Bank reps

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Jun 12, 2007 4:01 pm

Has anybody ever started their FA career with Wachovia Bank?  I am not new to the industry but would be to the FA part of it - spent several years in admin, support and marketing but am looking to build a career as an advisor now that I have a few years under my belt.  I ask about Wachovia as I am in their neck of the woods and know a few people that are there.  Can some share goods/bads if you have experience with them?



Thanks,


SC

Jun 12, 2007 9:15 pm

In banks it's all about the territory. Wachovia's known to have a good program, and so do a lot of other banks. I'd suggest getting in touch w/ one or two of the trusted wholesalers for the area. They'll be able to let you know if you're walking into a good thing.

Jul 9, 2007 11:37 pm

I would ask about:


1. Depost size of the branches


2. Trust Dept/Wealth advisors....what are the cutoffs for where the large referrals go?


3. Referral fees for the bank employees?


4. Tenure of previous reps.....


5. Size of existing book in the territory.


6. I would ask to meet with the bank VP's...see if you like them...they will make or break your arse.


7. Haircuts.....get ready for scalping.


8. Approved list ---find out how much it sucks.


Also, the best bank gigs are uSUALLY those with the highest market share.



Jul 10, 2007 12:03 pm
dalbroker:

7. Haircuts.....get ready for scalping.



Depends on the bank.  I'm at a community bank--I get 55bps on cash and 7.5% payout on VAs to grid.... Grid is fixed at 42%.  Pretty good apples

Jul 10, 2007 3:30 pm

the right bank platform can be a goldmine. ive seen medicore reps  that were doing $300k at a wirehouse do $1mill at a bank

Jul 10, 2007 3:53 pm

Goldmine is right.  


Just shy of 51,000 last month (and I did all L share annuity tickets and C share MF biz).  It's not a bad life.


By the way, one of my collegues did a life insurance review with a lady, and was able to up her life insurance from 1.8 million to 2.7 million with a replacement policy.  Same premium!


Ticket...$120,000 or so.  Not a bad day.

Jul 10, 2007 3:55 pm
BankFC:

Goldmine is right.  


Just shy of 51,000 last month (and I did all L share annuity tickets and C share MF biz).  It's not a bad life.


By the way, one of my collegues did a life insurance review with a lady, and was able to up her life insurance from 1.8 million to 2.7 million with a replacement policy.  Same premium!


Ticket...$120,000 or so.  Not a bad day.



You're a liar.

Jul 10, 2007 4:04 pm
Bobby Hull:
BankFC:

Goldmine is right.  


Just shy of 51,000 last month (and I did all L share annuity tickets and C share MF biz).  It's not a bad life.


By the way, one of my collegues did a life insurance review with a lady, and was able to up her life insurance from 1.8 million to 2.7 million with a replacement policy.  Same premium!


Ticket...$120,000 or so.  Not a bad day.



You're a liar.



bobby, the average bank rep does more in a month than you do in a year

Jul 11, 2007 12:38 am

I am a 1st year bank rep and have averaged $20K+ since Jan.  I thought last month was going to be huge, but some transfers didn't hit.  That business hit this month and I am currently at $40k, with 20 days left.   This is a fee month and my wrap business hasn't hit yet either... 

It took me about 6 months to get the branch employees in gear, but now qualified referrals are abundant.

Regards,
Chris


Jul 11, 2007 2:23 pm
ChrisB:

I am a 1st year bank rep and have averaged $20K+ since Jan.  I thought last month was going to be huge, but some transfers didn't hit.  That business hit this month and I am currently at $40k, with 20 days left.   This is a fee month and my wrap business hasn't hit yet either... 

It took me about 6 months to get the branch employees in gear, but now qualified referrals are abundant.

Regards,
Chris


Chris, Thank you for sharing your experience as a newer bank rep.  I start in a bank next week & I am really looking forward to the experience.  There is one other broker working there right now, it's a small local community type bank. From the look of his ledger that broker is bringing in about 8 million a year in new money. I am being told that there is still allot of untapped opportunity. I would be happy honestly if I can hit 5-6 million of new money.


Jul 11, 2007 6:40 pm
Charlie Brown:
ChrisB:

I am a 1st year bank rep and have averaged $20K+ since Jan.  I thought last month was going to be huge, but some transfers didn't hit.  That business hit this month and I am currently at $40k, with 20 days left.   This is a fee month and my wrap business hasn't hit yet either... 

It took me about 6 months to get the branch employees in gear, but now qualified referrals are abundant.

Regards,
Chris


Chris, Thank you for sharing your experience as a newer bank rep.  I start in a bank next week & I am really looking forward to the experience.  There is one other broker working there right now, it's a small local community type bank. From the look of his ledger that broker is bringing in about 8 million a year in new money. I am being told that there is still allot of untapped opportunity. I would be happy honestly if I can hit 5-6 million of new money.




Good luck to you.  Stick with it and I'm sure you'll do well.

I have brought in around $9 million so far, $2 million in wrap business (working on ramping this up). 

Take care.

Chris

Jul 12, 2007 6:30 am

I'll post my progress here from time to time to let ya'll know if my expectations were met or not met. 3 years of working a wirehouse enviironment & I have 15mill to show for it. I'm going to solicit about 10mill to get them over to my new firm and in half that time you have already accumulated nearly that much...I'm slow to catch on, but once the light bulb comes on I get it, I get it.

Jul 12, 2007 1:53 pm
vbrainy:
BankFC:

Goldmine is right.  


Just shy of 51,000 last month (and I did all L share annuity tickets and C share MF biz).  It's not a bad life.


By the way, one of my collegues did a life insurance review with a lady, and was able to up her life insurance from 1.8 million to 2.7 million with a replacement policy.  Same premium!


Ticket...$120,000 or so.  Not a bad day.



What is your payout and what type of bank is it?


40% if you hit $50,000 or more in a month.  It starts at 30% from 10k-20K, 32.5% 20K -30K....so on and so forth. 


Ignore that idiot Bobby Hull.  He should look in the mirror if he is looking for a liar.


LOL, I have no use for that troll.  He can't imagine anyone making over 50 grand since nobody did it at the car lot he used to work at or the insurance company he does now.  I wasn't sure, but since seeing that thread about "do you like me or not??  boo hoo hoo" I am sure he is gay.

Jul 12, 2007 3:30 pm

I worked as a bank rep for 3 years.  Banks are notorius for cutting payouts.  That being said, there is opportunity.


You need multiple branches to make it work, or one branch that has $200 million or more in deposits.


I am only referring to proprietary reps in branches,not credit unions and banks that farm out to LPL or Raymond James reps.


Lack of products was frustrating. Our only "fee account" was a mutual fund wrap product that was laden with A share choices,not many I or no-load........and we charged 1.2%, so the clients were over 2% annually.........no thanks.........




Jul 12, 2007 6:22 pm
BankFC:
vbrainy:
BankFC:

Goldmine is right.  


Just shy of 51,000 last month (and I did all L share annuity tickets and C share MF biz).  It's not a bad life.


By the way, one of my collegues did a life insurance review with a lady, and was able to up her life insurance from 1.8 million to 2.7 million with a replacement policy.  Same premium!


Ticket...$120,000 or so.  Not a bad day.



What is your payout and what type of bank is it?


40% if you hit $50,000 or more in a month.  It starts at 30% from 10k-20K, 32.5% 20K -30K....so on and so forth. 


Ignore that idiot Bobby Hull.  He should look in the mirror if he is looking for a liar.


LOL, I have no use for that troll.  He can't imagine anyone making over 50 grand since nobody did it at the car lot he used to work at or the insurance company he does now.  I wasn't sure, but since seeing that thread about "do you like me or not??  boo hoo hoo" I am sure he is gay.



Best month $78,000 NET. I've never sold cars, but some of those guys are sales gods and I'm not above learning from them. I don't work for anyone - it's my name on the door. That incident with your grandfather was just an episode of youthful indescretion and only happened one time. Besides, your grandmother gave me most of the action.

Jul 12, 2007 7:20 pm

Sure you did Bobby.  I don't mind if you want to pretend to be a real producer...go right ahead.  The difference...my money is real.

Jul 12, 2007 7:26 pm
BankFC:

Sure you did Bobby.  I don't mind if you want to pretend to be a real producer...go right ahead.  The difference...my money is real.


If your money is real, why do you let the bank keep so much of it?

Jul 12, 2007 10:17 pm
bluestars80:

I worked as a bank rep for 3 years.  Banks are notorius for cutting payouts.  That being said, there is opportunity.


You need multiple branches to make it work, or one branch that has $200 million or more in deposits.


I am only referring to proprietary reps in branches,not credit unions and banks that farm out to LPL or Raymond James reps.


Lack of products was frustrating. Our only "fee account" was a mutual fund wrap product that was laden with A share choices,not many I or no-load........and we charged 1.2%, so the clients were over 2% annually.........no thanks.........





 I have one branch with approx 50M deposits and I'm making it work.    Thank goodness!


scrim

Jul 13, 2007 9:47 am
Bobby Hull:
BankFC:

Sure you did Bobby.  I don't mind if you want to pretend to be a real producer...go right ahead.  The difference...my money is real.


If your money is real, why do you let the bank keep so much of it?




Jul 13, 2007 10:51 am

If your money is real, why do you let the bank keep so much of it?




Bobby - you're a smart guy. Let's do the math.



First year production:

Bank: $150 - $200K w/ 28% payout: $42K - $56K income

Wirehouse: $100K w/ 40% payout: $40K



2nd year production:

Bank: $250 - $300K w/ 31% payout: $78K - $93K income

Wirehouse: $150K w/ 40% payout: $60K



3rd year production:

Bank: $300 - $400K w/ 31% - 35% payout: $93K - $140K income

Wirehouse: $200 - $250K w/ 40% payout: $80K - $100K income

Indy: $150 - 175K @ 53% payout after expenses(LPL Avg): $80K - $93K income



Moral of the story: Less of more is still more!



Source: Bank #'s are pretty accurate from my own experience & those I work with. Wirehouse #'s I pulled out of thin air, but they're not that far off.