500k in Production

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Aug 2, 2007 10:41 am

[quote=scrim67][quote=Bobby Hull][quote=whitewlfz]

I think that doing 500k scrim in 2009 is great ..one thing too ..are you not Indy.. because the one thing everyone forgets here about banks is that you have a tremendous access to the aggregate asset of the bank.. for example in my branches I cover there are over $500 million in bank deposits.. .so you figure if you can get just 10% of that a year.. it doesn't take long for you to move upstream.. So $500k in 2 years is doable.. (case of Vin) .. I know if you are out hustling it on the street ..doing a lot of time marketing yourself.. then it will take you a bit longer.. 5 years is great IMHO .. to gross up $500k..

And as for the top earners .. I would be curious to know what it is by household myself..

BTW Bobby .. you really should check out the bank envrioment ..not to go there ..but to see it is like we say . and there is no need to call him a liar..

[/quote]

In ten years, you could have all of the bank's deposits? I have a hard time with delusional people telling me that my perception of reality is distorted.

[/quote] I cover one bank branch with approx 50M in deposits.   My own book is about 25M.    The bank branch is not growing deposits but my book is growing.    Eventually in a few years my book should have more deposits than my bank branch.

Scrim

[/quote] Obviously, that last sentence should have read my book will BE BIGGER than my branches deposit base.

scrim

Aug 2, 2007 12:35 pm

[quote=pretzelhead][quote=Vin Diesel] How'd you blow up you book.  Was everyone in Putnam?[/quote]

And the Grand Prix family of funds, AIM Value, MFS Investor's Trust, MFS Research fund, Munder Net Net....etc.........

Aug 2, 2007 12:41 pm

[quote=scrim67][quote=Bobby Hull][quote=whitewlfz]I cover one bank branch with approx 50M in deposits.   My own book is about 25M.    The bank branch is not growing deposits but my book is growing.    Eventually in a few years my book should have more deposits than my bank branch.

Scrim[/quote]

How much of that book is dead money in B shares or annutites purchased in the last 2-3 years?

Or have you been there a long time as rep?  Just curious.........

Aug 2, 2007 12:54 pm

[quote=Bobby Hull][quote=whitewlfz]

I think that doing 500k scrim in 2009 is great ..one thing too ..are you not Indy.. because the one thing everyone forgets here about banks is that you have a tremendous access to the aggregate asset of the bank.. for example in my branches I cover there are over $500 million in bank deposits.. .so you figure if you can get just 10% of that a year.. it doesn't take long for you to move upstream.. So $500k in 2 years is doable.. (case of Vin) .. I know if you are out hustling it on the street ..doing a lot of time marketing yourself.. then it will take you a bit longer.. 5 years is great IMHO .. to gross up $500k..

And as for the top earners .. I would be curious to know what it is by household myself..

BTW Bobby .. you really should check out the bank envrioment ..not to go there ..but to see it is like we say . and there is no need to call him a liar..

[/quote]

In ten years, you could have all of the bank's deposits? I have a hard time with delusional people telling me that my perception of reality is distorted.

[/quote]

This is a phrase I thought I'd never get to say with a straight face:

Bobby, you're thinking like a banker! 

I take money from my bank's deposits all of the time.  And I say you are thinking like a banker because there are still a few of the old timers here that get annoyed everytime someone moves $10,000 from a CD to an investment, thinking that every dollar I gather comes directly out of their pocket.  You know what?  Their deposit base keeps rising, even though I do take money from them on a regular basis.  How, you may ask?  

Even though I take some money from them, the majority of it comes from bank customers bringing me OTHER money that they have, be it in other banks, with other brokers, or in 401k's.  I also tell my clients with CD's at other banks that they should move that money here (assuming that our rates are higher, which they ususally are).  So yes, in 10 years it is possible for a bank broker to have AUM higher than the bank's deposit base.

Aug 2, 2007 1:11 pm

In my opinion, i don't think the bank is going to like if your AUM exceeds their deposit base.  You can get away with it right now, b/c most banks have too much cash on hand and not enough loan growth.  So, they will trade that interest expense for the immediate income.  But if the interest rate enviroment changes, and they need cash to lend, your relationship could change. 

Just saying.....you might not want to call that to their attention.

Aug 2, 2007 3:42 pm

[quote=the word]

In my opinion, i don't think the bank is going to like if your AUM exceeds their deposit base.  You can get away with it right now, b/c most banks have too much cash on hand and not enough loan growth.  So, they will trade that interest expense for the immediate income.  But if the interest rate enviroment changes, and they need cash to lend, your relationship could change. 

Just saying.....you might not want to call that to their attention.[/quote]

That day will come, so be prepared for it. 

Aug 2, 2007 5:03 pm

[quote=the word]

In my opinion, i don't think the bank is going to like if your AUM exceeds their deposit base.  You can get away with it right now, b/c most banks have too much cash on hand and not enough loan growth.  So, they will trade that interest expense for the immediate income.  But if the interest rate enviroment changes, and they need cash to lend, your relationship could change. 

Just saying.....you might not want to call that to their attention.

[/quote]

I didn't call you a moron.

Aug 2, 2007 7:28 pm

I didn't call you a moron......what the hell?

Aug 2, 2007 8:26 pm

I know I am new to these forums, but the question was "How  long did it  take you go get to $500k" and honestly id  love to hear some of the responses and how you did it, etc....instead of all the bickering..etc.

I mean honestly...I think there has only been  2 or 3 answers to that question in  3 pages!! lmao

Pinn

Aug 2, 2007 10:10 pm

[quote=PinBroker]

I know I am new to these forums, but the question was "How  long did it  take you go get to $500k" and honestly id  love to hear some of the responses and how you did it, etc....instead of all the bickering..etc.

I mean honestly...I think there has only been  2 or 3 answers to that question in  3 pages!! lmao

Pinn

[/quote]

Yep you are new.  We mostly bicker amongst ourselves here, and sometimes have meaningful discussion. Please pay attention.

And to answer the original question it took me 5.5 years.

Aug 2, 2007 10:40 pm

[quote=bluestars80][quote=scrim67][quote=Bobby Hull][quote=whitewlfz]I cover one bank branch with approx 50M in deposits.   My own book is about 25M.    The bank branch is not growing deposits but my book is growing.    Eventually in a few years my book should have more deposits than my bank branch.

Scrim[/quote]

How much of that book is dead money in B shares or annutites purchased in the last 2-3 years?

Or have you been there a long time as rep?  Just curious.........

[/quote] I've been in my program about 3 years.   I would estimate 2% of my entire book are B shares and annuities.   That is because I've never solicited an annuity and hardly ever use B shares.   

My book is about 55% fee based and most of the rest is money markets and A shares.

scrim

Aug 3, 2007 12:11 am

[quote=the word]

In my opinion, i don't think the bank is going to like if your AUM exceeds their deposit base.  You can get away with it right now, b/c most banks have too much cash on hand and not enough loan growth.  So, they will trade that interest expense for the immediate income.  But if the interest rate enviroment changes, and they need cash to lend, your relationship could change. 

Just saying.....you might not want to call that to their attention.

[/quote]

I'm smart enough to not call it to their attention.  As far as I know, no one in my bank even knows my AUM except for my assistant and myself.  It doesn't make sense to me, but they don't track it.  The only way I know is by having my assistant pull numbers from various places at the 1st of every month and plug them into Excel.

And by the time I am bigger than the branches I cover I will probably leave of my own accord anyway.  If I took just 1/2 of it I would be producing well north of $500,000/yr as an indy.

Aug 3, 2007 4:08 am

Being delusional (according to the site expert shrink Mr Hull)

I have to say that if you think you know the bank system .. and that they are all created equally good luck on that ..Because that is not the case.. and to judge them all as the same you will miss out.  Just like all Indy shops are different ..it is the same for banks.. So ease up eh ..and learn for yourself!

Aug 3, 2007 4:14 am

Oh and Pin …last year (year 3 ) combined gross was 470k (my business partner and myself -400k me and 70k him)  this year we (my team - 2 producers 1 SA 1 insurance specialist 1 private lender ) will do over $1MM in production (year 4). 

Aug 3, 2007 8:29 am

When you post your #’ strip out what evryone else did and just give us what your being paid on.  I have a friend whose team did 2 Million he is going to make 70K, hardly impressive.

Aug 3, 2007 8:55 am

I’ve always found production to be a fairly meaningless number.  There are two much more meaningful numbers.  1) What is your income?  2) How many people did you help?

Aug 3, 2007 10:30 am

I don't do $500K in production now, I do $350K.  However, since my payout is 73% net, I make more money than I did at the bank at 35%, when I was doing over $500K........

So, I'm "lazy".........sue me...........

Aug 4, 2007 8:21 am

[quote=bornagainbankr]When you post your #' strip out what evryone else did and just give us what your being paid on.  I have a friend whose team did 2 Million he is going to make 70K, hardly impressive.[/quote]

I am going to be paid on $525k this year roughly ..and tben bonuse on $200k ..from the team..

Aug 4, 2007 8:24 am

And if you are wanting to know what I will make net …which is the point every Indie likes to bring up… I will get 37 points on every dollar and a 4 point bonus at year end on the total mentioned above…

Aug 4, 2007 10:00 am

[quote=whitewlfz]And if you are wanting to know what I will make net ..which is the point every Indie likes to bring up... I will get 37 points on every dollar and a 4 point bonus at year end on the total mentioned above..[/quote]

Actually, I'm more interested in what service your employer provides for you that is worth $300,000. No intelligent person would pay that kind of money if they didn't feel like it was worth it.