The Bank

Dec 2, 2004 8:55 pm

I have had success as a bank rep grossing over 400K, heres my problem.  I have very few accounts over 150K, I have a service nightmare and would like to work with more affluent investors.  Any bank reps having success pulling in large accounts.  My bank has no commercial dept. was looking for ideas to get these people to meet with me?

Dec 3, 2004 2:55 am

I was a bank rep for around 10 years and left because of this. 
The bank I worked for had a very large lending and trust area, but it
still never worked well.  I find now it had more to do with
product and service issues.  Affluent clientele seem do their
business with high end wire reps, high end Indy’s, Trust dept’s, and
family offices.  Good luck

Dec 3, 2004 2:56 pm

Where did you go?

Dec 3, 2004 3:31 pm

Bankrep1, I'm in the same boat as you and I share your pain.

-Mike Damone (formerly Linkin Pork)

Dec 4, 2004 12:46 am

could be worse.......

New Accounts
Because our highest priority is serving our existing customers, we are not encouraging new accounts being opened.


Dec 4, 2004 2:02 am

Not my experience at all with banc of america.   I am seeing plenty of big accounts over here. Much larger than when I was on the street everyday sloggin through at the wirehouse.   I think it has to do with your location and the number of branches you service. IF you ask financial questions, ask for referrals and ask for the order,   you will do much better at the bank than anywhere else.

Dec 4, 2004 12:50 pm

I totally agree.

Dec 4, 2004 2:18 pm

I am in a fairly young community that is wealthy, Avg household income is about 130K/ Avg. age 40, they have most of their cash going to 2 places house payment & 401K.  A roth is a pretty easy sale and I do most of my biz through 401K rollovers avg about 70K a piece.  I am curious what kind of clientelle your seeing at Banc of America.  I know one of the other reps from my bank is very successful with avg relationship about 200K but he sells VA's to 65-70 year olds all day.

I want accounts around 300-500K is this unrealistic, I have some now, but if I cut off the 3K-20K accounts I'd starve

Dec 4, 2004 2:20 pm

I guess you’re not getting very good referrals from your bankers. Have you told them the type of client you’re looking for?

Dec 4, 2004 5:47 pm

If it were my choice I would tell them I am looking for people in their 50's, 60's and 70's, however, due to the area I am in we don't see very many people that fit this criteria.  They are very aggressive with refferrals, maybe I don't understand what they should be looking for.

What type of people are you seeing?   

Dec 4, 2004 5:53 pm

What are your bankers saying to get people in front of you.  Since I switched to this bank, which has a focus on sales we cut out the typical crap most banks do.  See our savigns specialist he can get you a higher rate BS.

Everyone in an office asks: Do you currently work with a financial advisor?

Every teller asks Have you met with our financial advisor yet?

Give me some ideas if your doing it different

Dec 5, 2004 1:11 am

I believe if your working with a younger, more professional cleintele, go the managed money route, bite the bullet for about 2 years and try and get as much in managed accounts as possible, they understand that fee structure alot more then the older folks.   If your market is retirees, stay conservative, dont hurt them with risky stuff that fluctuates every month on their statments. They talk to the bankers probably as much or more than to you and if the older set sees lots of market value adjustments,   it makes them uneasy,   thats why there at the bank in the first place! IF they are happy, the bankers are happy and the referrals keep coming.   If you hurt their people,   they are not quick to forgive.    

Dec 5, 2004 2:35 pm

I'm interested in bank programs. I am a new FA in a wirehouse.The wirehouse doesn't seem to have a lot of potential, ideas, etc  

I am considering an offer at HSBC. Anyone have any comments?

The book I would be managing has about US$25 million in addition I would be the principal in the office.

I alos want to have accounts with HNW of over US$150,000 in investible assets. Has anyone been successful with starting off in a bank and building a substantial business of HNW.

Dec 7, 2004 1:36 am


Please reconsider your decision to leave the wirehouse. I know their programs are designed to discourage and fail 90% of rookies. But still the wirehouse is the best place to learn prospecting by cold calling, knocking on doors etc. If you gain these skills you won't be at the stupid branch manager's mercy. The prospects you get from the bank will just be a bonus. 

Dec 7, 2004 2:43 pm

The old way of doing business is dead.  If your not going to work in a bank go independent with a good name like Raymond James

Dec 7, 2004 9:33 pm

With only 17 months in the biz, in 2003 with Jones I made about $65k minus expenses of about $7k and I netted about $58k.

I left to join a large national bank at the start of 2004 and I'll finish the year at about $110,000 net no expenses. BTW life is a whole lot easier. In less than 4 months I have now built up a fee based residual of about 25k recurring income for 2005. I estimate by the end of 2005 I should have a recurring income of about $60k net.

I would have never had this at Jones. The bank is O.K. not perfect but better than a wirehouse. I can be at home playing with the kids and get a phone call from one of my bankers with a great referral for me. That's nice! 

Dec 8, 2004 1:43 am

I felt the same as all of you bank supporters do now…for my first 8
years.  I never did a single cold call, and lived on fat referrals
and nice six figure income each and every one of those 8 years. 
This party will end, as mine did.  I bailed out of the bank a
million dollar producer…walked away.  Call it burn out, ethics,
bordum, or just wanting to do more for fewer people. 

I wish I would have done it 4 years earlier.  Call me crazy but I
took my best clients and referral sources and went to a large
wire…and could not be happier.  Be smart at the bank, save
money, don’t get hung up on the continuous flow of new referrals. 
Good luck all!

Jul 21, 2005 2:26 am

bank reps, if i were you i would seriously take a look at edward jones. it’s great to build your own business, not the bank’s. you have alot of freedom, and your earnings potential is unlimited. they aren’t perfect, but who is? i don’t even like recruiting! i’m telling you this because it’s true. at least go to their website and check it out. hawg

Jul 21, 2005 3:15 am

I've been having good success lately in my bank branches.   I have 3 branches that total about 90M in deposits.

My goal is to bring in 500k/mo into managed money.   After 13 months in the program I begin to receive a 1.5% trail.

Do this for a few years and average my clients 6% after fees and I figure I'm good to go.

Oversimplified?  Probably

Jul 21, 2005 4:08 am

My 2 cents worth,  I know that the bank channel is easy and that you can make good money and all that good stuff.  I have worked in those channels and was doing 850k+ per year in production.  I was smart enough to sell myself to the top clients and not the Bank Name and saftey.  The proble is that you dont own the book.  New manager comes in and can change everything tomorrow, can change payouts etc..  change the flavor of the month as far as what they try and get you to sell.  I loved it at the time that I was there.  I read all these indy guys tell their crap about how good things were being INDY and etc...  I didn't believe a word of it until I was kinda forced this way.  It was the best thing that ever happened to me.  I love being INDY.  I took my best clients a pay cut for now,  no handouts but I sleep much better at night knowing I own the business and I can always to the right thing and not have to hear from somebody in a desk job that I need to get my numbers up so sell some more Annities....  Thats my 2 cents worth....

Jul 21, 2005 4:19 am

I'm w/you nip...leaving the bank to go indy and have something besides the gold watch to show for my efforts when I am old and gray.  My experience is that the quality of referrals at most banks is not what it should be, because crappy referrals pay the same as good referrals.

Hawg, you've got to be kidding...or overdosed on the Kool-aid.  EdJones is no way to build your own business.  If you believe that, try selling your EdJones clients when you are ready to retire...

Jul 21, 2005 11:51 pm

no, i’m not kidding. if i want to sell my business i’ll go indie and sell it. i’ve been with jones 10+ years. i love it. don’t get me wrong, i think about going indie sometimes. but that would take some work. i’ve built a great business with jones. i have the freedom to do what i want, but it’s nice to have some national recognition. i have 3 family members who work for jones, a couple of years ago i took a month off and went hunting in africa, they sent someone from the home office to cover for me, and i got to keep the commissions. try that in your indie office. i don’t plan on retiring. you can do this stuff when your 90! why retire, you retire you die! i whittle it down to 200 cherry picked clients and they can come do their portfolio reviews at my ranch in arizona. what i don’t understand is all the jones haters on this forum. i guess it’s kind of like all the american haters in the mid-east. hawg

Jul 22, 2005 2:20 am

Hawg, man,  do you not realize at least half of us worked at edj
before? are you a first year rookie pretending to be a vet? get a grip,
I work in a non-perfect bank and am better off and so far happy - been
doing it for 4 yrs now. By the way, since I left I have obtained a 24
and 65, cfp pending. No more of that freagin 700/mo memo coming out of
my check!

Jul 22, 2005 2:34 am

by the way, I do not hate edj, actually I look back fondly and recall
many memories and am grateful for learning the early years of the biz
thru them. things they made me do… I am glad I was too young and
ignorant to know batter (that’s why they like to hire people w/no prev
experience in brokerge - they’ll go thru that crap cause they know no
better) but now am kind of glad I did them. With all due respect, since
I left 4 yrs ago I cannot believe how much mnore I have learned…built
on the foundation I learned thru ol edj…kind of like looking back on
high school after graduating from college - so hats off to you jones,
thanks and good luck

Jul 22, 2005 3:30 am

no. i actually am a vet. although a young one. i started in my late twenties and am almost 40 now. I like it, I understand if you don’t people are different. but, what i don’t get is the sheer animosity i see on this site. jones has been very good to me. i’m starting on my cfp now, but not to get more business, because in my ten years i’ve had one person ask me about it, and they opend an account anyway when i told them i didn’t. i’m getting it just because i enjoy learning, and i like accomplishing goals. but i digress. i have transferred lots of accounts from bank broker and wirehouses, and most of the bad crap i see go on in clients portfolios has been mostly through bank brokers and wirehouses, not my fellow jones irs. jones gave me a shot when i got out of the military and i’ve been happy ever since. i love the taste of koolaid!!! boy i bet mike wishes he never said that phrase! hawg

Jul 22, 2005 7:23 pm


Why would you wait to go indy.  If you have the revenue, you should go sooner and start building a business that is really yours.  The bigger you grow it at Jones the harder and more work it will be to move it to and independant firm.

Jul 22, 2005 10:45 pm

I’ve been reading a lot of positive remarks about jones. I sent them my resume and was invited  for an interview. After reading their website I didn’t think it was the best route for me considering I have no experince as a FA, and very little in sales. Did I make a mistake? Should I have pursued it with out any thought. I’m currently waiting for my back ground check with AGE to clear. AGE appeared to be a better home for a rookie than Jones. Could someone confirm this.

Jul 23, 2005 2:41 am

brainflux, you’ll get a biased response from me, because i love jones, my wife, my sister, and my sister-law all work at jones, in addition to alot of good friends. i also have a couple of great friends at AGE. either one would make a great choice. it’s not really about the firm. it’s about you. that’s who the client’s will open the account with. i prefer jones because i run my own office. it has the most freedom (except for the independents). it has a great culture, and perhaps the best training. it’s extremely conservative. if you want to be a “stockbroker” it is not a good choice. if you want to conservatively help people achieve their financial goals it’s perfect. it’s a great place to work, and they take good care of their employees. the only way i’ll leave god willing is in a bodybag! hawg

Jul 23, 2005 2:54 pm

Yea you pay $1000/month for healthcare and get to sell “A” share mutual funds as your selection for products all day long. Great firm! They really take care of their employees.

Jul 23, 2005 7:16 pm

if all you want to do is sell mf and med/lt bonds - then ej is the firm
for you, if you want to do anything else(stocks,options, managed
money,syndicate, fee based etc) AGE is the better choice. As far as I
know, any firm allows you the freedom to succeed or fail anyway you see
fit, so the “enjoy the most freedom at EJ” comment is incorrect. 

Jul 24, 2005 3:41 am

blah blah, yeah EJ roolz.  At my bank, first year retention is
75%, and first year income is $80K average, with 0 out of pocket and
benes worth another $20K.   Or you can go into management
like me and get paid a salary, still make commssions, and get four
weeks PAID vacation per year. 

If I were an EJ guy, I’d seriously consider coming to work for the
bank.  If you can do your 30 door knocks per day successfully,
you’ll make $100,000 THIS YEAR, and not at some mythical future time
after you’ve almost starved trying to “build your business.”  

Jul 24, 2005 5:54 pm

Whats needed to get into management?

Jul 31, 2005 5:32 am

my bank segregates out clients with over $1MM in investible assets for
our Private Client Services department.  They have the same
capabilities as any wirehouse, only they can tie in a decent trust
dept. and commercial banking, too.  It’s different from the
regular reps like me who sit in the branches.

Jul 31, 2005 5:54 am


management?  you need to show that you can work and play well with
others.  Frankly, it’s a lay down gig.  Typical "bankers"
don’t know spit about marketing-- calling, F2F, seminars, etc. 
They can’t sell worth a damn either.  Show them some basics, and
their loan production goes through the roof, and you’re a hero to the
company.  After years of calling people to set investment
appointments, let me tell you, selling loans and lines of credit over
the phone to long term bank clients is cake.  Teach three others
how to do this, and the branch profitability takes off.  Better
still, teach the tellers to call and set appointments for the
bankers.  My deal is {salary} + commissions-- about .5% of dollars
invested into annuity or mutual funds, regardless of product or share
class, (also get paid on loans, credit cards, new checking accts,)
annual bonus of up to 125% my salary, and various quarterly bonuses
along the way.  I get a corporate credit card, travel and expense
reports, four weeks paid vacation, sick time and “float” days, whatever
the hell they are. 

Best of all, the way it’s set up, I can refer business to my full time
Financial Advisor, and still get paid full pop whether I write it or he
does.  I can refer mortgages to my mortgage rep and again, still
make full incentive whether I do the paperwork or hand it off.  I
can do a CD for a customer if it’s appropriate and not have to whine
that I didn’t get paid anything for the trouble.  I’ve had some
bumps in my career the last few years, but this deal is kickass. 
Most other licensed Managers don’t know how good it is-- they got their
licensing last and can’t sell worth sh*t, (“so, explain to me what’s
the difference between a Roth and a Traditional IRa again?”) while I
can push through $300K per month in sales and do fairly well.  My
bank has some structural problems like any behemoth company does, but
they’ve got the comp plan down pretty good for my position.  

Jul 31, 2005 1:45 pm

Sounds like you're a client manager not management. A glorified personal banker. I know that gig and wouldn't have it for anything. I can knock down much more than a CM and not have to be bothered with the politics of being paid a salary. I'm glad you like it, not for me.

The CMs I know with my bank will never make much more than a 100k, that's a top performer also and the bank puts them through hell with reports and accountability. BTW if they miss their goals for more than a couple quarters their ass will be on the sidewalk faster than you know.

Jul 31, 2005 10:42 pm

It seems to me that EJ is good. I mean some people like more freedom to say I am independent and all the pros that come with that. At the same time independets have the freedom they are bound by the business. Like any successful venture there is a period when the business owns you.

In about a year I will know more, but this web site really informs the "groupies" on what is up.. Thanks..

Aug 2, 2005 11:22 pm

If one were to move from a fee based independent firm with 8 years of expirience / CFP - making salary and bonus, but was part of a team of advisors and is being held to a non-compete and wanted to move to one a large bank’s Private Client Services division without a book to bring along, what could the expected compensation package format be? 

Aug 2, 2005 11:24 pm

I would like to amend my previous post - I am held to a non-solicit, not a non-compete.

Aug 3, 2005 12:43 am

If you dont have a book where you can promise that a certain percentage will go with you, then you really dont have much bargaining power when it comes to negotiating an upfront check to go over. You can use your experience and POTENTIAL to bring over some of the group’s assets as a tool to potentially get a higher salary, but chances are the new firm will not toss a lucrative check your way to switch… OPne strategy- tell new firm that small amount will come with you, then when you move some decent coin you will look like a superstar… Just a thought.

Aug 3, 2005 4:15 pm

I am not sure that a bank is where I will be going, but there is a potential opportunity that I am mulling over.  Getting a check to switch is not a priority knowing that I don't have much to offer in the form of assets, at least not at this time, some clients may follow me and I will use that as some leverage.    I am a bit behind the 8 ball in that being part of a team has prohibited me from having my own clients to take.  The position I am in has given me great expirience from the ground up and there is a potential opportunity to buy-into the practice, but I am not sure that I want to actually "own" my own business and  be responsible for all of the overhead, payroll, personnel issues, etc.  I am definitely a self starter and have an entrepenueral streak, but I don't want to run the entire show, not anymore - at least not in this profession with all of the compliance regs and reporting one needs to deal with in today's environment to go along with everyting else.  I have seen what it is like for a small indendent firm over the last 8 years of market cycles, terrorism,  and local economic issues, and regulatory, and it makes the business I love lose it's luster to have to deal with all of the periferal stuff while serving clients.  The operations just sets you back too much.  Yeah, as an independent you get a 93% payout, but guess where a huge amount of that money goes.  Anyway --

Back to bank questions - does the Private Client Services area run strictly on commission or do they pay some sort of salary.  I have looked at job postings for some of the major banks just to get an idea before I go any further with my opportunity, and I could only find one bank that showed a description of "draw/commission plus performance and incentive bonus".  I am not looking for a hand out but at the same time I do have credentials and expirience and would need at the very least a decent base for the first year or two.  I have heard a lot about banks paying salaries, but this description didn't seem to say anything about that.  I did see that private bankers make a salary but that is not really where I want to go.  I really want to stay in investments, and from what I have been reading a lot of the Private Client Services are going towards financial planning - because that is what the high net worth are demanding (middle to high net worth are my niche.  This is where I have been for the past 8 years and it is where all of my contacts are.)


Aug 5, 2005 6:18 pm


My uncle runs a manufacturer with 3-5% margins before overhead, he borrows a million dollars to make 50K then has expenses fortunate for him he sells a ton of goods.  Wasn't always that way when I was young he had one machine, now he has three factories.

This is the best business in the world, ask him (he was a rep).  If your in the game and can't make this work just forgo any entrepeneural aspirations and get a JOB a salary based JOB.  Yes the regulatory environment sucks right now, but what other business prospers in both recessions and booms, offers you the opportunity to own your own business with very little startup cost, has unlimited income potential, and doesn't discriminate for business a one man shop can compete with Mother Merril for business.

If you think this sucks wait until you get a JOB.  If I were you I would buy in and dig deep and build yourself a career not everyone has that opportunity, I can tell you as a fellow CFP, I would jump at the opportunity.

Aug 6, 2005 11:52 am


I agree 100%. Even though this job really sucks when your pipeline runs out. Thank god for fee based! Where else can you make 100k working 30-35 hours/week?


Concerning private client or private bank. They won't look at you unless you have quite a large book with clients in the 3-5 mill net worth. They pay you a salary of about 90k. With bonus you might do 120k. You won't get paid your bonus until you have done enough business to cover your 90k base. It really is draw. It's not the easy cush, cush job it used to be. You are expected to go out and find new prospects. Good luck. There's fewer prospects with net worth of 3-5 mill than below that criteria. You're better off being an advisor at a bank starting from scratch. Better unlimited income.

Aug 8, 2005 4:19 pm

Thanks to you both - bankrep1 and ezmoney for the good info.  It is not that I can't cut it in this business, it's just that I am not certain that I want to stay in the independent route.  The reason I brought up the private bank was that I had heard of some new activity in our area here (smaller town) and wanted to investigate.  We have several big name firms up here as well - ML, Morgon, UBS, and then Scwab, and EDJ. - as wells as all of the large national banks. 

What type of atmosphere would a bank branch rep expect.  Knowing that I am coming from a financial planning oriented environment would I be setting myself back from that philosophy? (from what I have heard I would be)  I know they are all "sales driven" positions and to me this aspect is not a bad thing as long as it really is in the best interest of the client first.  Do they allow fee based accounts for branch reps?


Aug 9, 2005 6:51 pm

Your best bet is to go with a community bank or credit union tied to a good group.  Large banks production expectations only merit selling high commission products, you don't make your goal your gone, you  can't meet your goals doing fee based.  They want you to meet your goal then put extra into fee based.

A credit union or community bank will care more about the best interest of their clients.  PM me your state and I will give you a couple of contacts/places to get started looking.

Aug 12, 2005 7:39 pm


same here at my big bank.  I have been doing almost 100% fee based since day one 18 months ago.   Of all the accounts I've opened only 2 were annuities and those were unsolicited.

I imagine my immediate bosses are having some foresight in letting me build my business this way.

I figure once I get 10M in fee based I'll be ok.   I'm halfway there and building momentum too.   My goal for 10M was originally DEC 2006 but if things go the way there are I should reach it much sooner.


Aug 12, 2005 8:14 pm

Bank broker experiences seem very conflicting. Some of you seem to be loving it, but I have heard from more than one source that they dictate your product, and they really are not crazy about you making more than $100,000 to $150,000, and do what they can to control this. Two buddies of mine who have been in the business for years are at Banc of America and confirm this. They are moving to indy.

Is it like anything, the ones who have good experiences have unique situations?? Or is it different in various parts of the country?

Aug 12, 2005 9:10 pm

The big banks love profit, no one, except those at the very top can make more than 100K per year, it's profit and they'll find a way to take it.  A community bank or credit union could care less that your successful as long as they get their cut.

Aug 12, 2005 9:58 pm

I disagree. The big banks will let you make as much as you want. They don’t care. The more you make the more they make. Think about it. Why in the world would they want to limit your earnings? Remember they have to compete with the same pool of talent these days as the wirehouses.

Aug 13, 2005 3:15 pm

I may be speculating...but for various reasons, I view bankers as extremely tight. And the peronalities of local bankers that I have been exposed to, don't seem like they would be all that hip on a "broker" making $400,000 per year, when the guys at the top of the bank line worked their network of friends and family so hard to get where they are.

The wires on the other hand, appear to want monster brokers. You can't overlook that when a Local Merrill guy who makes $1 million a year for himself, belongs to the best country clubs, is on the right boards, sends the kids to the right private school, has some allure for other wealthy people. The exposure is there, The brokers confidence level is there - hey he's become one of the rich (not just another panhandling $250,000 producer scrapping for a break).

When I think of the banks, I get the impression that they will let you make a few bucks, but you don't have to kill yourself. Pushing prop. funds and VA's is not back breaking work when the majority of your customers are Approaching YOU (the trusted bank rep), and let's face it.... your replacable with the next guy who did'n make it at SB or more recently Morgan...or a trainee. We would not want you becomming HUGE and start to think that those bank clients would follow you and your big pay check to a wire, or an independant.  

Aug 15, 2005 1:36 pm

EZ Jealousy - It's not their primary business.  You have a VP making 150K a year who has an MBA from some Ivy league school, travels 3 days a week and works 60+ hours a week,  then you have some rep 35 years old with a cush job that leaves at 5, plays golf and takes alot of vacation who makes 300K a year. 

The VP's at all three large banks I worked at all came from the Bank side, they don't get that this business rewards success, because not everyone can get there.  They see your check, your credentials, then they see theirs.   They look at profit margins and say here's an area we can SQEEZE out some more, and my bonus (based on profits) will be a bit bigger.