Question for the bank kids
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Ferris - I’m being a real jerk, here, and I apologize for that. I think you did something really nice with this lady & probably saved her some sleepless nights and possibly a great deal of money.
[quote=Ferris Bueller]Can we get back on topic regarding how the bank brokers suck...[/quote]
If I was one, but saw the error of my ways and departed, do I still suck, but not as much??
[quote=snaggletooth]I remember as I was leaving the wirehouse there was a team from somewhere in Cleveland that was recruited by BofA to basically cover a huge area in SoCal. They were promised huge bonuses and had "access" to all of the clients at BofA in the area. I guess that didn't really happen and they sued BofA for not keeping their promises and won in court. Then after that, there were a few other cases of banks lying to their new brokers. It doesn't sound too appealing to have your employer lie to you. I know it doesn't happen across the board, and some very small banks may provide some great opportunities. I would much rather OWN my business and MY clients. For those who can't prospect, sometimes a bank is their only way to be in this business in my opinion.[/quote]
Blah blah blah where did these guys go back to the wirehouse...No they went to another bank. They are smart.
The jealousy runeth over in this thread.
Ferris Wrote
"I have zero respect for bank brokers. Anyone that gets business handed to them, and that includes kids that take over the books of their parents, never had to prospect and bust their ass."
That is not zero respect. It is profound jealousy. Your are jealous b/c i don't have to "bust my ass" to make money. Good money! Making money with the least possible effort sounds like a smart idea. Im sure boardrooms are full of conversations on how to work harder for the same result. Work smarter, not harder.
[quote=the word]
The jealousy runeth over in this thread.
Ferris Wrote
"I have zero respect for bank brokers. Anyone that gets business handed to them, and that includes kids that take over the books of their parents, never had to prospect and bust their ass."
That is not zero respect. It is profound jealousy. Your are jealous b/c i don't have to "bust my ass" to make money. Good money! Making money with the least possible effort sounds like a smart idea. Im sure boardrooms are full of conversations on how to work harder for the same result. Work smarter, not harder.
[/quote]
NONE of us outside the banks are jealous of you.......... Some of us worked in banks, but got "haircut" so much we decided to work somewhere else, make more money, and actually HAVE clients that we can call ours........
To bad you had such a bad deal, I don't. I work at a very small community bank, and my deal is very similar to your indy deal. I come and go when i want and only answer to the CEO of the bank. Can sell what i want and there are no prop products.
I dont care about having clients that i can call my own. I care about income.
I don't care that you may make more money giving financial advice. This is just one source of income for me. So this situation gives me time to manage my other income producing endeavors.
It is really like scrim said. To each his own. If you like your way great. My way works for me. And my choice to work in a bank in no way degrades the quality of financial advice i give.
I make more than you, work less, yet don’t have it handed to me. That’s why I have zero respect for you.
You may work less and make more now, but you had to "bust your ass" for it at some point, to get to the point where you are now.
I am 27 and never have, nor never will have to bust my ass to get where you are. I guess i can see why you would be jealous.
[quote=the word]
You may work less and make more now, but you had to "bust your ass" for it at some point, to get to the point where you are now.
I am 27 and never have, nor never will have to bust my ass to get where you are. I guess i can see why you would be jealous.
[/quote]
All this my d*** is bigger than yours aside, you are making a serious mistake. You have been given a gift, and you are pissing it away.
I can look at the people in my program and there is a pretty stark like between the people with this attitude and the people who are busting their ass for the business.
Those who are just coasting are making good (but not great) money. They are also 100% dependent on the bank, if they got fired they would be selling cars or God forbid move to some middle management job. They are also all making about the same money, whether they are 5 years out or 20 years out.
The other brokers are busting their asses and it shows. They all have less than 10 years experience, but they are at the top of the pile when it comes to GDC. They agressively go after clients on top of the referrals the bank provides. If they get fired, they will open up a shop across the street, pull the majority of their desirable clients, and probably make more $$ then they are now. They may do this anyway, even if the bank wants them to stay.
The actual dollar amount varies based on where you live, but I'll give you an example. Making $100,000/yr when you are 27 and working 40 hours a week is pretty nice. Making $100,000/yr when you are 50 and working 40 hours a week is ok, but you could certainly do better. And you don't have to be beholden to the CEO, or the new manager when the bank gets sold, or his smartass kid who inherited the bank, etc.
Anyone in this job long enough to survive the first couple of years has been given a gift. If you work your a** off for a few more years, you can write your own ticket for the rest of your life, Want to work 25 hours a week? Want to be a $1mm producer? Your choice.
If you don't take the opportunity, you can be 50 (or 60 or 70) and still dependent on the generosity of the guy in the corner office.
Don't squander your gift.
Having lived in Europe for 15 years, I can honestly say that US banks stink. Their service, their lack of technological advancement, their reliance on archaic processes.
I am still amazed that checks are alive and well in this country. They should have deep sixed signatures on paper at least 10 years ago.
and don’t get me started on the whole money management thing. Sheesh…
You guys just don't know how good my deal is, and your ignorance is appreciated b/c i needed a good laugh. Did i mention that 5 MM of my book is in a product that will mature in Q4. Then we will roll that 5MM into the next investment that we have lined up b/c the matured investment provided around a 9.5% year return since 02. So you know, they trust us. Q4 GDC probably gonna be about 300k.
So Ferris, you can delude yourself into whatever mindset you need to get you through the day of prospecting and cold calling. Oh, and you can borrow the maxima this weekend b/c i'll be pulling the boat to the beach in the 07 Denali.
EDJ4now, I feel that you were just trying to be helpful, but different stroke for different folks. I am taken care of. I will never be dependent on the genorosity of another. I don't work 40 hours a week now and damn sure want when i'm 50.
the word, may I ask why you chose that particular handel when registering with this site? Just curious.
[quote=the word]
So Ferris, you can delude yourself into whatever mindset you need to get you through the day of prospecting and cold calling. Oh, and you can borrow the maxima this weekend b/c i'll be pulling the boat to the beach in the 07 Denali.[/quote]
If you are going to lie, you might as well say something that would impress us. Anything that your 'Denali' could pull isn't a boat, it's a dinghy.
[quote=Ferris Bueller][quote=the word]
So Ferris, you can delude yourself into whatever mindset you need to get you through the day of prospecting and cold calling. Oh, and you can borrow the maxima this weekend b/c i'll be pulling the boat to the beach in the 07 Denali.[/quote]
If you are going to lie, you might as well say something that would impress us. Anything that your 'Denali' could pull isn't a boat, it's a dinghy.
[/quote]
Don't those inflatable rafts come with an air pump nowadays?