What is the breakdown of your day?

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Oct 9, 2009 6:37 pm

I work at a bank so mine is totally different but here goes:


8:30 - show up at the branch


8:45-8:50 - morning huddle


9:00-11:00 - if no meetings in the morning work on admin work (we have to do our own paperwork and being in a bank it gets time consuming)


11:00 - 1:00 - call for appointments


1:00 - 1:20 - lunch (I don't believe in hour long lunches)
 
1:00 - 4:00 - appointments (hopefully three to four)
 
4:00 - close - call for more appointments
 
 
September was my first full month in production, so far I've done about $700k in managed money and roughly $16k in commissions (have two appointments next week, one for 2.4 MM in muni bonds and another for a 4 mm 401k plan). I'm averaging probably 3 and a half appointments a day, but it gets hard to keep that number week after week. I probably average 40-50 calls a day.
 
Can anyone else run me through their day? How many calls and how many appointments are you averaging per day? I feel like I'm not doing enough so I need something to keep me motivated.
Oct 9, 2009 7:58 pm

Royale,

 
If you not BSing, I'd say you're doing pretty well.  I wouldn't change a thing.  What's the deposit base at the branch?  What percentage of your production has been referral from bankers vs. your own generation?
Oct 9, 2009 8:08 pm

I agree. With the paperwork and other BS, banging out 50 dials is impressive at a bank. I would also like to know how many teller transactions at your branch and how many bankers you have.

Oct 9, 2009 8:19 pm

I work at a bank/wire-house so mine is totally different but here goes:


7:00 - show up at the branch/Read about what's going on across the pond/Asia. Scan all the option chains for anomalies and Black Shoals distortions, print lists


8:00 - Suggesting new trades and any profit taking / damage control with larger clients.


9:30 - Take calls & write tickets as fast as I can ..... MAKE $$$$


1:00 - 1:20 - lunch? (I have no lunch. I choke down what's in a brown bag between calls) & MAKE MONEY, I'm never off the phone and the messages are always stacked up.
 
1:00 - 4:00 - Take calls and make $$$. At three I observe the 3:00 Train or Noon Balloon if you are out west and make $$$$$
 
3:40 I see what imbalances there are and ride the wave & make $$$$
 
4:00 - close - Chill, make follow up calls
 
4:30 Go home and study the day and document what I could have done better / study for the CMT.
 
My secretary is AWESOME!!!!! She does ALL the paperwork and non money making activities. When I'm in the groove she brings me water / coffee / whatever as she knows I'm to focused to do anything else. I rarely use the restroom during market hours.
 
I'm kicking off major Alpha at a average Beta around .5
 
I love my job and the market. I've written well over 4,000 tickets year to date.
Oct 9, 2009 8:26 pm

Everything is secondary too MAKING MONEY! I take referral appointments after hours.

Oct 9, 2009 8:54 pm
Royalewitcheese:

I work at a bank so mine is totally different but here goes:


8:30 - show up at the branch


8:45-8:50 - morning huddle


9:00-11:00 - if no meetings in the morning work on admin work (we have to do our own paperwork and being in a bank it gets time consuming)


11:00 - 1:00 - call for appointments


1:00 - 1:20 - lunch (I don't believe in hour long lunches)
 
1:00 - 4:00 - appointments (hopefully three to four)
 
4:00 - close - call for more appointments
 
 
September was my first full month in production, so far I've done about $700k in managed money and roughly $16k in commissions (have two appointments next week, one for 2.4 MM in muni bonds and another for a 4 mm 401k plan). I'm averaging probably 3 and a half appointments a day, but it gets hard to keep that number week after week. I probably average 40-50 calls a day.
 
Can anyone else run me through their day? How many calls and how many appointments are you averaging per day? I feel like I'm not doing enough so I need something to keep me motivated.


 
If you are working 9:00-5:00 in the beginning of your career, expect to make 9:00-5:00 money.  You, however, aren't even working 9:00-5:00.  You are working 11:00-5:00.  If you don't have an appointment or aren't fighting to get one, you are putting in time, but not working.  
Oct 9, 2009 9:12 pm
anonymous:


 
If you are working 9:00-5:00 in the beginning of your career, expect to make 9:00-5:00 money.  You, however, aren't even working 9:00-5:00.  You are working 11:00-5:00.  If you don't have an appointment or aren't fighting to get one, you are putting in time, but not working.  



All we have to do is pull a string and we get the same tired crap out of you.  You ever post anything specific outside of annoying life insurance quotes?

Oct 9, 2009 9:57 pm
hotair1:
anonymous:


 
If you are working 9:00-5:00 in the beginning of your career, expect to make 9:00-5:00 money.  You, however, aren't even working 9:00-5:00.  You are working 11:00-5:00.  If you don't have an appointment or aren't fighting to get one, you are putting in time, but not working.  



All we have to do is pull a string and we get the same tired crap out of you.  You ever post anything specific outside of annoying life insurance quotes?



Don't listen to this guy, anonymous, you're still my favorite author on this board

Oct 9, 2009 10:15 pm
hotair1:
anonymous:


 
If you are working 9:00-5:00 in the beginning of your career, expect to make 9:00-5:00 money.  You, however, aren't even working 9:00-5:00.  You are working 11:00-5:00.  If you don't have an appointment or aren't fighting to get one, you are putting in time, but not working.  



All we have to do is pull a string and we get the same tired crap out of you.  You ever post anything specific outside of annoying life insurance quotes?



 
This is a life insurance quote? 
 
Most people fail out of this industry.  What % of people who show up at 8:30 and don't sell or prospect before 11:00 do you think succeed?
 
Hey, Bondguy, when you were building your practice, how often did you take two hours in the middle of your selling day to do admin work?
Oct 9, 2009 10:25 pm

If the guy is booking 700k a month in managed money it doesn't matter how many hours he works.

Oct 9, 2009 10:49 pm
Ron 14:

If the guy is booking 700k a month in managed money it doesn't matter how many hours he works.



 
He's not booking $700K a month.  He booked $700K for one month.  Ron, do you know guys who are very successful who spend a good chunk of their selling day doing $10/hour work?
 
There doesn't appear to be any correlation between early asset gathering success and long term success.  There does appear to be correlation between work habits and long term success.  I'll put my money on the newby who does admin work at 7:00 over the guy doing it at 11:00.
Oct 10, 2009 9:08 am
anonymous:
Ron 14:

If the guy is booking 700k a month in managed money it doesn't matter how many hours he works.



 
He's not booking $700K a month.  He booked $700K for one month.  Ron, do you know guys who are very successful who spend a good chunk of their selling day doing $10/hour work?
 
There doesn't appear to be any correlation between early asset gathering success and long term success.  There does appear to be correlation between work habits and long term success.  I'll put my money on the newby who does admin work at 7:00 over the guy doing it at 11:00.
 
Unfortunately working at a bank I have to go by the banks hours. I can't be there at 7am, so I have to get there at around 8:30-8:40 after the BM or tellers do the morning walkthrough. Also, we close at 6 and 6:30 on Fridays and it's a rule with the bank that I have to leave when everyone else does.
 
I don't have an assistant so I have to do all of the paperwork, ACAT followups, etc. myself (and at a bank it's a pain). The good thing is, is that appointments come easier, so usually during 9-11 I have two appointments, but on the days I don't I'll try to get all of the BS out of the way so I can set more appointments. Believe me if I could work later I would, that is one of the major drawbacks with the job.
Oct 10, 2009 9:13 am

I have two branches and there has been three FAs in about two years so most of the clients haven't been tapped into. Between the two it's about 100mm in deposits and I have a book of about 10mm.

 
The drawback with the branches not having a consistent FA is the bankers have lost a lot of their motivation for investment referrals and I have to work with them a lot more on a daily basis than I usually would if they had a consistent FA. Still, thought I have gotten four 401k rollovers from them totalling about $5k in production, but all of the managed money has been from my own generation calling my book and trying to get outside assets. I'd say 80% of what I've done is from me doing it myself and 20% is from the banker referrals.
 
I'm not BSing, but I've also gotten pretty lucky as, like I said, these clients haven't been tapped into yet.
Oct 10, 2009 9:17 am
Ron 14:

I agree. With the paperwork and other BS, banging out 50 dials is impressive at a bank. I would also like to know how many teller transactions at your branch and how many bankers you have.

 
I have no idea how many teller transactions between the two branches, but there is quite a bit of walk in traffic, but not enough to where the bankers can't find the opportunities without getting too busy.
 
I have four bankers as of right now (two are struggling, one is great and one is brand new but he has his CFP and wants to become an FA (doesn't have his 7), so I'm definitely excited about him).
 
I worked at a bank previously before I got recruited over to this one, and the paperwork here is 10x easier than at the other bank, not to mention the technology blows the other bank out of the water, which makes it easier for me to call people.
Oct 10, 2009 9:49 am

Royal,  Glad to see you're excited.  It sounds like a great opportuntiy and you sound like a self-starter.  Hope you stay around the board for awhile.  There aren't very many bank reps on here anymore.

Oct 10, 2009 12:06 pm

Anon I understand what you are saying, but the bank world is different. A lot of your normal "prospecting" time is spent coaching bankers and doing paperwork, things most FA's dont have to do. In exchange we benefit from having multiple referral sources and have clients who arent scared off when we approach them because of an existing relationship.

Oct 10, 2009 12:08 pm

Berkshire - The reason there aren't many bank reps on here is because we get bashed relentlessly !!!

Oct 10, 2009 12:17 pm
Ron 14:

Berkshire - The reason there aren't many bank reps on here is because we get bashed relentlessly !!!



To your credit you take it and dish it back out.  We could use some more thick-skinned bank guys.

Oct 10, 2009 1:32 pm
BerkshireBull:

Royal,  Glad to see you're excited.  It sounds like a great opportuntiy and you sound like a self-starter.  Hope you stay around the board for awhile.  There aren't very many bank reps on here anymore.

 
Thanks Berk. I plan on staying for a while because there is so much great information everyone has to share. This is the greatest profession in the world and also the hardest and most stressful. I've only been in the business for four years (3 with ML and 1 with banks) so I definitely have a lot to learn. I'm also the youngest FA in my area (25), but I haven't seen any downside to that (although I'm sure it could be a reason why some of my deals never came into fruition).
Oct 10, 2009 1:36 pm
Ron 14:

Anon I understand what you are saying, but the bank world is different. A lot of your normal "prospecting" time is spent coaching bankers and doing paperwork, things most FA's dont have to do. In exchange we benefit from having multiple referral sources and have clients who arent scared off when we approach them because of an existing relationship.

 
It's also a lot harder to structure your day because you are always getting distracted by various things. I don't have my own office at either of my branches, just an open cubicle type thing that bank customers can walk right up to, and of course they don't mind to disturb you while you try and hammer out calls.