CUNA Brokerage

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Feb 23, 2009 5:24 pm

Originally posted this in "What's up at Firms". Currently at a wire, about 21 months into the training program. Hitting all the numbers but with the grid changes would have to grow quickly to make a decent income. Looking at an opportunity with CUNA Brokerage as an independent inside a credit union. Initial discussion and research look like a better payout and a good size warm audience.


Anyone have any experience with these folks?

May 22, 2009 9:21 pm

Bump. I also recently came across CUNA Brokerage inside a credit union.


May 22, 2009 9:50 pm

You can't put a price on a warm audience. I left Jones to enter bank program and couldn't be happier.

May 22, 2009 10:56 pm

It ain't all gravy all the time. Much of an advisor's success within an institution is dependent on bank/CU management's acceptance/promotion of said program. Otherwise, it is just another place to hang your hat, warm audience or not. 

May 22, 2009 11:03 pm

Mucho,

 
If you have experience in this area, then what questions would you ask to determine if management is accepting and promoting it vs. just blowing hot air?
May 23, 2009 8:05 am
Ron 14:

You can't put a price on a warm audience. I left Jones to enter bank program and couldn't be happier.



Your failure in this industry is on the same path as the rest of the failures.

May 23, 2009 9:40 am

FWIW. I talked with a "recruiter" for CUNA about 6 weeks ago. She sounded like she was ~16 and was babysitting kids in the background or something. She sounded hot.

May 23, 2009 9:53 am
HAAIC:
Ron 14:

You can't put a price on a warm audience. I left Jones to enter bank program and couldn't be happier.



Your failure in this industry is on the same path as the rest of the failures.

 
Thanks for the excellent commentary Hack!
May 23, 2009 9:57 am
Mucho de Tejas:

It ain't all gravy all the time. Much of an advisor's success within an institution is dependent on bank/CU management's acceptance/promotion of said program. Otherwise, it is just another place to hang your hat, warm audience or not. 

 
Some of this is true, but when you interview management is going to sell you on full involvement of the entire institution regardless of the truth. The reality is you have access to many more people who have some type of relationship with the institution. If you don't have a natural market to build from it is a quicker way to build assets.
May 23, 2009 11:17 am
If you don't have a natural market to build from it is a quicker way to build assets.[/quote]
 
What if the bank/CU's natural market is low income wage earners, does this still constitute a quicker way to build assets?
 
Don't generalize theory vs. reality, it ain't all the same, it is institution specific.
May 23, 2009 11:39 am
Mucho de Tejas:
If you don't have a natural market to build from it is a quicker way to build assets.
 
What if the bank/CU's natural market is low income wage earners, does this still constitute a quicker way to build assets?
 
Don't generalize theory vs. reality, it ain't all the same, it is institution specific.[/quote]
 
What bank targets low income wage earners ? If there is one, why the hell would that place even be an option ? I didn't feel the need to clarify that because it seemed obvious.
May 24, 2009 9:35 am
What if the bank/CU's natural market is low income wage earners, does this still constitute a quicker way to build assets?
 
Don't generalize theory vs. reality, it ain't all the same, it is institution specific.[/quote]
 
What bank targets low income wage earners ? If there is one, why the hell would that place even be an option ? I didn't feel the need to clarify that because it seemed obvious. [/quote]
 
Okay, let me rephrase... it is market specific. Let me give you an example: There are all kinds of bank/CU institutions on the south side of Dallas trying to fill seats with advisors to market to their customers, most of which happen to be low income. 
 
My point is that the demographic makeup of the customer deposit base at an institution PLUS management's support for investment advisory services are key drivers of a reps potential success at that location. NOT ALL BANKS AT ALL LOCATIONS GIVE YOU THE TARGET "WARM AUDIENCE" you so highly tout. So for those advisors seeking to align themselves with a lending institution, buyer beware. Ask the right questions.
May 24, 2009 10:49 am

I said it is beneficial to have a warm audience versus a cold one. I am not highly touting anything, but in comparison a warm audience is better because there is some kind of relationship first. Why am I even explaining this ? Whether they have money or not would be location specific, but who the hell sets up an investment shop where people have no money ?

May 24, 2009 11:59 am
Ron 14:

Whether they have money or not would be location specific, but who the hell sets up an investment shop where people have no money ?



That's my point. There are multiple banks/CUs across the country trying to fill offices in sh*tty locations to unsuspecting advisors who don't ask the right questions. They do it because they really have nothing to lose, they are paying rent on the space anyways so why not throw a body in there to do the impossible? And then some poor soul quits a wirehouse (because the prospect of warm bodies is more appealing) only to find it ain't all what it's cracked up to be.
 
Glad to hear you couldn't be happier, but that isn't the case everywhere. Again, buyer beware... or just be careful.
 
I am just trying to enlighten those considering that side who don't have a clue.  
May 24, 2009 5:33 pm

'Ask the right questions.'

What are the critical questions when a bank or CU makes you an offer and how do you get the answers.



May 24, 2009 7:59 pm

What compensation do the other employees receive to get people in front of you ?

How does that compensation compare to what they receive from their other duties ?
Is there any flexibility to leave the "banking center" once your client base is established ?
How often has the grid changed over time ?
What are the teller transactions per branch covered ?
Is there a mandate for certain products or investments ?
What does it take to get an assistant ?
What back office support will you receive ?
How much coaching are you required to do to help the branch ?
Is there any investment training outside of your coaching ?
 
May 24, 2009 9:50 pm
What is the total deposit base of the bank? What is the average deposit per customer?
What is age/income demographics for customers, are they retirees or working?
What is management's expectations for the advisor and what are they specifically going to do to support those goals?
 
Decide first if they audience is worth your prospecting efforts, then ask the questions Ron posted.
May 25, 2009 7:13 pm

thanks ron, mucho