I am thinking of going from a wire to a bank. I agree that you can make more $$$$ at a wire but for various reasons I need to do this. Any serious comments as to what I can expect as far as payout, structure, autonomy, how much can a $500K bank producer w-2. Thank you.
They didn't. As you can see above I asked for serious comments but you are apprently not intelligent enough to see that. Go back to your job that you have in the mail room as the advisors in your office need their mail today.
There is nothing wrong with working at a bank. Many RJFS (the independent side of RayJay) have HUGE books at banks. They do extremely well.
I would caution you about banks where you are given quotas or forced to sell their in house mutual funds or annuities.
Try to find a credit union or small indy bank and set up shop. You should do very well.
Payout as an indy RayJay is close to 90%. but you have to have trailing 12 of $250k to go indy.
Friends I have at JPMorgan enjoyed the bank route. If you like autonomy I would avoid the bank. What about a smaller b/d?
I guess I am calling you out. The dates on these posts don't add up. How long you have you been in the "biz"? 16 months or 6 years if you add up the times and ages you stated in the first post and the second post.
Just want you to clarify this so you don't tell bobby to back off, because you want a serious and intelligent comment.Brendan2
Joined: March 02 2005
Posts: 19 Posted: March 02 2005 at 12:15pm | IP Logged
EZ and Sooth -
Boy the three of us are in the same boat! I am 37 with wife and baby - got into the biz at 34 after being let go in a senior level marketing position at a bank. Kicking myself for not doing this sooner - live and learn. Yes this biz is tough but what keeps me going is the many people I know in their late 40's and 50's out on the street after all their "loyalty" to companies over the years. Frankly that scares the @#$% out of me and keeps me going. Without question getting to $1mm is tough but we can do it! Keep the faith!Brendan2
Joined: March 02 2005
Posts: 19 Posted: April 22 2007 at 3:53pm | IP Logged Been in the bix for 16 months (second career - I am 40) brought in 15mil and T12 of 124k. Starting to feel the financial pinch as salary goes away. Any other second career types who can relate and tell me what they did to "make it"
Uh oh...busted! At least the age appears pretty close. My guess is 16 months at current B/D, but ashamed about lack of AUM, etc. for time in the business. Don't worry, man...most of us aren't where we'd like to be on AUM...
I'll admit to "varying" the truth from time to time, especially early on when I was still hostage to a bank program. I didn't want management putting two and two together and that may be what B2 is trying to accomplish (in addition to looking much better on the asset gathering chart...)
I am trying to go the bank route, but as a wholesaler (money markets) from what i see by going to bank route that if it does not work out, you have alot more oppurtunties to do other things at the bank.