Bank Rep

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Mar 25, 2008 12:40 pm

Is anyone here a bank rep and if so how do you like your job? What is the best way to get a position as a bank rep for a major bank like Wachovia or Bank of America?

I know at my current firm you have to be an already established FA with a movable book to transfer to a bank.

Right now I am 22 a in a junior broker type position. I understand at my age there are really two ways with a good shot of making it, junior broker or bank rep.

The Senior broker and I don't mesh well at all, we have very different personalities and I don't see us having a long term relationship. He has a son who is in his teens and a friend who left our office but knew him well told he is good at what he does but not to trust him.

I'm ready to think about some other opportunities. I have about a year of experience, my licenses and a college degree in a good major with 3.5 GPA. Am I qualified to be a bank FA?

 My goal is really to continue to learn the business and start developing my own book not someone elses. I definitely want to be an FA as a career but I understand how hard it is to make it.

Where should I look? What range of income does a first year bank rep usually net? How does working in a bank differ from a branch.

Also I could get a job as a wholesaler pretty easily from a family friend, does anyone know anything about doing that?

 Any information, feedback or advice is both welcome and appreciated.

Mar 27, 2008 10:34 pm

bump, come on someone works at a bank.

Mar 28, 2008 12:26 am

You sound like many others on this board.  I believe most of them (probably you too) struggle with cold calling and being a solicitor.  (It is extremely grueling.) 

 
If so go find the best bank you can and enjoy life more.  You will have success.  It takes longer to get to the same income, but you probably won't make it the other way.
Mar 28, 2008 12:28 am

Also, most wholesaler jobs are not good long term solutions.


 
(I hate this lame function that blocks me from adding a brief note for the first 30 or so seconds after i make a post.)
Mar 28, 2008 6:33 am

Moneyguy - I'd start w/ the search function at the top right of the page. The question you asked re becoming a bank rep or a wholesaler is asked & answered every week.

Mar 28, 2008 11:08 pm

Ok, thanks for the info guys.

May 20, 2008 8:46 pm

being a wholesaler is very lucrative, a good amount make more than the average broker, but it's a stressful job because it requires relocation to ANYWHERE in the united states, including north dakota or alabama somewhere

May 21, 2008 10:09 am

I started with EJ several years ago and ran into the 3 year wall. I got a call from a credit union headhunter and started here about 6 months ago. Wow!! What a difference. The members are looking for advice, I never cold call, I average 30 - 40 referrals per month, and can sell the same products I am familiar with.

 
My advice is to watch out for long term contracts. Those up front bonuses are like a prison sentence with the large banks. Look for a bank or credit untion that does not lock you in to a long term contract. I got out of the 3 year lock with EJ and felt like I had some career freedom.
 
My payout is smaller, but I pay no expenses. No BOA costs, no marketing costs, no office expenses, etc. It is well worth it to take a lower payout and work somewhere you don't have to constantly knock on doors or schedule seminars to make a living.
May 21, 2008 10:16 am

Onion - Good for you! Your situation sounds like a good alternative to those who can't survive the frenzy, granted a bank headhunts you.  How much lower is the payout though? are we talking 30's or is it more like 60 g's ?

May 21, 2008 12:21 pm

At EJ it was 40%, here it is based on monthly gross. I am averaging 35%. If my gross is over 40,000 it goes to 40%.

May 23, 2008 3:58 pm

At my financial institution I'm averaging 38%.  When my monthly gross goes over 25,000 it goes to 40%.  Every institution is different but I sure don't miss cold calling.

Jun 12, 2008 3:46 pm

Im currently at Jones and it seems the kool-aid drinkers (I didnt recognize them until now, 2yrs in) refer to bank rep payouts like it is 15%. The more I see what goes on at EJ the more I wonder what is the long term point of staying. I love the independence of having my own office, but there is still plenty of BS that you have to deal with. What are the benefits of Jones vs. Bank long term, if any ?

Jun 12, 2008 4:28 pm

There is quite a bit of variation, but the payout issue is not a huge factor.  Usually your payout will be slightly less, but you will get prospects you have never met walked to your door, so it balances out.  When I figure in the expenses (newsletters, cell phone, unsubsidized health insurance, etc) that I don't have anymore, my payout at the bank is actually higher than it was at EDJ.

Jun 12, 2008 5:08 pm
Dark Knight:

Also, most wholesaler jobs are not good long term solutions.


 
(I hate this lame function that blocks me from adding a brief note for the first 30 or so seconds after i make a post.)
 
Use the edit post function.  It's under post options after you post your reply.  
Jun 12, 2008 5:21 pm

Nothing wrong with kool-aid as long as it's not spiked. That was the whole problem with Jim Jones anyway. He spiked it.

Jun 12, 2008 5:32 pm
Magician:

Nothing wrong with kool-aid as long as it's not spiked. That was the whole problem with Jim Jones anyway. He spiked it.

 
Hi,
 
I'm Saul4paul,
 
Magician, are you a Pro Magician?
Jun 12, 2008 5:42 pm

Hi Saul4Paul.....thought you had gone to that great Vaccum Cleaner in the Sky!!! Should have known better, you were out prospecting....right?????

Jun 12, 2008 7:33 pm
saul4paul:
Magician:

Nothing wrong with kool-aid as long as it's not spiked. That was the whole problem with Jim Jones anyway. He spiked it.



Hi,



I'm Saul4paul,



Magician, are you a Pro Magician?





Hi saul4paul,



You betcha, David Blaine himself taught me how to levitate. Although he can hold his breath longer than me.

Jun 12, 2008 8:54 pm
iceco1d:

I think that most people that stay at one firm their whole career have some type of "kool aid" bias...I notice it very frequently at my office.

 
Yeah, the guy next to me loves to kiss the ML bull's A$$.  It is kinda weird when people are THAT supportive of their firm. 
Jun 12, 2008 9:28 pm

I agree there are boot lickers at all firms. From what I hear at EJ you arent as independent as you think going in. A guy in my chamber complains about regional functions and politics.