Vp
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What gets an FA to become a VP? Is it based on production or some other criteria? Any insight is appreciated.
At most firms production. A friend I knew at Morgan said that you automatically become a VP at 30 million AUM with a production requirement inline with that number. (Not sure specifically but coldn't be 30 mill of all dead money.) When I was interviewing for jobs last year I must have met at least ten different types of vice president:
Assistant VP, Associate VP, Senior VP, First VP (only at Wachovia...), Executive VP, Managing VP, Regional VP, on and on, etc.
Basically these titles mean very little and are a means to a) give confidence to the customers and b) make employees happy in a way that costs absolutely nothing. (Every single FA in one office I interviewed at was some type of VP.)
More relevant to your question, a lot of positions at some firms automatically come with a VP title when no production is expected. (Branch managers, for example.)
It's all a bunch of balony that the wire houses use to miss represent the truth to the public. Basically, if you fog mirror you can be a VP of some sorts. Used to be that term actually ment something.
At S.B. if your making about 80 thousand a year, your a second VP. If you study for a few hours and take a simple easy test you become a financial planning specialist or I guess it's something else now like wealth consultant or something like that.
[quote=Bobby Hull]
Production.
I'm independent and my business card says "President."
[/quote]Interesting and a very good post.
Marketing Only:
What is more attractive? V.P-Firm, or President-indy?
[quote=Bobby Hull]
Production.
I'm independent and my business card says "President."
[/quote]Mine says "owner". I deal with a lot of business owners, and have found that they see through the BS when you put "president" on your card and it's you and a secretary. But when you put "owner" on the card it sets a whole different tone where you are saying that you started the damn thing, your name is on the door, and the buck stops here.....
[quote=joedabrkr] [quote=Bobby Hull]
Production.
I'm independent and my business card says "President."
[/quote]
Mine says "owner". I deal with a lot of business owners, and have found that they see through the BS when you put "president" on your card and it's you and a secretary. But when you put "owner" on the card it sets a whole different tone where you are saying that you started the damn thing, your name is on the door, and the buck stops here.....
[/quote]
Thanks. I'll give that some thought.
[quote=rightway] [quote=Bobby Hull]
Production.
I'm independent and my business card says "President."
[/quote]
Interesting and a very good post.
Marketing Only:
What is more attractive? V.P-Firm, or President-indy?
[/quote]
You mean 2,000 VP's vs. 1 President?
In a bank setting it raises your cap base. Probably doesn’t ean much for most people here. I knew a guy that came over and said I will only work here if I get VP on the card and they gave it.
If I had to guess I’d say that Bank of America has the most VPs of any company on the planet. When I was there almost any manager was a VP, no matter how low level. (Monitoring calls in a customer service center, for example.) Most personal bankers were VPs after a certain amount of service. What does it cost the company to award the title? If it makes someone happy to be a VP rather than receiving a decent salary the company will make everyone VP.
[quote=Bobby Hull][quote=joedabrkr] [quote=Bobby Hull]
Production.
I'm independent and my business card says "President."
[/quote]
Mine says "owner". I deal with a lot of business owners, and have found that they see through the BS when you put "president" on your card and it's you and a secretary. But when you put "owner" on the card it sets a whole different tone where you are saying that you started the damn thing, your name is on the door, and the buck stops here.....
[/quote]
Thanks. I'll give that some thought.
[/quote]Sure nuf. It rings true and plays well.
[quote=Greenhills]
It's all a bunch of balony that the wire houses use to miss represent the truth to the public. Basically, if you fog mirror you can be a VP of some sorts. [/quote]
I've gotten a ton of assets and clients since getting my 'baloney' title. It's funny that people are more impressed with this sales title than the CFP.
[quote=joedabrkr] [quote=Bobby Hull][quote=joedabrkr] [quote=Bobby Hull]
Production.
I'm independent and my business card says "President."
[/quote]
Mine says "owner". I deal with a lot of business owners, and have found that they see through the BS when you put "president" on your card and it's you and a secretary. But when you put "owner" on the card it sets a whole different tone where you are saying that you started the damn thing, your name is on the door, and the buck stops here.....
[/quote]
Thanks. I'll give that some thought.
[/quote]
Sure nuf. It rings true and plays well.
[/quote]
My last name is in the name of my company. Isn't that enough of a clue that I own the business?
[quote=Bobby Hull][quote=joedabrkr] [quote=Bobby Hull][quote=joedabrkr] [quote=Bobby Hull]
Production.
I'm independent and my business card says "President."
[/quote]
Mine says "owner". I deal with a lot of business owners, and have found that they see through the BS when you put "president" on your card and it's you and a secretary. But when you put "owner" on the card it sets a whole different tone where you are saying that you started the damn thing, your name is on the door, and the buck stops here.....
[/quote]
Thanks. I'll give that some thought.
[/quote]
Sure nuf. It rings true and plays well.
[/quote]
My last name is in the name of my company. Isn't that enough of a clue that I own the business?
[/quote]Hull Incorporated?
Yes I suppose it is a clue. I just think putting "president" comes across to business owners as phoney when there isn't really an organization over which one presides.
Not taking a potshot BH, just my opinion.
[quote=Bobby Hull][quote=joedabrkr] [quote=Bobby Hull][quote=joedabrkr] [quote=Bobby Hull]
Production.
I'm independent and my business card says "President."
[/quote]
Mine says "owner". I deal with a lot of business owners, and have found that they see through the BS when you put "president" on your card and it's you and a secretary. But when you put "owner" on the card it sets a whole different tone where you are saying that you started the damn thing, your name is on the door, and the buck stops here.....
[/quote]
Thanks. I'll give that some thought.
[/quote]
Sure nuf. It rings true and plays well.
[/quote]
My last name is in the name of my company. Isn't that enough of a clue that I own the business?
[/quote]
You should put HMFNIC on your cards.
[quote=joedabrkr] [quote=Bobby Hull][quote=joedabrkr] [quote=Bobby Hull][quote=joedabrkr] [quote=Bobby Hull]
Production.
I'm independent and my business card says "President."
[/quote]
Mine says "owner". I deal with a lot of business owners, and have found that they see through the BS when you put "president" on your card and it's you and a secretary. But when you put "owner" on the card it sets a whole different tone where you are saying that you started the damn thing, your name is on the door, and the buck stops here.....
[/quote]
Thanks. I'll give that some thought.
[/quote]
Sure nuf. It rings true and plays well.
[/quote]
My last name is in the name of my company. Isn't that enough of a clue that I own the business?
[/quote]
Hull Incorporated?
Yes I suppose it is a clue. I just think putting "president" comes across to business owners as phoney when there isn't really an organization over which one presides.
Not taking a potshot BH, just my opinion.
[/quote]
I'm giving serious thought to what you're saying. I appreciate it.
[quote=Reggin][quote=Greenhills]
It's all a bunch of balony that the wire houses use to miss represent the truth to the public. Basically, if you fog mirror you can be a VP of some sorts. [/quote]
I've gotten a ton of assets and clients since getting my 'baloney' title. It's funny that people are more impressed with this sales title than the CFP.
[/quote]
Noone cares about CFP. It is a contrived title that is not transferable to other organizations. Thus, people have no point of reference.
[quote=Bobby Hull][quote=joedabrkr] [quote=Bobby Hull][quote=joedabrkr] [quote=Bobby Hull][quote=joedabrkr] [quote=Bobby Hull]
Production.
I'm independent and my business card says "President."
[/quote]
Mine says "owner". I deal with a lot of business owners, and have found that they see through the BS when you put "president" on your card and it's you and a secretary. But when you put "owner" on the card it sets a whole different tone where you are saying that you started the damn thing, your name is on the door, and the buck stops here.....
[/quote]
Thanks. I'll give that some thought.
[/quote]
Sure nuf. It rings true and plays well.
[/quote]
My last name is in the name of my company. Isn't that enough of a clue that I own the business?
[/quote]
Hull Incorporated?
Yes I suppose it is a clue. I just think putting "president" comes across to business owners as phoney when there isn't really an organization over which one presides.
Not taking a potshot BH, just my opinion.
[/quote]
I'm giving serious thought to what you're saying. I appreciate it.
[/quote]What got me thinking about it was when I saw it on a vendor's business card...I think it might have been a graphics guy I hired to do my logo. And then a few days later I was meeting with another fellow, and it was clear that he was a one man shop. He gives me his business card and it said "President", and I was thinking...."C'mon dude, get real, ok?"
FYI, though, when it comes to things like tax filings if you have an S-Corp, or any state filings, I've learned you still need to use the more conventional title of "president". I guess "owner" is just to simple a term for bureaucrats.