Looking at going to CHASE

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charlie2's picture
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Joined: 2006-08-27

Would appreciate input on newer/older Chase reps. Do you like it? What products do you sell most of the time? Mainly mutual funds or can you get paid on stocks, bonds, etc.Is it fairly easy to get new business and are you cold calling/warm calling, etc?Many thanks

aeromaks's picture
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Joined: 2007-01-13

Are you talking about chase as a bank branch fa or jp morgan private wealth management? If bank channel.... lol. a buddy went there, and just quit. its a bunch of calling on maturing cd lists, with a crappy payout. the bank, for the most part, is a place for reps to go to that cant hack it, ie, bring in their own clients.

Roxie's picture
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Joined: 2009-10-19

charlie2 wrote:Would appreciate input on newer/older Chase reps. Do you like it? What products do you sell most of the time? Mainly mutual funds or can you get paid on stocks, bonds, etc.Is it fairly easy to get new business and are you cold calling/warm calling, etc?Many thanksMutual funds and annuities are products of choice.  Almost zero payout on stocks.  Bonds pay decent but your banker and branch do not receive credit and that means you will rarely do them.  It's just not worth having to listen to them complain.Business is probably easier to get than cold calling because you are warm calling bank clients.  Gone are the days of bank referrals.  If they refer to you they can incur wrath of their management for taking time to refer an investment rather than a checking.  The irony is they get paid a ton to refer investments, but they won't because of mgt.  

charlie2's picture
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Joined: 2006-08-27

Many thanks for your input

charlie2's picture
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Joined: 2006-08-27

Any idea of what type of yearly gross people are averaging?

Roxie's picture
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Joined: 2009-10-19

New advisors have a minimum monhthly goal of 15k for the first 18 months, however, most do not achieve this.Maks said it well:  buddy  went, buddy  left.

charlie2's picture
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Joined: 2006-08-27

Thanks for the warnings. Interesting as some people tell me that it's easy as you are given a book, but of course if it was that easy..............

Ron 14's picture
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Joined: 2008-07-10

aeromaks wrote:Are you talking about chase as a bank branch fa or jp morgan private wealth management? If bank channel.... lol. a buddy went there, and just quit. its a bunch of calling on maturing cd lists, with a crappy payout. the bank, for the most part, is a place for reps to go to that cant hack it, ie, bring in their own clients. Or its for advisors who don't want to knock on doors or call random people and annoy them or bribe people to a seminar with dinner or lurk at a chamber meeting or join the rotary club etc. Yes the payout is lower, but you are talking to current customers who have needs and are looking for answers today, not after 100 calls, not after mailings, not after "drips" TODAY !!!!!!!!!!!!!! 

aeromaks's picture
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Joined: 2007-01-13

Ron 14 wrote:aeromaks wrote:Are you talking about chase as a bank branch fa or jp morgan private wealth management? If bank channel.... lol. a buddy went there, and just quit. its a bunch of calling on maturing cd lists, with a crappy payout. the bank, for the most part, is a place for reps to go to that cant hack it, ie, bring in their own clients. Or its for advisors who don't want to knock on doors or call random people and annoy them or bribe people to a seminar with dinner or lurk at a chamber meeting or join the rotary club etc. Yes the payout is lower, but you are talking to current customers who have needs and are looking for answers today, not after 100 calls, not after mailings, not after "drips" TODAY !!!!!!!!!!!!!! I'm sorry, but that is a bunch of crap.... at chase, as an FA.... Your clients do not have a relationship with you, they have a relationship with the bank.  They dont care about you, or the 10 other guys in a suit with a chase nametag that was sitting in that desk.AT any point in time, your RVP can call you and tell you to get the fug out of there.  You will be lucky to take 1 client.

Ron 14's picture
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Joined: 2008-07-10

Guys leave all the time and they take more than 1 client. Think what you will. It looks like you have changed firms a few times as well. Clients understand how big corporations work. It is not difficult to convince them that "the bank doesn't let me focus on my clients they just want me to keep getting more. I am bringing a select number of relationships with me and Mr and Mrs Smith, you are one of those......." There are ex bank reps all over this site who have done it.

aeromaks's picture
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Joined: 2007-01-13

You are comparing a bank rep, ie indy advisor working at a small branch, to a Chase financial advisor.I know senior vp's at chase, at least 5 investment advisors at those branches, and I do my business banking with chase...  The client's are the banks first and foremost.  They get a Chase statement.There was a relationship, at one point during my brief stint with Mass, where one of the guys I trained, was an independent advisor at a local branch bank.  That.... is a relationship business.Wachovia, Chase, Bank of america investment advisors.... are licensed variable and fixed annuity salesman.  Dont let that mistake you. Let me ask you a question.... if you local teller, or business banker called you and told you they just went from Bank of America to Wells Fargo... would you switch your banking?There is a reason why Chase doesnt let you put personal pictures or any personal items on your desk.  BoA did this too, because they want the relationship to be focused on the bankign experience, not to get tied to the banker.My local Chase branch, since I started banking there 2 years ago, has gone through at least 4 investment advisors. an aquintance of mine is the regional boss, and they just left too.  I asked them how much did the fa's take.... answer... 1 account, their own.

Ron 14's picture
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Joined: 2008-07-10

Wow, how the hell did I sneak in this picture of my wife and kids here on the desk ? Yes, it is easier if you are an independent advisor at a local bank branch than leaving say BofA or Chase, but there are plenty of guys, ON THIS SITE, who have left BofA and took their relationships and went Indy. Is it difficult ?Yes. Can it be done? Yes. A vast majority of bank reps aren't relationship builders, they are product pushers. I don't care where you are, if you only push product you won't take anyone with you.

cinderella's picture
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Joined: 2007-08-29

Remember too,  you are servicing the existing BOB.  Meaning every Annuity withdraw, every rebalance, every hand that needs held...will fill your day.   If you follow a long line of inept FAs that sold what put bucks in their pocket, you will service clients with multiple annuity products.   It will take up your time and not put a dollar toward your pay grid.Your Investment manager will tell you that it is an excellent opportunity when meeting with these "services" to uncover new money.  It's rare. If they are working with a real broker, you can be assured their patchwork investments at Chase did not perform as well, and they will not just hand over the additional assets.  No one gets points for retaining assets, so if you spend time building a relationship it's for your own personal satisfaction.It has become an askew dichotomy if you are working for the Investment channel or the Bank Channel.  The Branch manager will think you work for the Bank and will do everything in their power to keep you focused on the Bank goals.  The goals of the Bank will be very obvious to you as you stand for 30 minutes every morning for a "Huddle"...where the bankers are coached on scripts involving DDAs and opening new Checking accounts.If you want to get an idea about the "Huddle"...nose around YouTube with "Chase Bank" and  "Huddle" as key words.  The comments previously noted here are true, you will be told you are a FA and you will be given some excellent products to "sell".  However the majority of your time will be spent on calling a list of maturing CDs,  and converting them into some other investment (Bond Funds/Fix ed Annunties)...that pay you nothing.  This will be the sole focus of the Branch Manager as it figures into their numbers, and the banker's grid.  Preparing a Financial Plan for a client is offered, but not expected in any case.  You are told to be closing the business on the first meeting.You will be asked to be the first one in, so you can stand with the tellers at the Huddle and the last one to leave, and do be there on Saturday.  Your work week will be 55 plus hours, and mind you, with no other financial professionals, just tellers, stressed bankers and a Branch Manager with a Koolaid smile.It does offer some education in "reverse engineering" portfolios, trying to uncover what the previous 3 or 5 FAs were doing.  It does allow you to meet with a broad range of client groups.  If you only stay till you have  learned those lessons, the next real company will raise an eyebrow at you burning through a position.Unless you have really given up on becoming a Financial Advisor and just want to maintain your licenses and like looking at the same four walls and black&blue clad autobots, then I would avoid this career path.      

charlie2's picture
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Joined: 2006-08-27

Wow, I really appreciate your words. I have an offer to go to a regional where I worked many years ago. The reason why I am hesitant to take it, is I can't really grow my business as easily there, but at the same time the manager is great(older man and been in the biz for 50 years) and the payout would be generous. Hopefully I can do presentations as I feel that standing in front of people is the only way to attract new blood.The Chase idea sounded enticing as it does allow one to grow, however I am not big on annuities.Many thanks.

Ron 14's picture
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Joined: 2008-07-10

There is some definite BS and Cinderella outlined most of it. I have looked around and most bank programs are very similar. Charlie - everyone rips on every firm on this site. If you start on a team you get ripped, jones - ripped, bank - ripped, cold calling - ripped. It isn't exactly a great environment to be selling financial products. If you don't have a massive natural market it is going to suck no matter what you do or where you go. Just pick what sucks the least !

charlie2's picture
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Joined: 2006-08-27

I appreciate your input.

bluewire's picture
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Joined: 2009-07-04

WowCinderella (really? you went with that handle, lol...) and Aeromaks couldn't  be further from the truth. My experience has been completely the opposite with Chase. Personally I've sold one annuity in the last eleven months and added premium to one in December. Otherwise most of my revenue has been completely absent of annuity business. I have a huge menu of products available to me and my clients. I've acat'd accounts from Morgan Stanley, Wells Advisors and RBC Wealth Management within the last 45 days totalling in excess of two million dollars.I have a photo of my son and daughter in my office - yes, office - not lobby.The bank management - local and regional love me and encourage their bankers to introduce their customers to me when appropriate and worthwhile for the customer. Huddles are rare in my area (maybe once every two months).If I ever decide to leave I have no doubt, whatsoever that clients will not only want to go with me, they will actively seek me out.CD List and the like are great resources that I utilized when I was getting started. However I'm currently staying busy with clients offering up statements from assets held elsewhere as well as new customers approaching me on their own and asking for assistance on a variety of investment strategies and investment management questions.My Investment Manager is first class. He is available when necessary, otherwise I don't notice him. Our managed money platform is satisfactory. I do wish we had more discretion but not every firm is perfect. That is a flaw here.I disagree with 95% of what was said above. I'm very happy with Chase. I've recently turned down two opportunities because of how satisfied I am right now. That's not to say I'll be here forever, but for the foreseeable future, I couldn't think of a better firm to be apart of.I can't defend the turnover and don't really have an explanation for it. My region has been stable in terms of advisors staying put and the advisors they are hiring have exceptional qualifications. It could be a regional issue regarding turnover, I'm not sure.Ron has been defending bank FA's for so long I think he doesn't bother to put a proper defense. But the truth is that as a Chase Advisor my experience has been great. My clients are very happy (I have not lost an ACAT in two years) and I'm making excellent money.This isn't for everyone and there will always be guys who think bank reps are inferior. Everyone is entitled to their opinion but the only opinion that matters to me are my clients. And they are saying that this is working well for them and I know its working well for me. Win Win! To the OP, definitely take a look at what is being offered. It may ultimately not be for you, but make no mistake about it, you are a legit financial advisor with Chase - with autonomy and the opportunity make a lot of money to match.Good luck!bluewire

SBmss's picture
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Joined: 2006-11-17

bluewire wrote:WowCinderella (really? you went with that handle, lol...) and Aeromaks couldn't  be further from the truth. My experience has been completely the opposite with Chase. Personally I've sold one annuity in the last eleven months and added premium to one in December. Otherwise most of my revenue has been completely absent of annuity business. I have a huge menu of products available to me and my clients. I've acat'd accounts from Morgan Stanley, Wells Advisors and RBC Wealth Management within the last 45 days totalling in excess of two million dollars.I have a photo of my son and daughter in my office - yes, office - not lobby.The bank management - local and regional love me and encourage their bankers to introduce their customers to me when appropriate and worthwhile for the customer. Huddles are rare in my area (maybe once every two months).If I ever decide to leave I have no doubt, whatsoever that clients will not only want to go with me, they will actively seek me out.CD List and the like are great resources that I utilized when I was getting started. However I'm currently staying busy with clients offering up statements from assets held elsewhere as well as new customers approaching me on their own and asking for assistance on a variety of investment strategies and investment management questions.My Investment Manager is first class. He is available when necessary, otherwise I don't notice him. Our managed money platform is satisfactory. I do wish we had more discretion but not every firm is perfect. That is a flaw here.I disagree with 95% of what was said above. I'm very happy with Chase. I've recently turned down two opportunities because of how satisfied I am right now. That's not to say I'll be here forever, but for the foreseeable future, I couldn't think of a better firm to be apart of.I can't defend the turnover and don't really have an explanation for it. My region has been stable in terms of advisors staying put and the advisors they are hiring have exceptional qualifications. It could be a regional issue regarding turnover, I'm not sure.Ron has been defending bank FA's for so long I think he doesn't bother to put a proper defense. But the truth is that as a Chase Advisor my experience has been great. My clients are very happy (I have not lost an ACAT in two years) and I'm making excellent money.This isn't for everyone and there will always be guys who think bank reps are inferior. Everyone is entitled to their opinion but the only opinion that matters to me are my clients. And they are saying that this is working well for them and I know its working well for me. Win Win! To the OP, definitely take a look at what is being offered. It may ultimately not be for you, but make no mistake about it, you are a legit financial advisor with Chase - with autonomy and the opportunity make a lot of money to match.Good luck!bluewireThis is much more accurate to my experience at Chase than anything said by those who don't work there currently.As with any large corporation there is a LOT of BS to put up with and the pay-out is inferior to anything else on the street; that said, you can bring in enormous amounts of money if you are willing to work hard.  That is the way it is at any firm when you're building a book...you better be willing to work hard and a lot.I do not plan on leaving any time real soon, but if I did, I have no doubt that my clients would follow me...they are much more invested with me than the bank.  That is a direct result of me selling myself, and not the bank.  IMO they are already sold on the bank by being in my lobby...so I put all the focus on financial planning and my investment managment experience.  The specific branch and PBs can help a lot, however I know guys who are in $hitty areas of town and do well over $400K production in their 3rd year.I'm in my 2nd yr and on pace to do $400-425K in revenue.  I have total discretion to sell however I want (I use a longer sales cycle and really leverage our Financial Planning software) and I see my IM on site only about once every 2-3 months. I've crammed a ton into fee based accounts and have a nice book going ($16M Ttl, $9M fee based, in 20 months), so don't let anyone tell you it can't be done or isn't 'legit', b/c it is.  Just like most things in life, it is what you want to make of it.   

charlie2's picture
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Joined: 2006-08-27

Many thanks. I am not an annuity person, so what types of products(if you don't mind me asking) are you offering to clients. Do you get paid if you want to do INDIVIDUAL MUNI BONDS or INDIVIDUAL GINNIE MAES and not only funds? Do you get paid if you want to offer individual stocks or etf's.I really appreciate your input as I have a BIG decision to make verrrrry soon.Charlie

SBmss's picture
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Joined: 2006-11-17

you get paid on indiv bonds and ginnie maes.you are pretty heavily discouraged from doing indiv stocks and take a massive haircut if you do...so much so that it's basically a non-payout.  We don't offer any AI or non-traded REITs, but we have a very solid line-up of options for the target market ($0-$2MM). Excellent fee based accounts, as well as SMAs and good fund families, annuity products, multiple 529 Plans, SPWL, indiv stk/bonds.

Ron 14's picture
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Joined: 2008-07-10

Thanks bluewire and sbmss. You are absolutely right. I have lost all energy to argue in favor of bank guys. Your posts may have given me a second wind.

bluewire's picture
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Joined: 2009-07-04

One complaint I do have is that being that its a bank, the compliance oversight is extreme. As an example, after a client had a recently corp bond called we went shopping for another vehicle to replace that income. We settled on an estate note paying 4.5%. Seemed like a basic transaction until I got a request from trade review to explain why I purchased a bond that matures in 2025 for an 83 year old client...I thought the question was a joke but they were serious. After about three email exchanges each I finally notified my manager who assisted in getting it cleared. That was an extreme case and those are rare, but they are definitely heavy on the paper work, documentation and disclosures. You will not be paid if s*%t is not in order. In terms of my product mix, all new accounts or incoming ACATs are going straight to managed accounts in most cases. JPMorgan Investor funds, especially their balanced fund is a personal favorite. I have about 10 clients with laddered fixed income portfolios. Very few solely equity based portfolios (maybe two totalling 1.5MM). I'm focusing on converting as much as my existing book into our managed platform as I am constantly pleased with the overall performance and investment philosphy. And of  course there are some of my smaller accounts (younger demographic's IRA's/Roths/529's) that are mostly under the account value threshold for managed money so they're currently in various mutual funds or etfs based on objectives.Like I said, its a full service operation with its good characteristics and bad ones like all the rest. Anyone who says otherwise is not being completely truthful or accurate. Like anywhere you go though, you are ultimately responsible for your success or failure, not the institution.

bluewire's picture
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Joined: 2009-07-04

Regarding annuities, off the top of my head I think we have at least 5 VA providers (AXA, Nationwide, JH, ING, PacLife), and 6 Fixed annuity providers (Western National, TransAmerica, Symetra, Principal, Security Benefit ((? the laddered annuity co???)) and either NYLife or Metlife).Again I haven't written a new biz annuity in quite a while so I can't recall all the providers but those are the main players.Compared to most firms I guess Chase haircuts annuity biz like a mofo - 4% upfront or 2% with a 1% trail. But to most on this board that should never matter since they don't do ANY annuity biz EVER...

Ron 14's picture
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Joined: 2008-07-10

My only problem with the managed accounts is CSP is extremely JPMC focused and almost a "sticky" investment product. If you have any thought of moving in the future MFAP is a better move, imo. Love JPM Inv Bal also.

Roxie's picture
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Joined: 2009-10-19

It does absolutely depend on the area and that is because the national sales director only became licensed after he accepted the job a year ago and as middle mgt turns over the job of manager and advisor is being changed.  Almost half the advisors have been with the firm less than 18 months and they only hire those with 2-3 years of experience.  7 IMs left on the same day this year.  At the national level there have been 3 national directors in 5 years.

Ron 14's picture
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Joined: 2008-07-10

With all the chaos and the circus-like turnover it seems that leaving and taking clients with you would be much easier than you claim. Especially when the guy who follows you will not be paid much to service the clients of the previous FA, as he will be graded on new assets and increased investment balances. New FA's are only paid 50% on the managed trails of the previous FA for the first 6 months anyways. Its about more, more, more.

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