Sales Manager or Branch Coach

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Sep 23, 2006 7:20 pm

I am with a wirehouse in the southeast.  We are getting ready to move into a new office and combine w/ another branch, which will give us 40 FAs.  I am in talks with my manager to become either the office sales manager or the "branch coach" for the newbies.


I am in a team and will continue to produce like normal and I'm not interested in going into management at the present time.  So, my question is what kind of compensation should I expect to receive for each of these positions.  FYI ... my manager has already told me that I will be compensated for either one.


Thanks

Sep 24, 2006 5:18 am

Think long and hard before you take the position.  Unless you truly desire some sort of leadership/management role in the future, consider passing on the role.  Reason being is that it ties up a lot of your time (meetings, conference calls, etc) and can often be quite aggravating.  


I know of someone (in production) who was being paid 25k/year as a sales manager.  Not bad except they were producing almost seven figures. They quickly grew tired of the sales mgr. role and resigned the position.  Their production instantly increased (more time available) and if you asked them today they say they wouldn't take the position today for double the $.

Sep 24, 2006 7:36 am

This is a special position that very few can do well do to the reasons
Judge stated.  The person that does this may not want to use this
as a segway into management, but rather may just get mental
satisfaction from helping others and making the office and business
just a little but better.



You see, so often people are not coached or managed early on because
everyone is too busy to spend the time and patience with them...no
wonder so many fail.  A good coach can change that and that is a
form of compensation.



As for the time and dollars you will earn?  Our firm is set up
where the coach gets a stipend every month (say $500) and then bonuses
based on hurdles met, finishing the program, etc...  All told a
good coach can expect between 15 and 30k from their efforts.

Sep 24, 2006 1:25 pm

Good feedback so far.  Thank you.   I think I am more interested in the Coach position b/c I like helping the newbies.  You are correct that there isn't much coaching for them once they get back from their training at the home office. 


I think the sales manager may be more work than what I want and potentially more responsibility as well.  Like I said initially, I don't want to be management, but would enjoy another $10-20k for work that I am already doing for the branch.

Sep 24, 2006 7:32 pm

Clutch- Allow me to be direct.


Forget the position.  Most rookies are worthless, hence 90% will fail.  They will spend 5 hours a day doing "research." While you may "reach" that one particular individual, you can still do that on your own time.  Without restrictions. Focus on your own business and help those (i.e. advise/reach out) to those who show an exceptional desire & work ethic.  Other than that you will be wasting precious time and driving yourself crazy with the mindset of the new recruits.


Just my opinion.  Still, I have seen it played out countless of times.

Sep 24, 2006 10:43 pm
mrclutch:

Good feedback so far.  Thank you.   I think I am more interested in the Coach position b/c I like helping the newbies.  You are correct that there isn't much coaching for them once they get back from their training at the home office. 


I think the sales manager may be more work than what I want and potentially more responsibility as well.  Like I said initially, I don't want to be management, but would enjoy another $10-20k for work that I am already doing for the branch.



Another 10-20 SUCKS for anything you do that doesn't build your business. You must be a piker.

Sep 24, 2006 11:03 pm

I would like to think of myself as a semi-piker.  I'll do just over $400k this year.  Like I said in a previous post ..... it would be nice to be compensated for something I'm already doing.

Sep 24, 2006 11:10 pm

You're not a piker. Why wouldn't you stop doing free consulting and do more business for yourself?

Sep 24, 2006 11:15 pm

I guess it's b/c I'm not one of those a**holes who come to work, close their door, and only worry about what goes on in their world.


If it weren't for guys helping me out when I was a newbie, I may not have made it.  I enjoy teaching/coaching the newbies and I hope they succeed b/c this is a great business.  If they fail ..... then maybe they pass on their best clients to me knowing they will be taken care of.  I'm not interested in doing this for potential inherited accounts, but that is a potential benefit as well.

Sep 25, 2006 3:55 am

Clutch- Of course I only worry about what goes on in my world when I'm at work.  That's the mindset of a successful salesperson.  Those that concern themselves with everything around them are the ones who waste your time and are just avoinding the activities that are grueling yet necessary (prospecting, asking for orders, etc). When you walk into a brokerage office with 20 brokers, it's like walking into a mall with 20 different store fronts.  Each sellling basically the same thing and competing with each other in the process.

Sep 25, 2006 6:18 am

[quote=The Judge]Clutch- Of course I only worry about what goes on in
my world when I'm at work.  That's the mindset of a successful
salesperson.  Those that concern themselves with everything around
them are the ones who waste your time and are just avoinding the
activities that are grueling yet necessary (prospecting, asking for
orders, etc). When you walk into a brokerage office with 20
brokers, it's like walking into a mall with 20 different store
fronts.  Each sellling basically the same thing and competing with
each other in the process.[/QUOT]



Hmmmmmmm No. This is one of the selfish mindsets that a good coach and
management team can and should prevent in building a good office
environment...an environment where more people succeed and more 
production is done for everyone.  As for competition?  It is
the best motivator but it can be created internally without a building
full of door slammers.  Office sponsored seminars,  idea
sharing, portfolio strategy sessions, informal teaming to close deals,
and a nicer place to go every day are just a few of the results...trust
me I live it every day.



As for yout time?  Just create "office hours" where you will only
offer assistance at those times (ie 4:30 to 5:30 Mon and Wed). 
Your new advisors will train to this and it will not be such a big time
committment throughout the week. 

Sep 25, 2006 6:40 am

Rightway- We'll have to agree to disagree.  I'm all for being congenial, and complex seminars are an excellent idea.  In addition, one on one mentoring (with the right candidates) can be superb.  I myself benefited from just that.


"Competition" within an office is great in theory.  In reality, it tends to breed envy and often harbors resentment.  Brokers will often be quick to make comments (i.e. "they inherited a book"; "right place right time"; "they churn/B shares/annuities/etc") when the topic of office ranking comes into play.  And let's not forget what happens when a broker is about to retire or changes firms.  That's when the greed/contempt really comes into play.


Perhaps your office is different.  If so, more power to you.  I do think an excellent manager CAN foster an ideal environment for those that participate.  In my experience, those situations are few and far between.  Like excellent advisors, tremendous management seems to be in short supply. 


Now if I ran an office (!).........

Sep 25, 2006 7:57 am
mrclutch:

I guess it's b/c I'm not one of those a**holes who come to work, close their door, and only worry about what goes on in their world.


If it weren't for guys helping me out when I was a newbie, I may not have made it.  I enjoy teaching/coaching the newbies and I hope they succeed b/c this is a great business.  If they fail ..... then maybe they pass on their best clients to me knowing they will be taken care of.  I'm not interested in doing this for potential inherited accounts, but that is a potential benefit as well.



If you REALLY do it for altruistic reasons, why do you want money to do it? Sounds like you're one of those selfish a**holes who tries to scheme and get more money for himself.


I'm sorry that you can't connect the dots between doing business and helping people.

Sep 25, 2006 2:40 pm
mrclutch:

I guess it's b/c I'm not one of those a**holes who come to work, close their door, and only worry about what goes on in their world.


If it weren't for guys helping me out when I was a newbie, I may not have made it.  I enjoy teaching/coaching the newbies and I hope they succeed b/c this is a great business.  If they fail ..... then maybe they pass on their best clients to me knowing they will be taken care of.  I'm not interested in doing this for potential inherited accounts, but that is a potential benefit as well.




You're getting a lot of abuse, but there's good advice wrapped up in there.

Having the official "Trainee Coach" position will help if you want more
of a role in the recruiting process.  But there's a lot of additional work that comes with the title. 



You don't need the coach title in order to help out a few high-potential trainees.

If you don't need the money, then why accept the restrictions and responsibilities that come with it?  If you like coaching rookies, then let somebody else do the heavy lifting (interviews, hiring, basic training).  You can hand pick the ones you want to focus on, and have more time to work with them.

Sounds like you can get what you want out of the role without becoming the official coach.  However, drop me a note if you DO decide to accept the role.  My firm can probably help.

Good luck!



Sep 25, 2006 2:54 pm

If that is abuse, I can take it all day long.  I'm trying to decide whether this will be worth my time. 


I didn't create this post to tell everyone how right I am and how great it would be to be the branch coach.  I wanted feedback, ideas, and points to consider.


To be honest, I don't even know what the position requires in terms of time committment b/c I haven't had a detailed conversation w/ my manager about it yet.  I decided to bring this topic to the broker forum so I could hear what other's have to say.


JC ... How could your firm help me if I decide to accpet the role? 


Sep 25, 2006 3:43 pm
mrclutch:

To be honest, I don't even know what the position requires in terms of time committment b/c I haven't had a detailed conversation w/ my manager about it yet.  I decided to bring this topic to the broker forum so I could hear what other's have to say.

JC ... How could your firm help me if I decide to accpet the role?  



Understood.  The roles DOES require a substantial time investment.  You may not want to commit to spending time away from your practice.

In addition to regular broker recruiting service lines (producers and sales managers), we have a practice area that recruits trainee level candidates for some of our wirehouse clients.  We find experienced trainees who are "most likely to succeed".

For all I know, your branch may already be a client.

Most of our placements in this category are current FAs with under three years in the business.  They're succeeding, but under-appreciated in their current role.  Some have a small book.  Imagine the top producer at some local bank branch making $50K and dying to "join the big league".

We've also helped traders, wholesalers, hedge fund executives, sales assistants, family office advisors and other professionals with no book transition into a wirehouse training program.