I am in a small town with a few banks. are the bank brokers generally salary/bonus? how does commissions/fees work there? the positive i see is a lot of #s to call instead of all these damn seminars and doorknocks. true?
I know a couple of bank brokers and they started with a salary + some cut of commission, this only lasted 1yr-15 months for another. They then went to commish only. Sometimes you can get paid to bring assets, but not what the wirehouses are paying. The cd list and fixed annuities are a plenty in a lot of 50-100mil banks.
JP MORGAN CHASE- Are there any FAs who have worked for or are currently working for Chase on this board? Would like to learn what the payout structure is? What is the culture? What do you enjoy most/least? What is the noncompete limit? Thank you ahead of time for your taking the time to respond…
A friend of mine was a substantial producer at Chase, and took over a book that had been run by another adviser. This adviser had apparently put some folks into some pretty lame fixed annuities.
She had helped some folks improve their position by-where appropriate-moving them into VA’s. Last year a client(or perhaps their child) raised a concern about a surrender charge that was well documented and acknowledged by the client at the time of the transaction, and very much justifiable.
However, there were big dollars involved, and bank management chose to settle to keep the client happy, despite the fact that my friend had done the right thing throughout the transaction process, and despite my friend’s objection. Because the bank settled, the adviser ended up with a mark on their U-4 and the bank fired them…all because they didn’t understand the transaction and were afraid to defend the adviser against a big bank client.
This is the kind of stuff you face at JPMorgan Chase or any other bank. It’s a totally different compliance culture.
The bottom line is less about the size of the bank - although you should look for assets over $100m.It's more about the culture. I have a friend who went to a nice size indy bank250mm issue:retail banking and the investment platform had competing goals - They wouldn't refer to the Investment rep. unless the assets were ready to walk out the door. The rep had to do battle with the head of retail ( a little old lady whi had been there for 25 years) regarding every referral. He had to continually document that he was bringing in outside money more than inside assets. If you are talking to banks - YOU WILL FAIL if the culture doesn't completely endorse your existence and open the banks customers (high balance, IRA, CD lists) books to you. You have to ask about thi srelationship before you take the position! My friend lasted less than a year - made no money - moved to adifferent program 18 months ago and just had his best year in the past 10.