500k in Production

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Aug 1, 2007 2:56 pm

For the veterans in this forum how long did it take for you to reach this level of production?


When I began this long journey in 2004 my goal was to reach this level in 2008.   At this juncture I realisitically feel it will take until 2009 to hit this mark.


Thanks in advance for any feedback.


scrim



Aug 1, 2007 4:39 pm

it took me over 5 years at a wirehouse, but then i blew-up my book


it took me 2yrs at a bank


sounds like you're doing fine. keep it up!

Aug 1, 2007 4:53 pm
Vin Diesel:

it took me over 5 years at a wirehouse, but then i blew-up my book


it took me 2yrs at a bank


sounds like you're doing fine. keep it up!



Liar.

Aug 1, 2007 5:49 pm
Vin Diesel:

it took me over 5 years at a wirehouse, but then i blew-up my book


it took me 2yrs at a bank


sounds like you're doing fine. keep it up!



How'd you blow up you book.  Was everyone in Putnam?

Aug 1, 2007 5:52 pm

Liar.


How many advisors at 500k post here? (Unless they're only collecting 40%).

Aug 1, 2007 6:08 pm

I'm pretty sure that BankFC did it in a couple months, but he's not here anymore.  Something about being found out to be a liar.

Aug 1, 2007 6:17 pm

It took 4 1/2 years I started in June.  It took until my fourth calendar year was complete and I did 504K.

Aug 1, 2007 7:01 pm

Well, taking home 175k or so from a bank is ok. Nothing to brag about. Is that what we are talking about, 500k at 35% or so? If there is a down market, I guess a lot of reps like to follow nervous money over to banks.

Aug 1, 2007 7:47 pm
pretzelhead:
Vin Diesel:

it took me over 5 years at a wirehouse, but then i blew-up my book


it took me 2yrs at a bank


sounds like you're doing fine. keep it up!



How'd you blow up you book.  Was everyone in Putnam?



individual tech stocks & options it was really fun for a while

Aug 1, 2007 8:32 pm
roostertale:

Well, taking home 175k or so from a bank is ok. Nothing to brag about. Is that what we are talking about, 500k at 35% or so? If there is a down market, I guess a lot of reps like to follow nervous money over to banks.


It's OK I plan on making a whole bunch more here in the very near future, you make excuses, I make money.  I don't care where I earn it, when I cash the check it's all the same, plus I get away with a $350 suit and a pair of $60 dress shoes.  I am not worried about what kind of car I drive or what idiot I have to know down at the country club.


I do work my ars off. 9-5 all day, every minute well a 5 minute lunch.    I could be successful in any environment I just find this to be the most productive.  I know a bank rep who does 4 million GDC with bonuses etc she is clearing 50% + Not to bad for a broad in a cube.  Of course she has been there for like 15 years

Aug 1, 2007 11:37 pm
roostertale:

Well, taking home 175k or so from a bank is ok. Nothing to brag about. Is that what we are talking about, 500k at 35% or so? If there is a down market, I guess a lot of reps like to follow nervous money over to banks.

175K is probably more than what 99% of the workers in this country earn.   I think it's something to be very proud of personally and I can't wait until I get there in 2009.


scrim

Aug 1, 2007 11:44 pm

"175K is probably more than what 99% of the workers in this country earn.   I think it's something to be very proud of personally and I can't wait until I get there in 2009." scrim


Interesting. How do you define worker?


And what do you think is the bottom number to be in the
"Top 1 Percent of earners" is?


I'm gonna try to find out. But line up your guesses while I'm gone.

Aug 1, 2007 11:49 pm

I have no idea really;  I was just throwing it out there.


I remember a book I read twenty years ago that said a 100k income was in the top 1% so adjusting for inflation I came up with my 175k.


Not sure the exact stats but 175k has to be way up there.


scrim

Aug 2, 2007 12:02 am

Different answers from a google search, one said 300M the other said 276M.


Both a little bit lower than I had hoped.


I remember seeing the number you had to do to be in the top 1/10 of 1 percent a number of years ago and that number was 140MM at the bottom (IIRC).


Meanwhile, the number to be in the top 5% (the percentage that politicians like to point at and pundits to holler about) What do you think that number is? To be the bottom guy in the top twenticile?


Off I go.


I'm thinking its around 70M. 

Aug 2, 2007 12:15 am

Well I'll be dipped! According to this http://www.census.gov/compendia/statab/tables/07s0678.xls


The bottom of the top 5%ers earned 173M in '04.


http://www.fedstats.gov/fast.html


Might just be a handy link to add to the old favorites folder.

Aug 2, 2007 12:44 am

Interesting factoids.


I do believe those stats are for household income as opposed to individuals.


Food for thought.


scrim

Aug 2, 2007 6:15 am

I think that doing 500k scrim in 2009 is great ..one thing too ..are you not Indy.. because the one thing everyone forgets here about banks is that you have a tremendous access to the aggregate asset of the bank.. for example in my branches I cover there are over $500 million in bank deposits.. .so you figure if you can get just 10% of that a year.. it doesn't take long for you to move upstream.. So $500k in 2 years is doable.. (case of Vin) .. I know if you are out hustling it on the street ..doing a lot of time marketing yourself.. then it will take you a bit longer.. 5 years is great IMHO .. to gross up $500k..


And as for the top earners .. I would be curious to know what it is by household myself..


BTW Bobby .. you really should check out the bank envrioment ..not to go there ..but to see it is like we say . and there is no need to call him a liar..

Aug 2, 2007 8:00 am

whomitmayconcern




that is an interesting link

Aug 2, 2007 8:34 am
whitewlfz:

I think that doing 500k scrim in 2009 is great ..one thing too ..are you not Indy.. because the one thing everyone forgets here about banks is that you have a tremendous access to the aggregate asset of the bank.. for example in my branches I cover there are over $500 million in bank deposits.. .so you figure if you can get just 10% of that a year.. it doesn't take long for you to move upstream.. So $500k in 2 years is doable.. (case of Vin) .. I know if you are out hustling it on the street ..doing a lot of time marketing yourself.. then it will take you a bit longer.. 5 years is great IMHO .. to gross up $500k..


And as for the top earners .. I would be curious to know what it is by household myself..


BTW Bobby .. you really should check out the bank envrioment ..not to go there ..but to see it is like we say . and there is no need to call him a liar..



In ten years, you could have all of the bank's deposits? I have a hard time with delusional people telling me that my perception of reality is distorted.

Aug 2, 2007 10:39 am
Bobby Hull:
whitewlfz:

I think that doing 500k scrim in 2009 is great ..one thing too ..are you not Indy.. because the one thing everyone forgets here about banks is that you have a tremendous access to the aggregate asset of the bank.. for example in my branches I cover there are over $500 million in bank deposits.. .so you figure if you can get just 10% of that a year.. it doesn't take long for you to move upstream.. So $500k in 2 years is doable.. (case of Vin) .. I know if you are out hustling it on the street ..doing a lot of time marketing yourself.. then it will take you a bit longer.. 5 years is great IMHO .. to gross up $500k..


And as for the top earners .. I would be curious to know what it is by household myself..


BTW Bobby .. you really should check out the bank envrioment ..not to go there ..but to see it is like we say . and there is no need to call him a liar..



In ten years, you could have all of the bank's deposits? I have a hard time with delusional people telling me that my perception of reality is distorted.


I cover one bank branch with approx 50M in deposits.   My own book is about 25M.    The bank branch is not growing deposits but my book is growing.    Eventually in a few years my book should have more deposits than my bank branch.


Scrim