BankFC's top ten list

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youcanhatemenow's picture
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Joined: 2005-09-20

Top 10 reasons bankFC needs to get a clue
1.  Banks can't even manage a person's checking account correctly, why would anyone take there serious money there?
2.  Bank brokers are the red-headed stepchild of the brokerage industry.  It's like a 17 in black jack.  You want to hit them, but you can't.
3.  A bank broker manages thousands of accounts, so you sell them a 10-year fixed annuity that switches to 3% the next year and never call them again.
4.  Every broker at a bank came from somewhere else where he/she failed. 
5.  Most Bank brokers manage 4-5 branch offices where branches can be taken away at management will.
6.  Payouts change almost annually.
7.  You don't own your book at the bank, that's why the typical broker only is able to bring 10-20% of the assets when you move.
8.  Bank brokers are pushed into selling proprietary funds and annuities.
9.  Flirting with tellers helps bring referals, problem is that most bank brokers lack social skills.
10. My favorite: Bank exec's, upset at their broker counterparts pay, make management decisions based on jealousy.  These decisions include: Taking assets from brokers and splitting them up, lowering payouts, forcing 40 hour weeks, etc.
BankFC, let me know how I am wrong?

troll's picture
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Joined: 2004-11-29

wow....you have WAY too much time on your hands!

liquidasset's picture
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Joined: 2005-08-10

 
Way too much time!
Sometimes it's not all about the money youcanhatemenow! Or what I like to think of people like you You-have-the-biggest-ego-around.

$ N the Bank's picture
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Joined: 2005-12-27

Top 10 reasons bankFC needs to get a clue<?:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" />
1.  Banks can't even manage a person's checking account correctly, why would anyone take there serious money there? People manage their own bank accounts, in some cases their mommy and daddy do…that’s called a Custodian account
2.  Bank brokers are the red-headed stepchild of the brokerage industry.  It's like a 17 in black jack.  You want to hit them, but you can't.  When the dealer is showing a six it looks great.  We tend not hit anything or anyone.
3.  A bank broker manages thousands of accounts, so you sell them a 10-year fixed annuity that switches to 3% the next year and never call them again.  A Broker sells a “Separately Managed Account” so they can play golf every other afternoon.
4.  Every broker at a bank came from somewhere else where he/she failed.  Every broker at a firm has called a bank to see if the grass is greener on the other side.
5.  Most Bank brokers manage 4-5 branch offices where branches can be taken away at management will. Most brokers have had 4-5 managers in the last five years and their office can be taken away at will.
6.  Payouts change almost annually. Payouts change annually
7.  You don't own your book at the bank, that's why the typical broker only is able to bring 10-20% of the assets when you move.  Move?  To the bank?
8.  Bank brokers are pushed into selling proprietary funds and annuities.  Brokers are pushed into selling proprietary funds and enjoy Brittany Spears concerts courtesy of their manager’s sales contest.  
9.  Flirting with tellers helps bring referrals; problem is that most bank brokers lack social skills.  Flirting with the 50 year old sales assistant because your wife and kids have a life without you.
10. My favorite: Bank exec's, upset at their broker counterparts pay, make management decisions based on jealousy.  These decisions include: Taking assets from brokers and splitting them up, lowering payouts, forcing 40 hour weeks, etc.
My favorite: Broker, is upset at their banker counterparts pay, make management decisions based on greed.  These decisions include: explaining to clients why their firm is in the newspaper again, why do I own B shares? why do I need a fee-based account when I’ve held these investments for over 20 years, etc.
 
BankFC, let me know how I am wrong?
 
All good in my hood…keep at it Broker Boy, I love you guys.

BankFC's picture
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Joined: 2005-05-27

YouCan't,
I have no time to play with you...sorry. 
I spent enough time on the whole "Banks suck, wirehouses rule" with MikeButtler, only to realize for many reasons it was not worth my time at all.
I'm sure you are no different.  A waste of my time.

BankFC's picture
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Joined: 2005-05-27

I know someone who works at Ameriprise.  I don't know how it is in the rest of the country, but since the spin-off by Amex, it doesn't seem they are recruiting/hiring much at all. 
My friend is part of a four person team.  They are buying another, VERY WELL established brokers book (150 million in AUM) of business, for 1.5 times trailing 12 (I can't remember what that figure was).  Anyway, other than that, they are pretty much an indy firn these days.  Wouldn't be my 1st, 2nd, or 3rd choice...
BTW...and knock it if you want to...there were 2 brokers at my ML office that went from borderline to well established by buying a book of business.  Seems like, in the right circumstance, it can work out... 

troll's picture
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Joined: 2004-11-29

Ameriprise has an 'indy-like' platform with higher payouts and more local control of expenses.

Moneytree's picture
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Joined: 2005-12-27

I've got a good friend at Ameriprise. He's been there over 10 years. The reality of the situation there is nothing like the perception. He's in the 'indy-like' platform, no quotas, no props pushed on him, has hundreds of families to choose from, no door knocking.

Except for Ameriprise which sucks. For one reason or another this statement tends to draw no argument. Why is this is Ameriprise this bad or is it just the stupid name?

Unless your talking about the Newbies there, what facts are you referring to with respect to the indy-type vets? If you talking about the lawsuits, save it, what firm hasn't run afowl of Spitzer?

youcanhatemenow's picture
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Joined: 2005-09-20

BankFC,
   Ever thought about working for Waddell and Reed, HR Block, or Thrivent Financial?  It would be a huge upgrade for you.  What a joke.

BankFC's picture
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Joined: 2005-05-27

LOL...
Nice comment!  You really got me there.
What a tool.

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