Thinking about a Change

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Jan 6, 2011 2:58 pm

I am currently a Merrill FA in the PMD Training program.  I can sense the end is near and I am looking at other options.  I have been in production for 1 yr and just finished my 4th quarter.  This is the first time I have missed my hurdles and my stats are as follows:  25K PCs, 1.15m NNA, 2 NNH.  I fell short by 5k PCS and 200K in NNA.  I love the career and do not want to give it up but have hit a few roadblocks along the way. 

My question is whether or not Chase or another bank route would be a good move.  I currently cold call, door knock, and I have tried doing seminars with very little results.  Will a bank model allow me to do all 3 or will I be at desk 9-5 waiting for walk-ins?  Do FAs at banks build relationships with clients or do clients show loyalty only to the bank on their statement?  I came into this business with no connections in my area and right out of college fully understanding the perils of this career.  After getting a taste, I want nothing else and I think being too stupid to quit will only help me in the long run.  Any answers to the bank questions would be helpful, thanks.

Jan 6, 2011 3:51 pm

You can cold call at a bank.. I doubt doorknocking would be allowed (maybe business)..

How is it that you only opened 2 accounts in 1 year?

Jan 6, 2011 4:25 pm

2 NNH (over $250k).  I opened 2 households over that amount.   

Jan 7, 2011 11:10 am

I'd suggest you run a few searches on this website forum. A whole lot of good stuff, if you take the time to find it, read about it.

Jan 7, 2011 1:25 pm

Most of the big bank programs are looking for at least 3 yrs experience. Meanwhile, some tiny credit union or bank might only want you to have licenses, and fog a mirror. You'd be surprised how good some of these places might be, and how much you'd enjoy working there. That is exactly what saved my career back in 96, and after working at a small place like that for 3 yrs, I got an even better gig. The human element of a small place like that, big fish in a small pond, is a very nice change to what you're in right now. Back then, I got to know the pres of the bank, and my manager was a super guy, only had like 8 reps in the whole regional bank. I found that oppty, in the help wanted section of the Sunday paper, looking for a series 6. I literally thought it beneath me, until I checked it out. The more I checked it out, the better it looked, almost too good to be true is what I thought. 

Jan 7, 2011 3:13 pm

Thanks for the info.  I'll check my area for some local and regionals who might have wealth management opening.