Quick questions for you guys, does a PB and a FA go head to head for the same clientel? What's the difference between the two role? (pay, offerings, etc.) Thx
your name is "thebanker" and you don't even know the answer to a question about yourself?
Depends on the organization... Most banks have a private banking department staffed w/ bankers who can offer more complete banking service & some concierge services for high net worth / high income types. This includes special pricing on deposits & loans, and faster & more personal banking service. There are usually wealth managers & trust officers as well as other financial professionals available through referrals from the private banker.
Your wealth manager is your FA.
depends on the company. I came from the banking and even though I learned a lot, i prefer where I am now (FA). I have more freedom being an FA than a banker. It all depends on your personality i guess. I like going golfing in the middle of the week with clients instead of being at the bank and clients screaming at me because the fresh-out-of-highschool teller was an idiot and now you have to hear about it.
(btw, dont feel like changing the name if you must know)
my friend just graudated from school w/ an MBA and got a job with a bank. He is going to get a book of small business owners with atleast 10 million net worth. He is helping them w/ there banking needs NOT INVESTMENTS. We have been talking for the last few weeks and he is going to literally show me his clientelle and try to refer me as much as possible. My question is: Can he do this from his bank and is there a way I can give him a "Consulting fee" for refering me his clients to do investments.
younggunz - check w/ your compliance department about the consulting fee. There's no reason that I know of that 'a friend' can't refer you business.
Chances are his bank offers similar services and they likely wouldn't be happy having him refer their clients elsewhere. He also needs to ensure he doesn't violate his clients' privacy rights or he won't be there long .
If you ever have to study for the Series 66 license it will answer a lot of your questions concerning the consulting. There are disclaimers that must be stated and I'm sure his company has a policy of sorts he is "encouraged" to abide by.
He can probably refer people to you, but if the bank does investments, they won't be happy about it. As for the consulting fee, that's going to vary. Some firms will allow it, but generally only to people on an approved list.
I know a few "relationship managers" at various banks. They either work with wealthy individuals or small business owners to provide a personal relationship. I work with a few at banks that offer no investment services; I pretty much trade referrals with them. They introduce me to their clients who could use my services and I refer people their way that could use their banking services. It's the same as working with CPA's.
younggunz wrote:my friend just graudated from school w/ an MBA and got a job with a bank. He is going to get a book of small business owners with atleast 10 million net worth. He is helping them w/ there banking needs NOT INVESTMENTS. We have been talking for the last few weeks and he is going to literally show me his clientelle and try to refer me as much as possible. My question is: Can he do this from his bank and is there a way I can give him a "Consulting fee" for refering me his clients to do investments.
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