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May 15, 2009 5:37 pm

I'm hearing rumors that U.S. Bank has a national conf. call scheduled for this upcoming Wed. to advise the FA ranks that they're now going to be treated much like Chase and WM Investments advisors and get mega payout cuts.  Annuity payouts are supposedly getting chopped in half at best. Word is the FAs are going to get squeezed. These guys area already the most underpaid and over-stretched FAs in the bank channel by far.

Can any U.S. Bank FA confirm? 

May 15, 2009 6:17 pm

yeah ive been hearing the same thing.

 
i hope this isnt an industry trend
May 15, 2009 7:56 pm
burtonfinancial1:

I'm hearing rumors that U.S. Bank has a national conf. call scheduled for this upcoming Wed. to advise the FA ranks that they're now going to be treated much like Chase and WM Investments advisors and get mega payout cuts.  Annuity payouts are supposedly getting chopped in half at best. Word is the FAs are going to get squeezed. These guys area already the most underpaid and over-stretched FAs in the bank channel by far.

Can any U.S. Bank FA confirm? 

 
I am at Chase. We get 4% upfront on VA's or a 2% upfront and 1% trail. You guys get much more than that ? I thought our payout was decent, could be wrong.
May 15, 2009 9:09 pm
Ron 14:
burtonfinancial1:

I'm hearing rumors that U.S. Bank has a national conf. call scheduled for this upcoming Wed. to advise the FA ranks that they're now going to be treated much like Chase and WM Investments advisors and get mega payout cuts.  Annuity payouts are supposedly getting chopped in half at best. Word is the FAs are going to get squeezed. These guys area already the most underpaid and over-stretched FAs in the bank channel by far.

Can any U.S. Bank FA confirm? 

 
I am at Chase. We get 4% upfront on VA's or a 2% upfront and 1% trail. You guys get much more than that ? I thought our payout was decent, could be wrong.



You are getting screwed

May 15, 2009 9:11 pm
Ron 14:
burtonfinancial1:

I'm hearing rumors that U.S. Bank has a national conf. call scheduled for this upcoming Wed. to advise the FA ranks that they're now going to be treated much like Chase and WM Investments advisors and get mega payout cuts.  Annuity payouts are supposedly getting chopped in half at best. Word is the FAs are going to get squeezed. These guys area already the most underpaid and over-stretched FAs in the bank channel by far.

Can any U.S. Bank FA confirm? 

 
I am at Chase. We get 4% upfront on VA's or a 2% upfront and 1% trail. You guys get much more than that ? I thought our payout was decent, could be wrong.



You are getting screwed. Your firm is collecting near 5% on the L share upfront and 6-8% on the B-share upfront.


May 15, 2009 9:14 pm
Ron 14:
burtonfinancial1:

I'm hearing rumors that U.S. Bank has a national conf. call scheduled for this upcoming Wed. to advise the FA ranks that they're now going to be treated much like Chase and WM Investments advisors and get mega payout cuts.  Annuity payouts are supposedly getting chopped in half at best. Word is the FAs are going to get squeezed. These guys area already the most underpaid and over-stretched FAs in the bank channel by far.

Can any U.S. Bank FA confirm? 

 
I am at Chase. We get 4% upfront on VA's or a 2% upfront and 1% trail. You guys get much more than that ? I thought our payout was decent, could be wrong.



You are getting screwed. Your firm is collecting 6-8% on B share and 5-5.5% on L share

May 15, 2009 9:15 pm

Sweet !

May 19, 2009 12:10 am

Currently 6% on most annuities.  Grid is very competitive for the bank channel.  5% extra on the grid for all fee based business.  Higher grid than Wells/Wachovia and Chase.  More to come on Wed.  Hopefully they keep the grid simple.

May 19, 2009 8:13 pm

conf. call is supposed to be Wed 5/20. If anyone get's word.. is US Bank cutting??

May 20, 2009 9:28 am

Good Luck to the US Bank Reps today!

May 20, 2009 6:50 pm

no big changes.  lowered annuity payouts to 5%.  Still the best bank grid on the street if you are over 275k!!! 

May 21, 2009 12:12 pm

Thanks for the clarity.  Don't tell the Chase/WM guys... I think they're pretty jealous at this point after getting hammered on annuities. 

Aug 27, 2009 10:22 pm

To all you US Bank reps, I am considering a move to join you. I have 10 plus yrs experience with another bank, usually 300-400k about half fee based.  US Bank seems to have the best grid among banks,esp with the 5% extra on fees.  My question is, what do you think of the new PCA positions  that are appearing in the branches?  Any feel for how they will be accepted by branch mgrs? Worth partnering with? 


How do you feel about your fee based platforms?  Anything about you situation you wish you could change?
 
Do your branch managers see you as a partner or a threat?  Is your revenue counted for their production as well, or does it hurt them to refer?
 
Thanks for any thoughts.
Sep 25, 2009 12:24 am

I'm thinking of the same --  what do you mean "exactly" by 300-400k?  Your average case size, fees, etc....?  

And can you define PCA position?  US Bank is strong here and looking at that route...

btrcp2000:

To all you US Bank reps, I am considering a move to join you. I have 10 plus yrs experience with another bank, usually 300-400k about half fee based.  US Bank seems to have the best grid among banks,esp with the 5% extra on fees.  My question is, what do you think of the new PCA positions  that are appearing in the branches?  Any feel for how they will be accepted by branch mgrs? Worth partnering with? 

How do you feel about your fee based platforms?  Anything about you situation you wish you could change?
 
Do your branch managers see you as a partner or a threat?  Is your revenue counted for their production as well, or does it hurt them to refer?
 
Thanks for any thoughts.
Sep 26, 2009 12:10 am

it is better to be assumed a moron than to confirm it in writing.  getting started may be already be stalled...

Sep 26, 2009 2:06 am

Thanks - not



I've been at several diff forums and they all have diff lingo so just trying to clarify. No need to be an a$$



Sep 28, 2009 7:53 am

Avg household is 100-150k, total book is about 75mm- that is something I want to address.  Built my own and inherited a lot of crap from departed advisors as a "reward" for my longevity.  At the moment I am the definition of the 80/20 rule. Getting closer with US Bank, but keeping other options open as well.

Google "Private Client Advisor", and you'll see the job postings.  It's a pretty new position, basically an emerging affluent private banker but if the relationship is done right can almost be your own personal biz development officer.  I had one of these until about a month ago when the individual left for greener pastures. It works well with the right people (or doesn't work at all with the wrong people).  Egos will kill it quickly.

Mar 18, 2010 12:01 pm

US Bank has contacted me and I have an interview this afternoon to see what they have to say. Any current US Bank reps out there ? Any ideas ?

Mar 18, 2010 9:49 pm

Well I met with US Bank....

 They only have 16 FA's in Chicago Metro Area. Most have 100mil or more AUM and they are looking to remove those guys from branch and place new "associates" in these branches to cover all new bank prospects and the bottom 25% of veterans book. Veteran gets about a 7% bump on grid and new FA gets 30% for 3 years and then gets placed on normal grid. Seems like a decent deal. Manager was a complete mush mouth and talked for about 110 minutes of the 120 I was with him. The thing I did like is they want you taking prospecting for accounts 100k and up. They feel giving you the crap assets from the veteran can sustain you as you unearth better accounts from the branch. Kind of like a large EJ goodknight.
Mar 18, 2010 10:28 pm

Now that you have broken the ice you should speak with some other places for other potential opportunities.

What would you consider a fair offer to all parties involved?

I will begin the search of a new home by the end of this year if I’m unable to reach some kind of an agreement by then. The way it is set up now all HHs are equity of the practice, which I understand, but they do not offer equity in the practice to the associates that are interested.

Keep us posted and good luck to you...