Bank Brokerage

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Jul 25, 2006 1:29 pm

I know most full service brokerage firms probably have a biased opinion, but your opinion is still welcome. 


I am being offered the opportunity to step into a bank brokerage at a small community bank that I am currently employed with as a lender.  They are offering salary + commission, but the commission is obviously less that that of a brokerage firm.  If there are any bank brokers out there, how are you paid?  If salary plus commission what's the commission percentage?  What are general thoughts on bank brokerages?

Jul 25, 2006 1:35 pm
attheesso:

I know most full service brokerage firms probably have a biased opinion, but your opinion is still welcome. 


I am being offered the opportunity to step into a bank brokerage at a small community bank that I am currently employed with as a lender.  They are offering salary + commission, but the commission is obviously less that that of a brokerage firm.  If there are any bank brokers out there, how are you paid?  If salary plus commission what's the commission percentage?  What are general thoughts on bank brokerages?




I work in a large Credit Union.  I work solely on commissions and have a 40% payout on all products.  My work environment if far from perfect, but I prefer it to a wirehouse or  large bank.

Jul 25, 2006 6:04 pm

I worked for a couple of large bank programs and found the management to be indecisive always changing payouts bonuses etc. The nice thing is your job is to meet with people and not spend all day prospecting. I now work for a credit union and am very happy, I would also consider a community bank if I were starting over.



I am paid a 100% commission I do have a 30K forgivable draw haven't had to use it once, the payout is 25 - 40% and 1-10% bonus.



Two concerns one is how do you know they won't change your comp (try to get this in a contract), 2nd who owns the book (try to negotiate this if they want you to sign) aka no non-compete clause.

Jul 25, 2006 7:38 pm

48k draw vs commision, 33% payout, all in a contract, cant be changed.


 also have a non-solicit for 18 mos if I leave.


Jul 25, 2006 11:02 pm

I started working for a regional bank in June and am very happy so far. I also get a forgivable draw plus commission.   I haven't been here long enough to comment any further, so I won't.

Good luck though.

Chris

Jul 27, 2006 12:48 pm

Esso-

First of all, congratulations on your promotion.

Working in a bank brokerage is a great way to transition from a lending role to a FA role.

There are several things you need to accomplish in your first year or so.

Get licensed and learn the ropes. BUild a network of contacts within the local business community. 
Be sure to keep you commission statements and any evidence of sales awards (such as certificates).  They will come in handy when jumping from banking to a wirehouse.

Jump to a wirehouse training program when you have a year or two of good numbers under your belt.  Then re-build your book around a full-service high-net-worth platform. 

Good luck and let us know how it works out!