JP Morgan Chase Bank FA's

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Apr 5, 2009 5:03 pm

Any other JP Morgan Chase Bank FA's on this board?  Are you having a hard time setting appointments lately?  I've had good numbers YTD but it seems like it is getting harder with Fixed rates falling and changes to the VA contracts.  Any ideas for what's working at your branch(s) right now?

Apr 6, 2009 10:16 am

Maybe try selling something other than an annuity....just a thought lol

Apr 6, 2009 11:34 am

Come on he is at a bank... Does he have a choice... From the accts I have taken from JPM it seems they are only allowed to sell those..

Apr 6, 2009 8:05 pm

Hahaha, oh so funny.  I have the same mutual fund and managed accounts as any wirehouse, people just don't like paying fees in a down market (as I'm sure you know).  Best I can tell, if any of the local wirehouse guys understood annuities they would sell a lot more of them.

Apr 6, 2009 9:01 pm

Dont work Chase but am a bank FA. yes, tough going right now. I am having some success with bonds. Ultra short duration bond funds and individual bonds in wrap accts for the smaller guys and short duration managed bond accts for the higher end clients. The fixed annuity rates are horrible and not an easy sell and I am not keen on locking up someone of 5 yrs at 3.8%. 5 year Index annuity is working, for the right clients. Im not doing the 7 year index annuity any longer. I know plenty of wirehouse guys focusing on converting some of their mgd books to variable annuities with living bene's as impetus.  

Apr 7, 2009 7:42 am

One way it sounds like entry is selling those annuities is not mentioning that there are any fees in a down market.  See, if you can't see it and I don't tell you about it, then it doesn't exist.  Jeez, why do those wirehouse guys give the bank-=broker guys such a hard time, anyway?

Apr 7, 2009 10:21 am
entrylevelFA:

Hahaha, oh so funny.  I have the same mutual fund and managed accounts as any wirehouse, people just don't like paying fees in a down market (as I'm sure you know).  Best I can tell, if any of the local wirehouse guys understood annuities they would sell a lot more of them.

 
Exactly and I am a bank guy. I have been doing Fixed Annuities but not VA's. Even the Fixed Annuity rates have come down so much in recent weeks that people rather take CD's at 1% lower because they are scared to death.
 
In terms of setting appointments it isn't a party because people are afraid, but you can pick off many 50-200k accounts where wirehouse guys have left or just aren't paying attention to because of the size.
Apr 7, 2009 10:24 am

I wont argue Squash's point. We do have some stiffs that will only do VA's.

Apr 7, 2009 2:09 pm

i placed lots $ in fixed annuites in q1. looking at uit's, individual bonds, and va's for q2.

 
if wirehouse reps knew anything, they wouldn't be wirehouse reps...haha!
Apr 7, 2009 2:15 pm

Vin, You can offer all of those products ? At a bank ? No way ! I thought it was VA's only ?


Apr 8, 2009 7:59 am

My former MER trainee is a bank FA at JP Morgan and he says that he is setting appointments left and right at his branch.  However, he does say that he is just selling widgets like Fixed annuities and short duration bond mutual funds.  He says that the account size is no where near the wirehouse channel, but the volume of people that have scared money at the branch, the transitioning of wall street, and people realizing that they need help is driving business appointments right now.  Most people set appointments by offering advice...I've always trained people(including the JP Morgan guy) to set appointments on timely ideas(without regard to whether or not they actually implement the specific idea with you).  It is perceived by a prospect/client as confidence and knowledge, rather than some FA who needs to do some business(and let's face it, we all need that these days).   Hope this helps.

Apr 8, 2009 12:59 pm

I would say all of that is very accurate