Bank Reps - Did you refuse clients?

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Oct 19, 2008 10:19 am

I work in a bank as a rep.

Do those of you who also work in banks have any say what clients you take and don’t take?

I’m new to the bank setting and not used to not being able to pick and choose who I invite to the party so to speak. I never would take on someone who was a “red flag” but there’s a different dynamic going on here with the bank not wanting to lose the assets.

Oct 19, 2008 2:35 pm

you can refuse bank clients, but you need to do it in a respectful way, especially if that referall came from a fellow bank employee.  “Investments” are just not right for everybody, and if you have been doing this long enough, you have figured out ways to let the client make the decision for you, meaning they make the decision to not work with you, and it is not you making that decision and irrititating the referring source.

Oct 20, 2008 3:11 pm

newbie is right.  be thankful to the bank employee for the referral. then train them to provide more qualified referrals.

Oct 22, 2008 7:06 am

I understand about having the client “see the light” regarding investing in general not being right for them. Someone with 1K with no emergency savings kind of understands after you have a discussion with them. And I would never say anything to the referrer - I’m thankful for any referral.

More what I am talking about is someone who just isn’t right for your business model and/or poses a risk - i.e. a “day-trader”, that no matter how you explain the risks, etc. still wants to kill themselves trading. And the BM said you sell stocks, so here they are.

Are you even allowed at a bank to have a business model and concentrate on certain kinds of business/products and not others, or are you expected to be a jack of all trades (taking someone on margin, doing options, selling products you don’t believe in) because they want it and “who cares - it’s unsolicited!!”?

Oct 22, 2008 7:13 am

I suppose it all depends on the platform that you work on.  If a guy wants to “day trade”, and you feel forced to do business with him, then I would charge him full commission.  I feel confident it won’t take long for him to look elsewhere.  FOr us, we can send them to the discount desk, which removes the client from my book of business.  I am assuming you do not have that option??