Start at a bank?

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Apr 13, 2010 12:08 pm

Long time reader of these forums, but never post anything.

I have read NUMEROUS times on here people stating to start your career in this industry at a bank.  To learn the ropes, build relationships, then go to a firm or Indy.  My question then is, how does one go about finding a bank job for a newbie?  I ask this because some banks require you avg $250+ per yr as an advisor before even applying. 

Any information or ideas would be greatly appreciated.

Apr 13, 2010 1:09 pm

You start green as grass at the bank and no one teaches or guides you and you invest clients money.

What is the difference between you and any do it your self investor?  ( so you have the seven big deal)

You learn by blowing up the banks clients

Sorry but I say good for the banks on not hiring rookies.

Find a mentor!

Apr 13, 2010 1:26 pm

Why not market yourself as a licensed assistant?  Learn the ropes under a successful bank broker and step into his/her place when he/she goes independent (or go indy with him/her).

Greenbacks makes a valid point.  It is probably safer for you and your prospects that you start under the supervision of someone more seasoned.

Apr 13, 2010 2:19 pm

Indyone,

I understand why you feel someone should get a job as a licensed assistant at a bank vs trying to find a job as an advisor.  That makes a lot of sense for someone with little experience like myself.  I was a finance major, have relatives in the industry, and have been recruited by a few firms.  I really like Ed Jones as a company, but don't think I can door knock for 1-3 yrs. I am by no means dissing anyone who has or is doing it.  Just don't feel it's for me.

Greenbacks, where are you located?  I'm looking for a mentor  :)

Apr 13, 2010 6:35 pm

Most banks have two levels.  First is the personal or licensed banker, usually 6/63 and they will often hire non-licensed.  Second is the Financial Advisor, usually 7/65 or 66, two to three years of experience and yes that includes the productions numbers you are giving.  To someone new into the industry it all means start out as the banker, put your time in, one to two years and then transition to the advisor.  Work that for another couple of years and then you know the business.

If you can  pull it off, try and get hired as a banker into a branch with a top advisor and they will mentor you. 

My only caveat starting in a bank, is that you will learn how to sell and learn the products, but you will not really learn to  prospect, although that is changing fast too.

Best of luck.

Apr 20, 2010 12:05 am

I am not sure why people always tell others to start off in a bank when you are right, any decent bank platform requires experience as an FA.  Though they say 250K gross trailing 12, they would probably take you on with half that from a wire or Jones.  Like others have said, starting as a licensed banker is a good way to go, though even that sometimes requires sales experience.  Many bankers get stuck in that role much longer than 1-2 years with promises of becoming an FA, make sure if you start in that direction you stay on top of them about moving to the FA role if you have success.  Like Roxie said, learn from the FA while you are a banker.  Find out what they do well and what their weaknesses are to avoid.