For those in the bank channel
I have the opportunity to cut my territory to one bank branch from three but have an increased payout grid.
My theory is I can do much better in this one branch working there five days a week as opposed to trying and cover two other branches.
Has anyone in the bank channel tried to do this and did it work?
scrim67 you're with BAI right? Citi does the one rep per branch and I know some who prefer it that way. 1) Don't need to travel, 2) with walkins, you get them while they're hot, instead of trying to get appts a week after. 3) Customers will be more familiar with you--since you'll be there everyday. 4) better relationship with the bankers and manager.
One reason that a bank might assign more than 1 branch is:
1) Opportunity for higher GDC production
2) To have enough branch deposits within your territory.
If your branch deposits are low (and I'll let you determine what "low" is) then you'd be better off with more branches.
If you have a high volume & high deposit branch, then keeping to 1 branch can make a lot of sense.
I would think it would come down to two main considerations
1) Total amount of deposits
2) Face time with your referral sources
Citi bank does do one broker per branch, but one Citi branch up north usually has about 200 million in deposits. You will cut your own throat if going to one branch severly cut the deposit base you are currently working from. What are the deposits you are currently dealing with, and in which branch would you go to?
If you were going to one branch, you would DEFINITELY want to be in the same location as your commmercial lenders, if possible. They are my best referrals, by far.
I'd weigh it out carefully...
If you are with BAI, is there a wealth center nearby? Do you have a premier partner? Are all the branches physically appealling and are not slated for renovation.
I have three branches currently.
one with about 50M deposits
one with 30M
one with 20M
I'd be keeping the one with 50M and the one where I did over half my GDC last year.
the two branches I'd be losing are in lowest income areas in my state according to my local newspaper who did this report on the school systems.
the one I'd be keeping is in a blue collar middle class; most homes paid off, living there their whole lives, etc.
I like the bank broker idea as a concept, but....I find it humurous that most bank guys seem to revel in how easy (eg "ezmoney" handle...) they've got it, then act surprised and indignant when someone decides they have it too easy. My momma told me that if it sounds too good to be true, it probably is.
one other reason I want to work one branch is to divest myself as much as possible to the bank management suits who have "investment revenue" goals to meet.
By working one branch I can minimize this nuisance while I build my business the right way as opposed to putting my firm or myself first.
Just a theory.
I work in a single bank branch after trying to do divide my efforts between two branches. I find that I am much more productive in a single branch than I was prior. I'll bet you'll see the same results. Good Luck!
DON'T MAKE THE MISTAKE OF THINKING THAT MANAGERS ONLY HAVE INVESTMENT REVENUE GOALS TO MAKE.
BANKS are VERY concerned with deposit growth, mortgages, personal credit, loans, business loans, home equity products, merchant card services, payroll services, etc.
Investments can be a SMALL part of your manager's goal. It is important to PARTNER with the manager and to work with their teams to find great referral opportunities and know what to say to help solidify that referral and (possibly) even set the appointment FOR you.
Click on the above link for additional information. It will be worth it.
one other reason I want to work one branch
is to divest myself as much as possible to the bank management
suits who have "investment revenue" goals to meet.
By working one branch I can minimize this nuisance
while I build my business the right way as opposed to putting my firm
or myself first.
Just a theory.
This could be my post a dozen years ago. It is amazing as things
change, they really stay the same. Don't be fooled...they will
never let you run a business as a regular rep within the bank...they
cannot resist tinkering. All bank reps...keep your eyes open!