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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....