Bank FA - Reasonable Goals?

Jeez, no responses?? What did you FAs do in your first year of production?

No one comes on here but newbies anymore.
How big of a book did you get?

Where did everyone go?? When I asked the recruiter how big the existing book is, he kept beating around the bush...which makes me think close to nothing.

Everyone went to the “other” website. You’re on there aren’t you?
I wouldn’t do anything without specifics. Recruiter probably doesn’t know. Total of $500mm in deposits is really large from my understanding. Don’t agree to anything without it ALL in writing. Here’s what you need to know:
True deposit base
Book total
Book makeup (how much is locked up)
What they offer (you will want salary or enhanced grid for first few months)
Are bankers incentivized to provide referrals?
Go to other website and PM a few of the bank guys. They should have a lot more info.

If you have to ask what reasonable goals are you are screwed and have no chance at all. I'm sure you will respond with some bs about how you will do whatever it takes. Everyone says that. Just remember in 12-15 mos when you are out the door.

Btw, how the fuck are you "about to start" and you haven't figured out what the production goals are??

Also, don't ever refer to it as the "securities game". Makes you sound quite ethnic..... Your bank patrons won't relate.  

Unless perhaps they are in the "rap game". 

I used to work in a branch, and the current book was somewhat irrelevant in that the focus was in raising new money from CD lists and referrals from personal bankers to go into mutual funds and fixed and variable annuities and getting as much upfront as possible.  The bank barely paid on trailers, so it was all about the upfront payout.

For us, the objective each year was to capture 10% of the bank's deposits, and average about 4% of that amount.  I was in a $100 million branch, so $400k was the target.  I learned a lot in those few years, but got the hell out and went independent after two years.

[quote=Hacksaw]Everyone went to the "other" website. You're on there aren't you? I wouldn't do anything without specifics. Recruiter probably doesn't know. Total of $500mm in deposits is really large from my understanding. Don't agree to anything without it ALL in writing. Here's what you need to know: True deposit base Book total Book makeup (how much is locked up) What they offer (you will want salary or enhanced grid for first few months) Are bankers incentivized to provide referrals? Go to other website and PM a few of the bank guys. They should have a lot more info.[/quote]

Got it, just making sure we're talking about the same thing. Thanks for your input!

[quote=HardCoreProspector]

If you have to ask what reasonable goals are you are screwed and have no chance at all. I'm sure you will respond with some bs about how you will do whatever it takes. Everyone says that. Just remember in 12-15 mos when you are out the door.

Btw, how the fuck are you "about to start" and you haven't figured out what the production goals are??

Also, don't ever refer to it as the "securities game". Makes you sound quite ethnic..... Your bank patrons won't relate.  

Unless perhaps they are in the "rap game". 

[/quote]

What is your problem? I don't know you and I was asking a very sincere and humble question. I have a T12 insurance production of over 300k and $2.5MM AUM in fee based accounts (I just finished year 3 of production), but I didn't know what the REAL goals are. I have never been a securities producer as my primary practice. I know what the recruiters tell me, but it's all fluff anyways. I want to know what defines a true GOOD job and GREAT job so I can motivate myself and keep me on track. So instead of making assumptions about me being another hack off this newbie website, provide something useful.

[quote=emfinitelp]

I'm about to start a bank program as a FA with two branches (both over $250MM deposit base). I'm willing to work 60-80 hour weeks, relatively new to the securities game, but do have some insurance background.

What's a reasonable goal in year one? 2? and 3?

What did you guys do in the first few years in the business? Bank? Wire? Indy?

[/quote]

Hi, congrats  for your new bank but i wanna job in government sector banking becoase of future securities and working hours i had a look on these govt. sites may be you get get some better information or tricks from there for running your bank

gud luck

10m Aum and 80-100k gross would be great. 6m and 60-70k gross would be good. 4-5m and 50k gross will keep you employed probably. 

[quote=HardCoreProspector]

If you have to ask what reasonable goals are you are screwed and have no chance at all. I'm sure you will respond with some bs about how you will do whatever it takes. Everyone says that. Just remember in 12-15 mos when you are out the door.

Btw, how the fuck are you "about to start" and you haven't figured out what the production goals are??

Also, don't ever refer to it as the "securities game". Makes you sound quite ethnic..... Your bank patrons won't relate.  

Unless perhaps they are in the "rap game". 

[/quote]

"quite ethnic" is code for "I'm a racist jack ass" so fuck you buddy.

[quote=priyanka3]

[quote=emfinitelp]

I'm about to start a bank program as a FA with two branches (both over $250MM deposit base). I'm willing to work 60-80 hour weeks, relatively new to the securities game, but do have some insurance background.

What's a reasonable goal in year one? 2? and 3?

What did you guys do in the first few years in the business? Bank? Wire? Indy?

[/quote]

Hi, congrats  for your new bank but i wanna job in government sector banking becoase of future securities and working hours i had a look on these govt. sites may be you get get some better information or tricks from there for running your bank

gud luck

[/quote]

Sweet baby jesus, what has happened to this website? It use to be a wealth of knowledge...did the moderators just stop showing up?

Emfinitelp,

Don't lose you're cool pal, just a couple of losers, probably doing time, nothing left to do, but google and, eventually they came across the forum, picked up the lingo and got a user name.

it's all part part of the game pal, can't stop it, it's out there, looking to get you fired up. I personally wish them the best, and never reply to losers.

What happened is...you have, via this site a lot of resources, and yeah......you should have an idea of what you want to do...so aim high, work daily.......give yourself targets, enjoy your work....and keep us posted. Don't pay any attention mate to HardCore, probably did things to cats as a kid and today is in the county jail with acces to the internet.way too much anger..and priyanka3...well can't spell....so why waste your time mate...... there's no assets there, no income, no lifestyle...just a post.......whoa!!!!

You got 2 banks, got foot traffic and a clear shot at doing good. Earning 500K in this business is posible, others are doing more...but it's all about daily activities, good attitude, and doing right for the clients.......

Good luck, all the best,

All The Way

[quote=All The Way]

Emfinitelp,

Don't lose you're cool pal, just a couple of losers, probably doing time, nothing left to do, but google and, eventually they came across the forum, picked up the lingo and got a user name.

it's all part part of the game pal, can't stop it, it's out there, looking to get you fired up. I personally wish them the best, and never reply to losers.

What happened is...you have, via this site a lot of resources, and yeah......you should have an idea of what you want to do...so aim high, work daily.......give yourself targets, enjoy your work....and keep us posted. Don't pay any attention mate to HardCore, probably did things to cats as a kid and today is in the county jail with acces to the internet.way too much anger..and priyanka3...well can't spell....so why waste your time mate...... there's no assets there, no income, no lifestyle...just a post.......whoa!!!!

You got 2 banks, got foot traffic and a clear shot at doing good. Earning 500K in this business is posible, others are doing more...but it's all about daily activities, good attitude, and doing right for the clients.......

Good luck, all the best,

All The Way

[/quote]

Thanks for the words of encouragement! What was your production for the first few years?

Emfinitelp,

You sound like the real thing. Not important what anyone else has done....it's what you are going to do.....seriously, you got to have a clue of what it is your going for. Can't wake up and ask what everyone else is wearing to work. Aim for 2M a month, bring in 500K-1m.....it's all good,

What do you want to do, then......how?

I did 650 this week, had some good meetings, got anothr 500K+ on the go, and a few 700K'a.......in an ideal world, they all become clients, in my world, back on the phone in the morning looking for more.......one never knows......so....who cares about what others are doing....the forum is filled with tracks to run on....the question is ....Y-O-U......what do you want?

All The Way

Alltheway is still a newbie but what he said is exactly correct. There are a lot of people out there unhappy with their current advisor. You just have to find them, tell/show them how you are different, and don’t screw it up.
It is all up to you.