Question for the bank kids

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Jul 14, 2007 12:25 am

If things are so great at the bank and you guys are making money, hand over fist, like you claim, why is it that banks can't recruit any heavy hitters? Why aren't the rest of us tripping over each other to get to the Nirvana that is being a bank broker? Are ALL of us stupid and unable to figure out that you guys are getting rich? How have ALL of us missed the boat?


Does anyone else wonder the same thing?

Jul 14, 2007 12:35 am

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.

Jul 14, 2007 12:36 am

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?


Jul 14, 2007 12:39 am
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.


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???

Jul 14, 2007 1:12 am
BankFC:
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.


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???



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.

Jul 14, 2007 7:04 am

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.

Jul 14, 2007 7:20 am

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.

Jul 14, 2007 9:15 am
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.


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

Jul 14, 2007 9:26 am
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?




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.

Jul 14, 2007 10:06 am

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.


Jul 14, 2007 10:18 am

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.

Jul 14, 2007 10:22 am
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.




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

Jul 14, 2007 10:28 am

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.

Jul 14, 2007 1:44 pm

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

Jul 14, 2007 2:23 pm
Bobby Hull:
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.



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



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.

Jul 14, 2007 2:42 pm
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.





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!

Jul 14, 2007 3:08 pm
Ashland:
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.




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!


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

Jul 14, 2007 3:22 pm
Devil'sAdvocate:
Ashland:
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.



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!



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





Unless there's other opportunity I usually don't accept the account. I help people with longer term financial goals - 3 yrs or more. If I do an account of this nature it would likely be a mixture of mmkt & floaters.

Jul 14, 2007 3:31 pm
Ashland:
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.




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!


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

Jul 14, 2007 3:43 pm

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.