VP

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BigRed's picture
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Joined: 2007-04-15

What gets an FA to become a VP? Is it based on production or some other criteria? Any insight is appreciated.

troll's picture
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Joined: 2004-11-29

Production.
I'm independent and my business card says "President."

xbanker's picture
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Joined: 2007-01-21

At most firms production. A friend I knew at Morgan said that you automatically become a VP at 30 million AUM with a production requirement inline with that number. (Not sure specifically but coldn't be 30 mill of all dead money.)  When I was interviewing for jobs last year I must have met at least ten different types of vice president:
Assistant VP, Associate VP, Senior VP, First VP (only at Wachovia...), Executive VP, Managing VP, Regional VP, on and on, etc. 
Basically these titles mean very little and are a means to a) give confidence to the customers and b) make employees happy in a way that costs absolutely nothing. (Every single FA in one office I interviewed at was some type of VP.)
More relevant to your question, a lot of positions at some firms automatically come with a VP title when no production is expected. (Branch managers, for example.)

Greenhills's picture
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Joined: 2005-07-26

It's all a bunch of balony that the wire houses use to miss represent the truth to the public.  Basically, if you fog mirror you can be a VP of some sorts.  Used to be that term actually ment something. 
At S.B. if your making about 80 thousand a year, your a second VP.  If you study for a few hours and take a simple easy test you become a financial planning specialist or I guess it's something else now like wealth consultant or something like that. 

rightway's picture
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Joined: 2004-12-02

Bobby Hull wrote:Production.
I'm independent and my business card says "President."

Interesting and a very good post.

Marketing Only:

What is more attractive?  V.P-Firm, or President-indy?

troll's picture
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Joined: 2004-11-29

Bobby Hull wrote:Production.
I'm independent and my business card says "President." Mine says "owner".  I deal with a lot of business owners, and have found that they see through the BS when you put "president" on your card and it's you and a secretary.  But when you put "owner" on the card it sets a whole different tone where you are saying that you started the damn thing, your name is on the door, and the buck stops here.....

troll's picture
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Joined: 2004-11-29

joedabrkr wrote: Bobby Hull wrote:
Production.
I'm independent and my business card says "President."
Mine says "owner".  I deal with a lot of business owners, and have found that they see through the BS when you put "president" on your card and it's you and a secretary.  But when you put "owner" on the card it sets a whole different tone where you are saying that you started the damn thing, your name is on the door, and the buck stops here.....
Thanks. I'll give that some thought.

troll's picture
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Joined: 2004-11-29

rightway wrote: Bobby Hull wrote:
Production.
I'm independent and my business card says "President."
Interesting and a very good post. Marketing Only:What is more attractive?  V.P-Firm, or President-indy?
You mean 2,000 VP's vs. 1 President?

SimplySimple's picture
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Joined: 2007-05-25

In a bank setting it raises your cap base.  Probably doesn't ean much for most people here.  I knew a guy that came over and said I will only work here if I get VP on the card and they gave it.

xbanker's picture
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Joined: 2007-01-21

If I had to guess I'd say that Bank of America has the most VPs of any company on the planet. When I was there almost any manager was a VP, no matter how low level. (Monitoring calls in a customer service center, for example.) Most personal bankers were VPs after a certain amount of service. What does it cost the company to award the title? If it makes someone happy to be a VP rather than receiving a decent salary the company will make everyone VP.

troll's picture
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Joined: 2004-11-29

Bobby Hull wrote:joedabrkr wrote: Bobby Hull wrote:
Production.
I'm independent and my business card says "President."
Mine says "owner".  I deal with a lot of business owners, and have found that they see through the BS when you put "president" on your card and it's you and a secretary.  But when you put "owner" on the card it sets a whole different tone where you are saying that you started the damn thing, your name is on the door, and the buck stops here.....
Thanks. I'll give that some thought. Sure nuf.  It rings true and plays well.

Reggin's picture
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Joined: 2005-09-03

Greenhills wrote:
It's all a bunch of balony that the wire houses use to miss represent the truth to the public.  Basically, if you fog mirror you can be a VP of some sorts.
I've gotten a ton of assets and clients since getting my 'baloney' title.  It's funny that people are more impressed with this sales title than the CFP.

troll's picture
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Joined: 2004-11-29

joedabrkr wrote: Bobby Hull wrote:joedabrkr wrote: Bobby Hull wrote:
Production.
I'm independent and my business card says "President."
Mine says "owner".  I deal with a lot of business owners, and have found that they see through the BS when you put "president" on your card and it's you and a secretary.  But when you put "owner" on the card it sets a whole different tone where you are saying that you started the damn thing, your name is on the door, and the buck stops here.....
Thanks. I'll give that some thought.
Sure nuf.  It rings true and plays well.
My last name is in the name of my company. Isn't that enough of a clue that I own the business?

troll's picture
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Joined: 2004-11-29

Bobby Hull wrote:joedabrkr wrote: Bobby Hull wrote:joedabrkr wrote: Bobby Hull wrote:
Production.
I'm independent and my business card says "President."
Mine says "owner".  I deal with a lot of business owners, and have found that they see through the BS when you put "president" on your card and it's you and a secretary.  But when you put "owner" on the card it sets a whole different tone where you are saying that you started the damn thing, your name is on the door, and the buck stops here.....
Thanks. I'll give that some thought.
Sure nuf.  It rings true and plays well.
My last name is in the name of my company. Isn't that enough of a clue that I own the business? Hull Incorporated?Yes I suppose it is a clue.  I just think putting "president" comes across to business owners as phoney when there isn't really an organization over which one presides.Not taking a potshot BH, just my opinion.

Reggin's picture
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Joined: 2005-09-03

Bobby Hull wrote:joedabrkr wrote: Bobby Hull wrote:joedabrkr wrote: Bobby Hull wrote:
Production.
I'm independent and my business card says "President."
Mine says "owner".  I deal with a lot of business owners, and have found that they see through the BS when you put "president" on your card and it's you and a secretary.  But when you put "owner" on the card it sets a whole different tone where you are saying that you started the damn thing, your name is on the door, and the buck stops here.....
Thanks. I'll give that some thought.
Sure nuf.  It rings true and plays well.
My last name is in the name of my company. Isn't that enough of a clue that I own the business?

 
You should put HMFNIC on your cards.

troll's picture
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Joined: 2004-11-29

joedabrkr wrote: Bobby Hull wrote:joedabrkr wrote: Bobby Hull wrote:joedabrkr wrote: Bobby Hull wrote:
Production.
I'm independent and my business card says "President."
Mine says "owner".  I deal with a lot of business owners, and have found that they see through the BS when you put "president" on your card and it's you and a secretary.  But when you put "owner" on the card it sets a whole different tone where you are saying that you started the damn thing, your name is on the door, and the buck stops here.....
Thanks. I'll give that some thought.
Sure nuf.  It rings true and plays well.
My last name is in the name of my company. Isn't that enough of a clue that I own the business?
Hull Incorporated?Yes I suppose it is a clue.  I just think putting "president" comes across to business owners as phoney when there isn't really an organization over which one presides.Not taking a potshot BH, just my opinion.
I'm giving serious thought to what you're saying. I appreciate it.

troll's picture
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Joined: 2004-11-29

Reggin wrote:Greenhills wrote:
It's all a bunch of balony that the wire houses use to miss represent the truth to the public.  Basically, if you fog mirror you can be a VP of some sorts.
I've gotten a ton of assets and clients since getting my 'baloney' title.  It's funny that people are more impressed with this sales title than the CFP.

Noone cares about CFP. It is a contrived title that is not transferable to other organizations. Thus, people have no point of reference.

troll's picture
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Joined: 2004-11-29

Bobby Hull wrote:joedabrkr wrote: Bobby Hull wrote:joedabrkr wrote: Bobby Hull wrote:joedabrkr wrote: Bobby Hull wrote:
Production.
I'm independent and my business card says "President."
Mine says "owner".  I deal with a lot of business owners, and have found that they see through the BS when you put "president" on your card and it's you and a secretary.  But when you put "owner" on the card it sets a whole different tone where you are saying that you started the damn thing, your name is on the door, and the buck stops here.....
Thanks. I'll give that some thought.
Sure nuf.  It rings true and plays well.
My last name is in the name of my company. Isn't that enough of a clue that I own the business?
Hull Incorporated?Yes I suppose it is a clue.  I just think putting "president" comes across to business owners as phoney when there isn't really an organization over which one presides.Not taking a potshot BH, just my opinion.
I'm giving serious thought to what you're saying. I appreciate it. What got me thinking about it was when I saw it on a vendor's business card...I think it might have been a graphics guy I hired to do my logo.  And then a few days later I was meeting with another fellow, and it was clear that he was a one man shop.  He gives me his business card and it said "President", and I was thinking...."C'mon dude, get real, ok?"FYI, though, when it comes to things like tax filings if you have an S-Corp, or any state filings, I've learned you still need to use the more conventional title of "president".  I guess "owner" is just to simple a term for bureaucrats.

troll's picture
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Joined: 2004-11-29

Reggin wrote:You should put HMFNIC on your cards.

BigRed's picture
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Joined: 2007-04-15

So what does the title "associate director" mean?

troll's picture
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Joined: 2004-11-29

BigRed wrote:So what does the title "associate director" mean?

 
"Helper"

troll's picture
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xbanker wrote:
At most firms production. A friend I knew at Morgan said that you automatically become a VP at 30 million AUM with a production requirement inline with that number.
 
Nope, AUM has nothing to do with it and the VP hurdle is $500M in production.

troll's picture
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Joined: 2004-11-29

rightway wrote: Bobby Hull wrote:
Production.
I'm independent and my business card says "President."
Interesting and a very good post. Marketing Only:What is more attractive?  V.P-Firm, or President-indy?
 

fighnancy's picture
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Joined: 2007-05-02

Which more attractive-Depends on whether the VP or President is attractive.

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