Hey Jim,

I appreciate your desire to hear from non-bank channel, but I can tell you from experience that while the above may be generally true, it's far from fact.  As a bank rep, I've built 90% of my business MYSELF, and taken plenty of business from brokers with LPL, Wachovia, Edward Jones (lots from them), Morgan Stanley, Smith Barney and several others.  I have absolutely no local brokers that have taken more from me than vice versa.  Furthermore, I have plenty of mutual respect with local CPAs and I'd venture to say that if I met him, I could change the opinion of your CPA friend (well, at least about ONE bank rep).

More than the channel, it's the advisor.  I'm not going to get all huffy and offended or anything that, but I wanted to assure you that there are plenty of very talented bank reps who could make it just fine in a wirehouse or independent.  I myself am in the process of going independent because frankly, I think the bank is more of a hindrance than a help to me and I am tired of being told what I can and cannot do...well beyond compliance issues.  Generally, referrals received from the bank are junk.  There's a little gold, but you must sift through a tremendous amount of crap to find it.

I don't have any live experience as in indy to tell you about yet, but if you follow my RJ vs. LPL thread in this forum, I'll try to keep you posted on my progress.

indy...i appreciate your well-delivered and civil response...you have me at least partially convinced that what you say may be true.  i still believe that probably MOST brokers go the bank route because it is easier and no prospecting required...at least all that i have met in my area that have joined the banks or credit union.s  i will keep abreast of your progress through said thread. 

everyone else....still interested to hear about your annuitized business models!!!

Jimm

Dude…quit bumping your thread.  It is dead.  You have all of the pertinent responses.

Dewey,

Not nice...and quit assuming i am a "dude".

[quote=george]just transitioned from being a RR to being a licensed branch manager fora large national bank.  I get the manager's salary, but also generate commissions.  It's a six figure a year gig, all told, and I get four weeks *paid* vacation a year.  If a HNW client comes into the bank, I can sell them, but I no longer spend every hour of every day trying to find somebody with $100,000 to invest.  Me happy now   [/quote]

Not sure of your situation, but I have been in branch management, a bank rep, and a bank rep sales manager.  It would be very challenging to run a branch, and run "HNW" client relationships.  Not that it cannot be done, but scheduling Teller time off and HR issues one munite and meeting with a HNW client about NUA another just seems spreading it too thin.  Not that it cannot be done in a day, but the compliance risks worry me. 

I have a friend who went to a bank from a regional as a rep/banker and was given a book.  She had a batch of terrible portfolios, so she set out to bring these people in.  Most would not respond or come in, in fact the bank didn't take it seriously either.  That was until one of these customers took her to arbitration (after her accountant pursuaded such action) because the portfolio she inherited 15 months prior lost money.  She contacted the customer several times and they never came in.  The bank had no contact management system and the Arb panel questioned the "notes" the rep had scribed and put in the file.  The bank lost and the rep got a tick on her u4.

Moral?  Be a banker or an advisor- not both.

It’s over…

Jimbo,

Get a grip, fish or cut bait, go to work........................If you can't prospect go to Edward Jones they have the best training for newbies, if you have tried to prospect and can't or won't then go to a Bank, be happy and live a good life helping people.........  If, you don't want to help people the do us all a favor and get out of the business.........

anyone else want to weigh in here?

jim/Kevin/sapphire whomever.

and what pray tell is your wonderful opportunity with one of your clients?

lol

[quote=JimMorrison]anyone else want to weigh in here?[/quote]

Does anybody else hear the sound of a dead horse being whipped?

Dead Jim/Kevin/David (oops...assumed you were a dude).  The thread is dead.

what makes this even funnier is that Dead Jim/Kevin/David/sapphire whomever is currently with EJ  just leave them and leave us alone.

[quote=compliancejerk]what makes this even funnier is that Dead Jim/Kevin/David/sapphire whomever is currently with EJ  just leave them and leave us alone.[/quote]

anyone--->chime in if you understand any of this??

dead jim = jim morrison

you have signed off as Kevin and David

in one post you alluded not to be a male and in another post that it's been some time since you previously posted.  sapphire was a switch hitter

your post about making heaps of dough and trying to sneek something by St.Louis by working for a client whose W9 you've seen...

in other words you don't recall what you've written????

[quote=xej1984]

dead jim = jim morrison

you have signed off as Kevin and David

in one post you alluded not to be a male and in another post that it's been some time since you previously posted.  sapphire was a switch hitter

your post about making heaps of dough and trying to sneek something by St.Louis by working for a client whose W9 you've seen...

in other words you don't recall what you've written????

[/quote]

So good sir, what is your conclusion?  That I am someone with the moniker of Sapphire or Dead Jim?  OK.  Forgive me if I'm lost in your mighty sleuth deductions.  More importantly, why does it matter so much?  Would you like to take me out to dinner sometime and this is just your coy way of asking me out?  I'll be anyone you want me to be for a night out with you. 

jm, so someone else understood me. great

so jm, I see you time with ej hasn't made you any brighter.