Do I want to be a bank broker?

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Jun 14, 2009 7:21 am

I am interviewing for a bank position.  They are just starting up the program with IPI as B/D.  I give mad props to those that have built a book 100% from thier own prospecting, but I am just not interested in doing that at this point. The bank seems like an easier way to build a book.    Anything I need to make sure I ask? Does anyone have an example of an average bank payout grid?

 The banks deposits are 485 million (50/50 retail commercial)
Jun 14, 2009 8:48 am

It's a great place if you want to build a book for a bank. It's a terrible place if you want to build your own book. Since you are lazy, anyway, I would take the bank position. 

Jun 14, 2009 2:49 pm

Definitely have more resources available, but I don't think it is any easier.. The main advantage is that you have thousands of warm prospects with permission to call(as long as you call)..

Jun 14, 2009 6:14 pm

There was a point when it sounded good, day one after 10 hours of cold calling. But now I'm over the hump a bit and knowing the type and quality of people I would actually be an employee of, makes me cringe!.

 
Here is where I see the diff., I am paying a bank for their support (bank/support is an oxymoron) they do not pay me. As a bank broker you are in fact an employee. I think the only reason they keep a broker in a branch is that the bank deposit, where almost ALL of the money is made, becomes stickier when a person has multiple product lines at the same place. That's the way middle and upper management look at the entire brokerage business.
Jun 15, 2009 9:47 pm

Only go to a bank if you want to make money and talk to people who are interested. If you want to annoy people and stalk friends/family go elsewhere.

Jun 16, 2009 4:23 pm
Ron 14:

Only go to a bank if you want to make money and talk to people who are interested. If you want to annoy people and stalk friends/family go elsewhere.

 
This may be the most stupid thing you've ever typed.  Other than your tagline which just proves that you're not as good a salesman as me.  Cause I can.
Jun 16, 2009 4:51 pm

Well we would have to determine what "making a living" means to each of us. There is no doubt you are successful at selling American Funds door to door. Your post on the other thread about using hypos after the fact shows that. Impressive.