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8 replies [Last post]
gusdelaney's picture
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Joined: 2007-02-07

I am about to move from a wirehouse where I am struggling to a local back network which will give me coverage of 3-4 decent branches.  What should I expect?  What surprises await me.  What are the pitfalls to avoid and the surethings to make sure I do.  Anybody make a similar move recently? 

whitewlfz's picture
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Joined: 2006-12-23

I will say there are 3 things you should know!
1) The system will always change
2) Become friends with your branch managers ..they hate you ..you are cooked
3) Your clientele that you see at the bank initially will not be the high quaity stuff you could be expecting.. Don't expect the branch manager to give you an introduction to their BEST client/customer until you have proven you worth..
Good Luck

My Inner Child's picture
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Joined: 2006-10-08

gusdelaney wrote:I am about to move from a wirehouse where I am struggling to a local back network which will give me coverage of 3-4 decent branches.  What should I expect?  What surprises await me.  What are the pitfalls to avoid and the surethings to make sure I do.  Anybody make a similar move recently? 

You'll soon be rolling in money like the the bank kids on this board. Lucky you...

scrim67's picture
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Joined: 2005-04-28

I have to echo Whitewlfz sentiments.
Play nice with your branches and after you have earned their trust you will see more and better quality referrals.
I wouldn't rely solely on your branches so you should still prospect on your own; especially in the beginning until your practice becomes viable.
I have just started my 3rd year in the program and I have finally reached a point where I know i've "made it".
After putting in about 5 years the 1st quintile of yearly production in a bank program I would guesstimate begins at 500k.
The banks keeps the majority of that 500k similar to a wirehouse. 
Good Luck
Scrim

$$$$$'s picture
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Joined: 2006-11-10

too bad you made the move to the bank. but you're there now. May as well make the best of it.

rightway's picture
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Joined: 2004-12-02

$$$$$ wrote:too bad you made the move to the bank. but you're there now. May as well make the best of it.

bankrep1's picture
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Joined: 2004-12-02

It is a terrific place to start. Learn about conservative investments and 401K rollovers. Teach your staff what your looking for from Day 1. Do not even talk about college planning or you will have a bunch of $25 dollar per month accounts.

Focus on quality.

My Inner Child's picture
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Joined: 2006-10-08

bankrep1 wrote:It is a terrific place to start. Learn about conservative investments and 401K rollovers. Teach your staff what your looking for from Day 1. Do not even talk about college planning or you will have a bunch of $25 dollar per month accounts. Focus on quality.
"Your staff"? Do you mean the GED-toting tellers?

whitewlfz's picture
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Joined: 2006-12-23

No he means his MBA toting CFP having .. numbers crunching staff.. at least that is what is part of my team that I have now... not to mention portfolio managers (from the trust and asset managements parts of a bank) .. It is not always the way you think.. And as for the platform .. just let them scour the masses for you .. TRAIN them to find the needles in the haystacks..And when they deliver REWARD them ..with either praise or meals .. A note to a regional VP on the bank side praising the person GOES MILES!  and as for money in the bank.. fyi we have 13 branches in our network.  And I have recieved this week 5 referrals for planning and investment research over $1 million .. So the money is there but it will take time to come to you ..

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