It is a large bank with many leeches…er…overhead…I mean vice presidents…

chase / banks in general are great places to learn the ropes thru on the job training-
don't expect chase to train you before turning you loose on their clients, you either already know a little bit about being a FA, or your going to learn very quickly while interfacing with them -

i started at chase, and i thank them for licensing me then throwing me to the wolves-- there is nothing like learning how to swim by being thrown out the boat to motivate you and to quickly determine whether your cut out to succeed at or not-

Was this JPMorgan or Bank One, which  is now JP Morgan?  Also are you in a wire environment or branch environment?

i was a chase guy-

bank one's platform became the chase platform after the merger- they kept chase's name, but the culture is now all bank one-

i was in a branch- and i could not believe that'd they would let some one as green as i loose on their cherished client base w/ no training-

of course, i subsequently learned that their client base was only cherished if they were buying something- the culture became so transactionally driven they'd be talking about how they could qualify i guy w/ a 420 credit score for a 2nd mortgage in the subprime mkt-

all about hitting their numbers.

bankone sucks

valuebroker:

i have plenty more chase insight, not all negative- if you are truely still interested, fire away.

Thanks TX Rep,

I am meeting with a market manager this morning to discuss the oppertunity. I am sure I will have some questions.

As far as turning me loose, I have experience, so im not worried their. If anything might be a good thing, if ppl have been not working the clients effectivly.

I will update u later today, thanks.

TX REP,

How does the referal aspect of this job work, are the tellers and personal bankers feeding you people, or are you pretty much the point man. What was your avg. monthly gross there? Are you still there, how hard was it to leave?

referrals were best part of the deal-

LBs and tellers are incentivized, pressured and reviewed based on investment production-

LBs are paid about .20 bps for all referred or completed production- the LBs can write their own tix, and the FA is paid the same as if he wrote it-  tellers receive $7.50 per referral.

the FA is the point- a lot of LBs are FA wannabees, so you can coach them into the right direction and the competent one's will write the biz for you-

monthly gross about $20,000

i left and jumped geography's- about 300 miles away-- so it was no problem-

when you want more- fire away.

  OK Guys...  I need the scoop.  If you are starting out in this biz, (Dallas-Fort Worth Market) -- what's the best way (firm) to go???

Whatever firm I go with, I'd target CPA & Law firms -- estate, trust, divorce situations.   SB is the closest office to my home, but I haven't spoken w/the branch manager yet of any of this offices ...

JP Morgan Chase has the SHORTEST time frame for taking the 7, and no base salary to start ... but with the in house referrals, is that not issue?   I'd prefer to go Private Banking, but right now all of the opportunities are w/UBS, ML, SB at the top end, ... should I interview with any one else for practice?

in the bank channel you won't be targeting anyone- you'll be servicing bank clients-

great way to get licensed, get your hands dirty, then understand why everyone hates banks so much-- for you, what would likely happen is that you'll finally snap b/c the large CPA / Law Firms will require outside the bank activity and the reward is often as low as 20% of GDC, with the caps and haircuts- meanwhile your bank "manager" will want to know why your not sitting at your desk helping the real bank clients-

i did it tho, out of necessity-- after 6+ months with licensing in tow, you'll be able to go just about anywhere-

I currently work for JPMChase, so I will comment a bit to help clarify a few things here. There are a few good points that have been brought up here.

First, I was not aware that they hired/sponsored FAs and get them through licensing. Around here, only experienced and already licensed  advisors/brokers/bankers we’re able to get the FA position. So if they are giving you an opportunity to get your licenses, that is good.

But, unfortunately, at least around here, this is not the place to get sales training if you are new to the business. You will learn a lot about products and processes, but as far as sales skills, if this is your starting point in the industry, you will feel very overwhelmed.

The only official “training” you do is a week spent in Columbus, Ohio. Once a month they bring in all new FAs across the country to go through some training. The training is more or less how to use the computer systems, compliance, paperwork, and other company specific items. Again, it will not teach you how to sell, which in the end, that is your job.

But anyway, I digress. If you are seasoned and know how to sell already, moving to the JPMC platform should be very easy. If you come from a wirehouse background, you will think you have died and gone to heaven. Yes, you can argue the payout issue all you want, and it is very well known that banks don’t pay out as much. Here you are looking at about 25-35% of GDC. Could you get 40, 50, or 60% elsewhere? Sure. But, look at what it takes to bring in clients. At higher payout companies, you may spend 90% of your time prospecting and trying to sell to cold or luke-warm prospects. When you do make a sale, yes it is more significant. But at a bank, you are literally being fed existing clients who already have their money with you on a daily basis, requiring almost no effort spent on prospecting. The payout might be less, but when the volume is higher, it makes up the difference.

Of course, it depends on your market. In some markets, a wirehouse or true brokerage platform might be a far better idea, but in others, especially in more rural areas, a bank has all of the money already, so servicing those clients will far outpace what trying to bring in new customers could ever do. So there is no right or wrong answer, it totally depends on your situation and your market.

From my experience, moving from a more wirehouse/brokerage background to JPMC, in the same basic market, I am making far more than I ever did before moving over. The reason is, I’m not on the phone for hours a day trying to get people in the door, I’m not knocking on doors to get people in. My time is spent almost entirely face-to-face with people who are already bank clients. If you have any sales skills, you know that if you are meeting with people who already trust the bank to handle their money, the chances are far greater to make a sale than to call someone out of the blue just to invite them in, and t hen try to sell them again. The dollar amounts may be smaller, but the volume can easily make up for that.

There are obviously some drawbacks from working at a bank, so it isn’t for everyone. You need to take a look at your options and make the decision for yourself. I am just speaking from my experience in that I enjoy spending my time actually meeting with people as opposed to trying to find people and t hen try to sell them.

Not to mention, you service a few branches and you have licensed bankers that work with you. They typically have a series 6 and insurance licenses. This means even if you are not at the branch, or on a saturday when you aren’t there, if they sell an investment, you still get paid fully. I don’t know about you, but it is pretty nice when you can train a banker to sell basic brokerage and fixed annuities and such so that you can get paid without even doing anything. As far as I’m concerned, when I walk into one of my branches in the morning and one of my bankers tells me they just wrote a 50k fixed annuity, and I wasn’t even a part of it yet get paid fully… hey, that isn’t too bad.

So in summary, if you are considering it, make sure you look at everything carefully. If you have prior sales experience, you might be in good shape. If not, I’d caution you that you may not receive the training you are expecting to feel comfortable. Also, look at your market. If you are going to be in a wealthy area or a large metro area, weigh the potential between a lower payout bank vs. higher payout firms. If you can, find out what the core deopsits for your banks would be to give you a better idea.

Lots of things to consider, but even if it isn’t right for you, just getting your licenses could be worth it alone.

[quote=marubozo]
.......Here you are looking at about 25-35% of GDC. Could you get 40, 50, or 60% elsewhere?
[/quote]

well put--- the only thing i might take issue with is with the low end pay percentage of GDC-
example: lets say you sell a $100,000 VA one month and that's all you sell-
GDC elsewhere = 7% = $7,000
GDC Chase = 4% cap = 25% grid = $1,000

$1,000 of $4,000 is 25% but, outside of the capped system of Chase, $1,000 of $7,000 is about 14%

Bank One Sux

[quote=TexasRep]

[quote=marubozo]
.......Here you are looking at about 25-35% of GDC. Could you get 40, 50, or 60% elsewhere?
[/quote]

well put--- the only thing i might take issue with is with the low end pay percentage of GDC-
example: lets say you sell a $100,000 VA one month and that's all you sell-
GDC elsewhere = 7% = $7,000
GDC Chase = 4% cap = 25% grid = $1,000

$1,000 of $4,000 is 25% but, outside of the capped system of Chase, $1,000 of $7,000 is about 14%

That's  key point left out of many conversations. Curious how many in the industry and regulators support deceit of brokers while they rail "pro-consumer" Spitzer like drivel while they ignore the day to day firm lies involved to the salesforce. How can this not promote the cutthroat culture that regulators "say" they want to protect consumers from?

I've been told that ML and other wirehouses quote the full production number when they recruit and have another set of numbers that they pay on. Is that a crime or what?

[quote=Farmboy][quote=TexasRep] <?:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" />

[quote=marubozo]
.......Here you are looking at about 25-35% of GDC. Could you get 40, 50, or 60% elsewhere?
[/quote]

well put--- the only thing i might take issue with is with the low end pay percentage of GDC-
example: lets say you sell a $100,000 VA one month and that's all you sell-
GDC elsewhere = 7% = $7,000
GDC Chase = 4% cap = 25% grid = $1,000

$1,000 of $4,000 is 25% but, outside of the capped system of Chase, $1,000 of $7,000 is about 14%

That's  key point left out of many conversations. Curious how many in the industry and regulators support deceit of brokers while they rail "pro-consumer" Spitzer like drivel while they ignore the day to day firm lies involved to the salesforce. How can this not promote the cutthroat culture that regulators "say" they want to protect consumers from?

I've been told that ML and other wirehouses quote the full production number when they recruit and have another set of numbers that they pay on. Is that a crime or what?

[/quote] [/quote]

Funny-  when I was in Columbus for “training” all of us 80 new
Chase FAs  were asked by the facilitator if we had understood the grid schedule, as he took us thru it as part of our orientation –
not one hand went up!
the facilitator was incredulous as he rhetorically asked “you mean you all took a job without knowing how you’d be paid?”

In hindsight we all trusted that what we had already heard from other FAs and what we thought about the venerable CHASE name, that no way Chase would treat us wrong—were we dead wrong or what?
I’ve got no regrets- but the bank system either works for you or against you, and when “the man” finds out its working for you, get ready for another haircut!