In banks it’s all about the territory. Wachovia’s known to have a good program, and so do a lot of other banks. I’d suggest getting in touch w/ one or two of the trusted wholesalers for the area. They’ll be able to let you know if you’re walking into a good thing.

I would ask about:

1. Depost size of the branches

2. Trust Dept/Wealth advisors....what are the cutoffs for where the large referrals go?

3. Referral fees for the bank employees?

4. Tenure of previous reps.....

5. Size of existing book in the territory.

6. I would ask to meet with the bank VP's...see if you like them...they will make or break your arse.

7. Haircuts.....get ready for scalping.

8. Approved list ---find out how much it sucks.

Also, the best bank gigs are uSUALLY those with the highest market share.

[quote=dalbroker]

7. Haircuts.....get ready for scalping.

[/quote]

Depends on the bank.  I'm at a community bank--I get 55bps on cash and 7.5% payout on VAs to grid.... Grid is fixed at 42%.  Pretty good apples

the right bank platform can be a goldmine. ive seen medicore reps  that were doing $300k at a wirehouse do $1mill at a bank

Goldmine is right.  

Just shy of 51,000 last month (and I did all L share annuity tickets and C share MF biz).  It's not a bad life.

By the way, one of my collegues did a life insurance review with a lady, and was able to up her life insurance from 1.8 million to 2.7 million with a replacement policy.  Same premium!

Ticket...$120,000 or so.  Not a bad day.

[quote=BankFC]

Goldmine is right.  

Just shy of 51,000 last month (and I did all L share annuity tickets and C share MF biz).  It's not a bad life.

By the way, one of my collegues did a life insurance review with a lady, and was able to up her life insurance from 1.8 million to 2.7 million with a replacement policy.  Same premium!

Ticket...$120,000 or so.  Not a bad day.

[/quote]

You're a liar.

[quote=Bobby Hull][quote=BankFC]

Goldmine is right.  

Just shy of 51,000 last month (and I did all L share annuity tickets and C share MF biz).  It's not a bad life.

By the way, one of my collegues did a life insurance review with a lady, and was able to up her life insurance from 1.8 million to 2.7 million with a replacement policy.  Same premium!

Ticket...$120,000 or so.  Not a bad day.

[/quote]

You're a liar.

[/quote]

bobby, the average bank rep does more in a month than you do in a year

I am a 1st year bank rep and have averaged $20K+ since Jan.  I thought last month was going to be huge, but some transfers didn’t hit.  That business hit this month and I am currently at $40k, with 20 days left.   This is a fee month and my wrap business hasn’t hit yet either… 

It took me about 6 months to get the branch employees in gear, but now qualified referrals are abundant.

Regards,
Chris

[quote=ChrisB]I am a 1st year bank rep and have averaged $20K+ since Jan.  I thought last month was going to be huge, but some transfers didn't hit.  That business hit this month and I am currently at $40k, with 20 days left.   This is a fee month and my wrap business hasn't hit yet either... 

It took me about 6 months to get the branch employees in gear, but now qualified referrals are abundant.

Regards,
Chris

Chris, Thank you for sharing your experience as a newer bank rep.  I start in a bank next week & I am really looking forward to the experience.  There is one other broker working there right now, it's a small local community type bank. From the look of his ledger that broker is bringing in about 8 million a year in new money. I am being told that there is still allot of untapped opportunity. I would be happy honestly if I can hit 5-6 million of new money.


[/quote]

[quote=Charlie Brown]

[quote=ChrisB]I am a 1st year bank rep and have averaged $20K+ since Jan.  I thought last month was going to be huge, but some transfers didn’t hit.  That business hit this month and I am currently at $40k, with 20 days left.   This is a fee month and my wrap business hasn’t hit yet either… 

It took me about 6 months to get the branch employees in gear, but now qualified referrals are abundant.

Regards,
Chris

Chris, Thank you for sharing your experience as a newer bank rep.  I start in a bank next week & I am really looking forward to the experience.  There is one other broker working there right now, it's a small local community type bank. From the look of his ledger that broker is bringing in about 8 million a year in new money. I am being told that there is still allot of untapped opportunity. I would be happy honestly if I can hit 5-6 million of new money.


[/quote]

I’ll post my progress here from time to time to let ya’ll know if my expectations were met or not met. 3 years of working a wirehouse enviironment & I have 15mill to show for it. I’m going to solicit about 10mill to get them over to my new firm and in half that time you have already accumulated nearly that much…I’m slow to catch on, but once the light bulb comes on I get it, I get it.

[quote=vbrainy][quote=BankFC]

Goldmine is right.  

Just shy of 51,000 last month (and I did all L share annuity tickets and C share MF biz).  It's not a bad life.

By the way, one of my collegues did a life insurance review with a lady, and was able to up her life insurance from 1.8 million to 2.7 million with a replacement policy.  Same premium!

Ticket...$120,000 or so.  Not a bad day.

[/quote]

What is your payout and what type of bank is it?

40% if you hit $50,000 or more in a month.  It starts at 30% from 10k-20K, 32.5% 20K -30K....so on and so forth. 

Ignore that idiot Bobby Hull.  He should look in the mirror if he is looking for a liar.

LOL, I have no use for that troll.  He can't imagine anyone making over 50 grand since nobody did it at the car lot he used to work at or the insurance company he does now.  I wasn't sure, but since seeing that thread about "do you like me or not??  boo hoo hoo" I am sure he is gay.

I worked as a bank rep for 3 years.  Banks are notorius for cutting payouts.  That being said, there is opportunity.

You need multiple branches to make it work, or one branch that has $200 million or more in deposits.

I am only referring to proprietary reps in branches,not credit unions and banks that farm out to LPL or Raymond James reps.

Lack of products was frustrating. Our only "fee account" was a mutual fund wrap product that was laden with A share choices,not many I or no-load........and we charged 1.2%, so the clients were over 2% annually.........no thanks.........

[quote=BankFC][quote=vbrainy][quote=BankFC]

Goldmine is right.  

Just shy of 51,000 last month (and I did all L share annuity tickets and C share MF biz).  It's not a bad life.

By the way, one of my collegues did a life insurance review with a lady, and was able to up her life insurance from 1.8 million to 2.7 million with a replacement policy.  Same premium!

Ticket...$120,000 or so.  Not a bad day.

[/quote]

What is your payout and what type of bank is it?

40% if you hit $50,000 or more in a month.  It starts at 30% from 10k-20K, 32.5% 20K -30K....so on and so forth. 

Ignore that idiot Bobby Hull.  He should look in the mirror if he is looking for a liar.

LOL, I have no use for that troll.  He can't imagine anyone making over 50 grand since nobody did it at the car lot he used to work at or the insurance company he does now.  I wasn't sure, but since seeing that thread about "do you like me or not??  boo hoo hoo" I am sure he is gay.

[/quote] [/quote]

Best month $78,000 NET. I've never sold cars, but some of those guys are sales gods and I'm not above learning from them. I don't work for anyone - it's my name on the door. That incident with your grandfather was just an episode of youthful indescretion and only happened one time. Besides, your grandmother gave me most of the action.

Sure you did Bobby.  I don’t mind if you want to pretend to be a real producer…go right ahead.  The difference…my money is real.

[quote=BankFC]Sure you did Bobby.  I don't mind if you want to pretend to be a real producer...go right ahead.  The difference...my money is real. [/quote]

If your money is real, why do you let the bank keep so much of it?

[quote=bluestars80]

I worked as a bank rep for 3 years.  Banks are notorius for cutting payouts.  That being said, there is opportunity.

You need multiple branches to make it work, or one branch that has $200 million or more in deposits.

I am only referring to proprietary reps in branches,not credit unions and banks that farm out to LPL or Raymond James reps.

Lack of products was frustrating. Our only "fee account" was a mutual fund wrap product that was laden with A share choices,not many I or no-load........and we charged 1.2%, so the clients were over 2% annually.........no thanks.........

[/quote] I have one branch with approx 50M deposits and I'm making it work.    Thank goodness!

scrim

[quote=Bobby Hull]

[quote=BankFC]Sure you did Bobby.  I don't mind if you want to pretend to be a real producer...go right ahead.  The difference...my money is real. [/quote]

If your money is real, why do you let the bank keep so much of it?

[/quote]

If your money is real, why do you let the bank keep so much of it?