My First Full Year

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Aug 22, 2012 11:02 am


I am in my first full year in a community bank brokerage program.  Almost 100% of my clients come from referrals from personal bankers and other bank employees.  Our broker/dealer is RJ.  I inherited about $800k in assets and have grown it to $7.5 million ($3 million fee-based) since I started.  No real big accounts so far so the assets seem to be adding up slowly.  Our fee-based platforms pay nothing upfront, just quarterly trails and I feel like I am getting paid peanuts.  Our deposit base at my branch is $350 million.  I'd like to get my fee-based up to $15 million by the end of 2013 but I need ideas on how to prospect better within the bank, our upper management does not want us cold calling bank customers.  I cold called (I don't consider it cold since they are already bank customers) when I first started and had some success but did make a few bank customers angry that I knew their account information and their rates and that did not go over well with the bank side. 



I try and do almost all fee-based business or C-share mutual funds.  I have done a few VAs but do not recommend them very often.  I will unlikely do even 100k GDC for 2012, but I am expecting my revenue numbers to grow rapidly YOY.  I should have $6 million in fee-based by the end of 2012 if all goes right.  My manager is okay with me building a fee-based book of business, I am only 23 years old. 



Any suggestions from the bank guys on what I can do better to prospect?  I don't like just sitting here waiting for the bankers to bring people over and there are plenty of high net worth customers here that I am having a tough time get a hold of. 

Aug 22, 2012 11:22 am

Dude you sit on your butt in a bank and get fed leads and have a book. Is it your book or the banks book? Count your blessings buddy.

Aug 22, 2012 11:54 am

I'm thankful to have the position I have. I still want to grow my book faster though. I have a good relationship with my clients but at this point I think roughly half of them would stay with the bank over me.

Nov 24, 2013 11:48 am

Just wondered if you could provide an update - how are things going for you at the bank? Is your brokerage focus at odds with the branch manager's conservative CD focus? Are you still getting strong referrals? I am in the same situation and would enjoy hearing your thoughts.

Nov 24, 2013 1:04 pm

I find bank customers that inquire about the bank's brokerage side to be extremely conservative and very aware of fees. Many insist on FDIC coverage and risk free portfolios....hmmm......what's your experience been?