potatoes until your title says SVP or EVP
So nothing like what the firm’s being asked about actually do right? Insurance and mutual fund guy. Not equites, not advisory business most likely not fixed income either. Your s6/63 don’t impress me seeing as how I currently have and utilize 6 series exams.
I’m sure your wife being an assistant or your “stock broker friend”(btw no one in the business use that term and haven’t in a long time, tells me you’ve been out for quite some time) both would make the same comparison to MLM. In realty they wouldn’t because it’s nonsense so if you actually are familiar with the business you a flippant bs comment or you are not well educated about the business. Your last comment about the titles and comp are a bit conflated as well because we have plenty of support professionals such as what your wife might have been making six figures and out earning some of those VPs.
A DUCK is STILL A DUCK. No matter how many ways you want to call it or dice it...In the end of the day, it's still a god dang DUCK. You can use all the fancy words you want to make you feel better. But it's still a duck. I know it. My friend knows it. Whatever makes you feel special...go for it.
A DUCK is STILL A DUCK. No matter how many ways you want to call it or dice it...In the end of the day, it's still a god dang DUCK. You can use all the fancy words you want to make you feel better. But it's still a duck. I know it. My friend knows it. Whatever makes you feel special...go for it.
Its not about making anyone feel special but your comparison to mlm was just nonsense. Your wife/friend and you know it
I've done a lot of work with financial institutions over the years. The joke goes, "The bank doesn't give you a raise. They just make you Vice President."
I've done a lot of work with financial institutions over the years. The joke goes, "The bank doesn't give you a raise. They just make you Vice President."
I've heard this joke as well; banks are notorious for lower-paying positions.
There is a big difference between an Executive of a company and an Officer of a company. Their titles might be the same, such as VP of Finance, but there is a big difference between them. Had a friend that learned the hard way when the company went broke and bill collectors (including the State) came after him. He fast learned the difference, but it cost him quite a few legal bills to get out of that mess.
There is a big difference between an Executive of a company and an Officer of a company.
You're simply speaking to 'C-level executives' i.e. Chief Executive Officer, Executive Vice President (often second-in-command), CFO and so on. The difference being 'officer' is often used to denote a position in a hierarchal organization (i.e. military or government).
Quote:
Originally Posted by johngolf
Their titles might be the same, such as VP of Finance, but there is a big difference between them. Had a friend that learned the hard way when the company went broke and bill collectors (including the State) came after him
Say what? Your friend was VP of Finance for a company which 'went broke' and 'bill collectors were after him'? Sounds (more than) a bit bizarre/shady.
In Corporate America (big business) a VP is a significant title that usually has a reporting structure reporting into CEO/CFO.
Banking basically anyone with a few years experience is a VP Comparable to a Senior role in a corporate America). Banks offer big titles with little pay and responsibilities.
In Corporate America (big business) a VP is a significant title that usually has a reporting structure reporting into CEO/CFO.
Banking basically anyone with a few years experience is a VP Comparable to a Senior role in a corporate America). Banks offer big titles with little pay and responsibilities.
At a bank maybe it means they get an office with a door that closes. In the office they can set up certain types of accounts. Loans, CD's etc. A teller just does deposit/withdraw transactions. These days with Covid you may have to make an appointment to see the VP. You just get in line if there is any for the teller.
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