Credit Unions

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Feb 17, 2010 12:37 pm

2 questions for the board --

1) I've seen people made fun of or poked at because they worked at a bank...  why?  Seems like a pretty nice deal, prospects come to you, etc...

2) Credit Unions - there is a large credit union here in my locale -- did some checking and they have member financial services.  Looked up the main guy and he does outstanding.  $656,000+ in GDC in 2009 and Top of Table of MDRT on insurance...   That's killing it.  What's the take on credit unions?  They are with CUNA, seems they specialize in Credit Unions...

Side note - can some of that GDC come from MDRT production (i.e. variable annuities)?

Feb 17, 2010 1:06 pm

How do you know what he did?

Feb 17, 2010 1:09 pm
noggin:

How do you know what he did?



Pretty easy - Roogle 

Won award at brokerage that listed his GDC

Feb 17, 2010 8:11 pm

Credit Unions, like Banks offer great opportunities for Reps. Credit Unions often cater to certain companies and work with their employees. I know a girl(she is not that sharp) who works for a Credit Union and does $700,000 a year

Feb 17, 2010 9:39 pm
Vin Diesel:

 $700,000 a year



$700k GDC?

I thought banks and credit unions were great opps but I've just seen several people on here making fun of "bank reps"... Sounds like a good gig to me...

Feb 17, 2010 9:54 pm

Just curious.  What does $700k translate to in take-home pay at a bank or CU?  That's a good amount of production.

Feb 17, 2010 10:31 pm
Moraen:

Just curious.  What does $700k translate to in take-home pay at a bank or CU?  That's a good amount of production.


Best guess would be 30-35%
Feb 18, 2010 12:05 am
chief123:
Moraen:

Just curious. What does $700k translate to in take-home pay at a bank or CU? That's a good amount of production.



Best guess would be 30-35%





Best guess is right! At Wells Fargo, you will average between 30-33% depending on production.

Feb 18, 2010 12:50 am
CORR:
chief123:
Moraen:

Just curious.  What does $700k translate to in take-home pay at a bank or CU?  That's a good amount of production.



Best guess would be 30-35%



Best guess is right! At Wells Fargo, you will average between 30-33% depending on production.


I'm at a CU, 40% take home average, everyone comes to you, virtually no expenses. You need a CFP at most places and deal with some bitchy career employees but other than that, it's great.
Feb 18, 2010 11:53 am

Banks or Credit Unions can be great places to start building your book of business.  This is especially true if they have incentives to refer to you.  I started at a large bank, built a nice book over a 4 year period and then went Indy.  It beat cold calling and I was able to train the bankers to look for opportunities.

 
If I were to do it over, I would look at a CU first.  They don't have the same BS to deal with like the large banks do these days.  Also, they might be in a specific market (union workers) that could get you in the door.
 
Many bank reps are looked down upon since they don't carry the same prestige as wires.  They might have limited product offerings and knowledge, but in the end all that matters is revenue.  I'd start somewhere that is going to provide you with referrals.   Build a book and then go elsewhere.
Feb 18, 2010 11:57 am

I work in a large credit union.  My payout is 40% and my only expense are ticket charges.

Feb 18, 2010 12:14 pm
Mike Damone:

I work in a large credit union.  My payout is 40% and my only expense are ticket charges.

 
Yeah, but you guys are stupid because you work at a bank/credit union, right ? You don't make 500 dials a day to people you don't know. You aren't an advisor !!!
 
Feb 18, 2010 1:42 pm
Ron 14:
Mike Damone:

I work in a large credit union.  My payout is 40% and my only expense are ticket charges.

 
Yeah, but you guys are stupid because you work at a bank/credit union, right ? You don't make 500 dials a day to people you don't know. You aren't an advisor !!!
 
Thats our little secret. We want everyone to think that so we get all the bootie. Our calls are never "cold", only "warm". I average 2-3 walkins per day and about 25-30 referrals per month. I work with 5 different branches with 30 referrals sources. Our payout is only 35-40% but I can live with that. My CD maturity list contains, on average, 100-150 names of members that have maturing CD's with about 2.5-3.5 million in assets rolling over per month. 
 
If you would, try to keep the whole credit union advantages thing a secret. We like working with our members and the folks that are sick of working with the banks and their ever increasing fees. We get several new members a week from BOA alone.
Feb 18, 2010 2:44 pm
CreditOnion:
Ron 14:
Mike Damone:

I work in a large credit union. My payout is 40% and my only expense are ticket charges.



Yeah, but you guys are stupid because you work at a bank/credit union, right ? You don't make 500 dials a day to people you don't know. You aren't an advisor !!!



Thats our little secret. We want everyone to think that so we get all the bootie. Our calls are never "cold", only "warm". I average 2-3 walkins per day and about 25-30 referrals per month. I work with 5 different branches with 30 referrals sources. Our payout is only 35-40% but I can live with that. My CD maturity list contains, on average, 100-150 names of members that have maturing CD's with about 2.5-3.5 million in assets rolling over per month.



If you would, try to keep the whole credit union advantages thing a secret. We like working with our members and the folks that are sick of working with the banks and their ever increasing fees. We get several new members a week from BOA alone.





I hear you.   Are they decent size people?    Seems like the risk would be many small accounts



no axe to grind.   just curious

Feb 18, 2010 3:47 pm

[/quote]

I hear you.   Are they decent size people?    Seems like the risk would be many small accounts

no axe to grind.   just curious[/quote]

 
There are 8 of us and we net between 80K - 300K depending on the branches we have. We take care of the 529 plans and first time investors as well as the wealthy retrirees. We have some great businesses that are constantly spitting out new retirees. None of us are starving.
 
Feb 18, 2010 3:51 pm

warm calls beat the hell out of cold calls.



i know some guys in ISG at Wells that say the same thing you are



killing it

Feb 18, 2010 4:09 pm

I never stare at the phone or stand in front of door and feel like I'm worried about the response. When we reach out to our members, it's ususally a pretty good conversation. You don't make a sale every time, but you leave them knowing that they have someone to turn to for financial planning and sometimes create long term relationships that involve the whole family.

 
It's a different world than the one I left (EJ).
Feb 18, 2010 4:18 pm

Guy I know works at a credit union which serves the largest employer in our area.  I know for a fact that many, many of the employees use them as their de-facto choice for all things financial.  The FA has over 2,000 clients.  I am guessing $100mm+.  He wears custom made suits, wears a Rolex, drives a Mercedes (not smart considering his client base, but whatever), and he isn't really an "advisor" (his own admission), he just sticks everyone in the same sort of stuff (annuities and American Funds) regardless of their situation, so it is real low maintenance.  He does very little proactive calling of clients.  Basically an "order taker".  Don't get me wrong, I'm not knocking him.  The guy makes a killing and works 9-5.

Feb 18, 2010 4:44 pm

Sounds like a tough life. I'm not there yet, but that is my goal. I have no use for the Rolex's, Mercedes, etc, but I can see how it happens working here. I've been here 2 years and doubled my net from my EJ days the first year.

Feb 18, 2010 4:46 pm

Some are starting to develop retirement plans very similar to the one's available at EJ, you get paid out a % each year after you retire. With a lot of firms, this is the biggest drawback to working in a CU.