YouCanHateMeNow

42 replies [Last post]
BankFC's picture
Offline
Joined: 2005-05-27

This guy has some self-esteem issues.  He actually derives self worth from the NAME the firm he works for...sad really.
Ladies and gentlemen, he actually thinks he is a better broker than someone else because of who clears his trades. 
I bet you drive a BIG car to compensate for other things too huh???
LOL...thanks for giving me someone to laugh at today.

dude's picture
Offline
Joined: 2005-11-15

Who are you talking about?
 

bankrep1's picture
Offline
Joined: 2004-12-02

He is talking about youcanhatemenow read the posts under HRBlock

rankstocks's picture
Offline
Joined: 2005-02-10

    I read his postings on the HRBlock thread and Youcanhatemenow makes a lot of sense.
    BankFC, I don't know if it is possible for you to be more ignorant, but every post I read of yours I am made dumber.  If you truly believe the posts you are writing, I had better break things down to their simplest form.
    There are those that can and those that can't in life.  Those that can't end up out of the business or at a bank or credit union.  Youcanhatemenow was right in saying that Banks and credit unions can't even manage a persons checking account correctly, so why on earth would a person go there to have their serious money managed?
    Third Tier for banks?  I would argue fourth tier.  first tier: independents and full service brokerages. second tier: small regional firms and typical insurance-centric firms like NW Mutual. third tier: prioprietary firms like Waddell and Reed and Thrivent. fouth tier: banks, credit unions, HRBlock.  Tell me how I'm wrong.  The only firm worse to work for is Primemerica.
    It is obvious that BankFC has let youcanhatemenow get under his/her skin.  Most of what he said was probably true.  Especially the part about being proud of where you work when you are introducing yourself.  BankFC, if you are "smiling ear to ear" whey you say you are from a credit union, you are truly a moron.

BankFC's picture
Offline
Joined: 2005-05-27

Rankstocks,

You have no idea what you are talking about. I could
walk back into my old ML office tomorrow (I left on
great terms), or for that matter Morgan Stanley or UBS
or whoever...they would happily take me and my clients.
   

The thing you and Youcan just don't get is that I don't
become a better advisor because my office is at a
wirehouse versus a bank. I still manage money THE SAME
WAY. I still do the same business. The only thing
that would change is who prints the statements.

How does being at a wire make an experienced rep a
better? It doesn't. It only makes it somewhat harder
for me to get in front of HNW clients day in and day
out.

If you can't understand that you're an idiot.

bankrep1's picture
Offline
Joined: 2004-12-02

Here we go again. 

whalehunter's picture
Offline
Joined: 2005-11-28

No point in arguing. The only diff is between say SmithBarney/CitiBank Banc/ Bank BofA has chosen to allow their advisors a shot at the bank side. If C wasn't so worried about the potential spin off they too would adopt the proper model. Use evey avail asset

skeedaddy's picture
Offline
Joined: 2005-06-16

BankFC wrote: I could walk back into my old ML office tomorrow (I left on
great terms), or for that matter Morgan Stanley or UBS
or whoever...they would happily take me and my clients.

I've seen many bank FCs take deals to jump over to wirehouses, only to have
about 10%-15% of their books follow. The typical bank client is not an ideal
fit for a wirehouse., or they would be there already. IMO.

troll's picture
Offline
Joined: 2004-11-29

skeedaddy wrote: BankFC wrote: I could walk back into my old ML office tomorrow (I left on great terms), or for that matter Morgan Stanley or UBS or whoever...they would happily take me and my clients. I've seen many bank FCs take deals to jump over to wirehouses, only to have about 10%-15% of their books follow. The typical bank client is not an ideal fit for a wirehouse., or they would be there already. IMO.
I just heard through the grapevine about a fellow from my former branch who joined from Citi about 4 yrs ago.  He was a big producer at Citi, but in the end was struggling at the wire because he couldn't figure out how to drive new assets.  He just resigned and took a position covering 3-4 branches for HNW clients at Citi.
Nice guy, but draw your own conclusion.

BankFC's picture
Offline
Joined: 2005-05-27

If someone starts in a bank, i could see how it would be hard for them to prospect IF
1) they had never had to
2) the clients they brought over did not generate adequate referrals
Typically, banks don't hire rookies.  I know lots of nice guys who tried this business but didn't like prospecting.  Hell, i don't LIKE it, but when i was in a wire, I did it anyway.
Wires are a tough road...no doubt about it.

troll's picture
Offline
Joined: 2004-11-29

BankFC wrote:
Typically, banks don't hire rookies.  

Typically they hire guys that didn’t make it at wirehouses. They were called "rookies" back at the wirehouse before they left. They can't hire successful wirehouse guys because they won't take the cut in payout and the step-down in prestige and working conditions.<?:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" />

BankFC's picture
Offline
Joined: 2005-05-27

Mike...where do you live, Guatemala?  All the banks around here are super nice, and most bank brokers i know HAVE offices, and go to branches by appointment...they don't sit in lobbies.  Maybe some do somewhere, but I don't and my friends don't.
You obviously are worried about prestige, as you seem to derive your self worth from your firm.
We've already discussed payout (on par).
Are you ever right?

tjc45's picture
Offline
Joined: 2005-05-06

Banks Vs wirehouses Vs regional  VS independants. Having spent most of my career at a major wirehouse I can dispell any notion that they offer a better quality of advise. The firm I was with poked proded and extorted it's reps to sell the products it wanted sold. From what I could see, the quality of advise offered by reps at that firm was directly proportional to their ability to resist that pressure.
As for banks, in the begining all bank reps were failed wirehouse reps. That was a long time ago and I'm sure banks have moved beyond this model. Also, what caused these reps to flunk out of wirehouse programs was their inability to find the money. Many, at least the ones I know, are fine advisors. Going to a bank solved their primary problem, finding the money, and in progressive programs, where the bank allowed freedom they've excelled.
Unfortunately some bank programs are run by people from the banking side who just don't get it. one of my friends worked for a small regional that was sold to a large bank. he was  allowed to continue on as regular full service broker operating seperately from the bank. A short time after the merger the bank came out with a program that mandated that brokers GIVE their million dollar plus accounts to the high net worth division at the bank. This is a group of bank brokers who are politically connected to upper management. There was no payment for this: No commission or fee split. In return the High net worth guys were suppose to hand over sub million dollar accounts. Of course this shows how screwed up the banks thinking is. But they pushed it, so my friends forked over a few million dollar accounts. No one was surprised when nothing came back. The bank suits then said they wanted all their million dollar accounts given to the high net worth humps. My friends veto'd that assinine request with their feet and moved to another firm.

troll's picture
Offline
Joined: 2004-11-29

BankFC wrote:
Mike...where do you live, Guatemala?  All the banks around here are super nice, and most bank brokers i know HAVE offices, and go to branches by appointment...they don't sit in lobbies. 

Yeah, the really lucky ones have a cute little cubicle next to the guy that opens checking accounts and the mortgage guys. Really classy digs 
BankFC wrote:
You obviously are worried about prestige, as you seem to derive your self worth from your firm.

This is where the bank guys usually run in this debate. If you recall, way back when you had your first hissy-fit about some mean old guy explaining where you ranked in the world, I told you, be happy if you're happy where you are. Now, would someone who "needs" a prestigious firm tell you that? But no, you had to push the issue and pretend your bank lobby was the same as a ML office.... 
BankFC wrote:
We've already discussed payout (on par).

As with so many parts of this debate, you simply assert things that aren't true. 35% is NOT "on par", neither is your top out of 40%.

troll's picture
Offline
Joined: 2004-11-29

tjc45 wrote:
 one of my friends worked for a small regional that was sold to a large bank. he was  allowed to continue on as regular full service broker operating seperately from the bank. A short time after the merger the bank came out with a program that mandated that brokers GIVE their million dollar plus accounts to the high net worth division at the bank. This is a group of bank brokers who are politically connected to upper management. There was no payment for this: No commission or fee split. In return the High net worth guys were suppose to hand over sub million dollar accounts. Of course this shows how screwed up the banks thinking is. But they pushed it, so my friends forked over a few million dollar accounts. No one was surprised when nothing came back. The bank suits then said they wanted all their million dollar accounts given to the high net worth humps. My friends veto'd that assinine request with their feet and moved to another firm.

Very, very common. And when your friend left, he took very, very few clients with him.

BankFC's picture
Offline
Joined: 2005-05-27

Mikey,
I'm done with you.  I've showed you for a fool.  You have resorted to simply not believing anything that isn't as you wish it was.  So that's where this debate ends.
You lose.

troll's picture
Offline
Joined: 2004-11-29

BankFC wrote:
Mikey,
I'm done with you.  I've showed you for a fool.  You have resorted to simply not believing anything that isn't as you wish it was.  So that's where this debate ends.
You lose.

OK, lol, I lose because, well, you said so. BTW, no need to correct the errors you made in explaining the Hartford annuity you brought up, everyone here knows now you were blowing smoke.
Say hi to the tellers for us. 

BankFC's picture
Offline
Joined: 2005-05-27

Show us the "error."

troll's picture
Offline
Joined: 2004-11-29

BankFC wrote:
Show us the "error."

Go back to that thread and you'll see.

BankFC's picture
Offline
Joined: 2005-05-27

sorry, you're wrong.  i used a general term "living benefit' which encompasses various accumulation and income riders.
the best you can do is ineptly try to mince words to discredit me???
once again, another example of your stupidity.

troll's picture
Offline
Joined: 2004-11-29

BankFC wrote:
sorry, you're wrong.  i used a general term "living benefit' which encompasses various accumulation and income riders.
the best you can do is ineptly try to mince words to discredit me???
once again, another example of your stupidity.

At least have the commonsense to limit your errors and humiliation to a single thread. I detailed there how wrong you were, I'm not going to post it three times for you.

BankFC's picture
Offline
Joined: 2005-05-27

No humiliation here.  You are a sad little man.

troll's picture
Offline
Joined: 2004-11-29

BankFC wrote:No humiliation here. 
I hadn't considered the possibility that you were too dim to understand how you've been humiliated....

skeedaddy2's picture
Offline
Joined: 2005-09-14

mikebutler222 wrote:[
At least have the commonsense to limit your errors and humiliation to a single thread. I detailed there how wrong you were, I'm not going to post it three times for you.

This is classic MikeButler   Hey, when do you guys produce? It seems like you're always on.

BankFC's picture
Offline
Joined: 2005-05-27

Mikey:
I own you.

Indyone's picture
Offline
Joined: 2005-05-31

"Very, very common. And when your friend left, he took very, very few clients with him."
Mike,
With all due respect, your one-size-fits-all approach isn't working here.  I left a bank program this summer and have already taken right at 75% of what I have interest in, with no contact (due to a non-solicit agreement) other than a few newspaper and radio ads until I finally sent out some Christmas cards to old clients last week.  When the dust is settled, I'll bet I get at least 90% of what I am INTERESTED in that CAN move.  I had to leave some accounts that had named the bank as trustee, etc., and by CHOICE, I left A LOT of crappy accounts that I had little or no interest in retaining (CD accounts, high-maintenance clients, etc.)
At the bank (at least where I was), there was a lot of pressure to sell, sell, sell and grow 20-30% YOY and frankly, I've reached a point where income is far from my top priority, although I expect to do every bit as well and eventually better than I did at the bank.  The people at the bank were not necessarily horrible people, but their business model was not compatible with mine and I was more than happy to move on. A year from now, I expect that my book will be about $30 million (it's just over $18 million today and was about $45 million at the bank), consisting of about $20 million from bank transfers and another $10 million new business, with about 75% or the overall total in fee-based business.  I'll have about 1/3 the number of households that I dealt with at the bank.  If I do nothing but grow and service these accounts, I would be very satisfied, as a Porsche would probably be a bad idea in the snow belt anyway.
I'll acknowledge that I would probably make a crappy Merrill broker and would probably be labled a failure because I have much more desire to take care of the clients that I have than take on a hundred new clients each year that I don't have time to talk to. On the other hand, I've competed very well against wirehouses such as Morgan Stanley (no Merrill brokers in my area) and have won more than I've lost to those folks, so I'm comfortable with my approach and apparently it's fairly well received by prospects.
The bottom line is, you're welcome to look down your nose at other advisor channels, but I'm hopeful that you'll one day understand that there are quality advisors working successfully outside the wirehouse arena.  It's always possible that you'll discount a competitor because of where they work and ultimately regret it...
Merry Christmas...

troll's picture
Offline
Joined: 2004-11-29

BankFC wrote:
Mikey:
I own you.

Sure you do, just like you "own" that annuity you sell but can't correctly explain...

tjc45's picture
Offline
Joined: 2005-05-06

Very, very common. And when your friend left, he took very, very few clients with him.
Sorry, I guess I didn't make it very clear in my original post, my friend worked for a non bank regional. Actually it was a classy little firm. He went there from a wirehouse. So most of his clients were gained the old fashioned way, through prospecting. When the dust settles most of his book, 75-80% will follow him. That's about par for wirehouse brokers.

troll's picture
Offline
Joined: 2004-11-29

Indyone wrote:
With all due respect, your one-size-fits-all approach isn't working here.  I left a bank program this summer and have already taken right at 75% of what I have interest in,.."
[/quote}
Interesting qualifier. "what I have interest in". I'm not going to question your honesty here. I''ll take your word on it.  I'll simply point out how brokers leaving bank programs historically take a very low percentage of the clients they had. Ask our resident recruiter or look through the Reg. rep. stories on the subject.
Indyone wrote:
 A year from now, I expect that my book will be about $30 million (it's just over $18 million today and was about $45 million at the bank), ...

I honestly hope it works out well for you. One size doesn't fit all, and I never claimed it did.
 
Indyone wrote:
  If I do nothing but grow and service these accounts, I would be very satisfied, as a Porsche would probably be a bad idea in the snow belt anyway.

Nah, get a C4, you'd love it in the snow 
Indyone wrote:
I'll acknowledge that I would probably make a crappy Merrill broker and would probably be labled a failure because I have much more desire to take care of the clients...

Now, now. Let's not suggest the guys at ML don't care as much as you. They don't have to open more accounts than they can handle, you just need to open up that limited number you can take care of with large assets.
 
Indyone wrote:
The bottom line is, you're welcome to look down your nose at other advisor channels,...

If you haven't followed this thread back to the beginning I can see how you'd come to that conclusion. That's not the case, unless they're little lobby-jockies who want to play the "But I'm a REAL broker, I AM WHAAA!!!!!" game like BankFC. 
Indyone wrote:
 
Merry Christmas...

Same to you

troll's picture
Offline
Joined: 2004-11-29

skeedaddy2 wrote:mikebutler222 wrote:[
At least have the commonsense to limit your errors and humiliation to a single thread. I detailed there how wrong you were, I'm not going to post it three times for you.

This is classic MikeButler   Hey, when do you guys produce? It seems like you're always on.

 
 It's sort of a special day. I'm working from home, outside access.

tjc45's picture
Offline
Joined: 2005-05-06

Indy, Porsche makes an all wheel drive 911 varient known as the Carrera 4. In Porsche circles the C4 gains enough respect for Porsche to continue to build it. So ramp up that propecting program, put on the mukluks. No reason for a little snow and ice to keep you from screaming around the neiborhood at warp speed.

Indyone's picture
Offline
Joined: 2005-05-31

maybe someday, tj...I'm pretty easy to satisfy at the moment.  When I feel the need for a perfomance car, I pick a dry and sunny day and make calls in mom's '93 40th anniversary 'vette...I don' even think the thing has 10,000 miles on it yet...guess she just bought it to look at!  I try to drive it enough to make sure all the seals are lubricated, etc...then go back to my clean, more than adequate, 4dr sedan...ahhhh....how pedestrian...

troll's picture
Offline
Joined: 2004-11-29

mikebutler222 wrote:skeedaddy2 wrote:mikebutler222 wrote:[
At least have the commonsense to limit your errors and humiliation to a single thread. I detailed there how wrong you were, I'm not going to post it three times for you.

This is classic MikeButler   Hey, when do you guys produce? It seems like you're always on.

 
 It's sort of a special day. I'm working from home, outside access.

Indy and I can work from home whenever we want.....

troll's picture
Offline
Joined: 2004-11-29

BankFC wrote:
Mikey:
I own you.

 
Haven't you been paying attention?  Metellnoname owns him already!  

BankFC's picture
Offline
Joined: 2005-05-27

No, metellnoname declared my ownership of him...i think.  I don't know, and I'm not gonna go look...I gotta get stuff done today!!!
lol

tjc45's picture
Offline
Joined: 2005-05-06

Indyone wrote:maybe someday, tj...I'm pretty easy to satisfy at the moment.  When I feel the need for a perfomance car, I pick a dry and sunny day and make calls in mom's '93 40th anniversary 'vette...I don' even think the thing has 10,000 miles on it yet...guess she just bought it to look at!  I try to drive it enough to make sure all the seals are lubricated, etc...then go back to my clean, more than adequate, 4dr sedan...ahhhh....how pedestrian...
Yeah, I hear you. My current everyday ride is a Grand Cherokee. I've had my share of hot cars, most recently a triple Black Mustang Cobra Convertible. Fun!!!!!! I made a deal with my wife that I would give up the motorcycles if I bought a toy car. I picked the Cobra over a Porsche 911 and Corvette. It's everyday driveability was the key. So out went the bikes. 8 months later I was bored and wanted the bikes back so out went the Cobra. I traded it for a Honda Accord for my wife. Funny story; When I traded it the used car manager and I went out to look at the car so he could give me a number for it. He Took one look at the rear tires and asked me why they had so little tread left? I told him that I had no idea what had happened to them, that they were just fine when I purchased the car 8 months before. We both had a good laugh.  Still, as a Honda dealer he had no room for this hot car on his lot and wasn't offering me enough money for the car. I asked him for a phone book and started calling Ford dealers from his office. I found one that wanted the car offered me 6k more than the Honda store was willing to pony up. I handed the phone to the used car manager and said get it done. And with that I sold my Cobra to the Honda dealer who sold it to the Ford dealer. I'm happy riding my BMW K1200LTc motorcycle, but, The new Shelby Cobra is due out next summer so......we'll see!

troll's picture
Offline
Joined: 2004-11-29

BankFC wrote:
No, metellnoname declared my ownership of him...i think.  I don't know, and I'm not gonna go look...I gotta get stuff done today!!!
lol

ROFLMAO, this is rich. Hey, BankFC, you don't even own the desk you rotate through in the lobby of the various branches you cover

troll's picture
Offline
Joined: 2004-11-29

joedabrkr wrote:mikebutler222 wrote:skeedaddy2 wrote:mikebutler222 wrote:[
At least have the commonsense to limit your errors and humiliation to a single thread. I detailed there how wrong you were, I'm not going to post it three times for you.

This is classic MikeButler   Hey, when do you guys produce? It seems like you're always on.

 
 It's sort of a special day. I'm working from home, outside access.

Indy and I can work from home whenever we want.....

That's why you're my hero 
I prefer to be in the office, though. You never know who will drop by to see you.

troll's picture
Offline
Joined: 2004-11-29

mikebutler222 wrote:joedabrkr wrote:mikebutler222 wrote:skeedaddy2 wrote:mikebutler222 wrote:[
At least have the commonsense to limit your errors and humiliation to a single thread. I detailed there how wrong you were, I'm not going to post it three times for you.

This is classic MikeButler   Hey, when do you guys produce? It seems like you're always on.

 
 It's sort of a special day. I'm working from home, outside access.

Indy and I can work from home whenever we want.....

That's why you're my hero 
I prefer to be in the office, though. You never know who will drop by to see you.

LOL...that's why I prefer NOT to be at the office.....I don't like it when people 'drop by'.  Messes with my flow....

Indyone's picture
Offline
Joined: 2005-05-31

I'll second that motion...don't like unexpected visitors unless they lay down a fresh mil...then I'll tolerate them.  I try to make sure that I'm out calling a lot to try and keep the "droppers" guessing (as well as generate some new clients!).  Joe's my hero, too...
tj...my toy at home is an '86 Honda Nighthawk S...fairly rare...only made by Honda 84-86 and was apparently ahead of it's time (didn't sell well).  It's almost completely restored and is ridden occasionally.  I saw this beautiful bike when I was in college but by the time I was out and could afford it, they were gone, so I've had a lot of fun putting this one back together and it rides like a dream...that reminds me, I also have a black 1966 Honda Dream 305...less than 12K original miles...rode that one in high school...ahhhhhh...the memories...

tjc45's picture
Offline
Joined: 2005-05-06

Indy...my brother had a 305 dream. The 305 was one of Honda's  "You meet the nicest people on a Honda" anti bad biker boy image bikes from the early mid 60's. Great bike and worth some money! I had an 84 450 Night Hawk that I rode for a couple of years. Nice little bike. Since 1990 it's been BMW touring bikes to eat up miles to satisfy my Ironbutt Association addiction (www.ironbutt.com) with an occasional sport bike thrown in to keep Sunday mornings interesting.

troll's picture
Offline
Joined: 2004-11-29

Indyone wrote:
I'll second that motion...don't like unexpected visitors unless they lay down a fresh mil...then I'll tolerate them.  I try to make sure that I'm out calling a lot to try and keep the "droppers" guessing (as well as generate some new clients!).  Joe's my hero, too...
tj...my toy at home is an '86 Honda Nighthawk S...fairly rare...only made by Honda 84-86 and was apparently ahead of it's time (didn't sell well).  It's almost completely restored and is ridden occasionally.  I saw this beautiful bike when I was in college but by the time I was out and could afford it, they were gone, so I've had a lot of fun putting this one back together and it rides like a dream...that reminds me, I also have a black 1966 Honda Dream 305...less than 12K original miles...rode that one in high school...ahhhhhh...the memories...

It's good to be the king.......

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

I've worked at both.  Hunters do well at the wire-house.  Farmers do well at the bank.  Products are the same, operations differ.  Different strokes for different folks. 
 
Why beat the other guy up?  If you or your channel are better the client will decide.

Please or Register to post comments.

Industry Newsletters
Investment Category Sponsor Links

 

Sponsored Introduction Continue on to (or wait seconds) ×