Landed on my feet

or Register to post new content in the forum

24 RepliesJump to last post



  • Allowed HTML tags: <em> <strong> <blockquote> <br> <p>

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.
May 27, 2009 11:18 am

Joining a bank platform on June 1.    I made the conscious decision to stay away from the big wirehouses.  I wanted a smaller firm that was more accessible to clients and to me.

It took a little longer to put together than I expected, but overall I was surprised at the number of opportunities that were available to me.  Independent channels, regionals, several bank platforms.   I decided to work for a bank that is expanding their investment platform into our area.  Referral and compensation system is already in place.  I will be the first rep in the 5 branches I will cover.  Investments are through Raymond James.

I have been in touch with my clients and they are supportive of the move.  I have heard that some of my former coworkers have been polite about handling my accounts, while others have been very aggressive- to be expected I suppose.

I appreciate all of the information and guidance I have read on these forums.

For those that are in limbo or are unhappy where they are now- there are more opportunities that you think.

If I had it to do over again, I would have started to look when I was still at UBS- had I done this I feel that I would have found a new position much quicker.

May 27, 2009 11:46 am

You made a conscious decision to stay away from wirehouses? Sounds like you didn’t have a choice. You’re unemployed right now, as evidenced by former coworkers talking to your clients. Sounds like you and Ron 14 have a lot in common. Don’t be like Ron.

May 27, 2009 12:08 pm

Don’t be a prick

May 27, 2009 12:39 pm

exUBS - Good luck to you. Being the first rep in your branches will be a huge plus. Keep us informed as to how it is going.

May 27, 2009 3:02 pm

Mr. Clutch:

HAAIC can not help being a prick. I bet that is the only action his prick is getting.
May 27, 2009 4:03 pm

[quote=JackBlack]Mr. Clutch:

HAAIC can not help being a prick. I bet that is the only action his prick is getting.[/quote]     You would win the bet.
May 27, 2009 4:17 pm


To bad for you. Try beening nice and you might find that it gets invited out to play more.   Jack
May 27, 2009 5:13 pm

ex ubs, congratulations! landing on a bank platform is gonna be the best thing for your career. hope you're ready to start making some real $$$$$$

May 27, 2009 5:40 pm

If you landed at a bank, it sounds like you landed on your knees…

Just kidding…kind of

May 27, 2009 6:42 pm

Now, now…It could have been worse…He could have landed at Ed Jones…

May 27, 2009 7:47 pm

That is a tough call…

May 27, 2009 8:20 pm

So basically if you aren’t independent you are a schmuck ? Is that what you guys are saying ?

May 27, 2009 8:31 pm
Ron 14:

So basically if you aren’t independent you are a schmuck ? Is that what you guys are saying ?

  If you fail out of Jones and end up at a bank, sucking the hind tit of a team, you are a schmuck. Like you.
May 27, 2009 10:02 pm

No… I was just giving the banking people crap(Hey not everyone can prospect). I think it is a great place to go or start to rebuild(build) your book, but then I would leave…

May 27, 2009 11:12 pm

I will agree with the second sentence.

May 27, 2009 11:34 pm

[quote=Ron 14]So basically if you aren’t independent you are a schmuck ? Is that what you guys are saying ?

  If you fail out of Jones and end up at a bank, sucking the hind tit of a team, you are a schmuck. Like you. [/quote]   Living in a 90k shack in Southern Illinois and calling it a house is being a schmuck. Getting put on goals at EJ is being a schmuck. Going to a bank with a stock price below $5 is being a schmuck.
Jun 2, 2009 2:18 pm

exUBS - how are you being compensated under the bank platform?

Jun 7, 2009 6:21 pm

Forgivable Draw for the first 12mos, then full commission.

40% payout from first $. 

Implied production target for the first year is 120K.  “Whisper” expectation is $150k+.

Not everything is in place yet, but I have my hardware (firm owned laptop and Blackberry),  Bcards, Letterhead and I have been entitled for system access.  I have already spoken with most of the bank personal and expect to attend branch meetings this week.  Details of referral compensation plan will be re affirmed this week and I have told people that I will soft compensate in addition to $$ from the bank (contests with gift cards etc as prizes and for large referred accounts, will take the introducing banker and spouse to dinner).

Initially I have told the bank staff that I will talk to just about everyone.  I chose to do this because I want to build name recognition and start working with the bank staff immediately.  Most of the personal bankers and loan officers come from other banks with investment referal goals so this is not alien to them.

So far so good.

Jun 7, 2009 7:50 pm


Congratulations on finding a new home so quickly. Working at a bank provides a unique advantage since you will have prospects walking into your bank branch every day.   All you need is 1 or 2 bankers who can recognize opportunities to refer to you and you’ll be rolling. I’ve worked in a bank program for quite a while and here are a few tips to get referrals from your banking partners:

1. Hold weekly branch warm ups. Pick a day and just talk for 5 minutes before the bank opens in the morning. Give them a sales idea for the week.

2. Talk to everyone they refer to you and give them feedback on how the meeting went. This will help them figure out who are the best prospects and what type of client you are looking for. Over time, you’ll get better referrals.

3. Find out what you banker’s goals are. Refer back to them (checking accounts, loans etc). Look at their 401K plans and create and asset allocation for them. This actually shows them what you do as opposed to just telling them. If they leave the bank, you’ll get the rollover.

Lastly, I’ve used all kinds of contests, soft compensation, dinners, etc. They can work sometimes in the short run, but I’ve always had the best luck just being friendly with my bankers.   If you are nice and take time each day to ask how things are going, they will refer to you.   Believe me, they will have enough goals that they need to hit to keep their job and your “contest” will likely be of least concern to them.

Good Luck man and keep us posted!

Jun 7, 2009 7:51 pm

You seem like you have this well thought out. I think you will do real well. Best of luck to you.