90% on securities and 100% on insurance.

That payout (AmSouth, not Dirk's) is horrible.  My god you should just ask them to put you on the clock like a salary drone and you'd probably do better.

FWIW-you might want to think about how you can "game" the program and clump your production into particular months by delaying some deals and accelerating others.

They're really screwing you with this "old money" idea.  I guess they've never heard of the idea of building a recurring revenue stream and servicing existing clients to keep them on the books and win new assets?

Mine is not as good as Dirk's, but not shabby-

Fee based accounts-90% and goes higher as production gets in the six figure range

Stocks 'n Bonds  76% and goes up after about 50k in production.

Mutual Funds and UIT's 90%

Of course, that's before overhead, but those payouts can cover a lot of overhead!

does "old money" mean funds from your branch/AmSouth deposit base "new money" from outside of the AmSouth system?

If yes then that's pretty close to what most bank brokers get.  When I worked for a bank brokerage almost 2 decades ago, I was able to get most of my prospects to write me a check from their "other" bank, and transfer their "in-house" assets to the "other" bank. This way I was receiving the same as most wire-houses.

Alternatively is get the "rollover" into a Money Market MF and then do the trade next month (or whenever the "old money" turns into "new money").

Finally how much prospecting do you have to do to get the biz you write?

Monthly grid:

0 to 10K -  base salary (not much, but enough to cover my expenses)

10k to 20K - 30.% plus base

20k to 30K - 32.5% plus base

30k to 40K - 35% plus base

40k to 50k - 37.5% plus base

50k plus - 40% plus base

I think it is very fair, especially considering the expense account, laptop, 6% nonmatching into 401K, mileage reimbursement (currently 44.5 cents a mile), cell phone, referral fees paid by bank, christmas bonus, health ins paid for completely, etc etc

Here's my payout if anyone cares:

30% $0-$50,000<?:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" />

32%  $50,001-$75,000

34%  $75,001-$100,000

36%  $100,001-$125,000

38%  $125,001-$150,000

40%  $150,001 and greater

I assume that is annual right?  Does it retro back when you hit the next plateau?

Ex...when you hit $50,000, do you get the extra 2% back on the first $49,999.00 as a "bonus."

I know of a big regional that does that.

[quote=BankFC]

Monthly grid:

0 to 10K -  base salary (not much, but enough to cover my expenses)

10k to 20K - 30.% plus base

20k to 30K - 32.5% plus base

30k to 40K - 35% plus base

40k to 50k - 37.5% plus base

50k plus - 40% plus base

I think it is very fair, especially considering the expense account, laptop, 6% nonmatching into 401K, mileage reimbursement (currently 44.5 cents a mile), cell phone, referral fees paid by bank, christmas bonus, health ins paid for completely, etc etc

[/quote]

i get reimbursed 25bps on new money. my laptop cost me $600. 6% of nothing is nothing. so...you drive what? 300 miles/year? cell phone is $50/month. referral fees are illegal. Was your bonus a turkey or a ham? Health insurance is $6,000/year, whoopie. Sounds fair to me. Where do I sign up?

Dirk,

Referral fees are not illegal as long as they are not based on selling something.

0-12 Salary

12-18 25%

18-22 28%

22-30 30%

30-35 34%

35-40 38%

40+ 40%

Something like this I'm not at work, monthly + bonus 2-10%.  I also claimed 15,000 miles last year, not 300.

[quote=bankrep1]

Dirk,

Referral fees are not illegal as long as they are not based on selling something.

0-12 Salary

12-18 25%

18-22 28%

22-30 30%

30-35 34%

35-40 38%

40+ 40%

Something like this I'm not at work, monthly + bonus 2-10%.  I also claimed 15,000 miles last year, not 300.

[/quote]

True. How much does the bank pay for referrals. What qualifies someone to get paid? Just giving the name?

Most programs I know of pay between 10 -25 dollars per appt.  To qualify the prospect must meet a given criteria.

[quote=bankrep1]Most programs I know of pay between 10 -25 dollars per appt.  To qualify the prospect must meet a given criteria.[/quote]

I don't know if I'd risk a friendship for 25 bucks.

[quote=bankrep1]

Dirk,

Referral fees are not illegal as long as they are not based on selling something.

0-12 Salary

12-18 25%

18-22 28%

22-30 30%

30-35 34%

35-40 38%

40+ 40%

Something like this I'm not at work, monthly + bonus 2-10%.  I also claimed 15,000 miles last year, not 300.

[/quote]

Interesting.  Sounds like  a better deal than a wire, but worse than indy.

But you avoid some of the headaches of indy life....then again I don't have to go to sales meetings. ;-)

High-end lap-top with docking station - $3,000

First month's office rent - $750

Classy office furniture - $10,000

Part-time assistant - $1,500

Avoiding sales meeings and pipeline/activity reports - priceless...

Luckily I don't have sales meetings or pipeline reports.  However, I do get "Mike, I don't need education.  I've been investing for 25 years.  By the way, those mutual funds you're recommending.... They can't go down because they're covered by FDIC?"

:Bangs head against wall:

I don’t have sales meetings where I am now, but in the past I kind of looked forward to them.  They were only once a month or every 6 weeks and we always went out as a group afterward

90% securities 100% Insurance

[quote=bankrep1]I don't have sales meetings where I am now, but in the past I kind of looked forward to them.  They were only once a month or every 6 weeks and we always went out as a group afterward[/quote]

Ours were nothing but damn pep sessions...a total waste of time...

We usually ended up at the gentleman’s club

[quote=Dirk Diggler][quote=BankFC]

Monthly grid:

0 to 10K -  base salary (not much, but enough to cover my expenses)

10k to 20K - 30.% plus base

20k to 30K - 32.5% plus base

30k to 40K - 35% plus base

40k to 50k - 37.5% plus base

50k plus - 40% plus base

I think it is very fair, especially considering the expense account, laptop, 6% nonmatching into 401K, mileage reimbursement (currently 44.5 cents a mile), cell phone, referral fees paid by bank, christmas bonus, health ins paid for completely, etc etc

[/quote]

i get reimbursed 25bps on new money. my laptop cost me $600. 6% of nothing is nothing. so...you drive what? 300 miles/year? cell phone is $50/month. referral fees are illegal. Was your bonus a turkey or a ham? Health insurance is $6,000/year, whoopie. Sounds fair to me. Where do I sign up?