What I mean is I'm assuming no sales assistant, no closed office to make calls from.  I'm trying to get an understanding what being a bank broker is like.

money,

I've been on both sides.  Brokerages generally have a more sophisticated platform, less compliance and a more 'independant' feeling to them.  Banks make sh*tty decisions to cut broker pay significantly if they need to improve business margins and generally think like banks do (your more of an employee or 'cost' to the bank as opposed to a revenue generator).  I think brokers get more respect at a brokerage (not from clients but from "above") since we are the ones at the tip of the spear, finding clients and assets.  In a bank, they find the assets and clients and feed 'em to you.

You'll make more money as a young  broker building a business up front, but are less likely to achieve the upper income range that this business provides (there are a few million plus producers in the bank arena though). 

Bottom line is that do you want to be the rain maker or the rain collector?  nothing better about either role, just different levels of job security and the knowledge that if your firm makes a major change you have a litte more flexibility in taking your clients with you in a brokerage environment.

Thanks thats the feedback I want to know.  Right now I’m on the outside looking in from an insurance company that says they have a BD.  What are your thoughts about AGE?

I'm biased since I work for them.  Fits my style well.  hands off managment, best payout among the big brokerages, stellar reputation.  Pretty sophisticated platform and technology(beter than Morgan, I've worked there too).  You own your clients.  AGE automatically contributes 5% to 401k whether you contribute or not (most years they contribute waaay more, I think last year was @12%!!!).  Brokers are the main source of revenue for the firm so you can imagine what that means as far as resource allocation and attention is concernced.

downers are lack of name recognition relative to the merill's of the world, but I've been there and it doesn't mean much, especially after all the *wonderful* press those guys got over the last 5 years.

Frankly I think that if you are a broker, it's the best place to be, I admittedly drink the kool-aid with a smile.

money,

I am familiar with their program as I have friends there.  Typically you'll cover 1-2 branches and about 125 Mil in bank deposits.  That is alot less than most bank programs, however, bank one has one of the higher production averages amongst it's reps.  They are huge on referrals, you have access to everything.  If someone deposits a check over X it pops up on your screen, I have never seen or heard of anywhere else that has a system that does this, you can pull up lists all day from the branches you cover. ALot of banks don't give you this as they are worried about losing assets, if your in a good area/bank you won't be going after that $ anyway.  Maybe a bit.

Downs

Cap commissions at 4%?  I think, Don't worry about low % payout would you rather have 25% of 30K or 40% of 10K (to many wirehouse guys don't get this), MICROMANAGEMENT, reports, meetings yes your probably sitting at the end of the teller line (not were I want to be).

That is all I can offer, when it was bank one they use to put everyone in one funds,  don't know about now or why they did I am assuming higher payout to the rep, which is kinda junk.  If I was looking I think I might be able to do better in a community bank, or credit union that is where I would start.

Thanks Bankrep1

Seems to me its coming down to AGE or Bankone.  I'd like an opinion.  Right now I'm with an Insurance co. and its not working for me. Any thoughts/opinions please.

Money,

I worked for AGE for a few years and am now with an insurance BD (they suck). I'm also thinking about the bank gig. Most of the advisors that have been around awhile at AGE do $200-300k production a year. Granted there are some that do a lot more.

I think a lot of this business depends on your local manager. If he/she is good guy. Also if you're younger, might look at partnering with older guy.

I like the idea right now of bank gig. Steady referrals, expenses paid for, etc. If you're with an insurance BD now, you know about paying your own expenses.

In the end, trust your gut.

[quote=moneyadvsr]

Thanks Bankrep1

Seems to me its coming down to AGE or Bankone.  I'd like an opinion.  Right now I'm with an Insurance co. and its not working for me. Any thoughts/opinions please.

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I'd examine why the insurance company isn't working out for you. If it's because you don't like or aren't good at marekting and/or filling the pipeline, go to the bank.

Money,

How do you feel most comfortable generating new business? 

Referral when meeting face to face.  Once I have an established relationship this works fine.  I can honestly say the thought of knocking off several hundred cold calls per day does not sound like fun.  I have no problem presenting to groups i.e. seminars etc.