Bac
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You know I read this board and it amazes me everytime..
So I have some questions here for everyone ...
1) Please inform me of a product that will allow clients to recieve a lifetime stream of income (protected against market volatility) while still allowing participation in market movement.. asides from an annuity?
2) Why is it so hard for the indies vs. wirehouse & banks to admit to themselves that they have a different business model ..not better but different? Because I would like to meet someone ..anyone on here who didn't start in the wirehouse or bank that started as a indie from day one with their newly minted series 7 in hand. If you are there please email me as I would like to congratulate you!!
3) Why is it that there is a mantra on here for ALL or nothing in managed money .. ?? I think it is amazing in classic fashion no on here speaks about life insurance or how the firms where they work are addressing the growing needs for wealth transfer for the HNW.
4) Why too is it so fun to kick the bank advisor? I am amazed at how you seem to think on here that they are nothing but hacks and has beens.. I would challenge you to inspect your local bank representation ..because where I am ..they are viable advisors making a difference ..(and yes I am one) ..
Not to go on a rant but it seems it always the same with some people on here . .. and I just don't understand it .. I think this website offers a great chance for us to stay interconencted in an industry that encourages a loner state of mind... but yet I often see bashing on here and I don't get it.. Incase you didni't notice the media will happily do that for you .. and there is always Suzy Orman.. I don't know .. I just get sad when I see some things on here ..*sigh*
4) Why too is it so fun to kick the bank advisor? I am amazed at how you seem to think on here that they are nothing but hacks and has beens.. I would challenge you to inspect your local bank representation ..because where I am ..they are viable advisors making a difference ..(and yes I am one) ..
I was one of those people who would look down on bank brokers. It's funny when I started in the business at an Institutional Firm, people would look down at wirehouse reps, then when I was at a wirehouse we would make fun of bank reps, calling them "order takers'.
Im at a bank now and couldn't be happier. I think bank reps get a bad rap from the preception that they only sell annuities to old ladies. And maybe it used to be that way, but it's not that way anymore. Also bank reps are doing some serious gross production with less effort than wirehouse guys, which makes some people bitter.
[quote=whitewlfz]
2) Why is it so hard for the indies vs. wirehouse & banks to admit to themselves that they have a different business model ..not better but different? Because I would like to meet someone ..anyone on here who didn't start in the wirehouse or bank that started as a indie from day one with their newly minted series 7 in hand. If you are there please email me as I would like to congratulate you!!
[/quote]
Wirehouse brokers are upset that they pay WAY too much to their firms for what they get in return.
Indie brokers are upset because they know they keep more in their pockets, but it requires being thrifty and they end up doing more office management than brokering.
[QUOTE]
3) Why is it that there is a mantra on here for ALL or nothing in managed money .. ?? I think it is amazing in classic fashion no on here speaks about life insurance or how the firms where they work are addressing the growing needs for wealth transfer for the HNW.
[/quote]
I agree. About 60% of my production comes from fee's. I would prefer 100%, but let's face it... it's not right for all clients.
[QUOTE]
4) Why too is it so fun to kick the bank advisor? I am amazed at how you seem to think on here that they are nothing but hacks and has beens.. I would challenge you to inspect your local bank representation ..because where I am ..they are viable advisors making a difference ..(and yes I am one) ..
[/quote]
Jealousy. It's irritating that anyone that can fog a mirror can get a steady stream of referrals for no effort. Wirehouse reps need to depend on referrals from happy clients so they do what it takes to make those clients happy and they build relationships. No one likes to have to work hard for something that is just handed to another.
Another decent broker will leave BAC today in the southeast. This one was well respected by the premier ranks. He'd had enough. No business to be had he says. Note future recruits, he had a very good relationship with his veteren premier. The premier wasn't sending him referrals becuase of the new comp plan.
When are the rest of you guys going to get the picture? All BAC wants are little pathway guys grossing less than 350k they can lead around by the ear so as to make sure they don't make more than their precious worthless client managers.
A sad story at BAC. I can't believe managers wake up in the morning and look at themselves and in the mirror after recruiting poor lugs to that firm. God bless you guys. You obviously can't do the math to see that it ain't working at BAC.
[quote=ezmoney]
Another decent broker will leave BAC today in the southeast. This one was well respected by the premier ranks. He'd had enough. No business to be had he says. Note future recruits, he had a very good relationship with his veteren premier. The premier wasn't sending him referrals becuase of the new comp plan.
When are the rest of you guys going to get the picture? All BAC wants are little pathway guys grossing less than 350k they can lead around by the ear so as to make sure they don't make more than their precious worthless client managers.
A sad story at BAC. I can't believe managers wake up in the morning and look at themselves and in the mirror after recruiting poor lugs to that firm. God bless you guys. You obviously can't do the math to see that it ain't working at BAC.
[/quote]
Funny thing about the new comp plan for CMs : I just had a CM (who has done nothing but garbage credit for the past year) come to me and apologize that he hasn't brought me "anything good in a while". He told me that he "really wants to start ramping up our joint appointments". He just figured out that if he gets 20 new accounts (households) this quarter he gets paid $4k. If he raises (something like) $2.75mm in credit he gets $1000.00 bonus. I had to explain that I am not opening bullsh*t money markets...
The tide is turning - but act fast - It will be different next quarter
[quote=NOFX][quote=ezmoney]
Another decent broker will leave BAC today in the southeast. This one was well respected by the premier ranks. He'd had enough. No business to be had he says. Note future recruits, he had a very good relationship with his veteren premier. The premier wasn't sending him referrals becuase of the new comp plan.
When are the rest of you guys going to get the picture? All BAC wants are little pathway guys grossing less than 350k they can lead around by the ear so as to make sure they don't make more than their precious worthless client managers.
A sad story at BAC. I can't believe managers wake up in the morning and look at themselves and in the mirror after recruiting poor lugs to that firm. God bless you guys. You obviously can't do the math to see that it ain't working at BAC.
[/quote]
Funny thing about the new comp plan for CMs : I just had a CM (who has done nothing but garbage credit for the past year) come to me and apologize that he hasn't brought me "anything good in a while". He told me that he "really wants to start ramping up our joint appointments". He just figured out that if he gets 20 new accounts (households) this quarter he gets paid $4k. If he raises (something like) $2.75mm in credit he gets $1000.00 bonus. I had to explain that I am not opening bullsh*t money markets...
The tide is turning - but act fast - It will be different next quarter
[/quote]I dunno, by my standards the guy is a real piker if he gets excited about a 4k bonus for 20 new households....
[quote=NOFX]he’s a banker…He’s got a 45k salary[/quote]
Bingo, and how many people who bank elsewhere want to switch to BAC?
[quote=NOFX]I’m not sure I understand your point…[/quote]
The point is that the “CM” (what ever that means, I assume a typical
floor banker), is all lathered up about getting more deposits and
writing more credit. Except that doing the first thing (and getting the
$4K bonus for twenty new accounts) will interfer with the bank reps
business.
If you lock up cash in BAC’s below market CD’s you don’t have that cash
to be spent on investments and annuities. So the goals of the CM are
contra that of the bank rep.
Of course its deathly hard for BAC to grow deposits because BAC as
retail bank is not that impressive. Fee’s are high, interest rates are
low, service is mediocre, and hours are poor etc etc. All B&M banks
are losing huge amounts of deposits to internet savings accounts, and
banks with low rates are being hit the hardest.
BAC’s main advantage is a huge ATM network.
What the CM told you and 25 cents will buy you a piece of candy. What's your wife going to say (or should I say soon to be ex-wife)after you tell her what that precious little CM told you and she sees what your net check is after no referrals and a 25% holdback?
How about see ya.......
[quote=Vin Diesel]
4) Why too is it so fun to kick the bank advisor? I am amazed at how you seem to think on here that they are nothing but hacks and has beens.. I would challenge you to inspect your local bank representation ..because where I am ..they are viable advisors making a difference ..(and yes I am one) ..
I was one of those people who would look down on bank brokers. It's funny when I started in the business at an Institutional Firm, people would look down at wirehouse reps, then when I was at a wirehouse we would make fun of bank reps, calling them "order takers'.
Im at a bank now and couldn't be happier. I think bank reps get a bad rap from the preception that they only sell annuities to old ladies. And maybe it used to be that way, but it's not that way anymore. Also bank reps are doing some serious gross production with less effort than wirehouse guys, which makes some people bitter.
[/quote]
Sounds like you're on that path to failure. Let us know when you become a clerk at Fidelity.
[quote=AllREIT]
Of course its deathly hard for BAC to grow deposits because BAC as retail bank is not that impressive. Fee's are high, interest rates are low, service is mediocre, and hours are poor etc etc. All B&M banks are losing huge amounts of deposits to internet savings accounts, and banks with low rates are being hit the hardest.
BAC's main advantage is a huge ATM network.
[/quote]
I've read that banks are prohibited from holding 10% or more of the total deposit base of the nation, as per bank regulations. BAC is close to that limit, due to their acquisitions; hence, the extremely low CD rates. (They don't need to grow their deposits.)
[quote=Bobby Hull][quote=Vin Diesel]
4) Why too is it so fun to kick the bank advisor? I am amazed at how you seem to think on here that they are nothing but hacks and has beens.. I would challenge you to inspect your local bank representation ..because where I am ..they are viable advisors making a difference ..(and yes I am one) ..
I was one of those people who would look down on bank brokers. It's funny when I started in the business at an Institutional Firm, people would look down at wirehouse reps, then when I was at a wirehouse we would make fun of bank reps, calling them "order takers'.
Im at a bank now and couldn't be happier. I think bank reps get a bad rap from the preception that they only sell annuities to old ladies. And maybe it used to be that way, but it's not that way anymore. Also bank reps are doing some serious gross production with less effort than wirehouse guys, which makes some people bitter.
[/quote]
Sounds like you're on that path to failure. Let us know when you become a clerk at Fidelity.
[/quote]
That is just what I am talking about.. and another point was raised just getting referrals handed to you ..you won't get a decent referral without working the network just so you know.. they don't give you "GOOD" referrals.. unless you have earned the right for them..
[quote=Bobby Hull][quote=Vin Diesel]
4) Why too is it so fun to kick the bank advisor? I am amazed at how you seem to think on here that they are nothing but hacks and has beens.. I would challenge you to inspect your local bank representation ..because where I am ..they are viable advisors making a difference ..(and yes I am one) ..
I was one of those people who would look down on bank brokers. It's funny when I started in the business at an Institutional Firm, people would look down at wirehouse reps, then when I was at a wirehouse we would make fun of bank reps, calling them "order takers'.
Im at a bank now and couldn't be happier. I think bank reps get a bad rap from the preception that they only sell annuities to old ladies. And maybe it used to be that way, but it's not that way anymore. Also bank reps are doing some serious gross production with less effort than wirehouse guys, which makes some people bitter.
[/quote]
Sounds like you're on that path to failure. Let us know when you become a clerk at Fidelity.
[/quote]
My best year at a wirehouse I did $350k gross, Im now doing almost double that at a bank at the same payout. So you're right im on the path to failure.
[quote=Vin Diesel][quote=Bobby Hull][quote=Vin Diesel]
4) Why too is it so fun to kick the bank advisor? I am amazed at how you seem to think on here that they are nothing but hacks and has beens.. I would challenge you to inspect your local bank representation ..because where I am ..they are viable advisors making a difference ..(and yes I am one) ..
I was one of those people who would look down on bank brokers. It's funny when I started in the business at an Institutional Firm, people would look down at wirehouse reps, then when I was at a wirehouse we would make fun of bank reps, calling them "order takers'.
Im at a bank now and couldn't be happier. I think bank reps get a bad rap from the preception that they only sell annuities to old ladies. And maybe it used to be that way, but it's not that way anymore. Also bank reps are doing some serious gross production with less effort than wirehouse guys, which makes some people bitter.
[/quote]
Sounds like you're on that path to failure. Let us know when you become a clerk at Fidelity.
[/quote]
My best year at a wirehouse I did $350k gross, Im now doing almost double that at a bank at the same payout. So you're right im on the path to failure.
[/quote]
Yeah. Sure. I believe you. From what I gather from the bank kids on this board, every bank broker does at least $750,000 gross and raises 2mm/month in a bad month.
[quote=ezmoney]According to their comp plan they want deposits.[/quote]
Of course BAC wants deposts. Why make (1-broker payout)*25bp on customer assets held as investments, when BAC can make 320bp on financing spread between deposits and loans?
From the banks perspective, the main use of the investment platform is
to keep deposits inhouse, and earn fee’s on customers non-deposit
assets.
But given the choice, the bank would much much much rather have you sell CD’s vs A-shares.