Ashland, I have experience on the wirehouse side & your numbers are very accurate. If objectively analysed, ramping up your practice by working in a “fair” banking environment just makes so much sense.  I would steer clear of the biggies like BofA but there are some huge opportunities in some mid sized and smaller sized banks.

How does one get on with a small/medium bank?  Is this mostly inside track stuff?

[quote=Ashland]

If your money is real, why do you let the bank keep so much of it?

Bobby - you're a smart guy. Let's do the math.

First year production:
Bank: $150 - $200K w/ 28% payout: $42K - $56K income
Wirehouse: $100K w/ 40% payout: $40K

2nd year production:
Bank: $250 - $300K w/ 31% payout: $78K - $93K income
Wirehouse: $150K w/ 40% payout: $60K

3rd year production:
Bank: $300 - $400K w/ 31% - 35% payout: $93K - $140K income
Wirehouse: $200 - $250K w/ 40% payout: $80K - $100K income
Indy: $150 - 175K @ 53% payout after expenses(LPL Avg): $80K - $93K income

Moral of the story: Less of more is still more!

Source: Bank #'s are pretty accurate from my own experience & those I work with. Wirehouse #'s I pulled out of thin air, but they're not that far off.[/quote]

I don't have a problem with math. I have a problem with the "More" assumption. Also, I think the rookie is lying about his production. Math can't fix that problem. Also, If you think that indies average 53% after expenses, you're a retard.

If by rookie you’re talking about me, I really don’t care if you believe me or not.  I should state though, that I did start my current job last July, but my actual training program didn’t start until this Feb. (due to merger)  So I did have ample time to build the fruitful relationships I have with my 5 branches.  I did $20k for the first time ever in Jan., and have only done less than that 1 month since then.

I am currently at $100K+, and this month am already at $47k (best month ever, like I said due to things not hitting last month).  It is likely that I will break $60K this month.   My goal for this year is $250k.  If you get in the right program, banks are an excellent place to do business.  My current payout is 30%, plus salary.

Take care.

Chris

[quote=Ashland]

If your money is real, why do you let the bank keep so much of it?

[quote=bluestars80][quote=Ashland]

If your money is real, why do you let the bank keep so much of it?

Bobby - you're a smart guy. Let's do the math.

First year production:
Bank: $150 - $200K w/ 28% payout: $42K - $56K income
Wirehouse: $100K w/ 40% payout: $40K

2nd year production:
Bank: $250 - $300K w/ 31% payout: $78K - $93K income
Wirehouse: $150K w/ 40% payout: $60K

3rd year production:
Bank: $300 - $400K w/ 31% - 35% payout: $93K - $140K income
Wirehouse: $200 - $250K w/ 40% payout: $80K - $100K income
Indy: $150 - 175K @ 53% payout after expenses(LPL Avg): $80K - $93K income

Moral of the story: Less of more is still more!

Source: Bank #'s are pretty accurate from my own experience & those I work with. Wirehouse #'s I pulled out of thin air, but they're not that far off.[/quote] [/quote]

Having worked at all 3, your numbers are WAY OFF on the indie side.  I get 93% payout, and after ALL bills, E&O, expenses, etc, my NET payout is 71-72%, and that's no BS.........

[quote=Bobby Hull] [quote=Ashland]

If your money is real, why do you let the bank keep so much of it?

Bobby - you’re a smart guy. Let’s do the math. First year production: Bank: $150 - $200K w/ 28% payout: $42K - $56K income Wirehouse: $100K w/ 40% payout: $40K 2nd year production: Bank: $250 - $300K w/ 31% payout: $78K - $93K income Wirehouse: $150K w/ 40% payout: $60K 3rd year production: Bank: $300 - $400K w/ 31% - 35% payout: $93K - $140K income Wirehouse: $200 - $250K w/ 40% payout: $80K - $100K income Indy: $150 - 175K @ 53% payout after expenses(LPL Avg): $80K - $93K income Moral of the story: Less of more is still more! Source: Bank #'s are pretty accurate from my own experience & those I work with. Wirehouse #'s I pulled out of thin air, but they’re not that far off.[/quote]

I don’t have a problem with math. I have a problem with the “More” assumption. Also, I think the rookie is lying about his production. Math can’t fix that problem. Also, If you think that indies average 53% after expenses, you’re a retard.

[quote=bluestars80][quote=bluestars80][quote=Ashland]

If your money is real, why do you let the bank keep so much of it?

Bobby - you're a smart guy. Let's do the math.

First year production:
Bank: $150 - $200K w/ 28% payout: $42K - $56K income
Wirehouse: $100K w/ 40% payout: $40K

2nd year production:
Bank: $250 - $300K w/ 31% payout: $78K - $93K income
Wirehouse: $150K w/ 40% payout: $60K

3rd year production:
Bank: $300 - $400K w/ 31% - 35% payout: $93K - $140K income
Wirehouse: $200 - $250K w/ 40% payout: $80K - $100K income
Indy: $150 - 175K @ 53% payout after expenses(LPL Avg): $80K - $93K income

Moral of the story: Less of more is still more!

Source: Bank #'s are pretty accurate from my own experience & those I work with. Wirehouse #'s I pulled out of thin air, but they're not that far off.[/quote] [/quote]

Having worked at all 3, your numbers are WAY OFF on the indie side.  I get 93% payout, and after ALL bills, E&O, expenses, etc, my NET payout is 71-72%, and that's no BS.........

[/quote]

Agreed, the Indy numbers are off.  I'm at 84% gross, 70-71% net.  If an Indy was at 53%, he'd be a helluva stupid indy. 

[quote=Ashland] [quote=Bobby Hull] [quote=Ashland]

If your money is real, why do you let the bank keep so much of it?

Bobby - you're a smart guy. Let's do the math. First year production: Bank: $150 - $200K w/ 28% payout: $42K - $56K income Wirehouse: $100K w/ 40% payout: $40K 2nd year production: Bank: $250 - $300K w/ 31% payout: $78K - $93K income Wirehouse: $150K w/ 40% payout: $60K 3rd year production: Bank: $300 - $400K w/ 31% - 35% payout: $93K - $140K income Wirehouse: $200 - $250K w/ 40% payout: $80K - $100K income Indy: $150 - 175K @ 53% payout after expenses(LPL Avg): $80K - $93K income Moral of the story: Less of more is still more! Source: Bank #'s are pretty accurate from my own experience & those I work with. Wirehouse #'s I pulled out of thin air, but they're not that far off.[/quote]

I don't have a problem with math. I have a problem with the "More" assumption. Also, I think the rookie is lying about his production. Math can't fix that problem. Also, If you think that indies average 53% after expenses, you're a retard.

[/quote]

OK, Bobby, let's call your payout after expenses 65%. That makes the 3rd year income $98 - $114 vs the bank @ $93K - $140K. I'd say the bank still has an edge!

At $150K in production I now understand how you can post on this site 8 - 9 times / day.[/quote]

I have met MANY indies that are million dollar producers, I hav eonly met two bank reps who are, and one had EIGHT branches.......

Some of us have worked at banks........

[quote=ChrisB]If by rookie you're talking about me, I really don't care if you believe me or not.  I should state though, that I did start my current job last July, but my actual training program didn't start until this Feb. (due to merger)  So I did have ample time to build the fruitful relationships I have with my 5 branches.  I did $20k for the first time ever in Jan., and have only done less than that 1 month since then.

I am currently at $100K+, and this month am already at $47k (best month ever, like I said due to things not hitting last month).  It is likely that I will break $60K this month.   My goal for this year is $250k.  If you get in the right program, banks are an excellent place to do business.  My current payout is 30%, plus salary.

Take care.

Chris
[/quote]

Not to nitpick,but salary PLUS commission, or a DRAW against commission?  I ask because I don't know any banks in the US paying a big salary AND commission...........

[quote=Bobby Hull][quote=Ashland] [quote=Bobby Hull] [quote=Ashland]

If your money is real, why do you let the bank keep so much of it?

Bobby - you're a smart guy. Let's do the math. First year production: Bank: $150 - $200K w/ 28% payout: $42K - $56K income Wirehouse: $100K w/ 40% payout: $40K 2nd year production: Bank: $250 - $300K w/ 31% payout: $78K - $93K income Wirehouse: $150K w/ 40% payout: $60K 3rd year production: Bank: $300 - $400K w/ 31% - 35% payout: $93K - $140K income Wirehouse: $200 - $250K w/ 40% payout: $80K - $100K income Indy: $150 - 175K @ 53% payout after expenses(LPL Avg): $80K - $93K income Moral of the story: Less of more is still more! Source: Bank #'s are pretty accurate from my own experience & those I work with. Wirehouse #'s I pulled out of thin air, but they're not that far off.[/quote]

I don't have a problem with math. I have a problem with the "More" assumption. Also, I think the rookie is lying about his production. Math can't fix that problem. Also, If you think that indies average 53% after expenses, you're a retard.

[/quote]

OK, Bobby, let's call your payout after expenses 65%. That makes the 3rd year income $98 - $114 vs the bank @ $93K - $140K. I'd say the bank still has an edge!

At $150K in production I now understand how you can post on this site 8 - 9 times / day.[/quote]

Assman, I've never been below 80% net in the 4 years that I've been indy. Your assumptions about gross are way off on the downside. I know you have to make yourself believe that you've got it good in order not to kill yourself, but you're proving to the rest of us that you are an idiot.

[/quote]

Geez Bobby, I think the only way I could get to 80% net would be to get rid of my office.  You don't think the clients would care if I worked on a park bench do you?   

[quote=bluestars80][quote=Ashland] [quote=Bobby Hull] [quote=Ashland]

If your money is real, why do you let the bank keep so much of it?

Bobby - you're a smart guy. Let's do the math. First year production: Bank: $150 - $200K w/ 28% payout: $42K - $56K income Wirehouse: $100K w/ 40% payout: $40K 2nd year production: Bank: $250 - $300K w/ 31% payout: $78K - $93K income Wirehouse: $150K w/ 40% payout: $60K 3rd year production: Bank: $300 - $400K w/ 31% - 35% payout: $93K - $140K income Wirehouse: $200 - $250K w/ 40% payout: $80K - $100K income Indy: $150 - 175K @ 53% payout after expenses(LPL Avg): $80K - $93K income Moral of the story: Less of more is still more! Source: Bank #'s are pretty accurate from my own experience & those I work with. Wirehouse #'s I pulled out of thin air, but they're not that far off.[/quote]

I don't have a problem with math. I have a problem with the "More" assumption. Also, I think the rookie is lying about his production. Math can't fix that problem. Also, If you think that indies average 53% after expenses, you're a retard.

[/quote]

OK, Bobby, let's call your payout after expenses 65%. That makes the 3rd year income $98 - $114 vs the bank @ $93K - $140K. I'd say the bank still has an edge!

At $150K in production I now understand how you can post on this site 8 - 9 times / day.[/quote]

I have met MANY indies that are million dollar producers, I hav eonly met two bank reps who are, and one had EIGHT branches.......

Some of us have worked at banks........

[/quote]

I can name AT LEAST five bank rep million dollar producers within the surrounding few counties (basically the MSA of the city).  Maybe successful people just don't like to talk to you???

[quote=snaggletooth][quote=Bobby Hull][quote=Ashland] [quote=Bobby Hull] [quote=Ashland]

If your money is real, why do you let the bank keep so much of it?

Bobby - you're a smart guy. Let's do the math. First year production: Bank: $150 - $200K w/ 28% payout: $42K - $56K income Wirehouse: $100K w/ 40% payout: $40K 2nd year production: Bank: $250 - $300K w/ 31% payout: $78K - $93K income Wirehouse: $150K w/ 40% payout: $60K 3rd year production: Bank: $300 - $400K w/ 31% - 35% payout: $93K - $140K income Wirehouse: $200 - $250K w/ 40% payout: $80K - $100K income Indy: $150 - 175K @ 53% payout after expenses(LPL Avg): $80K - $93K income Moral of the story: Less of more is still more! Source: Bank #'s are pretty accurate from my own experience & those I work with. Wirehouse #'s I pulled out of thin air, but they're not that far off.[/quote]

I don't have a problem with math. I have a problem with the "More" assumption. Also, I think the rookie is lying about his production. Math can't fix that problem. Also, If you think that indies average 53% after expenses, you're a retard.

[/quote]

OK, Bobby, let's call your payout after expenses 65%. That makes the 3rd year income $98 - $114 vs the bank @ $93K - $140K. I'd say the bank still has an edge!

At $150K in production I now understand how you can post on this site 8 - 9 times / day.[/quote]

Assman, I've never been below 80% net in the 4 years that I've been indy. Your assumptions about gross are way off on the downside. I know you have to make yourself believe that you've got it good in order not to kill yourself, but you're proving to the rest of us that you are an idiot.

[/quote]

Geez Bobby, I think the only way I could get to 80% net would be to get rid of my office.  You don't think the clients would care if I worked on a park bench do you?   

[/quote]

Your gross is lower. Also, I have a very sweet deal on my office space and I don't pay ticket charges.

[quote=BankFC][quote=bluestars80][quote=Ashland] [quote=Bobby Hull] [quote=Ashland]

If your money is real, why do you let the bank keep so much of it?

Bobby - you're a smart guy. Let's do the math. First year production: Bank: $150 - $200K w/ 28% payout: $42K - $56K income Wirehouse: $100K w/ 40% payout: $40K 2nd year production: Bank: $250 - $300K w/ 31% payout: $78K - $93K income Wirehouse: $150K w/ 40% payout: $60K 3rd year production: Bank: $300 - $400K w/ 31% - 35% payout: $93K - $140K income Wirehouse: $200 - $250K w/ 40% payout: $80K - $100K income Indy: $150 - 175K @ 53% payout after expenses(LPL Avg): $80K - $93K income Moral of the story: Less of more is still more! Source: Bank #'s are pretty accurate from my own experience & those I work with. Wirehouse #'s I pulled out of thin air, but they're not that far off.[/quote]

I don't have a problem with math. I have a problem with the "More" assumption. Also, I think the rookie is lying about his production. Math can't fix that problem. Also, If you think that indies average 53% after expenses, you're a retard.

[/quote]

OK, Bobby, let's call your payout after expenses 65%. That makes the 3rd year income $98 - $114 vs the bank @ $93K - $140K. I'd say the bank still has an edge!

At $150K in production I now understand how you can post on this site 8 - 9 times / day.[/quote]

I have met MANY indies that are million dollar producers, I hav eonly met two bank reps who are, and one had EIGHT branches.......

Some of us have worked at banks........

[/quote]

I can name AT LEAST five bank rep million dollar producers within the surrounding few counties (basically the MSA of the city).  Maybe successful people just don't like to talk to you???

[/quote]

That's a staggerting number. Name them.

No.  Call me a liar if you want to, but I would never post people's actual names on here. 

Joe, not offended, but I must say, it is a tad bit hypocritical to correct anyone for "littering up the board" as you are one of the most prolific posters on this board.  I've been here a long time now, not always as Bankfc, and I've seen you go into some pretty length posts, and in multiple threads, in the past.

Not trying to offend...just don't "lob" comments one day, then "drop the silliness" the next and expect everyone to follow suit.  Your actions over time will speak louder than calling anyone out...

[quote=joedabrkr] [quote=BankFC]

Joe, not offended, but I must say, it is a tad bit hypocritical to correct anyone for "littering up the board" as you are one of the most prolific posters on this board.  I've been here a long time now, not always as Bankfc, and I've seen you go into some pretty length posts, and in multiple threads, in the past.

Not trying to offend...just don't "lob" comments one day, then "drop the silliness" the next and expect everyone to follow suit.  Your actions over time will speak louder than calling anyone out...

[/quote]

Fair enough.  Point made and taken under advisement.
[/quote]