the best brokers are bank brokers. we can focus our time on advising clients instead of cold calling all day. and the paychecks are nice too!

The problem with this argument is that "best" is a relative term.  Are bank brokers the "best" at having clients handed to them, without having to prospect?  Yes.  Do bank brokers have the "best" payout?  No.  Do they have access to a wide variety of quality products?  Usually not.  Everyone's situation is different there really is no "best broker situation"  (while indy's will argue this) all have positives and negatives. 

Slam people into VAs and get max payout. That’s the only way bank brokers can pay their bills.

LOL.  With a payout the same as a wire, your post makes about zero sense. 

[quote=BankFC]LOL.  With a payout the same as a wire, your post makes about zero sense.  [/quote]

The payout you detailed in another post didn't look anything like a wirehouse payout to me.

BTW, that doesn’t mean I agree with farotech’s comment.

My payout grid averages around 35% to 37.5%.  That isn't much different than wirehouses.  You all can argue with me if you want, but I have good friends at ML, SB, and UBS.  We talk frequently and they all hover around 35-40%.

The morons on here you have never stepped foot inside a wirehouse (Mike I'm not referring to you) have no idea what the payout structures are, and just repeat what other morons say.  The blind leading the blind.

[quote=BankFC]

My payout grid averages around 35% to 37.5%.  That isn't much different than wirehouses.  You all can argue with me if you want, but I have good friends at ML, SB, and UBS.  We talk frequently and they all hover around 35-40%.

The morons on here you have never stepped foot inside a wirehouse (Mike I'm not referring to you) have no idea what the payout structures are, and just repeat what other morons say.  The blind leading the blind.

[/quote]

do we HAVE to go to a wirehouse branch to understand the comp structure? can't we just go to onwallstreet.com and read it ourselves? is it ok if we ask our friends that work at them or are you the only one who has friends there? did your mom have any kids that thrived?

Bobby, you should write a book titled “How to be an excellent prospector and type messages on the internet all day at the same time”.  Nobody is buying your BS.

That's all you bank wusses do all day. Slap people with IRAs into VAs and generate max commission. I hate you people.

farotech get back on the phone. With a name like that I bet your doing a much better job for your clients…

[quote=farotech]

That's all you bank wusses do all day. Slap people with IRAs into VAs and generate max commission. I hate you people.

[/quote] And the reason this couldn't happen at a wirehouse is......?

Unfortunately there are a few bad apples in every orchard

scrim

PUHLEEEZE!



My product mix as a bank rep is 60% funds/managed money. 25% VA’s, 5% UIT’s, 8% Insurance and under 5% in Fixed Income & FA’s.



I will at the end of the year achieve a 31% payout - 36% on managed money. I will do over $300K my first year out. In addition, I’m putting about $500K into managed money monthly at an average of .9-1% / yr to the grid.



Let’s say you do $125K in your first year at a wirehouse, and get paid 45%(yeah, right!).



.31 * 300 = $93K



.45 * 125 = $56K



I know why you hate bank brokers, but it’s not because we slam people into VA’s. It’s that we know where the money is, we see more people, we do it at our desks, and we get to have a life.

Ashland,

    Considering it is your first year, I will fill you in on a few things.  First, congratulations on gathering assets so quickly.  However, because you choose to work at a bank, you will lose significant assets to competitors because of loyalty issues.  Banks are great at CD and savings, but why would anyone go to a place that can't even manage your checking account correctly?

    I have posted threads about bank, credit union, and discount brokers before and don't care to reiterate, but I know too many that have failed at a real firm to take a 50k/year gig at the local chop bank.

Ashland I think the real question here is; do bank brokers have to pay for their own toilet paper?<!–
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[quote=no idea]Ashland I think the real question here is; do bank brokers have to pay for their own toilet paper?<!-- var SymRealOnLoad; var SymReal;

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You can't pay for something that you can't afford.

Ashland-most wires have a declining grid, meaning the longer you have been there the lower payout you recieve.  I think the guys that have been in our office over 20 year are only getting a 30%-35% payout.  As someone who has not been there 20 years it is very easy to get a 45%+ payout.  Our managed money platforms can get as high as 60% payouts and up to 3% annually to the client, but rarely does an FA stick a client like that.  But, you do get money handed to you at a bank that has got to make up for low payouts a little bit.   

I feel compelled to hop in here again .. with the whole BANK BROKERS suck rant that I read on here too too often..

Here are reallities about bank programs (mind you not all bank gigs are quite the same but!)

1.. we do get leads from the bank .. it is just that the frequency and quality do vary

2.. our payouts on average are between 30 % - 39 % with a bonus structure .. like in the case of my bank ..the bonus runs between 1-6%

3.. we also usually get a place to call an office ..and here again depending on the bank can vary between a cube in a branch ..to a individual office in a building ..

4.. we do have varying (sp?) availability on product offerings .. myself I have  a wide access to investment products and we do participate in some new offerings...

5.. we also have a wide array of people in our oragnization as does any .. so in turn not all advisors are equal ANYWHERE!

now as for it being a graveyard for failed producers .. I was with a small planning firm so I knew what is was to grind out and prospect  .. I worked the 60 70 hour weeks..and I was at about 300k gross per year after 3 years ..which in the end was not doing bad.. I think by anyones standard..

So lets address why indies get so self rightous..

1.. they work like crazy to get prospects in the begining and if they do it right will get referrals in the end..

2.. they have more independence with how they craft their careers and AUM growth/product mix

3.. they get the all mighty GRID payout of 99% or something of the like...

BUT! I can tell you in the end there is maybe about a 10-15% difference between what they would make vs what a good bank rep would make .. after you add up all the additional things that come with the position at a good bank.. AND I know you indies will argue that there is a markup on what I am told it costs to provides such and such .. but I don't think it is as great as you would hope it is..

Reality there are many ways to skin a cat.. just pick the channel that suits you best.. period.. and for that then can we get off the bank bashing now.. it is tired and old ..and makes you all look like you have nothing too do..

White,



Some people do not understand the seperation between work and play. I read somewhere on these boards that if you an advisor you have to live it 24/7 abd revolve your life around your career. I don’t. I work to live. The bank is the best place to do that.

[quote=bankrep1]White,

Some people do not understand the seperation between work and play. I read somewhere on these boards that if you an advisor you have to live it 24/7 abd revolve your life around your career. I don't. I work to live. The bank is the best place to do that.[/quote]

Your mom should consider a retroactive abortion.