[quote=Dirk Diggler][quote=BankFC]

Monthly grid:

0 to 10K -  base salary (not much, but enough to cover my expenses)

10k to 20K - 30.% plus base

20k to 30K - 32.5% plus base

30k to 40K - 35% plus base

40k to 50k - 37.5% plus base

50k plus - 40% plus base

I think it is very fair, especially considering the expense account, laptop, 6% nonmatching into 401K, mileage reimbursement (currently 44.5 cents a mile), cell phone, referral fees paid by bank, christmas bonus, health ins paid for completely, etc etc

[/quote]

i get reimbursed 25bps on new money. my laptop cost me $600. 6% of nothing is nothing. so...you drive what? 300 miles/year? cell phone is $50/month. referral fees are illegal. Was your bonus a turkey or a ham? Health insurance is $6,000/year, whoopie. Sounds fair to me. Where do I sign up?

[/quote]

Sorry for my delayed reply...I've actually been working lately...

I drive about 2,100 miles per month (I cover 10 branches, my farthest being nearly 90 miles from my office).  So that's an extra thousand per month reimbursement.

As someone stated, referral fees are not illegal (don't comment on subjects you are ignorant of)...we pay $25 per referral where a customer sits down with me (doesn't have to buy).  I've set a $50,000 minimum with a focus on $100,000 and up.

Christmas bonus was $1,200 and a free turkey, as a matter of fact. 

You give up some payout at a bank in turn for access to the customers and the "team" referral atmosphere (I have both here).

Back to work for me.

[quote=BankFC]As someone stated, referral fees are not illegal (don't comment on subjects you are ignorant of)...we pay $25 per referral where a customer sits down with me (doesn't have to buy).  I've set a $50,000 minimum with a focus on $100,000 and up...[/quote]

I'm with you on the legality of referral fees to unlicensed individuals in general (so long as they are not predicated upon success), but we were always told that we could not pre-qualify individuals by requiring that they had a minimum amount to invest.  If what you are saying is accurate, that would have weeded out 95% of the referrals I got at the bank...and virtually all of the sh*tty ones.

[quote=Indyone]

[quote=BankFC]As someone stated, referral fees are not illegal (don't comment on subjects you are ignorant of)...we pay $25 per referral where a customer sits down with me (doesn't have to buy).  I've set a $50,000 minimum with a focus on $100,000 and up...[/quote]

I'm with you on the legality of referral fees to unlicensed individuals in general (so long as they are not predicated upon success), but we were always told that we could not pre-qualify individuals by requiring that they had a minimum amount to invest.  If what you are saying is accurate, that would have weeded out 95% of the referrals I got at the bank...and virtually all of the sh*tty ones.

[/quote]

It seemed like 95% of the leads were sh*tty when I was at the bank. Tellers just want to fill their quotas to be left alone.

[quote=BankFC][quote=Dirk Diggler][quote=BankFC]

Monthly grid:

0 to 10K -  base salary (not much, but enough to cover my expenses)

10k to 20K - 30.% plus base

20k to 30K - 32.5% plus base

30k to 40K - 35% plus base

40k to 50k - 37.5% plus base

50k plus - 40% plus base

I think it is very fair, especially considering the expense account, laptop, 6% nonmatching into 401K, mileage reimbursement (currently 44.5 cents a mile), cell phone, referral fees paid by bank, christmas bonus, health ins paid for completely, etc etc

[/quote]

i get reimbursed 25bps on new money. my laptop cost me $600. 6% of nothing is nothing. so...you drive what? 300 miles/year? cell phone is $50/month. referral fees are illegal. Was your bonus a turkey or a ham? Health insurance is $6,000/year, whoopie. Sounds fair to me. Where do I sign up?

[/quote]

Sorry for my delayed reply...I've actually been working lately...

I drive about 2,100 miles per month (I cover 10 branches, my farthest being nearly 90 miles from my office).  So that's an extra thousand per month reimbursement.

You're proud of being made whole?

As someone stated, referral fees are not illegal (don't comment on subjects you are ignorant of)...

You're right. I'm ignorant. I'm not used to having bank tellers like Shanaynay Jackson and Alicia Lopez referring people to me.

we pay $25 per referral where a customer sits down with me (doesn't have to buy). 

If I were an $8/hour teller, I'd be excited about getting $25.00. The quality of referrer that I have would not be motivated in the least by that piker amount.  

I've set a $50,000 minimum with a focus on $100,000 and up.

What a big boy! Mine is $500,000. It keeps the riff raff out of my hair.

Christmas bonus was $1,200 and a free turkey, as a matter of fact. 

I thought so.  

You give up some payout at a bank in turn for access to the customers and the "team" referral atmosphere (I have both here).

I'm a little more dynamic and entrepreneurial than that. I'd rather make more money and build MY business, rather than the bank's.

Back to work for me.

Yep. Your manager is watching you. Don't get caught, big boy.

EDWARD JONES INVESTMENTS....PAY OUTS

IR'S.............38% payout (Pay your own postage & 50% phone) Except on Stocks & B & C Shares/MF & Annuities & Insurance reduce by 20% (this goes into general fund)IR'S CAN WIN TWO TRIPS PER YEAR, but IR PAYS TAXES, SO IT ACTUALLY ADDITIONAL INCOME....... 

To run the company...35%  (Salaries for GP's & home Office staff & Branch offices & Profit Sharing/401K etc; & BENEFITS) 

General Partners....keep  15%

Limited Partners... get  4%

Bonus Pool........gets  8% (most goes as insurance to keep top producers)

That's the breakdown............

Dirk,

You are so cool...oh wait, I'm on a message board too, so now I have a $500,000 minimum too now. 

Your "high quality referrers" might not be motivated by $25.00 (I'm humoring you).  If you really were as big a producer as you'd like everyone to think, you'd realize it's not the quality of the referrer, but the quality of the referral that matters.  

The bank pays (for me) to have someone that IS MOTIVATED by $25 AND sees folks cash all day to refer them to me.  Yeah, pretty bad deal for me...

Contempt for others usually denotes jealousy...if you are as big a deal as you want everyone on here to think, great.  I'm happy for you, and I guarantee it has no effect on me.

I work for me...my manager isn't even in the same area code.  BTW, I couldn't ask for a better one.  Just called me yesterday and we were discussing newspaper ads (again, not out of my pocket) and anything else they could do to support me.

Have a great long weekend...hope you pass your 7 soon.

In an effort to actually bring something of value to this forum

As a side note for other bank brokers, as anyone who has been successful in the bank must know...if you rely on tellers to build your business, you are setting yourself up for failure.

Your most frequent and better referrals will (or should) come from lending, both residential (both in-house and secondary lenders) and commercial.  They see their holdings, have a relationship with them, and can be a great asset.

People who think bank brokers just smooze tellers all day either have never been a bank broker, or failed at it.  I made it at the best of the best wirehouse (ML) and I must say I am about twice as happy now, and bringing in more assets.

[quote=BankFC]

Dirk,

You are so cool...oh wait, I'm on a message board too, so now I have a $500,000 minimum too now. 

I just happen to like big tickets and they are easier to close than $50,000 people. If you get into a mindset that you only take large accounts, that is what you will attract and get. This business is more attitude than anything.

Your "high quality referrers" might not be motivated by $25.00 (I'm humoring you).  If you really were as big a producer as you'd like everyone to think, you'd realize it's not the quality of the referrer, but the quality of the referral that matters.  

Birds of a feather flock together.

The bank pays (for me) to have someone that IS MOTIVATED by $25 AND sees folks cash all day to refer them to me.  Yeah, pretty bad deal for me...

I'm insulted when a teller at my bank starts in on me about talking to an investment guy. It is so predictable and cheesy.

Contempt for others usually denotes jealousy...if you are as big a deal as you want everyone on here to think, great.  I'm happy for you, and I guarantee it has no effect on me.

I'm not that great.

I work for me...my manager isn't even in the same area code.  BTW, I couldn't ask for a better one.  Just called me yesterday and we were discussing newspaper ads (again, not out of my pocket) and anything else they could do to support me.

People who work for themselves don't have managers.

Have a great long weekend...hope you pass your 7 soon.

Nevermind...

Thanks for the tips there big timer...fact is $100,000 accounts can be profitable, and I'm not turning those away.

I new 20 year reps at ML who would take on a $100,000 account and put it in MFA (mutual fund wrap managed by ML)...and why not?  So go ahead and try to act "as if"...like I said in another thread, fake it till you make it (just don't try to fake it too much).

[quote=BankFC]

Thanks for the tips there big timer...fact is $100,000 accounts can be profitable, and I'm not turning those away.

I new 20 year reps at ML who would take on a $100,000 account and put it in MFA (mutual fund wrap managed by ML)...and why not?  So go ahead and try to act "as if"...like I said in another thread, fake it till you make it (just don't try to fake it too much).

[/quote]

You won't understand this, but when you raise your minimum, your production goes up.

$100,000 accounts can be financially profitable, but the people that have them are difficult for me to work with and there's an opportunity cost involved. They tend to be more demanding and time consuming. If a good client refers me to someone who is that small and the small guy wants help, is willing to do whatever I say, and can make a quick decision, I'm glad to help. It's certainly not something that I persue, though.

That's great dirk...now go back to your series 7 manual and focus really hard.

[quote=BankFC]

That's great dirk...now go back to your series 7 manual and focus really hard.

[/quote]

I must admit...that was a pretty snappy comeback.