Working for a bank

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Nov 15, 2006 3:58 pm

I am considering starting out at as an advisor at a local bank brach.
Im just wondering if any body here started out at a bank or is
currently working for one, and what your experience has been.



How do they have you prospecting, how does the salary/commssion split work.



Any help is greatly appreciated.

Nov 15, 2006 4:06 pm

I view the bank platform as a great learning tool to establish a book without hitting the phones or the pavement. However, when it's time to go you will not be able to bring any clients with you unless you have an incredible relationship with them. For the rep who wants to show up and do the 9-4, get an endless supply of referrals and get a 25-30% payout then go for it.


If you want to own your practice and reap the benefits then you need to explore your options.


Nov 15, 2006 5:11 pm

I think that working as a bank broker is pretty good. I know brokers who work for firms and spend about 4 hours a day prospecting, opening 2 accounts in 3 months, where the bank usually provides a book of business and have referrals for you. It is a great way to get started because you have a great support system. The payout is a little bit lower but personally, if you are doing a lot of business, you will be able to make more than an individual broker anyways. Good Luck!

Nov 15, 2006 6:06 pm

This is my first post, however, I've been following off and on for some time. I started out with Edward Jones straight out of college and then moved on to a credit union. I agree with NHrep in that it might be a great place to get your feet wet. You'll most likely have a larger salary with less payout, the problem your going to run into is if you want to leave an take your book of business. Most people are extremely loyal to their bank/credit union. If your just starting in the business and assuming you have a decent resume why not try to get on with ML, MS, or SB.......if all else fails goes with Edward Jones, they have great training, and you'll get plenty of fresh air walking up and down your local city streets! Best of Luck...

Nov 15, 2006 6:32 pm

midwest,



If your their advisor and not an order taker they will follow you after you have been advising them for a couple of years.



I have been in my current institution for 3 1/2 years and am confident it is a good thing long term, however I also have the security of knowing if I ever had to leave, I have a loyal following, obviously a much smaller % than a wirehouse rep switching, but my book is growing at a faster rate so who really cares.

Nov 15, 2006 9:21 pm

what it really comes down to is evaluating your strengths and weaknesses. If you're great at marketing yourself and don't need to rely on bank referrals, go to a wirehouse. If you're willing to take a haircut to delegate the prospecting and marketing to others, a bank might be a good fit.

Nov 15, 2006 9:35 pm

Why did you leave Edward Jones and now advocate that the guy consider joining Jones?


midwest682:

This is my first post, however, I've been following off and on for some time. I started out with Edward Jones straight out of college and then moved on to a credit union. I agree with NHrep in that it might be a great place to get your feet wet. You'll most likely have a larger salary with less payout, the problem your going to run into is if you want to leave an take your book of business. Most people are extremely loyal to their bank/credit union. If your just starting in the business and assuming you have a decent resume why not try to get on with ML, MS, or SB.......if all else fails goes with Edward Jones, they have great training, and you'll get plenty of fresh air walking up and down your local city streets! Best of Luck...

Nov 15, 2006 10:47 pm

If you're great at marketing and pulling in business, the bank will be even better. The only downside is that you may be required to show face time. I have only had one wirehouse experience and they required face time, I do not know about all of them

Nov 16, 2006 9:40 am
RecordGuy:

Why did you leave Edward Jones and now advocate that the guy consider joining Jones?


midwest682:

This is my first post, however, I've been following off and on for some time. I started out with Edward Jones straight out of college and then moved on to a credit union. I agree with NHrep in that it might be a great place to get your feet wet. You'll most likely have a larger salary with less payout, the problem your going to run into is if you want to leave an take your book of business. Most people are extremely loyal to their bank/credit union. If your just starting in the business and assuming you have a decent resume why not try to get on with ML, MS, or SB.......if all else fails goes with Edward Jones, they have great training, and you'll get plenty of fresh air walking up and down your local city streets! Best of Luck...



I suppose I didn't clarify my situation very clearly. I had to rellocate and unfortunately Edward Jones didn't have any oportunities in the area I was moving to. My current job was avaliable and it was a good fit so I accepted it. The reason I mentioned having a solid resume is because I didn't have one coming out of college that would land me a job with the ML's or SB's. I went with Jones and I think it's a great place to get introduced to the business hence my recommendation. I think everyone else gave better advice. If your good at marketing yourself, have a few connections to wealthy individuals, and your comfortable approaching people then go with a larger firm, if unsure, go with a bank and build solid relationships with your clients like bankrep1 has done and i'm trying to do. It's two different roads but you can be successful either way.

Nov 16, 2006 12:26 pm

I have been at ML, then lefy and went to a bank.  At the make you will make more money faster, unless you have great contacts, i.e. are 45 and worked as a comptroller for a major corp.


Otherwise, there is very litle bad about a bank, especially the smaller ones (people on this board do gripe about BAC, which may be true).

Nov 16, 2006 12:45 pm

BankFC - I went to reply to your PM, but your inbox is full.

Nov 16, 2006 1:53 pm

I actually considered joining Jones, but was really turned off about the door knocking.  I just can't picture any professional doing something like that.  How difficult is it to get hired by a bank? 

Nov 16, 2006 2:21 pm
RecordGuy:

I actually considered joining Jones, but was really turned off about the door knocking.  I just can't picture any professional doing something like that.  How difficult is it to get hired by a bank? 


RecordGuy,


I was 22 and just out of college when I was really beating the streets so I guess I really didn't know better. They do a good job training you how to be none threatening. You actually start to believe your just "introducing yourself in the community" and your above the average salesperson. I didn't hate doing it, but I didn't get up everyday excited to do it either. In my area bank/CU jobs open up every so often. Some are better than others. I was lucky to get into a situation where they want me to be here and are happy when I succeed. I actually contacted a recruiter and he took it from there.