Bank of America Securities
Whats the general consensus on these guys? What are the plusses and minuses? I understand that the private banking division is pushed on relationships above 5 M? Thanks for your help.
Some bank guys will tell you on here, what a wonderful gig it is. From what I have gathered, Banks have there few superstars, that make big dough, and the banks can't really do anything about it. In general, I don't think they want a broker making $400,000 a year. The money branches are locked up, and I think you are more of an employee of the bank, than building your business.
C'mon...someone please tell me how you are any less an employee at a wirehouse than at a bank. You are at both. I signed documents when I was at ML stating loud and clear that I was their employee and my clients were their clients. Hell, I didn't even sign a non-compete here at the bank.
Of course you can take your clients from the bank, just like you can take them from a wirehouse. "Yada yada yada, percentages are lower on average than wirehouses"...that is all crap. The only percentages I care about are the ones that pertain to me.
It's like my buddy at Morgan Stanley who went on this tirade the other night at a bar, saying how wirehouse brokers on avg do so much business, and he never hears about bank brokers doing anything. Yet after 3 years his 10 million dollar book is not growing by any other means than his hard work. I know I was barely scraping by at ML trying to annuitize anything and everything on my $30,000 salary, and here at the bank I did $31, 000 last month gross. Thats over a third of my total salary last year in one month! ML brokers do like 700,000 on avg, right??? Well, that avg never got me a single $ more in compensation.
Not to mention, as an employee of the bank I am reimbursed for all expenses I don't put on my expense account, 48.5 cents per mile I drive, and they pay my health insurance. I did an expensive seminar last month ($1600), wholesalers picked up half, the program picked up the rest. I paid zero out of pocket. None of that at a wire. If you're going to be an employee, at least get some benefits.
Don't tell me the "intrinsic" benefits of being around big hitters in a wirehouse. They have no time for a newbie.
I have heard about the new Wealth Management system at ML from my friends there. Awesome. I know ML has the best technology. But I traded (and would again) all that glitzy technology and random structured products (going long on the rubble and short on the yen, whatever) that 1 percent of the investment community wants, for the opportunity to get in front of substantial money day in and day out on a favorable basis.
One day I will make a move. If it's back to ML or independent, my clients will come with me. In the mean time, I'll work hard and enjoy not cold calling. My 2 cents.
Just curious, It sounds like things at the bank are going well. Why would you want to move again?
My manager is going to Wells Fargo, as a Regional Sales Manager. It sounds like a pretty good gig, and would not mind working under him there. I don't know anything about how the bank channel works I guess. I hear so many pros, and a ton of cons.
I won't move brokerages anytime soon. If I made a move it would be with a substantial book (at LEAST 50 million) either back to ML for a big fat check and some perks, or indy. The only thing about indy is that I would miss the interaction with collegues and I don't really know if I want all that goes along with running an entire office myself (paying the bills, being my own tech guy, the list goes on).
As far as Wells Fargo, they have very little presence here in the Southeast, except some lending. No branches I am aware of anyway. Therefore, I know very little about them, but I have heard they are an exceptional bank, and that may be true of their brokerage as well.
I have to echo what BANKFC said.
I have been annuitizing almost everything in my first full year in the biz. I am on track for about 200k gross this year. I am just glad my firm recognizes the value of managed money and is paying me a fair upfront to bring in the business.
As my trails begin to kick in I am projecting those numbers to grow rather quickly.
The most important aspect is that I feel I am doing the right thing for my clients, my firm and for myself.
Your plan to build up a book in the bank and move is a good one,
although your "big fat check" comment we could do without.
Non-the-less, it is very easy to build fast at the bank, but the onus
is on you to take them from bank customers to your clients, if your
plan is to move them.
How do you do that?
You give them valuable input through regular reviews, compelling
product solutions, and thoughtful opinions, and performance. This
is difficult in your seat. Many of these customers have been
loyal to the service rep in the branch for 10 times as long as
they have known you. When you leave and askt them to leave the
bank you find just how important they felt you were. I would say
if you do real well, you may get 1/3 of your book to transfer, about
60% of your very best clients.
It is a steep curve at first but it flattens out. Your build fast
and get a little euphoric with all of the business and prospects.
But in time, a quality advisor recognizes the converyor belt of product
that is called a bank program does not serve the clients and the
advisors best. There are beter platforms to run a business.
But in time, a quality advisor recognizes the converyor belt of product that is called a bank program does not serve the clients and the advisors best. There are beter platforms to run a business.
Wondering what you mean by "conveyor belt of product." Also, what bank were you at and how long did you work there before leaving?
I am just starting a bank program and am happy for now, but I think we all dream of going Indy someday.
When you go out to meet a prospect and you put in your briefcase a V.A.
kit, and asset allocation mutual fund sales kit, and a fixed annuity
kit, knowing the prospects signature will be on the bottom of one of
those three items as you leave her kitchen table...you will have been
on the conveor belt.
I do not want to say what bank I was with. I was there for several years and was a manager as well before I left.
BankFC - if you were previously with ML, don't you have to wait a certain amount of time before you can move for your big fat check? Additionally, when I recruited for ML, MWD and now with SSB, they all echo the same theme - a bank rep that is recruited will be expected to only bring 50% of their assets and production because the bank says they will not try to captivate them, but, we have found out that they do indeed.
I appreciate your insight as someone who has been where I may be going. I feel that I do well by my clients with what I have (which is enough, i.e. my first post) and I, as you advise, do give quality service and allocate as best I can to position them to get good returns.
P.S. With all respect, I don't apologize for my "big fat check" comment. This is a business, and if I went back to ML with a book, I WOULD expect a check. No one is being hurt by that, and again with all due respect, I highly doubt you came over for free from the bank.
Ok, so what are you asking? Do I have a specific amount of time before returning to ML? I don't know. I have no desire to return to ML now or anytime in the near future. I'm looking at least five years out. I may not go back there. I may go independent. Why are you even asking this???
In regard to your second comment...okay. Did you read my first post? I don't care what avg percentages are. If I did, I wouldn't have gotten into this business in the first place, now would I?
But since I will entertain your post, I'd imagine that the reason most bank brokers in the past only brought over 1/2 their book or whatever would have been because a good majority of those assets were made up of unprofitable, low balance accounts that they were forced to take on as a service of the bank. Why would you take those??? Obviously some would stay, but I don't think it's as big an issue as you think. Furthermore, this isn't an issue so much in my personal situation because householods below $50,000 go to the platform, and I take over from there.
I wish it would stop raining.
P.S. With all respect, I don't apologize for my "big fat
check" comment. This is a business, and if I went back to ML with
a book, I WOULD expect a check. No one is being hurt by
that, and again with all due respect, I highly doubt you came over for
free from the bank.
Fair enough- I was paid.
BankFC - I was just wondering about Merrill and the status of an FC that comes back. Your previous comment said you may go back to Merrill (more than likely a hypothetical at this point). Most wires have a policy that you cannot come back in less than 10 years and you cannot receive an up-front, period. I was simply wondering if Merrill had a separate policy.
If there is a stated policy, I am unaware of it. However, policies and reality aren't always the same.
I am absoulutely aware (it happened in my ML office) of a million dollar production team that left our ML office about 5 or so years ago, went to another big wire here in town, and came back this year. They DEFINITELY got paid...
It was fun to see the Transition Team come up from Jacksonville and ACAT all that money. Actually brought some life into an otherwise dull office for awhile.
It's up to the manager what he wants to do, its their franchise, with recruiting the way it is today they will find a way to hire you if they want to. Show me the money!
It was fun to see the Transition Team come up from
Jacksonville and ACAT all that money. Actually brought some life
into an otherwise dull office for awhile.
When I went to ML from the bank, ML brought in a transition team and it
was bazarro world to me. I met with 100 clients in 2 months and
barely touched a transfer document. It did bring some life around
the office at that time. Unfortunately that buz wore off and I
had to get to work building a business.
I believe the transitions teams are no longer legal because of the new protocal.