Best Bank Platform
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[quote=thebanker]citi has the best bank platform hands down. [/quote]
Can you explain? I don't think it matters where you serve clients, just so you don't have quotas or forced sales.
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 $$ they put in their pocket. At other banks, you don’t get the split so bankers are not motivated to cross sell those maturing cds.
[quote=vbrainy]
[quote=thebanker]citi has the best bank platform hands down. [/quote]
Can you explain? I don't think it matters where you serve clients, just so you don't have quotas or forced sales.
[/quote]My opinion on Quotas: I spent 10 years in a bank program, and in year 4 took off and became number 1 in the firm in production. Despite my performance, late that year my boss took me to lunch and told me he did not like some of my habits: Coming in late and hung over, not working hard enough at outside prospecting, Not cross selling deep enough into my book, basically not doing as well as he thought I could.
He set up some very large quotas for me that were private between him and I, and if I hit them he and his wife would take my wife and I to Vegas for a long weekend, and if I did not hit them my wife and I would simply pay for him and his wife to go. We shook on it and that was that.
I straightened up and that following year I fell into a set of habits that not only doubled my production within 3 years, but stay with me today. I hit the quotas set by my boss and have never looked back.
Quotas are not all bad. They motivate and push even the largest producers. The people that do not like them are the ones afraid of reaching full potential because it involves a little pain.
Rightway- Good story. Mind sharing some of the habits that were responsible your your increase in production?
[quote=thebanker]Smith Barney will be intergrated with Citibank, meaning, FC's in the financial center will offer the same products, services, and support as the wirehouse Smith Barney. In addition, unlike other banks, bankers at Citi are motivated to refer to the FC. Why? because they are incentify, they get a cut of revenue, 80/20 split. The higher the quality of referrals, the more $$ 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. [/quote]
Chase Bankers get approx 20 bbs also- whether they refer the sale or complete the sale themselves-
[quote=The Judge]Rightway- Good story. Mind sharing some of the
habits that were responsible your your increase in production?[/quote]
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.