Advice on Banks vs.Wirehouse

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May 20, 2014 4:21 pm

Have been in the business as an advisor for 1 year.  Have series 7, 66, insurance license and have passed CFP coursework, planning to take the exam in November.

Can anyone recommend firms that will hire a rep to work on an experienced team to learn the business for 1-2 years and pay a reasonable salary?

Is any bank or wirehouse particularly known for outstanding advisor training?

Thanks in advance,



Jun 1, 2014 2:34 pm

Worked at a Credit Union for a bit. Have met bank reps. It’s a revolving door. You call CD lists and try to pick up some low lying fruit. Even a recruiter for banks who writes for a industry publication admits this. I am an old timer. If I mew then what I know now I would learn my craft for a few years and go Indy. Good luck. This industry is not as fun as it once was.

Jun 2, 2014 4:00 pm

A bank or a credit union is a good place to start, learn how to sell and create some clients – but only if you use it as a steppingstone to becoming independent.

Dec 3, 2014 12:22 pm

I was wirehouse for 5 years, then on to a big bank (loved it) and now I am independent and contract to credit unions to provide their brokerage services. It has been great for me.

I have been a broker for 25 years, mostly bank brokerage. I found the smaller institutions have been better to work with.