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Aug 27, 2009 5:16 am

I left SB to go to Chase.  You can bring assets over, I brought about 5MM or so.  Basically, the better relationships and those not taking distributions.  Totally different world, though.  Technology is night and day, and we clear through NFS, for better or worse.   Lots of paperwork, somewhat arcane, and armies of compliance people-gets to be a pain in the ass, but, all things considered, it beats the alternative.  There are pluses and minuses to both situations, but again, in this market, who knows which way the wires are going next?  No, I didn’t sell out or fail out.  I hit my 18 month goals on time.  We at SB were LIED to by Citigroup last fall, with all the bulls**t marketing collateral about strength of Citi, being well capitalized, etc.  I found out much later on how close we were to going down. 

MS did scare me a little bit, even though my production was good, I was mindful of their reputation just to call a production number and everyone on the wrong side of the line’s out.  PM me with any questions.

Aug 29, 2009 9:38 am

What are the production goals at a bank?

Aug 29, 2009 7:58 pm

I can’t speak for all programs, but at Chase it’s $20K/Mo.

Aug 29, 2009 8:06 pm

I apologize for a rookie question, but how does $20k equate to in terms of accounts opened/products sold?

  I came from an insurance background. For example if I rollover 100k into an advisory based account, that would be about $1600k inside a 1.6% fee based account? Or if I rollover the account into a variable annuity, that would be $7000k?
Aug 29, 2009 9:23 pm

Chase is going to only pay u 4% on ur fixed and variable annuities for all clients under 75. 3% to age 80. 2% 81-84 1% over 85.

Managed accts are usually going to pay u 1.5% annualized.

A/C shares typical 3-4% and 1%.



Payouts range from 22-35%.



Corporate bull$hit all day everyday. The Super Saturdays blow hard.

Compliance is hellish. It’ll wear u out quickly

Aug 29, 2009 9:52 pm
Ron 14:

Ask Omar. He is doing it right now without a problem. Its like any other firm, if the clients switch “on their own accord” they really can’t come after you.




When you leave, you "announce" where you have gone. If you have great relationships with your clients, they will contact you.

Remember, clients are free to move their money with whoever they want to manage their assets, even though big banks think they own them.
Aug 30, 2009 8:29 am
bluewire:

Chase is going to only pay u 4% on ur fixed and variable annuities for all clients under 75. 3% to age 80. 2% 81-84 1% over 85.
Managed accts are usually going to pay u 1.5% annualized.
A/C shares typical 3-4% and 1%.

Payouts range from 22-35%.

Corporate bull$hit all day everyday. The Super Saturdays blow hard.
Compliance is hellish. It’ll wear u out quickly

  So do I need the 4% payout for annuities and the 1.5% for managed accts? Or does that filter thru the 22-35% grid? Also when they say your goal is 20k/month, is that gross production? or after the filter?
Sep 2, 2009 7:49 am

$20K is gross production.

Example of all the above; ie, you sell:

$100K annuity – pays 4% to grid = $4000 production
$100K A shares MF – pays 4% to grid = $4000 production
$200K C shares MF – pays 1% to grid = $2000 prod

That month you have $10,000 in production.

That # is applied to a grid of payouts, ranging from 22-35%, depending on what range your production falls in.  In order to get the 35%, you have to do $40K+ that month (on avg).  @ the $10K # from the example, you’d get the lowest grid rate…


Sep 2, 2009 6:19 pm

Does anyone know what JP-Chase pays their advisers?

Sep 2, 2009 8:16 pm
NCRR:

Does anyone know what JP-Chase pays their advisers?

  Read the thread you stroke !
Sep 2, 2009 8:19 pm
bluewire:

Chase is going to only pay u 4% on ur fixed and variable annuities for all clients under 75. 3% to age 80. 2% 81-84 1% over 85.
Managed accts are usually going to pay u 1.5% annualized.
A/C shares typical 3-4% and 1%.

Payouts range from 22-35%.

Corporate bull$hit all day everyday. The Super Saturdays blow hard.
Compliance is hellish. It’ll wear u out quickly

  Couldn't agree more !!!! If you let the corporate BS wear you down, like I sometimes do, you will be miserable. The managers are complete robots who lack any original thought. You can't even have an open discussion with them.  
Sep 2, 2009 9:25 pm


Well, I did read the payout numbers, and I think my question was not precise enough- in addition to the commission structure, does anyone know, what if any, salary is paid to JP-Chase advisers?

My understanding is the payouts are lower but the banks pay a base salary as well.

Thank you
Sep 3, 2009 2:13 am

It’s a ‘recoverable draw’, set at $24K/Yr for most states.



If you don’t generate enough production to cover the meager $2K that month, you
get $2K.



If you do enough production then the 1st $2K goes to the draw you’re paid,
anything above is  your additional income.

Sep 3, 2009 2:55 am

It’s been said before but never more true than for a bank rep. If you’re worried about base salary then this biz is not for you. The “salary” is barely existent. Even as an FAA. You might be able to finagle an extra grand of salary/month but you start so low in the “negotiation” that it’s not gonna make a difference.



Sep 3, 2009 1:31 pm

I’d argue that…

  Not saying that base salary is everything.  But I just got hired at MSSB and made sure I was getting the same exact pay as I'm making in my current job.  It had nothing to do with worrying about success, and everything to do with the fact that I am closing on my first house next week.  So I don't think the salary thing is bad for newer reps.   Take Care
Sep 3, 2009 1:50 pm

Ideally you’ll get a nice salary to start but everything I’ve heard and seen is that the salary to start is so menial that you’re going to want to hit the ground running and produce otherwise you’re starving.

but yes - a decent ramp up salary would be preferred.
Sep 3, 2009 2:05 pm

I come from a very strong corporate retirement plan background and someone in this branch office just left that was one of their retirement specialists.  I was in a very good position to negotiate a salary for 30 months that was EXACTLY the same as I am making currently.

  But I do agree that typically salary is minimal.  That is one of the reasons that I went with MSSB, among others over other firms.
May 7, 2011 11:53 pm

quick question, is there any deffered comp at chase?