Bank Payout What do you think of this?

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Feb 7, 2011 7:04 pm

Would you take this offer?

Base Salary: $27,500

0 to $10,000 15% net

10 to 20K  20% net

20 to 30 k  23% net

30 to 40 k  25% net

40 to 50 k 27% net

50 and over 30%

company cell phone, misc expenses, health insurance, auto expense, dental, life insurance, disability,

Considering this offer and the payout is making me choke after being indy. 

Let her rip.

Feb 8, 2011 12:06 am

Is the base salary an actual salary or a draw?  If it's a draw, then the grid is horrible.  If, it's a salary, then I'll need to break out the calculator to determine whether it's a good deal or not.  What is the size of this bank?  I'd also be concerned with the deposit base, number of branches, bank referral incentives, etc.

Feb 8, 2011 12:09 am

Sounds incredibly low.  What is the production running out of the branch?

Feb 8, 2011 8:42 am

[quote=BACFA]

Is the base salary an actual salary or a draw?  If it's a draw, then the grid is horrible.  If, it's a salary, then I'll need to break out the calculator to determine whether it's a good deal or not.  What is the size of this bank?  I'd also be concerned with the deposit base, number of branches, bank referral incentives, etc.

[/quote]

Thanks for your message.  It is an actual salary.  The deposit base is over $700 million.  They have one other advisor.

Feb 8, 2011 11:40 am

Mabe, is that after the B/D haircut, or before? Any special payout for the clients you will be bringing with you? How helpful will the bank be in providing "professional introductions/referrals", how many locations will you serve/mileage radius, how nice/evil is the management, what are the employment contract provisions, and how much do you "reasonably" expect to be able to produce in the first couple years? Some legit questions... In the past, I worked at a regional medium sized bank, then later I worked with a beheamoth bank, so maybe I can share some of my experience to help you out. 

Feb 9, 2011 8:41 am

[quote=BigFirepower]

Mabe, is that after the B/D haircut, or before? Any special payout for the clients you will be bringing with you? How helpful will the bank be in providing "professional introductions/referrals", how many locations will you serve/mileage radius, how nice/evil is the management, what are the employment contract provisions, and how much do you "reasonably" expect to be able to produce in the first couple years? Some legit questions... In the past, I worked at a regional medium sized bank, then later I worked with a beheamoth bank, so maybe I can share some of my experience to help you out. 

[/quote]

Thanks excellent questions.  They want me more right now then I want them.  I don't want to screw it up, but I owe it to myself and my family to get better information.

Feb 9, 2011 11:14 am

If at all possible, negotiate terms regarding the employment contract. If the bank is bought out, sold off, or otherwise turned upside down, make sure to have an out that would at least allow you to live by Protocol standards. Since that kind of event would screw existing management, they might go for that. History would show that every so many years, a merger or whatever happens. Use the fact that they are very interested in you, as a little bit of leverage, without over doing things. The initial comp plan you showed, isn't all that rewarding at the top end, and careful negotiation could probably get you a bit more for production over 40k per month. Good luck, sounds like you might have a good opportunity in front of you.