Making a move via recruiter

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Sep 16, 2009 12:38 am

Okay guys - the topic currently on my mind - Being recruited. I'm a bank rep and have been for the last two years. I cover one small branch in a small but affluent community. The investment book is small - approximately 20MM of which, almost exactly half is in some type of annuity product in the latter stages of surrender. The rest of the assets are in various funds and etfs. Branch deposits are decent - around 80 million (although this does include the investment book). Primarily because of location (outskirts of town/on the way into town), this branch has the least amount of foot traffic/deposits compared to other banks in this community. My first year end production number was 277,000. This year it looks like I'll finish just shy of 300,000 - figure any where from 295-297,000 - including trails based on my projection.


I've recv'd calls in the past from recruiters but for various reasons (buying a house, having a baby, etc) I didn't think it was the right time to even consider a move. But now that things have settled at home, and the clients who are seemingly my own have been identified, I decided that I would listen next time a recruiter calls.
 
I've worked as an assistant in a wirehouse during college. Although eventually I wouldn't mind one day joining a wirehouse, I currently intend on staying in the bank channel.
 
So for those who've been around the block on this topic, tell me about the process and what to expect. Specifically:
1. Are my production numbers based on years of experience and AUM good enough to be pursued by other firms?
 
2. Assuming the answer to #1 is yes, what % of my assets would be expected to be moved over if I did leave? 100% would be great but we all know that is doubtful. What is typical?
 
3. How does leaving one firm and going to another work in terms of the non-compete clause?
 
4. How cautious should I be about the recruiter that approaches me? Are these guys dirt bags just looking to make a buck and relatively useless or do they earn their pay and are worth utilizing?
 
5. What questions should I absolutely not forget to ask the recruiter about the prospective opportunity?
 
I don't expect anything will happen as I close out 09, but maybe around 2nd quarter? I'll keep you posted if anything occurs but in the meantime I appreciate your insight and answers to these questions. 
Sep 17, 2009 6:51 pm

Really? 84 views but no replies? C'mon surely someone here has been approached by a recruiter to join another firm. So share your experience please.

Sep 17, 2009 7:50 pm

bump, wtf!

Sep 17, 2009 8:10 pm

I'm sorry I can't contribute, but I'm sure Ron would agree with me, I think those are some very attractive numbers for a bank program. Very few at the bank I came from posted those types of numbers in their first couple of years.


Good Luck!
 
Actually one bit of advice that is quite obvious- Don't go with a bank whose survival has been questioned. The last thing you want to be doing is explaining again and again how the bank most definitely won't fail because they have the highest capital rating in their peer group, all the while the stock is worth about 5% of it's 52 week high. It makes for a very stressful environment that is not conducive to selling.
 
Oh, and I would guess you probably have a one year non-compete clause. When I left  Chase, I received a couple of letters threatening me as I moved clients. It made me back off for a while. (I never signed a non-compete, it was actually part of the incentive plan. If you accepted a bonus, that was your acceptance of the non-compete clause as well.)
Sep 17, 2009 8:45 pm

Hmmm

 
I wish I understood more about a bank rep.  It doesn't seem that we really have them here in New England (or at least Western Massachusetts).  Or maybe I just didn't notice?  Do these people sit with mortage loan officers, etc, outside of the teller line?  I also looked for jobs like this, but the only advisor jobs around here are with wire houses.
 
Exactly how do you find a bank rep job?  What is the title? In-branch FA or something?
 
Thanks
Sep 17, 2009 8:56 pm
Ron 14:

bump, wtf!



Both of u are retards.  This is the rookie forum.  How many rookies have been recruited by a head hunter?  Go ask in another section tool sheds.

Sep 17, 2009 10:10 pm
MsBroker:

I'm sorry I can't contribute, but I'm sure Ron would agree with me, I think those are some very attractive numbers for a bank program. Very few at the bank I came from posted those types of numbers in their first couple of years.


Good Luck!
 
Actually one bit of advice that is quite obvious- Don't go with a bank whose survival has been questioned. The last thing you want to be doing is explaining again and again how the bank most definitely won't fail because they have the highest capital rating in their peer group, all the while the stock is worth about 5% of it's 52 week high. It makes for a very stressful environment that is not conducive to selling.
 
Oh, and I would guess you probably have a one year non-compete clause. When I left  Chase, I received a couple of letters threatening me as I moved clients. It made me back off for a while. (I never signed a non-compete, it was actually part of the incentive plan. If you accepted a bonus, that was your acceptance of the non-compete clause as well.)
 
You left Chase to doorknock at EJ. Wow. Why ?
Sep 18, 2009 1:14 am
hotair1:
Ron 14:

bump, wtf!



Both of u are retards.  This is the rookie forum.  How many rookies have been recruited by a head hunter?  Go ask in another section tool sheds.

 
I've seen far less relevant topics posted throughout different this board. But whatever, please go view my new thread http://forums.registeredrep.com/forumposts.asp?TID=9858
Sep 18, 2009 10:27 am
Ron 14:
MsBroker:
Oh, and I would guess you probably have a one year non-compete clause. When I left  Chase, I received a couple of letters threatening me as I moved clients. It made me back off for a while. (I never signed a non-compete, it was actually part of the incentive plan. If you accepted a bonus, that was your acceptance of the non-compete clause as well.)
 
You left Chase to doorknock at EJ. Wow. Why ?



Yeah! What Ron14 said...