Wirehouse vs Bank Brokers

or Register to post new content in the forum

47 RepliesJump to last post

 

Comments

  • Allowed HTML tags: <em> <strong> <blockquote> <br> <p>

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.
Apr 18, 2007 6:38 pm

Why do Wirehouse Brokers look down on Bank Brokers?


Don't Bank Brokers have higher avg production than Wirehouse brokers?

Apr 18, 2007 7:12 pm

Another classic idiot troll...


A better question to ask:


"Why is my life so pathetic that I resort to wasting my time on an internet forum?"


"Why dont people look at me when I am walking down the street- am I that unattractive?"..

Apr 18, 2007 7:26 pm

how am i an "idiot troll" for asking a question?


as for wasting time on a internet forum, arent you a senior member here?


Apr 18, 2007 7:29 pm
Vin Diesel:

Why do Wirehouse Brokers look down on Bank Brokers?


Don't Bank Brokers have higher avg production than Wirehouse brokers?



Bank brokers are weaklings who can't prospect and close business, so they have to take the crumbs that the bank tosses their way.

Apr 18, 2007 7:40 pm

But Bobby, haven't you been reading the posts of the bank brokers on here

who are taking million$ each month from indies? Are bank brokers not the

gods of this industry?

Apr 18, 2007 8:04 pm
Philo Kvetch:

But Bobby, haven't you been reading the posts of the bank brokers on here

who are taking million$ each month from indies? Are bank brokers not the

gods of this industry?





They are Masters of the Universe.

Apr 18, 2007 8:18 pm
Philo Kvetch:

But Bobby, haven't you been reading the posts of the bank brokers on here
who are taking million$ each month from indies? Are bank brokers not the
gods of this industry?


Oh, yeah. What Philo said.

Apr 18, 2007 10:49 pm
Vin Diesel:

how am i an "idiot troll" for asking a question?


as for wasting time on a internet forum, arent you a senior member here?




"DEE Di DEEEEEE"

Apr 18, 2007 11:55 pm
Vin Diesel:

Don't Bank Brokers have higher avg production than Wirehouse brokers?


WHERE did you get that gem?!!!

Apr 19, 2007 7:02 am

Having been in both programs I think it has to do with:



1. Building a book in a wire is much more difficult, but results in a much, much more high quality and loyal group of clients.



2. The sophistication of the client and product suite at a bank is typically lower than that of a wire.



3. The average account size of a wire rep is likely much bigger than a bank rep, thus they feel  superior.



4. People than fail in the wires tend to make it in a bank...so no one
should be surprised that the people that make it in the Wires feel a
cut above.

Apr 19, 2007 12:29 pm
rightway:

Having been in both programs I think it has to do with:

1. Building a book in a wire is much more difficult, but results in a much, much more high quality and loyal group of clients.

2. The sophistication of the client and product suite at a bank is typically lower than that of a wire.

3. The average account size of a wire rep is likely much bigger than a bank rep, thus they feel  superior.

4. People than fail in the wires tend to make it in a bank...so no one should be surprised that the people that make it in the Wires feel a cut above.


Thank you. That's good color.

Apr 19, 2007 7:53 pm

I 100% agree the wire is harder, you take take the pride, I'll take the money!

Apr 19, 2007 8:50 pm

I'll take both.

Apr 19, 2007 9:17 pm
bankrep1:

I 100% agree the wire is harder, you take take the pride, I'll take the money!


No. The bank takes the money and gives you the crumbs. And when you start making too much, they will toss you out and replace you with someone cheaper. That's how banks think.

Apr 20, 2007 3:05 am
Bobby Hull:
bankrep1:

I 100% agree the wire is harder, you take take the pride, I'll take the money!

No. The bank takes the money and gives you the crumbs. And when you start making too much, they will toss you out and replace you with someone cheaper. That's how banks think.


That's pretty close to the truth in my experience, except that when we started making too much money, instead of throwing us out for someone cheaper, they just "improved" the grid...greedy bastards...

Apr 20, 2007 7:41 am

Don't think like a rep, but think like you are running a program:



Bank:  "My bank is supplying nearly all of the investment
customers. These customers are here because I paid for television,
radio, and paper ad's selling checking and other bank accounts.  A
Rep's effort to get in front of these customers is based on his or her
talent to convince my branch staff to refer them...for which they are
paid if not required to do.  These reps have far more flexibility
in terms of time (which is good for there families) than most all other
employees of my bank.  I feel it is OK to control their territory,
customer base, and compensation to a fairly large degree."



Wire: "We will supply the investment platform and the tools.  The
Rep has go get everything else.  The better the rep does the
happier we are.  In fact, we will reward the rep for doing real
good by paying them more as they grow.  In time the good reps are
very wealthy with compensation and stock, and that is fine, because
when they retire they leave their money here.  If they do not
well, we will fire them and move on."



It is like going into the Navy vs the Marines.


Apr 20, 2007 8:15 am
Bobby Hull:
bankrep1:

I 100% agree the wire is harder, you take take the pride, I'll take the money!



No. The bank takes the money and gives you the crumbs. And when you start making too much, they will toss you out and replace you with someone cheaper. That's how banks think.





At that point I have the option of calling any wire and taking a big fat check, I know it and so does the boss. I have built a business 3 times faster than I could of at a wire, so if only a third of my clients go all is even. Also I am waiting for some stupid comment about loyalty of the client, it is all up to the rep. How well do they service the client, what is their relationship like, are you indespensible or replacable?

Apr 20, 2007 8:32 am
bankrep1:
Bobby Hull:
bankrep1:

I 100% agree the wire is harder, you take take the pride, I'll take the money!



No. The bank takes the money and gives you the crumbs. And when you start making too much, they will toss you out and replace you with someone cheaper. That's how banks think.




At that point I have the option of calling any wire and taking a big fat check, I know it and so does the boss. I have built a business 3 times faster than I could of at a wire, so if only a third of my clients go all is even. Also I am waiting for some stupid comment about loyalty of the client, it is all up to the rep. How well do they service the client, what is their relationship like, are you indespensible or replacable?


Banks pay big checks for assets, not asses.

Apr 20, 2007 12:18 pm
Bobby Hull:
bankrep1:
Bobby Hull:
bankrep1:

I 100% agree the wire is harder, you take take the pride, I'll take the money!



No. The bank takes the money and gives you the crumbs. And when you start making too much, they will toss you out and replace you with someone cheaper. That's how banks think.




At that point I have the option of calling any wire and taking a big fat check, I know it and so does the boss. I have built a business 3 times faster than I could of at a wire, so if only a third of my clients go all is even. Also I am waiting for some stupid comment about loyalty of the client, it is all up to the rep. How well do they service the client, what is their relationship like, are you indespensible or replacable?


Banks pay big checks for assets, not asses.



Bobby, that statement made no sense at all.  If you'd said Wires pay big...then it would have made sense.  Do I have to hold your hand?


There is no doubt life is harder at a wire (I was at ML and left in good standing but with an admittedly waivering pipeline) to come to the bank where success for a good broker is all but guaranteed.


I can sell everything I used to, my payout is virtually the same (except now I have an expense account, cell phone, laptop, and ins 100% paid) I have more people to call on than I can get to, and I like the folks I work with.  If that bothers you, well, tough sh*t.

Apr 20, 2007 1:01 pm
bankrep1:

I 100% agree the wire is harder, you take take the pride, I'll take the money!


I will stay indy and take BOTH!