Second Year Gross

[quote=Diplomaticos]What is an honestly respectable amount of gross to have done at the end of your second year?   [/quote]

If you're a bank broker, I'd say about $980,000.

[quote=Bobby Hull]

[quote=Diplomaticos]What is an honestly respectable amount of gross to have done at the end of your second year?   [/quote]

If you're a bank broker, I'd say about $980,000.

[/quote] While remotely possible if you have great connections I would think 250k is a much more attainable and realistic goal.

Good luck!!!!

scrim

[quote=scrim67][quote=Bobby Hull]

[quote=Diplomaticos]What is an honestly respectable amount of gross to have done at the end of your second year?   [/quote]

If you're a bank broker, I'd say about $980,000.

[/quote] While remotely possible if you have great connections I would think 250k is a much more attainable and realistic goal.

Good luck!!!!

scrim

[/quote]

I hear that bank brokers do about 250k every month.

[quote=Bobby Hull][quote=scrim67][quote=Bobby Hull]

[quote=Diplomaticos]What is an honestly respectable amount of gross to have done at the end of your second year?   [/quote]

If you're a bank broker, I'd say about $980,000.

[/quote] While remotely possible if you have great connections I would think 250k is a much more attainable and realistic goal.

Good luck!!!!

scrim

[/quote]

I hear that bank brokers do about 250k every month.

[/quote] I have actually heard that the best of the best bank brokers can achieve 250k in a great month.   Especially if their trail business is paid quarterly.    To do that every month would be unheard of in my program.  The best of the best do about an average of 100k monthly.

scrim

[quote=scrim67][quote=Bobby Hull][quote=scrim67][quote=Bobby Hull]

[quote=Diplomaticos]What is an honestly respectable amount of gross to have done at the end of your second year?   [/quote]

If you're a bank broker, I'd say about $980,000.

[/quote] While remotely possible if you have great connections I would think 250k is a much more attainable and realistic goal.

Good luck!!!!

scrim

[/quote]

I hear that bank brokers do about 250k every month.

[/quote] I have actually heard that the best of the best bank brokers can achieve 250k in a great month.   Especially if their trail business is paid quarterly.    To do that every month would be unheard of in my program.  The best of the best do about an average of 100k monthly.

scrim

To clarify, I am talking about 2nd year at a wirehouse i.e. Morgan, Smith Barney, Merrill etc.

I know at MS you have to hit 100k mark your second year you are considered in the top tier of your class.

Any thoughts on second year production at a wirehouse?

[quote=ChrisB]
That is the same in my program as well Scrim. 

I’m in my 4th month and have have averaged about $25K.  The number 1 guy in the city did $160k in april. 
[/quote]

What???

You’re saying that you’re in your 4th month of production and you have already done $100k in gross revenues?

Did you start with $30MM in AUM on your first day?

[quote=Diplomaticos]To clarify, I am talking about 2nd year at a wirehouse i.e. Morgan, Smith Barney, Merrill etc.

I know at MS you have to hit 100k mark your second year you are considered in the top tier of your class.

Any thoughts on second year production at a wirehouse?

[/quote]

At MS, top tier after 24 months is $180k in revenues and $15MM in AUM.

2nd tier is $125k and $12MM

3rd tier is $75k and $7.5MM

[quote=ManagedMoney] [quote=ChrisB]
That is the same in my program as well Scrim. 

I'm in my 4th month and have have averaged about $25K.  The number 1 guy in the city did $160k in april. 
[/quote]

What?????????????

You're saying that you're in your 4th month of production and you have already done $100k in gross revenues?

Did you start with $30MM in AUM on your first day?
[/quote]

I think you caught him in a lie.

Fee based or transactional?  They guys who do transactional comission make more, but they can also burn out faster.

[quote=Bobby Hull]

[quote=Diplomaticos]What is an honestly respectable amount of gross to have done at the end of your second year?   [/quote]

If you're a bank broker, I'd say about $980,000.

[/quote]

$980,000 in your second year?  That would be nice.

$200K in your 2nd year at wirehouse would be respectable. It would also depend on your product mix.

[quote=ManagedMoney] [quote=Diplomaticos]To clarify, I am talking about 2nd year at a wirehouse i.e. Morgan, Smith Barney, Merrill etc.

I know at MS you have to hit 100k mark your second year you are considered in the top tier of your class.

Any thoughts on second year production at a wirehouse?
[/quote]

At MS, top tier after 24 months is $180k in revenues and $15MM in AUM.

2nd tier is $125k and $12MM

3rd tier is $75k and $7.5MM
[/quote]

That would be very solid performance, but it would mean that you are actually going to stay in the business. Unfortunately, anyone doing lower than that - their days are numbered....

[quote=san fran broker]

[quote=ManagedMoney] [quote=Diplomaticos]To clarify, I am talking about 2nd year at a wirehouse i.e. Morgan, Smith Barney, Merrill etc.

I know at MS you have to hit 100k mark your second year you are considered in the top tier of your class.

Any thoughts on second year production at a wirehouse?
[/quote]

At MS, top tier after 24 months is $180k in revenues and $15MM in AUM.

2nd tier is $125k and $12MM

3rd tier is $75k and $7.5MM
[/quote]

That would be very solid performance, but it would mean that you are actually going to stay in the business. Unfortunately, anyone doing lower than that - their days are numbered....

If these numbers are true, why would anyone start at a wirehouse? 2nd year for a bank rep is 225-300K

[quote=bankrep1]If these numbers are true, why would anyone start at a wirehouse? 2nd year for a bank rep is 225-300K [/quote]

Bank,

Your estimates are exactly what I experienced in my second year in a bank program.

There must be some good reasons to start at a wirehouse as compared to a bank.   I would think the key is to find the right fit for each individual.   

Working in a bank it's a trade-off just like anything.   In trade for a "built in audience", referral streams from bank partners, etc.   I have to deal with meetings, bank mentality management, non qualified referrals from partners among other things.

Personally, it was worth it for me not to have to worry about heavy duty, everyday, grind it out prospecting in exchange for some of the annoying bank minituae.

Life is all about balance.

scrim

[quote=bankrep1]If these numbers are true, why would anyone start at a wirehouse? 2nd year for a bank rep is 225-300K [/quote]

At what payout?

And is that fee based or comission.  I could have easily made $250k in comission my first year, but I am building a fee based business

[quote=vbrainy]

[quote=bankrep1]If these numbers are true, why would anyone start at a wirehouse? 2nd year for a bank rep is 225-300K [/quote]

At what payout?

And is that fee based or comission.  I could have easily made $250k in comission my first year, but I am building a fee based business

[/quote]

30-35%

[quote=vbrainy]

[quote=bankrep1]If these numbers are true, why would anyone start at a wirehouse? 2nd year for a bank rep is 225-300K [/quote]

At what payout?

And is that fee based or comission.  I could have easily made $250k in comission my first year, but I am building a fee based business

[/quote]

Thanks for lying.

[quote=Vin Diesel][quote=vbrainy]

[quote=bankrep1]If these numbers are true, why would anyone start at a wirehouse? 2nd year for a bank rep is 225-300K [/quote]

At what payout?

And is that fee based or comission.  I could have easily made $250k in comission my first year, but I am building a fee based business

[/quote]

30-35%

Would you rather have 100% of nothing or 35% of something?

[quote=joedabrkr]



Wow…those are some expensive leads the tellers are sending over to you!
[/quote]



But they are the Glengarry leads!!!

Banks typically pay up to 42% on their grids. They all are different though. I don’t understand %'s if you want to do paycheck comparison, I bet I win.



Scrim once you get to doing 500K+, chat with your sales manger about your time. You would be happy to do sales meetings on saturday mornings or after work, but while your open you need to be focused on one thing. Clients. I used to spend alot of time doing reports and meetings, not any more, and I am better for not doing it.



To answer the question about fees vs. commissions I do about 50/50 and yes I was at the the top end of those numbers. I see about 20% grow year over year in the amount of assets I have brought in. I try to focus on assets and not fees. If I just wanted GDC IO would sell EIA’s all day like Bobby Bull

Oh yea, I’d be more than happy to attend sales meetings on Saturdays or after work, and sure payouts at banks are about 42%. BullShat!! A friend of mine recently went to Wachovia at a 35% payout. Tell the truth Bankrep.

[quote=bankrep1]Banks typically pay up to 42% on their grids. They all are different though. I don't understand %'s if you want to do paycheck comparison, I bet I win.

Scrim once you get to doing 500K+, chat with your sales manger about your time. You would be happy to do sales meetings on saturday mornings or after work, but while your open you need to be focused on one thing. Clients. I used to spend alot of time doing reports and meetings, not any more, and I am better for not doing it.

To answer the question about fees vs. commissions I do about 50/50 and yes I was at the the top end of those numbers. I see about 20% grow year over year in the amount of assets I have brought in. I try to focus on assets and not fees. If I just wanted GDC IO would sell EIA's all day like Bobby Bull[/quote]

You're a liar.

[quote=bankrep1]Banks typically pay up to 42% on their grids. They all are different though. I don't understand %'s if you want to do paycheck comparison, I bet I win.

Scrim once you get to doing 500K+, chat with your sales manger about your time. You would be happy to do sales meetings on saturday mornings or after work, but while your open you need to be focused on one thing. Clients. I used to spend alot of time doing reports and meetings, not any more, and I am better for not doing it.

To answer the question about fees vs. commissions I do about 50/50 and yes I was at the the top end of those numbers. I see about 20% grow year over year in the amount of assets I have brought in. I try to focus on assets and not fees. If I just wanted GDC IO would sell EIA's all day like Bobby Bull[/quote]

For all you doubters I really do believe he's telling the truth.   In my program top payout, while not easy to hit, is a shade higher than 42%.

I had actually read in some trade magazine that Wachovia there is/was a two tier system.  The second tier was a straight 50% payout.  Any truth to this rumour?

scrim

Oh yea, I’d be more than happy to attend sales meetings on Saturdays or after work, and sure payouts at banks are about 42%. BullShat!! A friend of mine recently went to Wachovia at a 35% payout. Tell the truth Bankrep.

Actually Bobby Bull only the truth!

I’m in my 3rd full month at a new firm & at $90K including two weeks in training! I’ve also put in $1.7MM into wrap acct’s. Yeah, you can do that kind of volume in banks. I’m shooting for $325K first year revenue & $4MM in wrap. I will have a payout of low 30’s. if I hit it. Next year I want to be at $425K revenue & my payout will be mid 30’s.



Banks see MUCH more volume than wirehouses. You work harder in other ways for it, though.

[quote=Ashland]I'm in my 3rd full month at a new firm & at $90K including two weeks in training! I've also put in $1.7MM into wrap acct's. Yeah, you can do that kind of volume in banks. I'm shooting for $325K first year revenue & $4MM in wrap. I will have a payout of low 30's. if I hit it. Next year I want to be at $425K revenue & my payout will be mid 30's.

Banks see MUCH more volume than wirehouses. You work harder in other ways for it, though.[/quote]

Good one...now pass the joint, you bogart.

Bobby how much of your day do you spend hunting down new victims?

[quote=bankrep1]Bobby how much of your day do you spend hunting down new victims?[/quote]

As much or as little as I want. I don't have some loser bank manager with a marketing degree telling me what to do.

[quote=Bobby Hull]

[quote=bankrep1]Bobby how much of your day do you spend hunting down new victims?[/quote]

As much or as little as I want. I don't have some loser bank manager with a marketing degree telling me what to do.

[/quote]

Bobby is mad at the world. What a sad existance.

[quote=Vin Diesel][quote=Bobby Hull]

[quote=bankrep1]Bobby how much of your day do you spend hunting down new victims?[/quote]

As much or as little as I want. I don't have some loser bank manager with a marketing degree telling me what to do.

[/quote]

Bobby is mad at the world. What a sad existance.

[/quote] I'm obviously going way out on a limb here but perhaps that is why he choose his handle.

I did some research and found that that he was a very ornery and mad person in general.   Especially with his own family.  

He was a great hockey star of the 50's, 60's and 70's.   He got very bitter because he grew bald as his career progressed.

Coincidence or not, he chose a very appropriate handle!

scrim

What has Bobby ever posted that would lead you to believe that he’s mad at anyone, let alone the world?  He seems pretty happy and well-adjusted to me.

[quote=Philo Kvetch]What has Bobby ever posted that would lead you to believe that he's mad at anyone, let alone the world?  He seems pretty happy and well-adjusted to me.[/quote]

maybe not mad, but bitter. he cant stand that the average bank rep does more business than he'll ever do

[quote=Vin Diesel]

[quote=Philo Kvetch]What has Bobby ever posted

that would lead you to believe that he’s mad at anyone, let alone the world?

He seems pretty happy and well-adjusted to me.[/quote]

maybe not mad, but bitter. he cant stand that the average bank rep does

more business than he’ll ever do

Philo the average bank rep does somewhere around 300K in production. I think our boy bobby sells one to two annutties per month and watches alot of TV I am guessing his annual production is around 100K and he keeps every penny.

Once again, I don’t think I’d bet my lunch money on that Bankrep.

[quote=bankrep1]Philo the average bank rep does somewhere around 300K in production. I think our boy bobby sells one to two annutties per month and watches alot of TV I am guessing his annual production is around 100K and he keeps every penny.[/quote]

My wristwatch costs more than your car.

My bet is that Bobby’s one of the first people to embrace L-share VA’s & is getting a trail on $150MM AUM. So all his day consists of eating Cheetos, watching ‘tv’, and posting on here. Don’t think I’m right… just follow the crumbs!

[quote=Ashland]My bet is that Bobby's one of the first people to embrace L-share VA's & is getting a trail on $150MM AUM. So all his day consists of eating Cheetos, watching 'tv', and posting on here. Don't think I'm right... just follow the crumbs![/quote]

Patel, are you a muslim?

[quote=bankrep1]Philo the average bank rep does somewhere around 300K in production. I think our boy bobby sells one to two annutties per month and watches alot of TV I am guessing his annual production is around 100K and he keeps every penny.

My wristwatch costs more than your car.

[quote=bankrep1] [quote=Bobby Hull]

[quote=bankrep1]Philo the average bank rep does somewhere around 300K in production. I think our boy bobby sells one to two annutties per month and watches alot of TV I am guessing his annual production is around 100K and he keeps every penny.[/quote]

My wristwatch costs more than your car.

[/quote]

I bet tooo bad you're making payments on it. Men who buy expensive wristwatches and fancy cars are trying to compensate for their small man tools.

[/quote]

That's what people say that can't afford those things.  Fancy cars get hot chicks and you know it.

Patel, are you a muslim?

Reggin…



You must be 22. Ever seen a super hot 30 year old with a 45 year old man? It’s not because of his car, but more likely his maturity. He’s past wasting money to impress people, now he has money to travel, have a nice home, etc etc etc. That is what a woman desires, security…

[quote=Ashland]

Patel, are you a muslim?

[/quote]

Yes.[/quote]

I hate muslims. Would you people retreat if you knew that our military was rubbing bacon on the tips of our bullets?

Bobby, just out of curiousity, how is it that you know everyones names?

[quote=trisyn]Bobby, just out of curiousity, how is it that you know everyones names?[/quote]

My head is full of useless information. Why do you ask, Not Given?

[quote=Bobby Hull] [quote=Ashland]

Patel, are you a muslim?

[/quote] Yes.[/quote]

I hate muslims. Would you people retreat if you knew that our military was rubbing bacon on the tips of our bullets?

[quote=Bobby Hull]

[quote=trisyn]Bobby, just out of curiousity, how is it that you know everyones names?[/quote]

My head is full of useless information. Why do you ask, Not Given?