Why not become a bank rep?
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Norway401,
I am angry with Chase bank. It is impersonal and will suck you dry. As far as making it in the business, I am over my goals and am on pace. That is not the problem. The problem is management, the structure, and the payouts. It is so big you will only get the runaroud.
The environment DOES make a difference in where one will be happy. I am saying the brokerage and the bank are both hard work. The rewards, freedom, ahd payouts are greatest with the independent quality brokers.
Norway who do you work for/with?
Ron, you are doing the right thing, stay the course!
That is my only point to her. Her suggestions that only Connected People , Captain of Football Team , Inherited Books of Business etc. are the only way to make it …is just plain wrong. What is going to change for her going to her perceived Perfect Situation? She has what to offer
[quote=Borker Boy]I met a guy the other day who is independent with LPL but has offices in about six different branches of the same credit union.
He and a partner cover the branches, and he said compared to brokerage life, this is cake. Is anyone familiar with this setup?[/quote] Yeah, I've heard of it and it's the only way I'd look at a bank. There is at least one contributor on this board that's doing just that, but I'll let that person speak for themselves. A common way for an independent to do this in a bank is to set up a separate rep number for bank referrals where the bank gets perhaps 20% of the gross for sending the business and providing space. The exact details and what else the bank provides varies by location, but the reps run their own corporations, partnerships or schedule C businesses. Obviously, the bank benefits from the commission splits and some cross business as rep clients are likely to bank at the same place for convenience sake. The big thing that would need to be worked out in advance is what happens if the rep wants to move out and set up their own shop. My assumption is that the commission sharing for referred clients would go on for a set amount of time after the rep leaves.You have to admit that it is easier if you are well connected. At least the first 3-4 years. Every guy/gal in my area who is off the charts is well connected. At year 10 its all a wash, but the hard part is the first 4 yrs and if you have some people who can boost your biz early on it takes the stress off.
Is it true that you have quotas at banks? Like you HAVE to sell so many annuities, mutual funds, etc?
That would be the deal breaker for me.[quote=vbrainy]Is it true that you have quotas at banks? Like you HAVE to sell so many annuities, mutual funds, etc?
That would be the deal breaker for me.[/quote]It's a deal breaker for all low producers.
At my bank we do have quotas. But the quotas are not product specific. Must meet a minimum GDC.
I just met a bank broker that did 17K gross in her first year. That’s right. 17K. She’s salaried. No wonder.
[quote=Borker Boy]I met a guy the other day who is independent with LPL but has offices in about six different branches of the same credit union.
He and a partner cover the branches, and he said compared to brokerage life, this is cake. Is anyone familiar with this setup?[/quote] I am familiar. You can ask anything you want to....Noggin can you share a few positives and negatives about your arrangement such as
payout ratio? number of leads per month is your product plateform limited? etc..Hello CreditOnion,
The thought process here is about banks. Actually, I only worked for one. So, my reactions art to that one.
You work for a Credit Union. Do you know the difference? If not PM me and we will chat.
Yo Ferris,
What is a Tranny? Tranmission, transvesite, transferal, trans…
Good Grief…
Like me, don’t you work?
It’s amazing we get anything done being on this forum…
I would think a bank would be a good place to start the biggest problem would be training. Like no training, accept what they want you to sell.
That mybe why bank reps have a reputation for selling annuities and bank wap programs. For instance Wells Fargo wrap program?