I’m at a bank program now.  I’ve been considering a transition to an insurance B/D.  Here’s why:

1)  You MUST develop diplomacy skills with your branch(es).  I currently work with 5.  Each branch’s staff is different, and ALL of them want you to “be there more” thinking that if you’re there, their referrals will go up.  (Haven’t they heard of the telephone?  It’s easy to reach me - unless I’m with a client and I purposefully let the call go to voicemail).
2)  Our software platforms are from the stone-age.  Try running a commission report to ensure that you get paid?  It doesn’t happen.  Your RIA fees don’t show up, and neither does any fixed insurance business either.  (Not saying this about all bank programs, but mine is stubborn.)
3)  They are “penny-wise and pound-foolish”.  They could upgrade their software and increase productivity of their advisors, but since it would COST a lot of money, they won’t do it.  They will use inferrior software planning platforms that are just “sales tools” but have poor calculations and projections that are not “tax-sensitive”.  (Stay away from Profiles Forecaster - I think it’s a lawsuit waiting to happen.)
4)  Reports, reports and MORE reports.   Banks are INFAMOUS about having reports for everyone to complete.  My time should be spent in front of people, not completing reports.  There are commission reports to run, referral updates to complete, activity reports for 2-3 different managers, reports to different branches to update on their goals, reports on investment dollars coming from the bank or outside sources, etc.  Even though I have an assistant to help with these, our time shouldn’t be spent doing so many reports.
5)  Meeting with branch managers.  How do you get them on your side in such a way that they see that you can help them with THEIR goals while they motivate their teams to help you with yours?  I’m a selfish bastard and I really DON’T FRIGGIN’ CARE about their goals.  But you MUST let on that you do.
6)  Good luck taking any clients with you.  With my program, I signed a 2-year non-solicitation agreement.  So basically, you’re “renting” a client base.  That client base can leave you, or you can leave them at anytime.  You’re building someone else’s book - not your own.
7)  Limited product line that is profitable to YOU to utilize.  Generally, you offer mutual funds and annuities.  That’s about it.  I have a fee-based platform as well for those higher dollar accounts.  Try selling life insurance at a bank, and see how well you’d get paid.  It’s should be a CRIME to be paid so little when you compare it to other programs.

BOTTOM LINE:  BANKS MAKE MORE MONEY THAN YOU DO ON YOUR EFFORTS BECAUSE YOU HAVE CONDITIONED YOURSELF TO BE DEPENDENT UPON OTHERS FOR YOUR SUCCESS.  WHETHER YOU BELIEVE IT TO BE “SYNERGY” WITH YOUR BRANCHES, OR COWARDICE FOR NOT DOING COLD-MARKETING, YOU ARE DEPENDENT UPON TOO MANY THINGS OUTSIDE YOUR CONTROL (STAFF TURNOVER, CHANGES IN B/D GRID PAYOUT, ETC.).  THUS, YOU ARE COMPENSATED ACCORDINGLY.

[quote=skippy]I'm at a bank program now.  I've been considering a transition to an insurance B/D.  Here's why:

1)  You MUST develop diplomacy skills with your branch(es).  I currently work with 5.  Each branch's staff is different, and ALL of them want you to "be there more" thinking that if you're there, their referrals will go up.  (Haven't they heard of the telephone?  It's easy to reach me - unless I'm with a client and I purposefully let the call go to voicemail).

What's so hard about diplomacy?  Unless they are sunni and you are sh*te, I think it can be accomplished.

2)  Our software platforms are from the stone-age.  Try running a commission report to ensure that you get paid?  It doesn't happen.  Your RIA fees don't show up, and neither does any fixed insurance business either.  (Not saying this about all bank programs, but mine is stubborn.)

That shouldn't be a reps responsibility.  Don't you have a program manager?

3)  They are "penny-wise and pound-foolish".  They could upgrade their software and increase productivity of their advisors, but since it would COST a lot of money, they won't do it.  They will use inferrior software planning platforms that are just "sales tools" but have poor calculations and projections that are not "tax-sensitive".  (Stay away from Profiles Forecaster - I think it's a lawsuit waiting to happen.)

You are not a tax adviser, and you are a lawsuit waiting to happen if you think you are.

4)  Reports, reports and MORE reports.   Banks are INFAMOUS about having reports for everyone to complete.  My time should be spent in front of people, not completing reports.  There are commission reports to run, referral updates to complete, activity reports for 2-3 different managers, reports to different branches to update on their goals, reports on investment dollars coming from the bank or outside sources, etc.  Even though I have an assistant to help with these, our time shouldn't be spent doing so many reports.

See above.  I never do any of that crap.

5)  Meeting with branch managers.  How do you get them on your side in such a way that they see that you can help them with THEIR goals while they motivate their teams to help you with yours?  I'm a selfish bastard and I really DON'T FRIGGIN' CARE about their goals.  But you MUST let on that you do.

You will never be successful.  Good ole Zig Ziglar said it best:  You can everything you want in the world, if you just help enough people get what they want.

6)  Good luck taking any clients with you.  With my program, I signed a 2-year non-solicitation agreement.  So basically, you're "renting" a client base.  That client base can leave you, or you can leave them at anytime.  You're building someone else's book - not your own.

Nice attitude.

7)  Limited product line that is profitable to YOU to utilize.  Generally, you offer mutual funds and annuities.  That's about it.  I have a fee-based platform as well for those higher dollar accounts.  Try selling life insurance at a bank, and see how well you'd get paid.  It's should be a CRIME to be paid so little when you compare it to other programs.

LOL.  Sounds like your b/d is weak.  I can sell virtually everything a wirehouse can.  You want to go sell insurance?  Then yes, you'd get paid more outside a grid (which wirehouses use also by the way).

BOTTOM LINE:  BANKS MAKE MORE MONEY THAN YOU DO ON YOUR EFFORTS BECAUSE YOU HAVE CONDITIONED YOURSELF TO BE DEPENDENT UPON OTHERS FOR YOUR SUCCESS.  WHETHER YOU BELIEVE IT TO BE "SYNERGY" WITH YOUR BRANCHES, OR COWARDICE FOR NOT DOING COLD-MARKETING, YOU ARE DEPENDENT UPON TOO MANY THINGS OUTSIDE YOUR CONTROL (STAFF TURNOVER, CHANGES IN B/D GRID PAYOUT, ETC.).  THUS, YOU ARE COMPENSATED ACCORDINGLY.
[/quote]

Life is too short to be so miserable.

Thanks for all the feedback.

Here's my take...

Wirehouse:

It's harder and takes longer to build a book. But you have deeper client relationships, and a more portable book. 

Banks:

You can build a large book quickly, but it's not portable.

I guess it depends where you are in your life.

My bank book was very portable...clients are still moving over even though I am making no effort to bring them in anymore.  I've taken over half of the total and over 90% of what I targeted.  I welcomed the opportunity to purge my book of undesireable clients...the kind you take when you're new to the biz and don't know any better...

I'm guessing I took more than my program manager expected, anyway...

[quote=Indyone]

My bank book was very portable...clients are still moving over even though I am making no effort to bring them in anymore.  I've taken over half of the total and over 90% of what I targeted.  I welcomed the opportunity to purge my book of undesireable clients...the kind you take when you're new to the biz and don't know any better...

I'm guessing I took more than my program manager expected, anyway...

[/quote]

wow...thats great. how long were you in the bank program for?

[quote=bankrep1] [quote=Bobby Hull]

[quote=bankrep1]I 100% agree the wire is harder, you take take the pride, I'll take the money![/quote]

No. The bank takes the money and gives you the crumbs. And when you start making too much, they will toss you out and replace you with someone cheaper. That's how banks think.

[/quote]

At that point I have the option of calling any wire and taking a big fat check, I know it and so does the boss. I have built a business 3 times faster than I could of at a wire, so if only a third of my clients go all is even. Also I am waiting for some stupid comment about loyalty of the client, it is all up to the rep. How well do they service the client, what is their relationship like, are you indespensible or replacable?[/quote]

I'm with ya!!! Not all banks are created equal.  You can have a great career at the right bank.

Vin, I was in the bank 6+ years.  I think the difference between my conversion rate and some others is that I brought in a lot of my business.  Sure, I also got some from bank leads, but because I brought many relationships to the bank, they weren’t hesitant to leave when I did.  It also helped to be established in the community where I worked.  I and my family were known before I got into business locally, so I didn’t look like an outsider.  When I left the bank, I stayed in the same community as an independent.