I’d head for the bank.  I know a lot a people in this biz.  I know 1 new/new guy who has made it at ML.  And, he had a rather impressive insurance background and loads of contacts before joining.  No one else has been able to bring in enough “high net worth” clients to feed their family.

Sooth is dead right. Make sure the bank will put enough prospects before you.

Most banks are looking for seasoned reps.

I think you have to head to the bank and work their leads.  At the very least you have a steady stream of customers (don’t kid yourself, at a bank that is what they are) walking in the door.  At Merrill, you will be banging your head against the DNC list forever.

5 posts and nobody has bad mouthed the bank or “bank brokers”.  This has to be a forum record.

Wachovia Securities is NOT a bank brokerage.

[quote=RLYesq]

Wachovia Securities is NOT a bank brokerage.

[/quote]

Depending on where you work within Wachovia Securities it is.  They have an independent channel as well.

I should know.  I used to work IN the bank with Wachovia Securities.

Note the tag line.

Lets say you are good at gathering assets…  Leads are great from the bank but you could live without them.  Are you still saying the bank is better?

bank is a good place to start and learn…you can take off the training wheels later when you want to be a REAL financial advisor and not just a captive sales rep…

Which channel is the starter of this thread looking at working at?  Tradional wirehouse,independent or the bank side.

Wow where is Stanbrown?

Doesn't he want to tell you how bad it is.  I read a post somewhere that an office of 30 wirehouse guys brought in a total of 19 high net worth accounts last year, I am pretty sure it said it was a ML office (HNW 250K+)  Pretty sad since I did better than that by myself.  Go to the bank, just make sure it is a good one.

PS

Stan I haven't sold a fixed annuity in 1.5 years

bankrep1

LOL, haven't sold one in 1.5 years? You're a constant contradiction, pal.

I've been silent on this one for two reasons;

1) The conversation has been about where a new guy (w/o connections) should start, not the standard "I'm at a bank and I'm a 100% real broker doing the same job as the wirehouse guys" nonsense. Given that situation starting at a bank isn't the end of the world.

2) Joedabroker already hit the ball out of the park with his "captured sales rep" post.

Stan

I would argue I do a better job than a typical wirehouse rep.  I look at the clients insurance needs, (Disability, life and LTC), help them with estate planning (ILIT's and CRT's) and with their everyday investments.  I also provide advice on employee stock options exercise, restricted stock and alot of other things.  How many wirehouses brokers know 2 things about any of these subjects? 

I was jerking your chain a bit before.  Although I would still recommend a fixed annuity to a saver any minute of any day.

[quote=bankrep1]

Wow where is Stanbrown?

Doesn’t he want to tell you how bad it is. I read a post somewhere that an office of 30 wirehouse guys brought in a total of 19 high net worth accounts last year, I am pretty sure it said it was a ML office (HNW 250K+) Pretty sad since I did better than that by myself. Go to the bank, just make sure it is a good one.

PS

BankRep1,

But the branch did produce $8 Million+ from existing Assets and new smaller accounts.

Like it or not, the biggest Producers in this game mostly hang out at the wires, especially Merrill.

Sonny

Sonny that only approx 400k/ broker, that is not all that impressive, especially since on another thread someone was saying how great ML is and they average 712k/yr and in NYC over 1mm.  Sorry just being a little sarcastic about ML not a huge fan of their brokers around me.

I don’t care what you have to say about ML, I resigned last week.

Sonny -



What is next for you after your experience at ML? Are you looking for a
bank, or something like ML where the requirements are not as steep.
Thanks and good luck.

[quote=SonnyTheBull]BankRep1,
But the branch did produce $8 Million+ from existing Assets and new smaller accounts.
Like it or not, the biggest Producers in this game mostly hang out at the wires, especially Merrill.
Sonny[/quote]

Sonny....8 mil per year for an entire wirehouse branch in NYC?  They're pikers in the NYC wire market.  Google "Ron Carson".  He and his employees did 5 mil in friggin Omaha Neb!!!!