Best Bank Platform

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Aug 27, 2006 11:29 am

What's the best bank platform out there - meaning, a base salary, good payout, not corporate crap, realistic goals, and a true referral system in place.


Friend of mine likes BOA - others tell me it is "too corporate" and "wire-house" like and they will be shoving proprietary crap down your throat left and right.




Aug 27, 2006 1:24 pm

There is no such animal.

Aug 27, 2006 2:52 pm

boa is the worst bank program out there.

Aug 27, 2006 3:04 pm
meme:

boa is the worst bank program out there.


Unless you've worked for all other bank programs how in the world can you know that?


Aug 27, 2006 3:06 pm

Because real live brokers actually talk to each other.  I realize you don't have any recent experience in this arena, but that's the way it is.

Aug 27, 2006 7:06 pm

I am in a bank, I like it.

Aug 27, 2006 10:42 pm

The best bank program is the bank program that hires an investment industry executive to run it, and the bankers (who haven't a clue about investment programs anyway) leave it the hell alone!

Aug 28, 2006 8:12 am

Again, no such animal.

Aug 28, 2006 1:32 pm
Indyone:

The best bank program is the bank program that hires an investment industry executive to run it, and the bankers (who haven't a clue about investment programs anyway) leave it the hell alone!


Funny, that's what Bank of America did with a Morgan Stanley executive.  Didn't work out by the looks of it.

Aug 28, 2006 1:40 pm

I like my indy bank program, it just too bad I have to move. We clear through Primevest which is not that great, but they leave me alone.

Aug 28, 2006 3:05 pm
dude:
Indyone:

The best bank program is the bank program that hires an investment industry executive to run it, and the bankers (who haven't a clue about investment programs anyway) leave it the hell alone!

Funny, that's what Bank of America did with a Morgan Stanley executive.  Didn't work out by the looks of it.


I can't answer to that, Dude...I'm sure it's still possible to have such a program go sour, but if you put people in place that understand the industry, and keep the bankers' hands off, I believe you at least have a fighting chance of having a good bank program.  It's also possible that the bankers at BoA are monkeying with things behind the scenes.  I've yet to hear of a good bank program that has career bankers actively managing it.

Aug 28, 2006 3:18 pm

Just an observation, I've never met a happy bank broker from a national bank.  However, I know several dozen happy bank brokers who work at small community or regional banks.

Aug 28, 2006 3:55 pm
Indyone:

The best bank program is the bank program that hires an investment industry executive to run it, and the bankers (who haven't a clue about investment programs anyway) leave it the hell alone!




You are more likely to see this at small, regional banks.

I've helped a lot of FAs from large, disfunctional banks move up to better environments.  They often complain about how the bank looks on them as a cost-center; and that the organization, bureaucracy and pay grids are in constant flux. 

I've also helped a few unhappy small-bank FAs move up to a wirehouse.  Many of them talk about "the good old days" before a merger or reorg or executive departure ruined everything.

I wouldn't go so far as to say that ALL banks are bad.  But there seem to be a lot of unhappy bank FAs on the market these days.


Aug 28, 2006 4:06 pm

I have the opinion that bank brokers are essentially lazy, which is why they choose to follow the bank channel in the first place.


The national banks are going to set higher standards of performance than the smaller banks, credit unions and other forms of thrifts that are competing in the market.


As a result the lazy brokers feel far more "pressure" to perform at the large banks which makes them whine more than the lazy brokers who are feeling less pressure in the lesser demanding environment.


Of course I'm opinionated and not everybody agrees with me.

Aug 28, 2006 7:02 pm
NASD Newbie:

I have the opinion that bank brokers are essentially lazy, which is why they choose to follow the bank channel in the first place.



The national banks are going to set higher standards of performance than the smaller banks, credit unions and other forms of thrifts that are competing in the market.



As a result the lazy brokers feel far more "pressure" to perform at the large banks which makes them whine more than the lazy brokers who are feeling less pressure in the lesser demanding environment.



Of course I'm opinionated and not everybody agrees with me.





Lazy or smart? I have no goals, but my production is higher than ever. Some execs just get it, hire somebody who is motivated and leave them alone.

Aug 28, 2006 7:07 pm
bankrep1:


Lazy or smart? I have no goals, but my production is higher than ever. Some execs just get it, hire somebody who is motivated and leave them alone.



Mark my words, sloth, a day will come--within ten years--when the bank will terminate your relationship with them.  They are already examining the true value of having you around and determining if you cannot be replaced by well designed statement stuffers and an 800 number.

Aug 28, 2006 7:13 pm

Putsy, just because you had no value to the financial world (or any other world for that matter) how does it follow that no one else brings anything to the game?  Face facts...you were nothing but the water boy, and not a good one at that if your thoughts shared here are any indication.

Aug 28, 2006 7:41 pm
bankrep1:
NASD Newbie:

I have the opinion that bank brokers are essentially lazy, which is why they choose to follow the bank channel in the first place.



The national banks are going to set higher standards of performance than the smaller banks, credit unions and other forms of thrifts that are competing in the market.



As a result the lazy brokers feel far more "pressure" to perform at the large banks which makes them whine more than the lazy brokers who are feeling less pressure in the lesser demanding environment.



Of course I'm opinionated and not everybody agrees with me.




Lazy or smart? I have no goals, but my production is higher than ever. Some execs just get it, hire somebody who is motivated and leave them alone.


I don't think you make a lot of money, but let's say that you do...your little bank is going to get tired of paying you so much and replace you with a rookie.

Aug 28, 2006 9:27 pm

Let's see a rookie will do 250K in production. let's say they keep 60% = 150K in their pocket.



Vet does 750K in production 60% = 450K in their pocket



I think any smart banker can understand that math, the problem with most bank programs is the way they were structured, the top reps sold tons of fixed annuities, basically mony stolen from the bank. How do you fix the problem, hence the change in payouts.



If you take a program that is pulling in 90% of their assets from outside money (like mine) and the bank is seeing a nice year over year growth, they are going to leave things alone. They can say isn't Joe broker making too much money, a smart manager knows if he replaces Joe 750K will be 250K next year and explains that is the nature of the industry and if we oust him we loose 200K in profits and the same thing will occur with the new guy we hire.

Aug 28, 2006 10:14 pm

citi has the best bank platform hands down.