Second Year Gross

or Register to post new content in the forum

52 RepliesJump to last post

 

Comments

  • Allowed HTML tags: <em> <strong> <blockquote> <br> <p>

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.
May 12, 2007 8:44 pm

What is an honestly respectable amount of gross to have done at the end of your second year?  

May 12, 2007 8:46 pm
Diplomaticos:

What is an honestly respectable amount of gross to have done at the end of your second year?  


If you're a bank broker, I'd say about $980,000.

May 12, 2007 9:15 pm
Bobby Hull:
Diplomaticos:

What is an honestly respectable amount of gross to have done at the end of your second year?  


If you're a bank broker, I'd say about $980,000.


While remotely possible if you have great connections I would think 250k is a much more attainable and realistic goal.


Good luck!!!!


scrim

May 12, 2007 10:04 pm
scrim67:
Bobby Hull:
Diplomaticos:

What is an honestly respectable amount of gross to have done at the end of your second year?  


If you're a bank broker, I'd say about $980,000.


While remotely possible if you have great connections I would think 250k is a much more attainable and realistic goal.


Good luck!!!!


scrim



I hear that bank brokers do about 250k every month.

May 12, 2007 10:25 pm
Bobby Hull:
scrim67:
Bobby Hull:
Diplomaticos:

What is an honestly respectable amount of gross to have done at the end of your second year?  


If you're a bank broker, I'd say about $980,000.


While remotely possible if you have great connections I would think 250k is a much more attainable and realistic goal.


Good luck!!!!


scrim



I hear that bank brokers do about 250k every month.


I have actually heard that the best of the best bank brokers can achieve 250k in a great month.   Especially if their trail business is paid quarterly.    To do that every month would be unheard of in my program.  The best of the best do about an average of 100k monthly.


scrim

May 13, 2007 1:41 am
scrim67:
Bobby Hull:
scrim67:
Bobby Hull:

[quote=Diplomaticos]What is an honestly respectable amount of gross to have done at the end of your second year?   [/quote]


If you're a bank broker, I'd say about $980,000.

While remotely possible if you have great connections I would think 250k is a much more attainable and realistic goal.


Good luck!!!!


scrim



I hear that bank brokers do about 250k every month.


I have actually heard that the best of the best bank brokers can achieve 250k in a great month.   Especially if their trail business is paid quarterly.    To do that every month would be unheard of in my program.  The best of the best do about an average of 100k monthly.


scrim



That is the same in my program as well Scrim. 

I'm in my 4th month and have have averaged about $25K.  The number 1 guy in the city did $160k in april. 

May 13, 2007 2:26 am

To clarify, I am talking about 2nd year at a wirehouse i.e. Morgan, Smith Barney, Merrill etc.

I know at MS you have to hit 100k mark your second year you are considered in the top tier of your class.

Any thoughts on second year production at a wirehouse?

May 13, 2007 3:36 am
ChrisB:


That is the same in my program as well Scrim. 

I'm in my 4th month and have have averaged about $25K.  The number 1 guy in the city did $160k in april. 



What?????????????

You're saying that you're in your 4th month of production and you have already done $100k in gross revenues?

Did you start with $30MM in AUM on your first day?

May 13, 2007 3:50 am
Diplomaticos:

To clarify, I am talking about 2nd year at a wirehouse i.e. Morgan, Smith Barney, Merrill etc.

I know at MS you have to hit 100k mark your second year you are considered in the top tier of your class.

Any thoughts on second year production at a wirehouse?



At MS, top tier after 24 months is $180k in revenues and $15MM in AUM.

2nd tier is $125k and $12MM

3rd tier is $75k and $7.5MM

May 13, 2007 8:18 am
ManagedMoney:
ChrisB:


That is the same in my program as well Scrim. 

I'm in my 4th month and have have averaged about $25K.  The number 1 guy in the city did $160k in april. 



What?????????????

You're saying that you're in your 4th month of production and you have already done $100k in gross revenues?

Did you start with $30MM in AUM on your first day?



I think you caught him in a lie.

May 14, 2007 12:33 pm

Fee based or transactional?  They guys who do transactional comission make more, but they can also burn out faster.

May 14, 2007 3:40 pm
Bobby Hull:
Diplomaticos:

What is an honestly respectable amount of gross to have done at the end of your second year?  


If you're a bank broker, I'd say about $980,000.



$980,000 in your second year?  That would be nice.


$200K in your 2nd year at wirehouse would be respectable. It would also depend on your product mix.


May 15, 2007 8:32 pm
ManagedMoney:
Diplomaticos:

To clarify, I am talking about 2nd year at a wirehouse i.e. Morgan, Smith Barney, Merrill etc.

I know at MS you have to hit 100k mark your second year you are considered in the top tier of your class.

Any thoughts on second year production at a wirehouse?



At MS, top tier after 24 months is $180k in revenues and $15MM in AUM.

2nd tier is $125k and $12MM

3rd tier is $75k and $7.5MM


That would be very solid performance, but it would mean that you are actually going to stay in the business. Unfortunately, anyone doing lower than that - their days are numbered....

May 15, 2007 9:27 pm
san fran broker:
ManagedMoney:
Diplomaticos:

To clarify, I am talking about 2nd year at a wirehouse i.e. Morgan, Smith Barney, Merrill etc.

I know at MS you have to hit 100k mark your second year you are considered in the top tier of your class.

Any thoughts on second year production at a wirehouse?



At MS, top tier after 24 months is $180k in revenues and $15MM in AUM.

2nd tier is $125k and $12MM

3rd tier is $75k and $7.5MM


That would be very solid performance, but it would mean that you are actually going to stay in the business. Unfortunately, anyone doing lower than that - their days are numbered....



At MS, anyone at the 3rd tier level is on probation, and they won't be employed for long, unless they get their numbers up to 2nd tier in a hurry.

May 16, 2007 8:24 am

If these numbers are true, why would anyone start at a wirehouse? 2nd year for a bank rep is 225-300K

May 16, 2007 10:45 am
bankrep1:

If these numbers are true, why would anyone start at a wirehouse? 2nd year for a bank rep is 225-300K


Bank,


Your estimates are exactly what I experienced in my second year in a bank program.


There must be some good reasons to start at a wirehouse as compared to a bank.   I would think the key is to find the right fit for each individual.   


Working in a bank it's a trade-off just like anything.   In trade for a "built in audience", referral streams from bank partners, etc.   I have to deal with meetings, bank mentality management, non qualified referrals from partners among other things.


Personally, it was worth it for me not to have to worry about heavy duty, everyday, grind it out prospecting in exchange for some of the annoying bank minituae.


Life is all about balance.


scrim

May 16, 2007 12:31 pm
bankrep1:

If these numbers are true, why would anyone start at a wirehouse? 2nd year for a bank rep is 225-300K


At what payout?


And is that fee based or comission.  I could have easily made $250k in comission my first year, but I am building a fee based business

May 16, 2007 12:45 pm
vbrainy:
bankrep1:

If these numbers are true, why would anyone start at a wirehouse? 2nd year for a bank rep is 225-300K


At what payout?


And is that fee based or comission.  I could have easily made $250k in comission my first year, but I am building a fee based business



30-35%

May 16, 2007 1:33 pm
vbrainy:
bankrep1:

If these numbers are true, why would anyone start at a wirehouse? 2nd year for a bank rep is 225-300K


At what payout?


And is that fee based or comission.  I could have easily made $250k in comission my first year, but I am building a fee based business



Thanks for lying.

May 16, 2007 2:21 pm
Vin Diesel:
vbrainy:

[quote=bankrep1]If these numbers are true, why would anyone start at a wirehouse? 2nd year for a bank rep is 225-300K [/quote]


At what payout?


And is that fee based or comission.  I could have easily made $250k in comission my first year, but I am building a fee based business


30-35%





Wow...those are some expensive leads the tellers are sending over to you!