Giving Back

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bankrep1's picture
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Since most of you are rookies and looking for advice on the forums, I am going to give you some.

Your co-workers are probably idiots, more than likely, you are gong to fail in your current wirehouse environment unless you're really really lucky. You do not have to fail in the industry, you just have to accept that it is jacked up at the moment. Your mentors are lying to you. If you were going to be successful you would see your income rising fast.

I wasted to much time prior to becoming successful listening to people tell me how successful I was going to be. My favorite line - Show me the money!

leftykickserve's picture
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Bankrep, no offense, but your post is very jumbled and it is unclear as to what your message is...I dont know what you are trying to say.

bankrep1's picture
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lefty

Do you know how to read?

leftykickserve's picture
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If you want to be a smartass I can play too...Reread your paragraph and tell us your level of education.
Quote:Your co-workers are probably idiots, more than likely, you are gong to fail in your current wirehouse environment unless you're really really lucky.
If you had correct grammar it might make more sense. Are co-workers more than likely idiots? Or are we more than likely going to fail? What do idiot co-workers have to do with the probability of one of us failing? You don't make any correlation between the two or even attempt to create one.
 Quote:You do not have to fail in the industry, you just have to accept that it is jacked up at the moment.
What does this mean? This is an 8th grade writing level. It doesn't make any sense
Quote:Your mentors are lying to you. If you were going to be successful you would see your income rising fast.
This makes just enough sense but you don't say what mentors are lying about, and I would have to infer that mentors are saying "you are going to be great"
You start a thread suggesting you are going to give us advice but it is a bunch of fragmented thoughts with little explanation and no transition between them.

leftykickserve's picture
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Quote:I wasted to much time prior to becoming successful listening to people tell me how successful I was going to be. My favorite line - Show me the money!
It might help to elaborate somewhat, or atleast explain why it was waste of time and how you would have done things differently. Is your favorite quote somehow connected to the previous sentence? You just put it out there.
I hope your writing style isn't indicative of your verbal communication skills.

rightway's picture
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Joined: 2004-12-02

This carreer is a long long race, and sometimes it is a slow walk,
other times it is a sprint; it is important to understand that the good
and bad that happends in the short run should not be given too much
weight.

Making more money now without a sound long term plan to sustain a
business model will eventually flame out.  T the same time,
starting a race at a slow walk will not work either.  Find the
balance.

As for mentors and listening to others?  We make this way too
complicated.  Find good people that you respect and listen to
them.  Find several with different approaches and take what you
can from them.

AirForce's picture
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Joined: 2006-10-12

Dude or lefty that was black and white.

Even if your current position sucks, since one is surrounded by a bunch of unsuportive selfcentered a..holes you can make it, but this will not happen until you move!

Now if your lucky and you have a successful caring person/RR, who sees good in you for what ever reason then they may guide you to improve your chances, without that its 99% that you will fail. With them its 70% probable you will fail.

bankrep1's picture
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My writing skills become worse with every drink and when I worte that I had a few.

What I meant to say is the wirewhores bring in all these trainees with big dreams and they know most of them will fail. It is not they that the people they hired aren't ambitous and well rounded, why would they of hired them in the first place if they were all smucks? The training systems are outdated and they haven't found anyone bright enough to devise a plan where the majority of ambitous, well rounded trainees they hired are successful instead of the high dropout rate they have now.

Here is my story..

Started in a wire, was trained to smile and dial. Sat at a table cold calling with a about ten other trainees until there was just me at the table (they all left, everyone of them), after 6 months I had about 2 mil AUM (which some were house accounts I converted because they did business with me) and the branch manager decided because he liked me he gave me another 8 mil from someone who left. I worked hard and built my book up to about 12 mil after a year. Meanwhile, I had a friend who was in the bank channel for several years. His first year he had made 60K, his second 85K and then 120K etc etc. Today he makes well over 200K, I decided I was going nowhere being that I wasn't making as much as he did in his first year.

I started in the bank environment with about 20 others not rookies, but mostly newbies. Wirehouse failures and insurance guys etc. Today I think just about everyone of them are still in the business all making decent money. So people on these boards say the bank sucks, I laugh. I could take a huge check to go to any wirehouse I wanted, not going. I will add the megabanks are not a good place to work not just as an FA, but in any position they tend to change things to often and when you work on commission that is tough. So if you're failing and passionate about the business it's not your fault your not cutting it look elsewhere for a position.

DaDonald's picture
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Geesh - Just accept that fact that you didn't make it in the wirehouse environment. That's not bad, it's just that you are not the right type of person to succeed in a wirehouse environment.
It takes a certain type of entrepreneur, with a flair for rainmaking to tramslate personal/business relationships into wealth management relationships. Some people are good at it, some are good at other things.
Of course we all enter the business with high expectations. Of course the managers and companies that hire us have high expectations. Who would put tens of thousands of dollars into training for someone they expected to fail? It's a crapshoot on the part of the rep, and the company that hires them. But, maybe 3 in 10 stick, and become gazillion-dollar producers.
I'm glad that you're happy at the bank. I don't think that I would thrive in that environment, because I like knowing that the sky is the limit, and there's no ceiling to earning.
Good Luck. Nothing wrong with telling your experiences, please don't try to poison the water because you didn't fit. That is just your story-not necessarily what anyone else would experience.

troll's picture
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bankrep1 wrote:My writing skills become worse with every drink and when I worte that I had a few.

I sorta guessed as much.  I hope you weren't at the office.

vbrainy's picture
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Joined: 2006-07-26

Actually, most of what he is saying is true.  But, hopefully the firm was honest with you about the failure rate before they hired you.
There is nothing wrong with the bank, as long as they don't make you push product.  Or put quotas on you.  If you are doing the right thing for the client, it does not matter where you are.
I think what some of these large firms do to young people and their families is disgusting.  Ameriprise is one of the biggest offenders.

bankrep1's picture
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DaDonald wrote: Geesh - Just accept that fact that you didn't make it in the wirehouse environment. That's not bad, it's just that you are not the right type of person to succeed in a wirehouse environment.
It takes a certain type of entrepreneur, with a flair for rainmaking to tramslate personal/business relationships into wealth management relationships. Some people are good at it, some are good at other things.
Of course we all enter the business with high expectations. Of course the managers and companies that hire us have high expectations. Who would put tens of thousands of dollars into training for someone they expected to fail? It's a crapshoot on the part of the rep, and the company that hires them. But, maybe 3 in 10 stick, and become gazillion-dollar producers.
I'm glad that you're happy at the bank. I don't think that I would thrive in that environment, because I like knowing that the sky is the limit, and there's no ceiling to earning.
Good Luck. Nothing wrong with telling your experiences, please don't try to poison the water because you didn't fit. That is just your story-not necessarily what anyone else would experience.

DADON,

Your not getting it I was the successful one out of my group. The manager gave me clients to entice me to stay, I still left.

I can go to any wirehouse now, now that I have built a book and prosper, but why would I go to an environment that doesn't feed me new leads? If I was going to do all the work I would start my own firm.

There is no cieling at the bank if you're at the right one. I agree with the post saying what they do to young people is disgusting. If someone who is 40 can't make then well OK, but a 23 year old doesn't have what it takes to start on his own. There is no career path and that is wrong.

whitewlfz's picture
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Joined: 2006-12-23

I tell ya I woked at a spinoff of Ameriprise here .. where I am the guy left and took over a billion with him from American Express .. then he went on to replicate the system.. hires the kids right out of school so they know no different then its get your friends ..parents relatives ect involved..then go and phone for 12 hours a day and then make only $22k a year cause your are coming up .. oh and the work day is 6 days a week.. and they have a huge failure rate.. instead taking in a couple of good propsects...they hire in mass to fail ... sad .really sad..

DirtyDeltaBro's picture
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Joined: 2006-10-05

This bank rep character is a complete a$$
 <?:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" />
 You don’t leave Merrill after about a year having 10 mil AUM just because you are not making enough- give me a break.  There are other reasons why you failed.  Period! 
 
Your also hammered at 8 pm typing on an internet forum about how much it sucks to work at a wire house- what a joke! 
 
      
 

bankrep1's picture
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Who said I worked at Merrill? I have not been "hammered" in awhile. You must be 23.

DirtyDeltaBro's picture
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Actually, you told me you worked at Merrill. 
 <?:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" />
You openly admit the fact that when you wrote your original post you were intoxicated, hence the use of the word “hammered”.   
 
I am 27, at a wire, and doing fairly well…..     
 
   
 
 

bankrep1's picture
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Having some drinks and hammered are hardly the same. I guessed as much, fairly well to a 27 yr. old means making more than his friend who works at enterprise rent-a-car.

DirtyDeltaBro's picture
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No, actually I am making SPIT now. 
 <?:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" />
When I say I am doing well, I mean that I am getting out in front of people and they are starting to trust me.  To me, doing well means opening accounts and exceeding my numbers. 
 
Monetary compensation is mot my main concern now.  If I prospect, open accounts, build trust, and do the best thing for my clients; there is no question the money will come in a few years…..    
 DirtyDeltaBro 

bankrep1's picture
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Joined: 2004-12-02

When you break six figures you can start giving your opinion as of right now you should take my advice and dig deep into whether your on track to make any money ever.

AirForce's picture
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Joined: 2006-10-12

Hey I have a few in me and write some funny stuff on this, but I am far from drunk.

Success in this business may be surviving through a bear market. Don't think we have had one of those in a bit.

DirtyDeltaBro's picture
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You are correct bankrep.. 
 <?:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" />
The only subjects I giver offer advice on is how to break into the industry, how hard it can be to cold call, etc..  
 
I only offer recommendations on subjects I know inside and out.  I do however ask for advice from individuals on this forum, who I know for a fact, are real brokers. 
 
If you really want to call me out, ask me the tough questions……….
 
 
DirtyDeltaBro
 

DirtyDeltaBro's picture
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Ever not giver.. a typo
 <?:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" />
Airforce:
 
Where are you with your job search?  Have you started with a firm yet?  
 

Starka's picture
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Joined: 2004-11-30

AirForce wrote: Hey I have a few in me and write some funny stuff on
this, but I am far from drunk.

Success in this business may be surviving through a bear market. Don't
think we have had one of those in a bit.

I'm guessing that you weren't in this business during the 2001-2002
meltdown.

troll's picture
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bankrep1 wrote:When you break six figures you can start giving your opinion as of right now you should take my advice and dig deep into whether your on track to make any money ever.You're pretty arrogant for a bank employee who sits in the lobby slingin VA's at little old ladies that the tellers send over.....

bankrep1's picture
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Joe,

I have an office with a door and the majority of my clients are boomers.

waterboy's picture
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Joined: 2005-12-27

Hammered again? don`t you mean majority of your clients wear bloomers

My Inner Child's picture
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bankrep1 wrote:Joe, I have an office with a door and the majority of my clients are boomers.
The little guy who runs out to talk to me about ideas for my high cash balance in my checking account has an office with a door. I think he's 22 1/2 years old.

AirForce's picture
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Starka.. Nope

Dirty: VP of Operations (firm of two)

Good luck to you all.

BankFC's picture
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My Inner Child wrote:
bankrep1 wrote:Joe, I have an office with a door and the majority of my clients are boomers.
The little guy who runs out to talk to me about ideas for my high cash balance in my checking account has an office with a door. I think he's 22 1/2 years old.

Just put your money into one of those 10 year EIA's you shove everyone in...oh wait...you don't own one yourself?  Why not? 

bankrep1's picture
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Oh ya EIA's are better than VA's because they have no fee's that is what one of my clients was told by an FA

My Inner Child's picture
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You bank kids are funny.

BankFC's picture
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My Inner Child wrote:You bank kids are funny.
Translation:  I just got burned, and I can't make a comeback.

My Inner Child's picture
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BankFC wrote:
My Inner Child wrote:You bank kids are funny.
Translation:  I just got burned, and I can't make a comeback.

You're right. How can I possibly recover from a shot taken by a bank kid whose first name is sewn into his shirt.

bankrep1's picture
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My Inner Child wrote: BankFC wrote:
My Inner Child wrote:You bank kids are funny.
Translation:  I just got burned, and I can't make a comeback.

You're right. How can I possibly recover from a shot taken by a bank kid whose first name is sewn into his shirt.

My counterpart is 60 and has been in the same environment for 30 years I wonder if you are referring to him as a kid. Am I still a kid in my 30's? I think your jealous that people call me all day everyday and you stare at the phone telling yourelf 90% of nothing is better than 40% of a million.

DirtyDeltaBro's picture
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Bankrep – you’re a joke.
 <?:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" />
Your posts are garbage, your advice is garbage, and you have a really negative attitude.   
 

bankrep1's picture
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Dirty-
Maybe if you spent your time listening to you wouldn't make- How did you say it - SPIT -is how you phrased what you make. I am not sure what that is, but it doesn't sound good.

My Inner Child's picture
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bankrep1 wrote: My Inner Child wrote: BankFC wrote:
My Inner Child wrote:You bank kids are funny.
Translation:  I just got burned, and I can't make a comeback.

You're right. How can I possibly recover from a shot taken by a bank kid whose first name is sewn into his shirt.
My counterpart is 60 and has been in the same environment for 30 years I wonder if you are referring to him as a kid. Am I still a kid in my 30's? I think your jealous that people call me all day everyday and you stare at the phone telling yourelf 90% of nothing is better than 40% of a million.
If you're at a bank, you're a kid. If you're an assistant to a 60 year old that works for a bank, you're a child.

BankFC's picture
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My Inner Child wrote:bankrep1 wrote: My Inner Child wrote: BankFC wrote:
My Inner Child wrote:You bank kids are funny.
Translation:  I just got burned, and I can't make a comeback.

You're right. How can I possibly recover from a shot taken by a bank kid whose first name is sewn into his shirt.
My counterpart is 60 and has been in the same environment for 30 years I wonder if you are referring to him as a kid. Am I still a kid in my 30's? I think your jealous that people call me all day everyday and you stare at the phone telling yourelf 90% of nothing is better than 40% of a million.
If you're at a bank, you're a kid. If you're an assistant to a 60 year old that works for a bank, you're a child.

If you're a bottom feeder that shoves little old ladies into EIA's all day, you're a crook.

scrim67's picture
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bankrep1 wrote:Oh ya EIA's are better than VA's because they have no fee's that is what one of my clients was told by an FA
I just had a similar experience.    Client came to me for a 2nd opinion on a VA contract he was solicited from another advisor.
I explained there are other alternatives but if after I explain the big picture to you I can present the same exact VA product you were solicited.    I explained the fee strucuture initially and when he was told the fees average around 3% a year he was surprised yet dismayed that he was never even told this.    This gave me instant credibility.
Whether I make the sale with him or not I felt I did him a service to make an informed decision in this particular case.
Again, I have no clue why there seems to be some kind of bias concerning working as an FA within a bank program.    Whether you are indy, wire, or bank each has it pros and cons.
Happily wearing my name tag,
Scrim

BankFC's picture
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LOL. 
Scrim, seriously, you don't wear a name tag do you?  

bankrep1's picture
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Scrim,

nametag?

scrim67's picture
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name badge technically.
Badge, Tag it's all the same to me.
scrim

whitewlfz's picture
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And just to add for some of you out there that are convinced the bank program is awash with the can't hack'its or the afraid to try ..or to  young to whatever.. I just thought to give you a run down of where I work and let you decide for yourselves..
I have a book over 80 million in place
I have an assistant that I share with one other producer
I grossed over $500k last year @ 35% with a 2 point bonus (paid in Feb)
I have a team of people to call on from trust services to private lenders
I have my own office where I look out a window ..
I have a pension ..(yeah they still make those)
I have recieved in the past stock options
I make my own hours
And no there are no nametags .. I wear a suit everyday
and I am 35 with 10 years in the biz..
SO if that is a crap life .. then call me s**te and pile me up..
just my 2 cents

My Inner Child's picture
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whitewlfz wrote:
And just to add for some of you out there that are convinced the bank program is awash with the can't hack'its or the afraid to try ..or to  young to whatever.. I just thought to give you a run down of where I work and let you decide for yourselves..
I have a book over 80 million in place
I have an assistant that I share with one other producer
I grossed over $500k last year @ 35% with a 2 point bonus (paid in Feb)
I have a team of people to call on from trust services to private lenders
I have my own office where I look out a window ..
I have a pension ..(yeah they still make those)
I have recieved in the past stock options
I make my own hours
And no there are no nametags .. I wear a suit everyday
and I am 35 with 10 years in the biz..
SO if that is a crap life .. then call me s**te and pile me up..
just my 2 cents

If you're happy with only doing $500,000 after 10 years, I'm happy for you. I think Bankfc and Bankrep are doing about $1,000,000 after 9 months or something like that.

bankrep1's picture
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My Inner Child,

Where did you get a million from?

White,

Your situation sounds very similar to my own, I guess we just let these idiots stay in the dark.

troll's picture
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whitewlfz wrote:And just to add for some of you out there that are convinced the bank program is awash with the can't hack'its or the afraid to try ..or to  young to whatever.. I just thought to give you a run down of where I work and let you decide for yourselves..
I have a book over 80 million in placeYes but it's not really yours no matter how much you'd like to think that.  Piss off the wrong manager and they can start reassigning your accounts or branches to other advisors under the rubric of "providing better client service".
I have an assistant that I share with one other producerSee above.  However, the excuse in this case will usually fall along the lines of "greater efficiency" or "expense control".
I grossed over $500k last year @ 35% with a 2 point bonus (paid in Feb)That's only impressive when compared to other bank and credit union brokers.  I'll earn more than you on 250-300k gross, and the business is mine to do what I please with it.
I have a team of people to call on from trust services to private lendersHow many of them really know what they're doing?  If aren't any good at their expertise, can you go to someone else?
I have my own office where I look out a window ..Me too.
I have a pension ..(yeah they still make those)I'll concede that is a nice benefit.  Wish I had one.  Oh wait....I can set one up tomorrow if I feel like it.    No committee meetings, just call a TPA and do it.
I have recieved in the past stock options
I make my own hoursSo do I.  How often are your sales meetings?
And no there are no nametags .. I wear a suit everydayI wear jeans and a T-shirt unless I have a meeting.
and I am 35 with 10 years in the biz..That's about how old I was when I started to get tired of the conflicts of interest and political BS, and started to think that "There must be a better way to do this."Maybe that will never happen to you.  I don't think you have a crap life, it's just not as good as you think it is.  Either way, all my joking with you bank guys aside, it doesn't make you a bad person or less of an advisor.  You do need to realize that there are an awful lot of mouth-breathing pikers on your side of the business, and that is why people have certain stereotyped ideas of you.
SO if that is a crap life .. then call me s**te and pile me up..
just my 2 cents

BankFC's picture
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Joe,
His life isn't as good as he think's it is?  There is more to life than owning your book as an indy and a higher payout.
If he (or anyone else for that matter) makes enough to keep them happy,then who cares what's being "left on the table."  If that was the case, then every wirehouse broker over 500K are idiots for not going indy.  It just isn't the case.
The largest producer I've ever worked with (close to two mil) was divorced, overweight, and stressed to the hilt.  I wouldn't trade places with him for his two mil, even if it was at 90%.

troll's picture
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BankFC wrote:Joe,
His life isn't as good as he think's it is?  There is more to life than owning your book as an indy and a higher payout.
If he (or anyone else for that matter) makes enough to keep them happy,then who cares what's being "left on the table."  If that was the case, then every wirehouse broker over 500K are idiots for not going indy.  It just isn't the case.
The largest producer I've ever worked with (close to two mil) was divorced, overweight, and stressed to the hilt.  I wouldn't trade places with him for his two mil, even if it was at 90%.I've known plenty of people like that.  I hear ya loud and clear...

My Inner Child's picture
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BankFC wrote:
Joe,
His life isn't as good as he think's it is?  There is more to life than owning your book as an indy and a higher payout.
If he (or anyone else for that matter) makes enough to keep them happy,then who cares what's being "left on the table."  If that was the case, then every wirehouse broker over 500K are idiots for not going indy.  It just isn't the case.
The largest producer I've ever worked with (close to two mil) was divorced, overweight, and stressed to the hilt.  I wouldn't trade places with him for his two mil, even if it was at 90%.

Honey Chile, you work for a bank. They own your book and they own YOU.

TheDude's picture
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My Inner Child wrote:BankFC wrote:
Joe,
His life isn't as good as he think's it is?  There is more to life than owning your book as an indy and a higher payout.
If he (or anyone else for that matter) makes enough to keep them happy,then who cares what's being "left on the table."  If that was the case, then every wirehouse broker over 500K are idiots for not going indy.  It just isn't the case.
The largest producer I've ever worked with (close to two mil) was divorced, overweight, and stressed to the hilt.  I wouldn't trade places with him for his two mil, even if it was at 90%.

Honey Chile, you work for a bank. They own your book and they own YOU.

Wow...great comeback....and honey chile?? Is it 1930??  C'mon, you can do better than that.

My Inner Child's picture
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TheDude wrote:My Inner Child wrote:BankFC wrote:
Joe,
His life isn't as good as he think's it is?  There is more to life than owning your book as an indy and a higher payout.
If he (or anyone else for that matter) makes enough to keep them happy,then who cares what's being "left on the table."  If that was the case, then every wirehouse broker over 500K are idiots for not going indy.  It just isn't the case.
The largest producer I've ever worked with (close to two mil) was divorced, overweight, and stressed to the hilt.  I wouldn't trade places with him for his two mil, even if it was at 90%.

Honey Chile, you work for a bank. They own your book and they own YOU.

Wow...great comeback....and honey chile?? Is it 1930??  C'mon, you can do better than that.

What about hunnah chow?

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