How much of your poroduction comes from banking products, if any?
Putting this in indy forum since bank guys would obvious do more... I'm starting at HD Vest and can offer and get comped on a small amount of Wells Fargo banking products. I didn't really expect to do anything in this area but am considering it. Just curious how many of you do any type of lending products at whatever firm your at. How much of your production comes from this? How are you comped? Looks like a lot of wire reps (Jones, Merrill, etc) are offering more lending products as well...
We can do banking services at Jones (mortgages, MMKT, checking, debit, credit, loans, etc.), but we don't get compensated very much. It does get credited to our P&L, so it improves our profitability and potentially improves our bonuses.
[quote=series7taxguy]
Putting this in indy forum since bank guys would obvious do more... I'm starting at HD Vest and can offer and get comped on a small amount of Wells Fargo banking products. I didn't really expect to do anything in this area but am considering it. Just curious how many of you do any type of lending products at whatever firm your at. How much of your production comes from this? How are you comped? Looks like a lot of wire reps (Jones, Merrill, etc) are offering more lending products as well...
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I've tried to get a couple of very stand up credit worthy people refi's and a commercial deal via Wells Fargo. They were dragged through the mud and in two of three cases ruined the relationship. If it goes well it's the other guys credit (the bank jerk), if the other guy is a moron, it's your bad. It's not worth the basis points, IMHO. All three easily got loans no prob at other banks.
Gaddock, are you a WF private banker, bank broker or PB or with Finet? I didn't think HD Vest people ever needed to "deal with the bank guy" unless you're talking metaphorically.