Question for the bank kids

I remember as I was leaving the wirehouse there was a team from somewhere in Cleveland that was recruited by BofA to basically cover a huge area in SoCal.  They were promised huge bonuses and had “access” to all of the clients at BofA in the area.  I guess that didn’t really happen and they sued BofA for not keeping their promises and won in court.  Then after that, there were a few other cases of banks lying to their new brokers.  It doesn’t sound too appealing to have your employer lie to you.  I know it doesn’t happen across the board, and some very small banks may provide some great opportunities.  I would much rather OWN my business and MY clients.  For those who can’t prospect, sometimes a bank is their only way to be in this business in my opinion.

Bobby, you exaggerate and dramatize more than my ex-girlfriend.

I haven't seen a post that flat out says the bank channel is the best channel.  If there has been one, I'd tell them they are wrong.  There is no one best channel.

With that said, I really like the bank.  Whether you believe me or anyone else, you can (without too much effort) pull down big dollars in the bank channel...and keep a balanced life to boot. 

Indy has its benefits.  Wire has its benefits.  Bank has it's benefits.

Why are you so worried about it?

[quote=snaggletooth]I remember as I was leaving the wirehouse there was a team from somewhere in Cleveland that was recruited by BofA to basically cover a huge area in SoCal.  They were promised huge bonuses and had "access" to all of the clients at BofA in the area.  I guess that didn't really happen and they sued BofA for not keeping their promises and won in court.  Then after that, there were a few other cases of banks lying to their new brokers.  It doesn't sound too appealing to have your employer lie to you.  I know it doesn't happen across the board, and some very small banks may provide some great opportunities.  I would much rather OWN my business and MY clients.  For those who can't prospect, sometimes a bank is their only way to be in this business in my opinion.[/quote]

That suit was well documented, but seriously, do you think a bank is any more apt to lie to a potential recruit than a wirehouse???

[quote=BankFC]

[quote=snaggletooth]I remember as I was leaving the wirehouse there was a team from somewhere in Cleveland that was recruited by BofA to basically cover a huge area in SoCal.  They were promised huge bonuses and had "access" to all of the clients at BofA in the area.  I guess that didn't really happen and they sued BofA for not keeping their promises and won in court.  Then after that, there were a few other cases of banks lying to their new brokers.  It doesn't sound too appealing to have your employer lie to you.  I know it doesn't happen across the board, and some very small banks may provide some great opportunities.  I would much rather OWN my business and MY clients.  For those who can't prospect, sometimes a bank is their only way to be in this business in my opinion.[/quote]

That suit was well documented, but seriously, do you think a bank is any more apt to lie to a potential recruit than a wirehouse???

[/quote]

I was never comparing banks to wirehouses.  Just thinking more in my own situation as an Indy.  I wouldn't ever want to be in the bank or wirehouse world anymore for reasons that Joe said in another post among many other reasons as well.  I'm much happier being an owner.  Anyone anywhere can be lied to, it doesn't just happen at banks.

I work for a wire and have never been lied to.  Maybe I have been
lucky, but they have been very good to my clients and me.  I used
to work for a bank, and the story was very different there though, but
in retrospect they were bankers trying to run a brokerage and the
conflict was too great.



I left the bank and considered all options having wanted to work with
larger clients, families, and endowments…not 500 clients that had
$300k in IRA assets (if that were the case, Indy seems a good
choice).  



My model called for a firms support system and name.  It
worked.  I handle about 100 relationships, have a team that
handles all of the operations and most of the sales, and I have a
pretty nice life.  Management leaves me alone unless I ask for
assistance.  I guess I just don’t see where all of the negativity
comes from with the wires…but maybe my experience is not the norm.



All in all, I found the bank a great place to start, learn the ropes,
and build some assets for myself…but it was not a place for me to
have a career run.

I have a checking account at a bank. I was amused when their broker approached me to discuss investments. The poor fellow couldn’t even maintain eye contact. His wife owns his ass.

[quote=Oldproducer]I have a checking account at a bank. I was amused when their broker approached me to discuss investments. The poor fellow couldn't even maintain eye contact. His wife owns his ass.[/quote]

That happens to me all the time. Those kids crack me up. Their first names are sewn into their shirts.

[quote=BankFC]

Bobby, you exaggerate and dramatize more than my ex-girlfriend.

I haven't seen a post that flat out says the bank channel is the best channel.  If there has been one, I'd tell them they are wrong.  There is no one best channel.

With that said, I really like the bank.  Whether you believe me or anyone else, you can (without too much effort) pull down big dollars in the bank channel...and keep a balanced life to boot. 

Indy has its benefits.  Wire has its benefits.  Bank has it's benefits.

Why are you so worried about it?

[/quote]

I knew you'd try to weasel out of it, just like you weaseled out of prospecting. You think that the NET benefits of being a bank kid outweigh the net benefits of other channels. I understand. You HAVE to convince yourself of this to keep from weeping.

So, I weaseled out of arguing a position I don't believe (the bank is the BEST channel, ala your first post)...sucks for you, I didn't take your bait.

I have zero respect for bank brokers.  Anyone that gets business handed to them, and that includes kids that take over the books of their parents, never had to prospect and bust their ass.

[quote=BankFC]

So, I weaseled out of arguing a position I don't believe (the bank is the BEST channel, ala your first post)...sucks for you, I didn't take your bait.

[/quote]

I don't believe that the bank channel is the best, either. I think it's the worst.

Had a referral in my office last week.  She just sold her house and is moving, so she has about 400K and is going to be looking over the next year for a new house.

So what did the greedy bank broker, whom she met right before me, suggest to this recently retired woman?  Stocks and mutual funds.  What a moron.

So we chuckled about the bank broker not being a real financial advisor as we opened the account.

Why can't everyone just agree that every situation is different and each one of us can find the best situation that meets are own needs?

If someone is a good advisor they should be a good advisor no matter what channel they are gainfully employed.

Can we atleast all agree?

scrim

[quote=Bobby Hull][quote=BankFC]

So, I weaseled out of arguing a position I don't believe (the bank is the BEST channel, ala your first post)...sucks for you, I didn't take your bait.

[/quote]

I don't believe that the bank channel is the best, either. I think it's the worst.

[/quote]

The reality is that the bank channel is for those who could not get hired by a wirehouse, or who washed out at a wirehouse.

Those who were never given the chance will go to their graves wondering what might have been if they had what it takes, while those who washed out will go to their graves wondering what might have been if they had what it takes.

[quote=Ferris Bueller]

Had a referral in my office last week. She just sold her house and is moving, so she has about 400K and is going to be looking over the next year for a new house.

So what did the greedy bank broker, whom she met right before me, suggest to this recently retired woman? Stocks and mutual funds. What a moron.

So we chuckled about the bank broker not being a real financial advisor as we opened the account.

[quote=Ashland] [quote=Ferris Bueller]

Had a referral in my office last week.  She just sold her house and is moving, so she has about 400K and is going to be looking over the next year for a new house.

So what did the greedy bank broker, whom she met right before me, suggest to this recently retired woman?  Stocks and mutual funds.  What a moron.

So we chuckled about the bank broker not being a real financial advisor as we opened the account.

[/quote]

Ferris, I'm assuming that Mrs. retiree bought brokerage cd's or the equivalent for her $400,000. Which you made about $60 net on... Good job & great account! All you have to do is cold call 5000 more people to get 1000 more of those customers & you'll be at your $150,000 in revenue for the year. Hey, at least your AUM will look good![/quote]

Tell us Ashland, if the client needs the money within a year where do you put it?

[quote=Devil’sAdvocate] [quote=Ashland] [quote=Ferris Bueller]

Had a referral in my office last week. She just sold her house and is moving, so she has about 400K and is going to be looking over the next year for a new house.

So what did the greedy bank broker, whom she met right before me, suggest to this recently retired woman? Stocks and mutual funds. What a moron.

So we chuckled about the bank broker not being a real financial advisor as we opened the account.

[/quote] Ferris, I’m assuming that Mrs. retiree bought brokerage cd’s or the equivalent for her $400,000. Which you made about $60 net on… Good job & great account! All you have to do is cold call 5000 more people to get 1000 more of those customers & you’ll be at your $150,000 in revenue for the year. Hey, at least your AUM will look good![/quote]

Tell us Ashland, if the client needs the money within a year where do you put it?

[quote=Ashland] [quote=Ferris Bueller]

Had a referral in my office last week.  She just sold her house and is moving, so she has about 400K and is going to be looking over the next year for a new house.

So what did the greedy bank broker, whom she met right before me, suggest to this recently retired woman?  Stocks and mutual funds.  What a moron.

So we chuckled about the bank broker not being a real financial advisor as we opened the account.

[/quote]

Ferris, I'm assuming that Mrs. retiree bought brokerage cd's or the equivalent for her $400,000. Which you made about $60 net on... Good job & great account! All you have to do is cold call 5000 more people to get 1000 more of those customers & you'll be at your $150,000 in revenue for the year. Hey, at least your AUM will look good![/quote]

I'm confident in his ability to make the relationship economically worthwhile.

I once thought that the bank channel was an excellent place to work. Unfortunately, it turned out that it wasn’t for me. Very few bankers have a clue how to run such a program If you work for a bank program that is well-ran, consider yourself very fortunate. Most bankers are stupid, greedy and jealous. The prez who hired me was none of those and I told him when I left that if he were my direct superior, I probably wouldn’t have considered leaving. Instead, I was dealing with a couple of power-hungry idiots who’s only contributions were interference which only slowed me down and hurt my production.



It was a happy day when I bailed that ship.

Did Steve Prefontaine really say that, or are you just another lazy idiot who can’t proofread your own drivel?

[quote=Bobby Hull] [quote=Ashland] [quote=Ferris Bueller]

Had a referral in my office last week. She just sold her house and is moving, so she has about 400K and is going to be looking over the next year for a new house.

So what did the greedy bank broker, whom she met right before me, suggest to this recently retired woman? Stocks and mutual funds. What a moron.

So we chuckled about the bank broker not being a real financial advisor as we opened the account.

[/quote] Ferris, I’m assuming that Mrs. retiree bought brokerage cd’s or the equivalent for her $400,000. Which you made about $60 net on… Good job & great account! All you have to do is cold call 5000 more people to get 1000 more of those customers & you’ll be at your $150,000 in revenue for the year. Hey, at least your AUM will look good![/quote]

I’m confident in his ability to make the relationship economically worthwhile.

[quote=Ashland] [quote=Devil'sAdvocate] Did Steve Prefontaine really say that, or are you just another lazy idiot who can't proofread your own drivel?[/quote]

Devil - I found the quote here:

http://www.motivateus.com/rememb-2.htm[/quote]

What does the word proofread to you, moron?

[quote=Devil’sAdvocate]

[quote=Ashland] [quote=Devil’sAdvocate] Did Steve Prefontaine really say that, or are you just another lazy idiot who can’t proofread your own drivel?[/quote] Devil - I found the quote here: http://www.motivateus.com/rememb-2.htm[/quote]

What does the word proofread to you, moron?

[quote=Ashland] [quote=Ferris Bueller]

Had a referral in my office last week.  She just sold her house and is moving, so she has about 400K and is going to be looking over the next year for a new house.

So what did the greedy bank broker, whom she met right before me, suggest to this recently retired woman?  Stocks and mutual funds.  What a moron.

So we chuckled about the bank broker not being a real financial advisor as we opened the account.

[/quote]

Ferris, I'm assuming that Mrs. retiree bought brokerage cd's or the equivalent for her $400,000. Which you made about $60 net on... Good job & great account! All you have to do is cold call 5000 more people to get 1000 more of those customers & you'll be at your $150,000 in revenue for the year. Hey, at least your AUM will look good![/quote]

I did what is right for this woman.  That's why I manage 110+MM in assets.  How much do you manage, little boy?

QUOTE]Well said and well done, Ferris. It’s idiots like Ashland applying that attitude that cause problems for all of us. You have to do what is right by the client, even if in the short term is isn’t so good for you. Otherwise, how can we expect them to trust us?[/quote]



Most of the time I find myself agreeing w/ you, Joe. In this case if you read the rest of the thread you would have found that I had said that I wouldn’t have accepted the account & that if I had I would have used mmkt’s & floaters. CD’s aren’t even the right thing for this client because she may find a place next week.



By the way - where is she living while she no longer owns a place, Ferris? Does it have a long or short-term lease? Will she use ALL of the money for the new place? Why did she move from the old place? If it was for health reasons, might it not be in her best interest to buy another place? Does she have elderly parents, kids or grandkids who may need her support? Where does she get her retirement income from? Is it a stable source? How is she creating payraises? How recently retired? Is she going to boomerang, or is she really done?



My attitude is fine, Joe. I look out for people. At the same time, I know my limitations in the channel that I am in. It’s not in the best interest of the client, myself, or the bank for me to do something that is short term money.

Joe -



One of the big differences between working at a bank & a wirehouse is that most people I meet are already clients of the bank. I have, therefore, a much higher level of credibility than you with a new client from the word go.



One of the primary reasons I wouldn’t accept this account(again, unless there is more - immediate - opportunity) is that a $400,000 deposit would mean more to a branch manager’s P&L than it would to me. My best customer(the bank) appreciates when I help them grow their assets. In addition I do not lose any ability to follow up with the customer. So, I can create a win-win-win here. The customer wins because she gets into something that she’s very comfortable with - mmkt & a short-term cd special which is darn close to what I’d be offering. The bank wins because they get a big addition to their deposit & I win because I did something for the client that the personal banker wouldn’t have managed to put together.



So, if I was in your world, I would certainly take the account. In mine, it’s not the best choice to.

And you spend all day posting on an internet forum.  Sad.

[quote=Ferris Bueller][quote=Ashland] [quote=Ferris Bueller]

Had a referral in my office last week.  She just sold her house and is moving, so she has about 400K and is going to be looking over the next year for a new house.

So what did the greedy bank broker, whom she met right before me, suggest to this recently retired woman?  Stocks and mutual funds.  What a moron.

So we chuckled about the bank broker not being a real financial advisor as we opened the account.

[/quote]

Ferris, I'm assuming that Mrs. retiree bought brokerage cd's or the equivalent for her $400,000. Which you made about $60 net on... Good job & great account! All you have to do is cold call 5000 more people to get 1000 more of those customers & you'll be at your $150,000 in revenue for the year. Hey, at least your AUM will look good![/quote]

I did what is right for this woman.  That's why I manage 110+MM in assets.  How much do you manage, little boy?

[quote=Ashland]Joe -

One of the big differences between working at a bank & a wirehouse is that most people I meet are already clients of the bank. I have, therefore, a much higher level of credibility than you with a new client from the word go.

One of the primary reasons I wouldn't accept this account(again, unless there is more - immediate - opportunity) is that a $400,000 deposit would mean more to a branch manager's P&L than it would to me. My best customer(the bank) appreciates when I help them grow their assets. In addition I do not lose any ability to follow up with the customer. So, I can create a win-win-win here. The customer wins because she gets into something that she's very comfortable with - mmkt & a short-term cd special which is darn close to what I'd be offering. The bank wins because they get a big addition to their deposit & I win because I did something for the client that the personal banker wouldn't have managed to put together.

So, if I was in your world, I would certainly take the account. In mine, it's not the best choice to.[/quote]

I used to do the same thing but then I realized the money markets I offered were higher than the bank money markets and there was no "six month teaser rate" involved.   I always look to do best for the client so instead of giving those back to the bank I open the accounts in almost all cases now.

scrim

[quote=scrim67]I used to do the same thing but then I realized the money markets I offered were higher than the bank money markets and there was no “six month teaser rate” involved.   I always look to do best for the client so instead of giving those back to the bank I open the accounts in almost all cases now.

scrim[/quote]

Bingo.  Client first.

[quote=joedabrkr]  I would presume that there is a reasonable chance that at some point in the next few years the bank will eff you sufficiently (lowered payout, too many meetings, splitting territories, etc) that you may want to leave.[/quote]

...having been there and done that, I'd say there's a high likelihood of that.  The senior VP's will get pissed when you're making more coin than they are and they'll find a way to take some of it off the table.  Scrim, this goes for you too...they'll find a way to stick it to you and then you'll have all those proprietary fee-based accounts...

[quote=Ashland]Joe -

One of the big differences between working at a bank & a wirehouse is that most people I meet are already clients of the bank. I have, therefore, a much higher level of credibility than you with a new client from the word go.

One of the primary reasons I wouldn't accept this account(again, unless there is more - immediate - opportunity) is that a $400,000 deposit would mean more to a branch manager's P&L than it would to me. My best customer(the bank) appreciates when I help them grow their assets. In addition I do not lose any ability to follow up with the customer. So, I can create a win-win-win here. The customer wins because she gets into something that she's very comfortable with - mmkt & a short-term cd special which is darn close to what I'd be offering. The bank wins because they get a big addition to their deposit & I win because I did something for the client that the personal banker wouldn't have managed to put together.

So, if I was in your world, I would certainly take the account. In mine, it's not the best choice to.[/quote]

I hate my bank and everyone that works there. They are a bunch of f**king idiots. I'm too lazy to move my accounts and all banks suck, anyway.

Bobby… here’s how you can make the time… post here 4 times on Monday instead of 9… THERE YA GO!

See my AUM below before you judge.  Who gives a $hit how much time I spend posting here if 1.  My clients are happy 2. I'm making way more than you. 3. My AUM keeps growing from referrals.

Put that in your pipe and smoke it, piker.

[quote=Tormented Ulaf]

And you spend all day posting on an internet forum.  Sad.

[quote=Ferris Bueller][quote=Ashland] [quote=Ferris Bueller]

Had a referral in my office last week.  She just sold her house and is moving, so she has about 400K and is going to be looking over the next year for a new house.

So what did the greedy bank broker, whom she met right before me, suggest to this recently retired woman?  Stocks and mutual funds.  What a moron.

So we chuckled about the bank broker not being a real financial advisor as we opened the account.

[/quote]

Ferris, I'm assuming that Mrs. retiree bought brokerage cd's or the equivalent for her $400,000. Which you made about $60 net on... Good job & great account! All you have to do is cold call 5000 more people to get 1000 more of those customers & you'll be at your $150,000 in revenue for the year. Hey, at least your AUM will look good![/quote]

I did what is right for this woman.  That's why I manage 110+MM in assets.  How much do you manage, little boy?

First of all, she's not in CD's.  Money Market is the best solution for her.  And I made sure I knew my facts before making that suggestion.  See below.

I took the account because you never know when that money market will turn into something larger or when she will refer someone to me.  Especially since I did the right thing for her.  Plus the bank lost out and I LOVE taking money away from them.  Especially some bank fc that wanted to put this woman's house money into stocks.

[quote=Ashland]
By the way - where is she living while she no longer owns a place, Ferris? Does it have a long or short-term lease? Moving to a new city, she doesn't know where she will live yet.  Will she use ALL of the money for the new place? Don't know yet.  Will know when she does. Why did she move from the old place? Retirement, moving to a new city. If it was for health reasons, might it not be in her best interest to buy another place? Does she have elderly parents, kids or grandkids who may need her support? Nope Where does she get her retirement income from? Is it a stable source? Very stable pension How is she creating payraises? COLA How recently retired? Last week Is she going to boomerang, or is she really done? Done working
[/quote]

[quote=Ferris Bueller]

First of all, she’s not in CD’s. Money Market is the best solution for her. And I made sure I knew my facts before making that suggestion. See below.

I took the account because you never know when that money market will turn into something larger or when she will refer someone to me. Especially since I did the right thing for her. Plus the bank lost out and I LOVE taking money away from them. Especially some bank fc that wanted to put this woman’s house money into stocks.

[quote=Ashland]By the way - where is she living while she no longer owns a place, Ferris? Does it have a long or short-term lease? Moving to a new city, she doesn’t know where she will live yet. Will she use ALL of the money for the new place? Don’t know yet. Will know when she does. Why did she move from the old place? Retirement, moving to a new city. If it was for health reasons, might it not be in her best interest to buy another place? Does she have elderly parents, kids or grandkids who may need her support? Nope Where does she get her retirement income from? Is it a stable source? Very stable pension How is she creating payraises? COLA How recently retired? Last week Is she going to boomerang, or is she really done? Done working[/quote]

Ferris - I’m being a real jerk, here, and I apologize for that. I think you did something really nice with this lady & probably saved her some sleepless nights and possibly a great deal of money.

Can we get back on topic regarding how the bank brokers suck…

[quote=Ferris Bueller]Can we get back on topic regarding how the bank brokers suck...[/quote]

If I was one, but saw the error of my ways and departed, do I still suck, but not as much??

[quote=snaggletooth]I remember as I was leaving the wirehouse there was a team from somewhere in Cleveland that was recruited by BofA to basically cover a huge area in SoCal.  They were promised huge bonuses and had "access" to all of the clients at BofA in the area.  I guess that didn't really happen and they sued BofA for not keeping their promises and won in court.  Then after that, there were a few other cases of banks lying to their new brokers.  It doesn't sound too appealing to have your employer lie to you.  I know it doesn't happen across the board, and some very small banks may provide some great opportunities.  I would much rather OWN my business and MY clients.  For those who can't prospect, sometimes a bank is their only way to be in this business in my opinion.[/quote]

Blah blah blah where did these guys go back to the wirehouse...No they went to another bank.  They are smart.

Where’s the love …

The jealousy runeth over in this thread. 

Ferris Wrote

"I have zero respect for bank brokers.  Anyone that gets business handed to them, and that includes kids that take over the books of their parents, never had to prospect and bust their ass."

That is not zero respect.  It is profound jealousy.  Your are jealous b/c i don't have to "bust my ass" to make money.  Good money!  Making money with the least possible effort sounds like a smart idea.  Im sure boardrooms are full of conversations on how to work harder for the same result.  Work smarter, not harder.

[quote=the word]

The jealousy runeth over in this thread. 

Ferris Wrote

"I have zero respect for bank brokers.  Anyone that gets business handed to them, and that includes kids that take over the books of their parents, never had to prospect and bust their ass."

That is not zero respect.  It is profound jealousy.  Your are jealous b/c i don't have to "bust my ass" to make money.  Good money!  Making money with the least possible effort sounds like a smart idea.  Im sure boardrooms are full of conversations on how to work harder for the same result.  Work smarter, not harder.

[/quote]

NONE of us outside the banks are jealous of you..........  Some of us worked in banks, but got "haircut" so much we decided to work somewhere else, make more money, and actually HAVE clients that we can call ours........

To bad you had such a bad deal, I don't.  I work at a very small community bank, and my deal is very similar to your indy deal.  I come and go when i want and only answer to the CEO of the bank.  Can sell what i want and there are no prop products. 

I dont care about having clients that i can call my own.  I care about income.

I don't care that you may make more money giving financial advice.  This is just one source of income for me.  So this situation gives me time to manage my other income producing endeavors.

It is really like scrim said.  To each his own.  If you like your way great.  My way works for me.  And my choice to work in a bank in no way degrades the quality of financial advice i give.

I make more than you, work less, yet don’t have it handed to me.  That’s why I have zero respect for you.

You may work less and make more now, but you had to "bust your ass" for it at some point, to get to the point where you are now. 

I am 27 and never have, nor never will have to bust my ass to get where you are.  I guess i can see why you would be jealous.

you won’t get to where I am now.  that’s what makes you pathetic

[quote=the word]

You may work less and make more now, but you had to "bust your ass" for it at some point, to get to the point where you are now. 

I am 27 and never have, nor never will have to bust my ass to get where you are.  I guess i can see why you would be jealous.

[/quote]

All this my d*** is bigger than yours aside, you are making a serious mistake.  You have been given a gift, and you are pissing it away.

I can look at the people in my program and there is a pretty stark like between the people with this attitude and the people who are busting their ass for the business. 

Those who are just coasting are making good (but not great) money.  They are also 100% dependent on the bank, if they got fired they would be selling cars or God forbid move to some middle management job.  They are also all making about the same money, whether they are 5 years out or 20 years out. 

The other brokers are busting their asses and it shows.  They all have less than 10 years experience, but they are at the top of the pile when it comes to GDC.  They agressively go after clients on top of the referrals the bank provides.  If they get fired, they will open up a shop across the street, pull the majority of their desirable clients, and probably make more $$ then they are now.  They may do this anyway, even if the bank wants them to stay.

The actual dollar amount varies based on where you live, but I'll give you an example.  Making $100,000/yr when you are 27 and working 40 hours a week is pretty nice.  Making $100,000/yr when you are 50 and working 40 hours a week is ok, but you could certainly do better.  And you don't have to be beholden to the CEO, or the new manager when the bank gets sold, or his smartass kid who inherited the bank, etc. 

Anyone in this job long enough to survive the first couple of years has been given a gift.  If you work your a** off for a few more years, you can write your own ticket for the rest of your life,  Want to work 25 hours a week?  Want to be a $1mm producer?  Your choice.

If you don't take the opportunity, you can be 50 (or 60 or 70) and still dependent on the generosity of the guy in the corner office.

Don't squander your gift.

he’s too busy pimping out his 2006 Nissan Maxima and servicing the bank ceo

Having lived in Europe for 15 years, I can honestly say that US banks stink. Their service, their lack of technological advancement, their reliance on archaic processes.

I am still amazed that checks are alive and well in this country. They should have deep sixed signatures on paper at least 10 years ago.

and don’t get me started on the whole money management thing. Sheesh…

You guys just don't know how good my deal is, and your ignorance is appreciated b/c i needed a good laugh.  Did i mention that 5 MM of my book is in a product that will mature in Q4.  Then we will roll that 5MM into the next investment that we have lined up b/c the matured investment provided around a 9.5% year return since 02.  So you know, they trust us.    Q4 GDC probably gonna be about 300k. 

So Ferris, you can delude yourself into whatever mindset you need to get you through the day of prospecting and cold calling.  Oh, and you can borrow the maxima this weekend b/c i'll be pulling the boat to the beach in the 07 Denali.

EDJ4now, I feel that you were just trying to be helpful, but different stroke for different folks.  I am taken care of.  I will never be dependent on the genorosity of another.  I don't work 40 hours a week now and damn sure want when i'm 50. 

the word, may I ask why you chose that particular handel when registering with this site? Just curious.

I just used my handle from another (non-financial)site…not very original. 

[quote=the word]

So Ferris, you can delude yourself into whatever mindset you need to get you through the day of prospecting and cold calling.  Oh, and you can borrow the maxima this weekend b/c i'll be pulling the boat to the beach in the 07 Denali.[/quote]

If you are going to lie, you might as well say something that would impress us.  Anything that your 'Denali' could pull isn't a boat, it's a dinghy.

[quote=Ferris Bueller][quote=the word]

So Ferris, you can delude yourself into whatever mindset you need to get you through the day of prospecting and cold calling.  Oh, and you can borrow the maxima this weekend b/c i'll be pulling the boat to the beach in the 07 Denali.[/quote]

If you are going to lie, you might as well say something that would impress us.  Anything that your 'Denali' could pull isn't a boat, it's a dinghy.

[/quote]

Don't those inflatable rafts come with an air pump nowadays?

[quote=snaggletooth][quote=Ferris Bueller][quote=the word]

So Ferris, you can delude yourself into whatever mindset you need to get you through the day of prospecting and cold calling.  Oh, and you can borrow the maxima this weekend b/c i'll be pulling the boat to the beach in the 07 Denali.[/quote]

If you are going to lie, you might as well say something that would impress us.  Anything that your 'Denali' could pull isn't a boat, it's a dinghy.

[/quote]

Don't those inflatable rafts come with an air pump nowadays?

[/quote]

the raft isnt the only inflatable thing this bankchild has in his life.

[quote=the word]

To bad you had such a bad deal, I don't.  I work at a very small community bank, and my deal is very similar to your indy deal.  I come and go when i want and only answer to the CEO of the bank.  Can sell what i want and there are no prop products. 

I dont care about having clients that i can call my own.  I care about income.

I don't care that you may make more money giving financial advice.  This is just one source of income for me.  So this situation gives me time to manage my other income producing endeavors.

It is really like scrim said.  To each his own.  If you like your way great.  My way works for me.  And my choice to work in a bank in no way degrades the quality of financial advice i give.

[/quote]

Wait until the CEO figures out that he can replace you for half the money and put the other half in HIS pocket.

I'll be waiting a very long time for the CEO to come to any conclusions about the work i do.  They really have no clue.

Look the bank works for me.  Being indy works for you.  We are different people and probably want different things from life.  My situation is not the typical bank situation.  I can make alot of money.  Granted probably not as much as an indy for the same quantity of work.  But i have it "handed to me", as Ferris put it, and that is the way i like it.  The fact that i have it "handed to me" has no bearing on my ability to give sound objective advice.  That is really my only point.  So, we can agree to disagree.  Hell, you really don't have to respect me.

But never, never doubt the towing prowess of the Denali.  It is a beast.

[quote=the word]

You guys just don't know how good my deal is, and your ignorance is appreciated b/c i needed a good laugh.  Did i mention that 5 MM of my book is in a product that will mature in Q4.  Then we will roll that 5MM into the next investment that we have lined up b/c the matured investment provided around a 9.5% year return since 02.  So you know, they trust us.    Q4 GDC probably gonna be about 300k. [/quote]

So you'll get SIX POINTS on those $5 million in bonds coming due? 

[quote]   I am taken care of.  I will never be dependent on the genorosity of another.  [/quote]

Well, not to nitpick, but YOU are dependent on the genorosity of another, the bank..........

As soon as they figure out you're making good money, they will either micromanage you, cut your payout, or both.

Just an early warning...........

Is that your foot in your mouth BlueStar.  It must be b/c you sure as hell don't know what you are talking about.  A) The money is not in bonds currently.  B)  What does the current investment vehicle have to do with the GDC on the new investment.  You see, even if it were bonds, an it is not, I could reinvest the bond proceeds into something with a 6% GDC.    Now we can clap.

And, I don't have to make one cent at the bank to have a good income.  So let me laugh a little

And why are you warning me about your inability to negotiate and prove your value  

Fun with emoticons.

  Did i mention that 5 MM of my book is in a product that will mature in Q4.  Then we will roll that 5MM into the next investment that we have lined up b/c the matured investment provided around a 9.5% year return since 02.  So you know, they trust us.    Q4 GDC probably gonna be about 300k. 

Twisting annuities are we?

Good to know you are pre planning for yourself and not for the clients.   This is exactly why I left the bank I was at. 

Leather must be the special on the menu today.  I see Dust Bunny has put her foot in her mouth too.

None of this money will come from annuities.  So, no twisting annuities going on. 

Just satified clients, who want us to keep managing their money.

NEWS FLASH......INDY does not corner the market on good advice.

[quote=the word]

Is that your foot in your mouth BlueStar.  It must be b/c you sure as hell don't know what you are talking about.  A) The money is not in bonds currently.  B)  What does the current investment vehicle have to do with the GDC on the new investment.  You see, even if it were bonds, an it is not, I could reinvest the bond proceeds into something with a 6% GDC.    Now we can clap.

And, I don't have to make one cent at the bank to have a good income.  So let me laugh a little

And why are you warning me about your inability to negotiate and prove your value  [/quote]

I'm glad I'm wearing my chest waders today, because it's getting deep in here. 

So, you bring value by churning investments?  I think that's been done before, Mr. Ponzi...........

[quote=the word]

Leather must be the special on the menu today.  I see Dust Bunny has put her foot in her mouth too.

None of this money will come from annuities.  So, no twisting annuities going on.  [/quote]

Ok, UIT's that are rolling, then.  You crack me up, thinking your little bank job is so "special" you can offer things we can't.........................

Why are we taking this child seriously? He’s become a boring liar.  Nothing more.

So that is what it boils down to.  Im a liar b/c you couldn't swing it like me at my age.  Jealous old man.  Keep your respect.  It means nothing to me.  I have lied about nothing in this thread.  It is what is.  And it is pretty sweet! 

Bluestars, you can keep taking shots in the dark, but i am not going to tell you how manage your accounts.

retard I'm only a few years older than you, assuming that you didn't lie about that too.

I'm starting to think that you are goforbroke/parachute/flamingo/fighnancy

bobby hullofsh*t is just pushing bank reps buttons. he gets off by getting a reaction out of people.

i dont care what other reps think of bank brokers. ive been able to increase my networth significantly since moving to a bank.

so keep yapping bobby, we'll keep making $$$ and working less

I think one thing that people foget is ownership.  I’m with a major company, have a 70+% payout, full benefits, a pension plan and I can sell my business.  You can’t get any of this at the banks…  I’m VERY happy.

Kudos to you!  Seriously, great job of a book over 110MM and your only 30. 

My thoughts are that you had to make significant sacrifices and "bust your ass" for that book.  I choose not to.  There are other things that i want my life to be about than this job.  The bank allows that, while providing me with a good income. 

My only point is, and has always been, the channel of work does not define the brokers ability. 

[quote=Vin Diesel]

bobby hullofsh*t is just pushing bank reps buttons. he gets off by getting a reaction out of people.

i dont care what other reps think of bank brokers. ive been able to increase my networth significantly since moving to a bank.

so keep yapping bobby, we'll keep making $$$ and working less

[/quote]

That is the truth.  I have SIGNIFICANTLY grown my net worth since coming to the bank.  The referrals are great, the payout is on par with the wires, and my clients love me.

Keep saying negative things about bank programs...the fact is life is good on this end. 

By the way, working at a bank has other monetary advantages BESIDES bank referrals...the kind that don't get counted in GDC. 

[quote=BankFC]

By the way, working at a bank has other monetary advantages BESIDES bank referrals...the kind that don't get counted in GDC. 

[/quote]

Free checking?

You're lack of business accumen is obvious.  I absolutely do not believe you have a 110 million dollar book..not because it isn't possible, but because it isn't possible for someone like yourself.  Think on that awhile kid.

I'm not going to spell it out for you moron...let's just say I make money in other ways besides selling LPL's wrap account.

Free coffee?  Not if you have to fill the pot.

Do they still give toasters away at your branch?  Nope that can't be it.

Free plastic name tags?

Gosh what a stumper.

[quote=Ferris Bueller]

Free coffee?  Not if you have to fill the pot.

Do they still give toasters away at your branch?  Nope that can't be it.

Free plastic name tags?

Gosh what a stumper.

[/quote]

Free sex with hot tellers...that's what it is.

Well it can't be a spell checker for his computer, given his spelling acumen above.

[quote=Ferris Bueller]

Well it can't be a spell checker for his computer, given his spelling acumen above.

[/quote]

[quote=snaggletooth][quote=Ferris Bueller]

Free coffee?  Not if you have to fill the pot.

Do they still give toasters away at your branch?  Nope that can't be it.

Free plastic name tags?

Gosh what a stumper.

[/quote]

Free sex with hot tellers...that's what it is.

[/quote]

[quote=the word]Bluestars, you can keep taking shots in the dark, but i am not going to tell you how manage your accounts.[/quote]

Just keep churning, or wrapping 15bp Vanguard funds at 1% a year, as long as we have a bull market I'm sure it will all work out for you...........

Classic bluestars repsonse structure:

Insult, take another guess, emoticon for added poignancy.

Is this the fourth guess now?  Don't you need to be cold calling someone?

[quote=the word]Don't you need to be cold calling someone?[/quote]

Why would that be an insult?  Cold calling takes balls.

You tards glorify your ability to make cold calls, and point to your big balls as enablers of making said call.  I then point to my big brain and relay that i found a way to eliminate cold calling, while still providing much the same result. 

The reslults of improving efficiency, while removing a dredge from my life that remains in yours, makes it an insult.

Oh, and so Bluestars can understand  

Let me know if i messed up the code.

You just don't get it.  Maybe because you have a tiny penis, I'm not sure.

Most of us would much rather work for our success, than have something spoon fed to us.  Net result is irrelevant.  Anyone can do what you do so don't think you've invented something new or delude yourself into thinking that you are smarter for being lazy.  What is relevant is that we have **earned** what we have.  The world has much more respect for Ivanka Trump than for that spoiled brat Paris Hilton.

Here's the thing though.  If someone can cold call and prospect, then they can build a career anywhere.  If one day your bank president comes in and fires you for whatever reason, what are your chances of finding a similar deal elsewhere to what you have now?  How many of your clients would follow you to another bank? 

[quote=the word]

You tards glorify your ability to make cold calls, and point to your big balls as enablers of making said call.  I then point to my big brain and relay that i found a way to eliminate cold calling, while still providing much the same result. 

The reslults of improving efficiency, while removing a dredge from my life that remains in yours, makes it an insult.

Oh, and so Bluestars can understand  

Let me know if i messed up the code.

[quote=Ferris Bueller]

You just don't get it.  Maybe because you have a tiny penis, I'm not sure.

Most of us would much rather work for our success, than have something spoon fed to us.  Net result is irrelevant.  Anyone can do what you do so don't think you've invented something new or delude yourself into thinking that you are smarter for being lazy.  What is relevant is that we have **earned** what we have.  The world has much more respect for Ivanka Trump than for that spoiled brat Paris Hilton.

[/quote]

Zing, well i have a tiny penis and a liar to boot.

Do you think that these referrals just walk in and say what do i need to sign for you to take this money?  Do you believe that i do not have to educate, develop strategies, and close deals?  

You don't get it.  If you are dumb enough to think that b/c you do more work for the same net result, that you have somhow earned something that people respect, you sir are an idiot. 

[quote=the word]Zing, well i have a tiny penis and a liar to boot.

Do you think that these referrals just walk in and say what do i need to sign for you to take this money?  Do you believe that i do not have to educate, develop strategies, and close deals?[/quote]

You obviously have enough brains to convince a captive, unsophisticated bank client to invest in the investment of the month.  That's not saying much.

[QUOTE]

You don't get it.  If you are dumb enough to think that b/c you do more work for the same net result, that you have somhow earned something that people respect, you sir are an idiot. [/quote]

And you are an idiot for thinking that taking shortcuts in life gives you respect.  I own my business.  I could sell it tomorrow for 7 figures.  Can you do that, Paris?

[quote=Ferris Bueller]

You just don't get it.  Maybe because you have a tiny penis, I'm not sure.

Most of us would much rather work for our success, than have something spoon fed to us.  Net result is irrelevant.  Anyone can do what you do so don't think you've invented something new or delude yourself into thinking that you are smarter for being lazy.  What is relevant is that we have **earned** what we have.  The world has much more respect for Ivanka Trump than for that spoiled brat Paris Hilton.

[/quote]

so i guess brokers at goldman that get ibanking clients  referred to them are lazy...they would be better off "working" at a wirehouse or indy so they feel that their income has been "earned" instead of spoon fed

[quote=Vin Diesel]

so i guess brokers at goldman that get ibanking clients  referred to them are lazy...they would be better off "working" at a wirehouse or indy so they feel that their income has been "earned" instead of spoon fed

[/quote]

You and I both know what is required to get that job, school and GPA being only a part of the equation.  Those people busted their ass to GET to that point.  Big difference between them and the mirror fogging requirement to work at a bank.

I don't quite understand why a small majority of us are such whiners and very petty.

Just find a niche that works best for your situation and quit being so immature.

As comedian Artie Lange says   "WAAAAAAAAAAAAAH!!!!!, his job is better than mine!"

Stop cryin,

Scrim

I've had enough with this corksoaker.

The next time you feel you have something insightful to add, share it on the short bus.  I'm sure they have no problem with your logic.

Goodbye, quitter.  I look forward to the day your bank is purchased.

[quote=Ferris Bueller][quote=Vin Diesel]

so i guess brokers at goldman that get ibanking clients  referred to them are lazy...they would be better off "working" at a wirehouse or indy so they feel that their income has been "earned" instead of spoon fed

[/quote]

You and I both know what is required to get that job, school and GPA being only a part of the equation.  Those people busted their ass to GET to that point.  Big difference between them and the mirror fogging requirement to work at a bank.

[/quote]

fogging a mirror is the only requirement to work at a bank? this coming from the person who said " Net result is irrelevant"

wirehous brokers love the

Right!  How would you like this guy to be CEO of your company.

[quote=Vin Diesel]

fogging a mirror is the only requirement to work at a bank? this coming from the person who said " Net result is irrelevant"

[/quote]

There's a big difference between what it takes to get the job and keeping it.  Fantastic Straw Man argument though.

[quote=the word]

Kudos to you!  Seriously, great job of a book over 110MM and your only 30. 

My thoughts are that you had to make significant sacrifices and "bust your ass" for that book.  I choose not to.  There are other things that i want my life to be about than this job.  The bank allows that, while providing me with a good income. 

My only point is, and has always been, the channel of work does not define the brokers ability. 

[/quote]

The people who work at McDonalds have business thrown at them, too. We entrepreneurs see you kids in the same light.

[quote=BankFC]

You're lack of business accumen is obvious.  I absolutely do not believe you have a 110 million dollar book..not because it isn't possible, but because it isn't possible for someone like yourself.  Think on that awhile kid.

I'm not going to spell it out for you moron...let's just say I make money in other ways besides selling LPL's wrap account.

[/quote]

Interesting comment coming from someone who has never built a business.

[quote=the word]

Right!  How would you like this guy to be CEO of your company.

[/quote]

As CEO I'd replace you with another punk kid that would work for 1/2 of what you do.  That's what happens when you make yourself a commodity.

Ferris Wrote:

And you are an idiot for thinking that taking shortcuts in life gives you respect.  I own my business.  I could sell it tomorrow for 7 figures. 

Ferris, as a fellow AGE FC, I didn’t know you could sell your book.  At least for a good %.  Good posts though, Bobby, I mean Ferris.

[quote=the word]

Classic bluestars repsonse structure:

Insult, take another guess, emoticon for added poignancy.

Is this the fourth guess now?  Don't you need to be cold calling someone?[/quote]

Hey moron, I worked at a bank, and know all about the "sweet deals only certain star bank reps get"............but then I left rehab, and got a real job.

I'll refer to my old branch manager's best comment: "Banks and used car lots are where brokers go who can't prospect"..........

That about says it all............ 

Once again, how does your inability to negotiate a good contract and show the bank boys your value have to do with me?

I just  don't get it.  And this is for all indy's.  Why all this negativity?  If you like your job so much, great.  I like mine.  Why the constant need to pull your dick out and boast of your magnificent aptitude.  And insult those who choose another path.

Here is a thought.  We are all different people with differnt personalitiies and values.  So, it is no suprise that we gravitate toward different channels to do the job.   That's it.  If you continue to argue, i must only conclude that deep down you are not happy and want something different for yourself. 

I wish every one success.  And truly hope that happiness comes with that success.

Good Luck!

Spoken like a true bank broker.

[quote=the word]

Once again, how does your inability to negotiate a good contract and show the bank boys your value have to do with me?

I just  don't get it.  And this is for all indy's.  Why all this negativity?  If you like your job so much, great.  I like mine.  Why the constant need to pull your dick out and boast of your magnificent aptitude.  And insult those who choose another path.

Here is a thought.  We are all different people with differnt personalitiies and values.  So, it is no suprise that we gravitate toward different channels to do the job.   That's it.  If you continue to argue, i must only conclude that deep down you are not happy and want something different for yourself. 

I wish every one success.  And truly hope that happiness comes with that success.

Good Luck![/quote]

I'm all for civility, but have not seen a lot.  I thought this was a place where I coudl share ideas and bounce stuff off other folks and tap into their experience, but so far I have been proven wrong............

The first post I made on here was about if I should set up and RIA or not based on some criteria.  BankFC jumped down my throat and accused me of not having an clients and other BS that was downright stupid, and I don't need that crap. 

I am still mulling whether this forum is worth it or not.  I'm glad I read some stuff from "the judge" and "old producer", they at least seem willing to share of their wisdom.

There also appear to be no moderators on here, which I find interesting.........

[quote=bluestars80][quote=the word]

Once again, how does your inability to negotiate a good contract and show the bank boys your value have to do with me?

I just  don't get it.  And this is for all indy's.  Why all this negativity?  If you like your job so much, great.  I like mine.  Why the constant need to pull your dick out and boast of your magnificent aptitude.  And insult those who choose another path.

Here is a thought.  We are all different people with differnt personalitiies and values.  So, it is no suprise that we gravitate toward different channels to do the job.   That's it.  If you continue to argue, i must only conclude that deep down you are not happy and want something different for yourself. 

I wish every one success.  And truly hope that happiness comes with that success.

Good Luck![/quote]

I'm all for civility, but have not seen a lot.  I thought this was a place where I coudl share ideas and bounce stuff off other folks and tap into their experience, but so far I have been proven wrong............

The first post I made on here was about if I should set up and RIA or not based on some criteria.  BankFC jumped down my throat and accused me of not having an clients and other BS that was downright stupid, and I don't need that crap. 

I am still mulling whether this forum is worth it or not.  I'm glad I read some stuff from "the judge" and "old producer", they at least seem willing to share of their wisdom.

There also appear to be no moderators on here, which I find interesting.........

[/quote]

Almost 9 posts/day? You think it's worth it, clearly.

my partner takes home over 500K/ yr....

[quote=ebubbly]

my partner takes home over 500K/ yr....

[/quote]

good for your life partner.  Did you have a point here?

[quote=Bobby Hull]

Almost 9 posts/day? You think it's worth it, clearly.

[/quote]

I knew I liked you, Mr. Hull.  Thanks for reminding me I am wasting my time arguing with bank reps of all people.

See you guys around, maybe in a year or so I'll be back.......

Peace,

Blue Stars

[quote=Bobby Hull][quote=BankFC]

You're lack of business accumen is obvious.  I absolutely do not believe you have a 110 million dollar book..not because it isn't possible, but because it isn't possible for someone like yourself.  Think on that awhile kid.

I'm not going to spell it out for you moron...let's just say I make money in other ways besides selling LPL's wrap account.

[/quote]

Interesting comment coming from someone who has never built a business.

[/quote]

Actually, I am building two businesses right now.  You wouldn't understand, since you've never built one.

[quote=Bobby Hull][quote=bluestars80][quote=the word]

Once again, how does your inability to negotiate a good contract and show the bank boys your value have to do with me?

I just  don't get it.  And this is for all indy's.  Why all this negativity?  If you like your job so much, great.  I like mine.  Why the constant need to pull your dick out and boast of your magnificent aptitude.  And insult those who choose another path.

Here is a thought.  We are all different people with differnt personalitiies and values.  So, it is no suprise that we gravitate toward different channels to do the job.   That's it.  If you continue to argue, i must only conclude that deep down you are not happy and want something different for yourself. 

I wish every one success.  And truly hope that happiness comes with that success.

Good Luck![/quote]

I'm all for civility, but have not seen a lot.  I thought this was a place where I coudl share ideas and bounce stuff off other folks and tap into their experience, but so far I have been proven wrong............

The first post I made on here was about if I should set up and RIA or not based on some criteria.  BankFC jumped down my throat and accused me of not having an clients and other BS that was downright stupid, and I don't need that crap. 

I am still mulling whether this forum is worth it or not.  I'm glad I read some stuff from "the judge" and "old producer", they at least seem willing to share of their wisdom.

There also appear to be no moderators on here, which I find interesting.........

[/quote]

Almost 9 posts/day? You think it's worth it, clearly.

[/quote]

[quote=BankFC][quote=Bobby Hull][quote=BankFC]

You're lack of business accumen is obvious.  I absolutely do not believe you have a 110 million dollar book..not because it isn't possible, but because it isn't possible for someone like yourself.  Think on that awhile kid.

I'm not going to spell it out for you moron...let's just say I make money in other ways besides selling LPL's wrap account.

[/quote]

Interesting comment coming from someone who has never built a business.

[/quote]

Actually, I am building two businesses right now.  You wouldn't understand, since you've never built one.

[/quote]

Arbonne and Mary Kay don't count.

Really...no Mary Kay?!?  Darn, I hate that!  The Mary Kay lipstick I sold your wife looked so good on her lips wrapped around my d*ck too...

FWIW, Goldman brokers do cold call.  They're not making hundreds of dials a day to lead lists, but cold calling is one of their prospecting methods.  At least in the office in my area, they're required to make about 50 calls a week to people like executives and HNW prospects who fit their criteria.  It is very targeted cold calling, but it is cold calling. 

[quote=Vin Diesel][quote=Ferris Bueller]

You just don't get it.  Maybe because you have a tiny penis, I'm not sure.

Most of us would much rather work for our success, than have something spoon fed to us.  Net result is irrelevant.  Anyone can do what you do so don't think you've invented something new or delude yourself into thinking that you are smarter for being lazy.  What is relevant is that we have **earned** what we have.  The world has much more respect for Ivanka Trump than for that spoiled brat Paris Hilton.

[/quote]

so i guess brokers at goldman that get ibanking clients  referred to them are lazy...they would be better off "working" at a wirehouse or indy so they feel that their income has been "earned" instead of spoon fed

[quote=BankFC]

Really...no Mary Kay?!?  Darn, I hate that!  The Mary Kay lipstick I sold your wife looked so good on her lips wrapped around my d*ck too...

[/quote]

Nice to hear that SOMEONE is getting some from her.