I have been in the industry for 6 years, wholesaling mutual funds. I have been approached and meeting with someone from LPL that manages Credit Unions/Banks. I have been wanting go into production and from what I know about LPL I like, however I am not that familiar with LPL in that type of enviroment.
I know alot of you believe bank brokers are lazy, however I have seen some great bank brokers. How much influence from the bank/CU do they have over you? Is it my practice or the Credit Unions? Can I do seminars, outside business building, ect ? or do they want me to focus on ref. from bankers?
Insight is much needed-
Can anyone shed any light on this for me? Positive-negative...
The biz oppty is more than likely pretty good, and if you play your cards right, the staff of the CU will introduce you to the right type of customers. You'll generally at least be able to call the customer base. The other bright side is that you have no overhead.
The downside is that your payout is going to reflect the positives, and something between 25-45% payout is what you'd expect, based on some grid of production. You'll most likely have full benefits. The customers, are the CU's, and you'll be required to sign a non compete and such.
As far as an arrangement based upon building a customer base outside of the CU, I'd suggest you negotiate that. But, prospecting cold outside the CU is not wise. Why would you bother calling cold, when you can call warm leads?? Trust me, don't go there.
Hope that helps.