Bank Brokerage

or Register to post new content in the forum

 

Comments

  • Allowed HTML tags: <em> <strong> <blockquote> <br> <p>

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.
Nov 25, 2007 9:40 am

I'm in the process of doing my business plan and being new to the bank brokerage environment, don't have a sense what is usual in these regards:

 
1)  What percentage of business should come from the bank staff - BMs, ABMs, Commercial Lending, Residential Lending, Tellers, CSRs and Personal Bankers?  Does the bank usually have goals for these people as to # of referrals? 
 
2)  What access to the bank clients is it usual for the brokerage rep to have through lists of names and phone #s for calls or mailings?
 
3)  What marketing support does a bank usually provide for seminars, mailings, advertising, and how often is it done - i.e., they will pay for one seminar a year, others you are on your own?  If the bank spends a ton of $ on advertising for the retail side, should the same be expected on the brokerage side?
 
4)  What other marketing does the bank usually provide - ie brokerage statement stuffers in client statements, bank newsletters to clients where rep has a column, etc?
 
5)  Any restrictions on referring bank clients to COIs outsdie the bank (i.e., to a non-Trustee attorney or CPA?)
 
6)  Are expenses mostly paid for - i.e., software like Morningstar Principia, travel to/from branches, membership dues for local Chambers?
 
I know that every bank is different, just trying to get a sense of what most people's situations are so I have something to work with.  This is not a large bank program like BOA, but a small community bank, with large deposit base.
 
Nov 25, 2007 11:04 am

I'm sorry, but these are INTERVIEW questions to ask BEFORE you take a job, not after.

 
Talk to whoever hired you to get the answers to these questions, THEN come up with your business plan.
Nov 25, 2007 2:26 pm

skippy's exactly right, however...



There's a wealth of information in the search button in the top right of the screen. All of these questions and more have been answered several times in different ways over the years. Good luck!

Nov 25, 2007 6:00 pm
skippy:

I'm sorry, but these are INTERVIEW questions to ask BEFORE you take a job, not after.

 
Talk to whoever hired you to get the answers to these questions, THEN come up with your business plan.



It's pretty amazing that someone would take a job without knowing the answers to at least half of those questions first....

Nov 25, 2007 6:54 pm

I have the answers, I am asking what is usual in other bank programs people are in.

 
 
Nov 26, 2007 6:54 am
newrookie:

I'm in the process of doing my business plan and being new to the bank brokerage environment, don't have a sense what is usual in these regards:

 
1)  What percentage of business should come from the bank staff - BMs, ABMs, Commercial Lending, Residential Lending, Tellers, CSRs and Personal Bankers?  Does the bank usually have goals for these people as to # of referrals? As much as you can get - 100% if possible. It depends entirely on your RELATIONSHIPS with the bank powers that be.
 
2)  What access to the bank clients is it usual for the brokerage rep to have through lists of names and phone #s for calls or mailings?  In my case...I have unlimited access to all bank client deposit, lending and CD data. That's the way it should be.
 
3)  What marketing support does a bank usually provide for seminars, mailings, advertising, and how often is it done - i.e., they will pay for one seminar a year, others you are on your own?  If the bank spends a ton of $ on advertising for the retail side, should the same be expected on the brokerage side? Hopefully as others have said...you already negotiated this point because in a bank, it impossible to get them to give you marketing dollars after the fact for financial. But I get a generous monthly mailing, and a monthly seminar if i can keep up...which is really a challenge.
 
4)  What other marketing does the bank usually provide - ie brokerage statement stuffers in client statements, bank newsletters to clients where rep has a column, etc?
 Yes there are quarterly monthly statement stuffers advertising whatever product I choose to market and I receive room to place an article in the quarterly newsletter...Pretty common.
 
5)  Any restrictions on referring bank clients to COIs outsdie the bank (i.e., to a non-Trustee attorney or CPA?) No.
 
6)  Are expenses mostly paid for - i.e., software like Morningstar Principia, travel to/from branches, membership dues for local Chambers? Yes.
 
I know that every bank is different, just trying to get a sense of what most people's situations are so I have something to work with.  This is not a large bank program like BOA, but a small community bank, with large deposit base.
 
Traditional bankers don't understand our business. The farther you can keep them away from your business while at the same time getting them to support your department (financially and politically)...the better off you'll be in the long run.
Nov 26, 2007 8:21 pm

Thanks Charlie Brown.  Just what I was looking for.


Yes, I did negotiate marketing support and other support, and they have been very generous with whatever I need.


Our B/D nixed the sharing of account lists (the bank to the Rep) saying it violates Gramm-Bliely.  How did you get around that?


Nov 27, 2007 3:50 pm
newrookie:

Thanks Charlie Brown.  Just what I was looking for.


Yes, I did negotiate marketing support and other support, and they have been very generous with whatever I need.


Our B/D nixed the sharing of account lists (the bank to the Rep) saying it violates Gramm-Bliely.  How did you get around that?


 
Sounds to me like you may need to find a new B/D. It should be NONE of their concern where you get the clients from that are fueling the tickets that you are dropping for them to proccess.  What (ass) B/D is this???
Nov 27, 2007 4:07 pm
Charlie Brown:

[quote=newrookie]

Thanks Charlie Brown.  Just what I was looking for.


Yes, I did negotiate marketing support and other support, and they have been very generous with whatever I need.


Our B/D nixed the sharing of account lists (the bank to the Rep) saying it violates Gramm-Bliely.  How did you get around that?



 
I don't think that this is correct.  If it is, then most banks (including mine) are in violation.