Best Bank Programs

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Aug 9, 2007 7:07 pm

bank reps, what are your thoughts/experiences with the following banks. payouts, technology, products, etc . thanks! 


wells fargo


wachovia


washington mutual


citibank

Aug 9, 2007 8:11 pm

Dim Weasel, while you're at it, why don't you ask which dog has the best tasting feces?  

Aug 9, 2007 9:08 pm

you just got served

Aug 9, 2007 9:11 pm

You just got served? Are you a teenage rapper, or do you just like them?

Aug 10, 2007 12:05 pm

seriously, does anyone have any input on the original thread topic? I am also curious about other major banks as well, i.e. Compass, Chase, etc...

Aug 10, 2007 12:19 pm

Find a small community bank.  Referrals will be slower, but payout will be better than wires...

Aug 11, 2007 2:25 pm

i worked for suntrust bank in florida for a number of years and it ended up not being a good situation because of poor mgmt. I just started at Fifth Third bank and love it. Look for a bank that has a solid wealth mgmt platform and where investments are a BIG part of the revenue structure for the bank.

Aug 11, 2007 6:48 pm
Vin Diesel:

bank reps, what are your thoughts/experiences with the following banks. payouts, technology, products, etc . thanks! 


wells fargo


wachovia


washington mutual


citibank



Vin, Citibank FA's are now Smith Barney FA's.  Over Memorial Day Weekend the Citibank broker-dealer, Citicorp Investments Services, was merged into Smith Barney's broker dealer, Citigroup Global Markets. 


Basically Smith Barney now has a bank channel.  You can get hired into Smith Barney to work at a traditional branch or work in the bank channel.  Hope that helps answer your question on Citibank at least.

Aug 14, 2007 10:50 pm

Look for a bank program that credits the local branch with any revenue that you do.

Otherwise you will be competing with them for assets.

Also, inquire about the existing book (if any) and what type of lists they might provide. All of this varies based on the program.


Aug 15, 2007 11:17 am

Would you say that a bank based advisor's situation fluctuates most based on the spread of over night rates.  Therefore, if a bank can make more on deposits than it can on fees charged by an inhouse advisor, the tellers push cd's and money markets as opposed to a middle man and annuities. 


How do small community based banks differ from large institutions in this light?

Aug 15, 2007 11:30 am
LEAP:

Would you say that a bank based advisor's situation fluctuates most based on the spread of over night rates.  Therefore, if a bank can make more on deposits than it can on fees charged by an inhouse advisor, the tellers push cd's and money markets as opposed to a middle man and annuities. 


How do small community based banks differ from large institutions in this light?



When banks first moved into the securities industry they were very afraid of canibalizing their own base--leaving them less to lend which is their primary purpose.


What they found was that that did not happen--instead their efforts seemed to attract new money.


By all rights banks should OWN this business, but they don't.  The reason they don't is that they are:


1.  Not really very good at sales


2.  Way too risk adverse--they're afraid of losing bank clients because those bank clients end up losing money in the markets


3.  They tend to promote from within.  A good loan officer does not necessarily morph into a good investment salesperson.

Aug 15, 2007 11:42 am

Does a small community bank depend even more on lending as a primary resource as compared to a large institution or does this vary too much situationally based on the views of the individual bank owner.

Aug 19, 2007 12:55 pm
DAtoo:
LEAP:

Would you say that a bank based advisor's situation fluctuates most based on the spread of over night rates.  Therefore, if a bank can make more on deposits than it can on fees charged by an inhouse advisor, the tellers push cd's and money markets as opposed to a middle man and annuities. 


How do small community based banks differ from large institutions in this light?



When banks first moved into the securities industry they were very afraid of canibalizing their own base--leaving them less to lend which is their primary purpose.


What they found was that that did not happen--instead their efforts seemed to attract new money.


By all rights banks should OWN this business, but they don't.  The reason they don't is that they are:


1.  Not really very good at sales


2.  Way too risk adverse--they're afraid of losing bank clients because those bank clients end up losing money in the markets


3.  They tend to promote from within.  A good loan officer does not necessarily morph into a good investment salesperson.



I don't want to call you stupid, You just don't seem to get it.