So you're getting 2,750 per month and then commish on prodo over 8.33M/month. That means you're getting a 33% payout for the first 8.3 and then 35% for over and above. Smith Barney guys would love a deal like that.

I guess it skews it in the bank's favor if they make you do the whole 25 in the first month (as in if you do 24,999 you get 2,750 and then start at only -$1 the next month. I'd question them on that point. It's just nickle and dimeish enough for it to be a bank "policy" it only marginally screws you for gross commish but screws with your cash flow big time four times a year.

Tell them to take a hike, refuse the salary and pay you 45% from dollar one…

I think the % is irrelevant, what kind of volume of referrals will you be given?   Will they be quality or crap? Will bank mgmt. be held account for your referral/revenue goals. etc. If I give you 100% of 0 it is 0 if I give you 50% of $100,000 it’s 50,000. Don’t get hung up on the %

As has been stated by others, with the salary, your first $100K in production is paying out at 33%.  What is more common is a draw against commission that starts out often below 33%.  The rest sounds pretty similar to what I recall.  On balance, for a bank, it sounds pretty good, particularly if you get good referral activity from other bank employees.

Do you get to keep your trails? Many bank programs(especially comm bank models) give you salaries but then have you as an employee for life. You want to make sure you have:



1 - A breakout plan - can turn your $60 - $75K first year into a business that gives you over the next 5 years an increasing income based on past and current performance and you’re not just tied to generating more commissions each and every year for the same salary.



2 - A breakaway plan - allows you to go Indy w/n the bank channel & get a higher payout if you get to that point.



Good luck!

It is a good payout structure.  Ours is similar, but is it based on a MONTHLY bogie ($10,000 gross) rather than a quarterly bogie ($25,000 gross in your example). 

Our payout structure is as follows:

$14,400 annual salary guaranteed

0% up to $9,999. 

30% on $10,000 to $19,999

32.5% on $20,000 to $29,999

35% on $30,000 to $39,999

37.5% on $40,000 to $49,999

40% on $50,000 and above

So as you can see, your payout grid is actually probably better than ours.  We also get a laptop, cell phone, expense account, 100% on health ins, (if single only), 6% 401K contribution, and they will cover seminars and such on a discretionary basis (although I personally don't do much in that area).

Bankrep is right, although how the quality of referrals will be is impossible to know. 

There are many things you might want to know going in.  Has there been a rep there in the past?  How old is there program?  What are their revenue expectations?  How many branches, and how much in deposit base?  Is there an incentive program in place for employees to refer business?

[quote=BankFC]

It is a good payout structure.  Ours is similar, but is it based on a MONTHLY bogie ($10,000 gross) rather than a quarterly bogie ($25,000 gross in your example). 

Our payout structure is as follows:

$14,400 annual salary guaranteed

0% up to $9,999. 

30% on $10,000 to $19,999

32.5% on $20,000 to $29,999

35% on $30,000 to $39,999

37.5% on $40,000 to $49,999

40% on $50,000 and above

So as you can see, your payout grid is actually probably better than ours.  We also get a laptop, cell phone, expense account, 100% on health ins, (if single only), 6% 401K contribution, and they will cover seminars and such on a discretionary basis (although I personally don't do much in that area).

Bankrep is right, although how the quality of referrals will be is impossible to know. 

There are many things you might want to know going in.  Has there been a rep there in the past?  How old is there program?  What are their revenue expectations?  How many branches, and how much in deposit base?  Is there an incentive program in place for employees to refer business?

[/quote]

A guy doing 60,000 gets a 29.2% payout? A guy doing $30,000 gets paid 21%? Do you people suck at prospecting SO BAD that you will let yourself be pimped out at this rate? You bank kids don't REALLY wonder why normal people look down at you, do you?

Bobby, you're so worried about proving a point (that doesn't exist) you make yourself look so dumb...or maybe all those numbers on your solar calculator just get a little too confusing for you.

If I do $40,000, I get paid 37.5% on every dollar.  It isn't a graduated scale.

[quote=BankFC]

Bobby, you're so worried about proving a point (that doesn't exist) you make yourself look so dumb...or maybe all those numbers on your solar calculator just get a little too confusing for you.

If I do $40,000, I get paid 37.5% on every dollar.  It isn't a graduated scale.

[/quote]

I thought it was a graduated scale because you presented it as a graduated scale.

No I didn't.  I represented it as a MONTHLY scale.  I suppose the words MONTHLY in bold at the begginning of the post must've thrown you off.

[quote=Bobby Hull]

Do you people suck at prospecting SO BAD that you will let yourself be pimped out at this rate? [/quote]

Yes! Banks are a good option for brokers who aren't good at prospecting.

Sylvan Learning Center is good for people who have a hard time with reading comprehension...Bobby, care for me to post the link for you?

[quote=BankFC]

Sylvan Learning Center is good for people who have a hard time with reading comprehension...Bobby, care for me to post the link for you?

[/quote]

Why don't you look at your post and look at my response? You will see that YOU are the one lacking in comprehension. You have been proven to be an idiot or a liar. Your monthly grid is graduated and not retroactive, as you have presented it and as you claim that it is. If you want to try to slam me for your own feelings of inadequacy, knock yourself out. When the dust settles, you will still be a lowly bank boy with a lousy payout and I will be a solid prospector with a 90% payout. You can't change those facts.

LOL, an idiot or a liar?  Gosh Bobby, you're such a tough guy.

Bobby, it is so funny to watch you get your little feathers ruffled, then puff out your chest and declare yourself a "solid prospector with a 90% payout."

Just because you misunderstood plain English, doesn't mean it isn't so.  It is so funny to watch you squirm.

[quote=BankFC]

LOL, an idiot or a liar?  Gosh Bobby, you're such a tough guy.

Bobby, it is so funny to watch you get your little feathers ruffled, then puff out your chest and declare yourself a "solid prospector with a 90% payout."

Just because you misunderstood plain English, doesn't mean it isn't so.  It is so funny to watch you squirm.

[/quote]

Go look at your own post. You got tripped up in your own words, Mr. 20% Payout.

the best brokers are bank brokers. we can focus our time on advising clients instead of cold calling all day.  and the paychecks are nice too!

[quote=Vin Diesel]

the best brokers are bank brokers. we can focus our time on advising clients instead of cold calling all day.  and the paychecks are nice too!

[/quote]

How nice for you, Vin Weasel.

the best brokers are bank brokers. we can focus our time on advising clients instead of cold calling all day. and the paychecks are nice too!

[quote=bankrep1] [quote=Vin Diesel]

the best brokers are bank brokers. we can focus our time on advising clients instead of cold calling all day.  and the paychecks are nice too!

[/quote]

Vin I do not believe this is true. I believe the bank is the best place to start, as far as whose the best we are spread over different venues, but once you're firmly established I would explore all options..[/quote]

Vin Weasel has to tell himself this to keep from crying.