If I can distract you guys from the Forefront thread for a few minutes I'd like some insight on making a move via a recruiter.
I'm a bank rep and have been for the last two years. I cover one small branch in a small but affluent community. The investment book is small - approximately 20MM of which, almost exactly half is in some type of annuity product in the latter stages of surrender. The rest of the assets are in various funds and etfs. Branch deposits are decent - around 80 million (although this does include the investment book). Primarily because of location (outskirts of town/on the way into town), this branch has the least amount of foot traffic/deposits compared to other banks in this community. My first year end production number was 277,000. This year it looks like I'll finish just shy of 300,000 - figure any where from 295-297,000 - including trails based on my projection.
I've recv'd calls in the past from recruiters but for various reasons (buying a house, having a baby, etc) I didn't think it was the right time to even consider a move. But now that things have settled at home, and the clients who are seemingly my own have been identified, I decided that I would listen next time a recruiter calls.
I've worked as an assistant in a wirehouse during college. Although eventually I wouldn't mind one day joining a wirehouse, I currently intend on staying in the bank channel.
So for those who've been around the block on this topic, tell me about the process and what to expect. Specifically:
1. Are my production numbers based on years of experience and AUM good enough to be pursued by other firms?
2. Assuming the answer to #1 is yes, what % of my assets would be expected to be moved over if I did leave? 100% would be great but we all know that is doubtful. What is typical?
3. How does leaving one firm and going to another work in terms of the non-compete clause?
4. How cautious should I be about the recruiter that approaches me? Are these guys dirt bags just looking to make a buck and relatively useless or do they earn their pay and are worth utilizing?
5. What questions should I absolutely not forget to ask the recruiter about the prospective opportunity?
I don't expect anything will happen as I close out 09, but maybe around 2nd quarter? I'll keep you posted if anything occurs but in the meantime I appreciate your insight and answers to these questions.
"I've worked as an assistant in a wirehouse during college. Although eventually I wouldn't mind one day joining a wirehouse, I currently intend on staying in the bank channel."
I dont know much about the recruiting side but I am in a pretty similar position, bank rep small community bank not a whole lot of deposits, unfortunately I don't have a 20mm book but I started from scratch about a year ago. I went the other direction from what you are thinking about. I was at Chase (as a personal banker, All I did was investments) I think that if you are looking at Chase or BOA or other national bank don't wait for a recruiter just go apply, with you lic and history shouldn't have a problem getting a job, most of these big bank don't usually offer bonuses, because the big producers don't stay in the branch anyway. Just be ready for a MAJOR change in philosophy. Forget running your own business and handling your clients they way you want, because at the big banks you do things their way and you sell the products they want you to sell minus the haircut of course, bm will hound you about performance and cross selling. You probably will have more deposits and more customers to call on but I wouldn't count on a lot of your current clients leaving the small community bank they know and trust to go and meet you in a cubicle at BailedOut Bank Plaza. If you have been at your current job for 2 yrs and doing 300k gross why wouldn't you just stay and grow the book rather than start over in big bad corporate world. I love the bank rep setup my grid is better than most wirehouses, no production requirements except what I need to pay my bills, I have built in clients who have been customers for 40yrs, I will never go to a wirehouse or back to the big banks.
I know this isn't exactly what you are looking for but hope it gives you some insight.
Not to insult either of you, but I doubt any internal firm or external - independent- recruiters are going to matter either way. At $20M coming from a bank, you'll be hard pressed to find a good recruiter who'd have anything for you or want to spend their time on you. They chase bigger fish in today's market. If you were doing $800k at the bank and had $50M that you absolutely positively bring with you, that's another story. You do understand how recruiters, and for that matter, how a BM who may recruit you gets paid right?