Advice on Banks vs.Wirehouse
Have been in the business as an advisor for 1 year. Have series 7, 66, insurance license and have passed CFP coursework, planning to take the exam in November.
Can anyone recommend firms that will hire a rep to work on an experienced team to learn the business for 1-2 years and pay a reasonable salary?
Is any bank or wirehouse particularly known for outstanding advisor training?
Thanks in advance,
Worked at a Credit Union for a bit. Have met bank reps. It’s a revolving door. You call CD lists and try to pick up some low lying fruit. Even a recruiter for banks who writes for a industry publication admits this. I am an old timer. If I mew then what I know now I would learn my craft for a few years and go Indy. Good luck. This industry is not as fun as it once was.
A bank or a credit union is a good place to start, learn how to sell and create some clients – but only if you use it as a steppingstone to becoming independent.
I was wirehouse for 5 years, then on to a big bank (loved it) and now I am independent and contract to credit unions to provide their brokerage services. It has been great for me.
I have been a broker for 25 years, mostly bank brokerage. I found the smaller institutions have been better to work with.