Best Bank Platform

26 replies [Last post]
newrookie's picture
Offline
Joined: 2005-05-04

What's the best bank platform out there - meaning, a base salary, good payout, not corporate crap, realistic goals, and a true referral system in place.
Friend of mine likes BOA - others tell me it is "too corporate" and "wire-house" like and they will be shoving proprietary crap down your throat left and right.
 
 
 

ezmoney's picture
Offline
Joined: 2004-11-30

There is no such animal.

meme's picture
Offline
Joined: 2006-04-28

boa is the worst bank program out there.

NASD Newbie's picture
Offline
Joined: 2005-08-01

meme wrote:boa is the worst bank program out there.
Unless you've worked for all other bank programs how in the world can you know that?
 

Philo Kvetch's picture
Offline
Joined: 2005-05-17

Because real live brokers actually talk to each other.  I realize you don't have any recent experience in this arena, but that's the way it is.

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

I am in a bank, I like it.

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

The best bank program is the bank program that hires an investment industry executive to run it, and the bankers (who haven't a clue about investment programs anyway) leave it the hell alone!

ezmoney's picture
Offline
Joined: 2004-11-30

Again, no such animal.

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

Indyone wrote:The best bank program is the bank program that hires an investment industry executive to run it, and the bankers (who haven't a clue about investment programs anyway) leave it the hell alone!
Funny, that's what Bank of America did with a Morgan Stanley executive.  Didn't work out by the looks of it.

Gottogo's picture
Offline
Joined: 2006-08-21

I like my indy bank program, it just too bad I have to move. We clear through Primevest which is not that great, but they leave me alone.

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

dude wrote:Indyone wrote:The best bank program is the bank program that hires an investment industry executive to run it, and the bankers (who haven't a clue about investment programs anyway) leave it the hell alone!
Funny, that's what Bank of America did with a Morgan Stanley executive.  Didn't work out by the looks of it.
I can't answer to that, Dude...I'm sure it's still possible to have such a program go sour, but if you put people in place that understand the industry, and keep the bankers' hands off, I believe you at least have a fighting chance of having a good bank program.  It's also possible that the bankers at BoA are monkeying with things behind the scenes.  I've yet to hear of a good bank program that has career bankers actively managing it.

Mike Damone's picture
Offline
Joined: 2004-12-01

Just an observation, I've never met a happy bank broker from a national bank.  However, I know several dozen happy bank brokers who work at small community or regional banks.

JCadieux's picture
Offline
Joined: 2005-01-23

Indyone wrote:The best bank program is the bank program that hires an investment industry executive to run it, and the bankers (who haven't a clue about investment programs anyway) leave it the hell alone!You are more likely to see this at small, regional banks.I've helped a lot of FAs from large, disfunctional banks move up to better environments.  They often complain about how the bank looks on them as a cost-center; and that the organization, bureaucracy and pay grids are in constant flux.  I've also helped a few unhappy small-bank FAs move up to a wirehouse.  Many of them talk about "the good old days" before a merger or reorg or executive departure ruined everything.I wouldn't go so far as to say that ALL banks are bad.  But there seem to be a lot of unhappy bank FAs on the market these days.

NASD Newbie's picture
Offline
Joined: 2005-08-01

I have the opinion that bank brokers are essentially lazy, which is why they choose to follow the bank channel in the first place.
The national banks are going to set higher standards of performance than the smaller banks, credit unions and other forms of thrifts that are competing in the market.
As a result the lazy brokers feel far more "pressure" to perform at the large banks which makes them whine more than the lazy brokers who are feeling less pressure in the lesser demanding environment.
Of course I'm opinionated and not everybody agrees with me.

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

NASD Newbie wrote: I have the opinion that bank brokers are essentially lazy, which is why they choose to follow the bank channel in the first place.
The national banks are going to set higher standards of performance than the smaller banks, credit unions and other forms of thrifts that are competing in the market.
As a result the lazy brokers feel far more "pressure" to perform at the large banks which makes them whine more than the lazy brokers who are feeling less pressure in the lesser demanding environment.
Of course I'm opinionated and not everybody agrees with me.

Lazy or smart? I have no goals, but my production is higher than ever. Some execs just get it, hire somebody who is motivated and leave them alone.

NASD Newbie's picture
Offline
Joined: 2005-08-01

bankrep1 wrote:
Lazy or smart? I have no goals, but my production is higher than ever. Some execs just get it, hire somebody who is motivated and leave them alone.

Mark my words, sloth, a day will come--within ten years--when the bank will terminate your relationship with them.  They are already examining the true value of having you around and determining if you cannot be replaced by well designed statement stuffers and an 800 number.

Philo Kvetch's picture
Offline
Joined: 2005-05-17

Putsy, just because you had no value to the financial world (or any other world for that matter) how does it follow that no one else brings anything to the game?  Face facts...you were nothing but the water boy, and not a good one at that if your thoughts shared here are any indication.

knucklehead's picture
Offline
Joined: 2006-07-27

bankrep1 wrote: NASD Newbie wrote:
I have the opinion that bank brokers are essentially lazy, which is why they choose to follow the bank channel in the first place.
The national banks are going to set higher standards of performance than the smaller banks, credit unions and other forms of thrifts that are competing in the market.
As a result the lazy brokers feel far more "pressure" to perform at the large banks which makes them whine more than the lazy brokers who are feeling less pressure in the lesser demanding environment.
Of course I'm opinionated and not everybody agrees with me.
Lazy or smart? I have no goals, but my production is higher than ever. Some execs just get it, hire somebody who is motivated and leave them alone.

I don't think you make a lot of money, but let's say that you do...your little bank is going to get tired of paying you so much and replace you with a rookie.

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

Let's see a rookie will do 250K in production. let's say they keep 60% = 150K in their pocket.

Vet does 750K in production 60% = 450K in their pocket

I think any smart banker can understand that math, the problem with most bank programs is the way they were structured, the top reps sold tons of fixed annuities, basically mony stolen from the bank. How do you fix the problem, hence the change in payouts.

If you take a program that is pulling in 90% of their assets from outside money (like mine) and the bank is seeing a nice year over year growth, they are going to leave things alone. They can say isn't Joe broker making too much money, a smart manager knows if he replaces Joe 750K will be 250K next year and explains that is the nature of the industry and if we oust him we loose 200K in profits and the same thing will occur with the new guy we hire.

thebanker's picture
Offline
Joined: 2005-08-28

citi has the best bank platform hands down.

vbrainy's picture
Offline
Joined: 2006-07-26

thebanker wrote:citi has the best bank platform hands down.
Can you explain?  I don't think it matters where you serve clients, just so you don't have quotas or forced sales.

thebanker's picture
Offline
Joined: 2005-08-28

Smith Barney will be intergrated with Citibank, meaning, FC's in the financial center will offer the same products, services, and support as the wirehouse Smith Barney. In addition, unlike other banks, bankers at Citi are motivated to refer to the FC. Why? because they are incentify, they get a cut of revenue, 80/20 split. The higher the quality of referrals, the more $$ they put in their pocket. At other banks, you don't get the split so bankers are not motivated to cross sell those maturing cds. 

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

vbrainy wrote:thebanker wrote:citi has the best bank platform hands down.
Can you explain?  I don't think it matters where you serve clients, just so you don't have quotas or forced sales.

My opinion on Quotas: 
I spent 10 years in a bank program, and in year 4 took off and became
number 1 in the firm in production.  Despite my performance, late
that year my boss took me to lunch and told me he did not like some of
my habits: Coming in late and hung over, not working hard enough at
outside prospecting, Not cross selling deep enough into my book,
basically not doing as well as he thought I could.

He set up some very large quotas for me that were private between him
and I, and if I hit them he and his wife would take my wife and I to
Vegas for a long weekend, and if I did not hit them my wife and I would
simply pay for him and his wife to go.  We shook on it and that
was that.

I straightened up and that following year I fell into a set of habits
that not only doubled my production within 3 years, but stay with me
today.  I hit the quotas set by my boss and have never looked back.

Quotas are not all bad.  They motivate and push even the largest
producers.  The people that do not like them are the ones afraid
of reaching full potential because it involves a little pain.

The Judge's picture
Offline
Joined: 2006-06-06

Rightway- Good story.  Mind sharing some of the habits that were responsible your your increase in production?

TexasRep's picture
Offline
Joined: 2006-02-18

thebanker wrote:Smith Barney will be intergrated with Citibank, meaning, FC's in the financial center will offer the same products, services, and support as the wirehouse Smith Barney. In addition, unlike other banks, bankers at Citi are motivated to refer to the FC. Why? because they are incentify, they get a cut of revenue, 80/20 split. The higher the quality of referrals, the more $$ they put in their pocket. At other banks, you don't get the split so bankers are not motivated to cross sell those maturing cds. 
Chase Bankers get approx 20 bbs also- whether they refer the sale or complete the sale themselves-
 

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

The Judge wrote:Rightway- Good story.  Mind sharing some of the
habits that were responsible your your increase in production?

Sure.  I stopped cocktailing during the week,  I structured
my day so I do the same things at the same times each day (prospecting,
research, portfolio contruction and planning, meetings, etc...), I
started meeting with my assistant every morning to asign tasks and get
organized, I started blocking time where I take no incoming calls, I
turned my calender over to my assistant, I started spending 15 minutes
to a half hour each night reviewing the day and documenting things for
the next, I decided learn one niche very very well, I decided to take
the responsibilities at hand more serously.

newrookie's picture
Offline
Joined: 2005-05-04

What was the niche you learned very very well?

Please or Register to post comments.

Industry Newsletters
Investment Category Sponsor Links

 

Careers Category Sponsor Links

Sponsored Introduction Continue on to (or wait seconds) ×