Can anyone comment on the quality of training that a "Financial Executive" gets over at Citigroup?
Please be specific. Citigroup has RRs at Citibank, Smith Barney, Primerica, and CitiStreet. Which entity are you talking about?
I'm referring to what they call Financial Executives who work out of the Citibank branches.
The downside of Citibank's Financial Executives is that you can't offer
individual stocks. Besides that, everything is pretty similar to other
banks. I believe the payout for somone new is 21%. Lamda, what part of
the nation are you looking at?
Northeast. I actually spoke with the financial executive recruiting manager for Citi's regional office here. She went over the ins and outs. You are right, the FE is very limited in what they can offer.
I cant imagine cutting your teeth on a 21% payout. That sucks and you will be in the poor house for a very long time. You should average around 30%(most banks).
You should be asking questions like how many referrals will i get? what are the quality of those referrals? Are there bonus opportunties? Whats the deposit base of the branch you will be in? those are just a few questions.
make sure to check out the commission gird against other banks rr's. Are you close to Fairlawn NJ? There is a bank opening there!
The good thing about Citibank's program compared to other banks, is that the bankers only get credit for booked referrals. With this structure, hopefully, the bankers can offer better prospects and not just send you anybody with a pulse for credit.
What kind of credit do the bankers get for the referral?
Indytwo, the bankers at citibank have referral goals that they need to make per quarter inorder to receive bonus payout--this was the credit that I was talking about. In addition, any booked referral given from a banker is split 20/80. A little $$ motivation to refer to the FE instead of offering the customer tradtional banking products.
DO not pay attention to the payout look at the volume. I have a friend who works for a bank and his payout is 20% but he gets paid on everything his team does at 5 branches. They average 80K a month. do the math