[quote=bankrep1]
At that point I have the option of calling any wire and taking a big fat check, I know it and so does the boss. [/quote]

And that's why a year into a bank program I make as much or more than the "Presidents" in the fancy corner offices of the branches I serve (not that they know that).  The powers that be know that if I am doing my job well and keeping my clients happy, they have a lot more to lose if I walk out than they have to lose if the "president" does.  Let the "president" have the prestiege, I'll take the cash.

It doesn't mean that the bank won't do something stupid eventually that makes me mad enough to leave (see BAC, comments from Indyone, etc.), but it certainly gives me some protection.  It is also a pretty damn good "plan B" for an advisor at a bank.

[quote=BankFC][quote=Bobby Hull][quote=bankrep1] [quote=Bobby Hull]

[quote=bankrep1]I 100% agree the wire is harder, you take take the pride, I'll take the money![/quote]

No. The bank takes the money and gives you the crumbs. And when you start making too much, they will toss you out and replace you with someone cheaper. That's how banks think.

[/quote]

At that point I have the option of calling any wire and taking a big fat check, I know it and so does the boss. I have built a business 3 times faster than I could of at a wire, so if only a third of my clients go all is even. Also I am waiting for some stupid comment about loyalty of the client, it is all up to the rep. How well do they service the client, what is their relationship like, are you indespensible or replacable?[/quote]

Banks pay big checks for assets, not asses.

[/quote]

Bobby, that statement made no sense at all.  If you'd said Wires pay big...then it would have made sense.  Do I have to hold your hand?

There is no doubt life is harder at a wire (I was at ML and left in good standing but with an admittedly waivering pipeline) to come to the bank where success for a good broker is all but guaranteed.

I can sell everything I used to, my payout is virtually the same (except now I have an expense account, cell phone, laptop, and ins 100% paid) I have more people to call on than I can get to, and I like the folks I work with.  If that bothers you, well, tough sh*t.

[/quote]

My bad. I meant wires.

Often the transition packages Bank Reps get are not the same as reps
from other wires, Indy,or regionals…they are not as attractive. 
Why?  I think it goes back to Bankreps 1/3 comment, because there
is some truth to it.  As for Loyalty?  Most of your best
clients will go. 



I was doing over a million at a bank several years ago with a very
large AUM to boast.  When I left I found that many of the
$100K-$300k type clients simply did not transfer due to this "Loyalty"
issue, I had gotten many referrals from Senior Management of the
bank…they did not transfer, and I had many large client tied to other
area’s of the bank and many of those did not transfer.  Keep in
mind I was independent within the bank for the last 5 years I was
there…meaning I ONLY worked with my book- I had 2 full time
assistants covering them too-- no branch referrals- so these clients
got alot of attention. 



There is nothing wrong with the bank business but to fool ones self
that you have a hook over management because of a “fat check”…come
on.  Get over yourself and look at the big picture…the bank
certainly has.

[quote=bankrep1] I have built a business 3 times faster than I could of at a wire, so if only a third of my clients go all is even. Also I am waiting for some stupid comment about loyalty of the client, it is all up to the rep. How well do they service the client, what is their relationship like, are you indespensible or replacable?[/quote]

I know a couple of Bank Reps who have built huge books at banks. However they were lucky to get bank branch employees who were co-operative and introduced these reps to wealthy customers.

The bank reps I know tell me that bank employees think they are doing these reps a big favor and are also very jealous.

[quote=NaySayer]

[quote=bankrep1]

The bank reps I know tell me that bank employees think they are doing these reps a big favor and are also very jealous.

[/quote]

The employees I work with think they are doing the CLIENTS a favor by introducing them to me, and that only comes after being a truly helpful and humble person as well as doing the right things for folks day in and day out.

[quote=BankFC][quote=NaySayer]

[quote=bankrep1]

The bank reps I know tell me that bank employees think they are doing these reps a big favor and are also very jealous.

[/quote]

The employees I work with think they are doing the CLIENTS a favor by introducing them to me, and that only comes after being a truly helpful and humble person as well as doing the right things for folks day in and day out.

[/quote]

I'm glad your fellow workers are helpful and humble. Maybe, it'll rub off on you a little.

Are you kidding?  Pot, meet kettle.

Rightway - First of all, I appreciate your posts, they are among the most insightful on this board.

Second, it isn't so much the big check from a wire as it is the fact that next week I could be working across the street as "Insert my name here" Financial.  I realize that many clients would stay with the bank, but I think that my fee based accounts would follow, as would many of my other "A" clients.  When I decide who gets on the "A" list, the main critera is whether this is someone I want to be able to take with me if I leave.

I also live in a part of the country where it may be difficult to fill my position quickly, probably it would sit open for a few months and ultimately be filled by someone pretty new to the business.  I have a non-compete/non-solicit that for reasons I won't discuss can't be enforced (verified by in state employment attorney).  Those 2 facts will probably allow me to move some of the reluctant accounts that otherwise most people would not be able to take.

I'm happy and don't plan on moving anytime soon.  But even without the wire check I can still take my ball (bulk of the "A" clients) and go home (across the street).  My boss realizes that, which is why for the most part he leaves me alone and makes sure that his bosses don't try to take money out of my pocket.  It's not a perfect system and it won't last forever, but for now I am building up a nice book, both for the bank and ultimately for myself.

[quote=BankFC]

There is no doubt life is harder at a wire (I was at ML and left in good standing but with an admittedly waivering pipeline) to come to the bank where success for a good broker is all but guaranteed.

[/quote]

You stepped down into the Minor League, which is fine. Stop being so Arrogant.

[quote=NaySayer][quote=BankFC]

There is no doubt life is harder at a wire (I was at ML and left in good standing but with an admittedly waivering pipeline) to come to the bank where success for a good broker is all but guaranteed.

[/quote]

You stepped down into the Minor League, which is fine. Stop being so Arrogant.

[/quote]

Like going from graduate school to community college.

Ahhh, the sweet smell of jealousy.

Pikers.

I am only a youngin’ in the business, but I know a couple of people who have left our wirehouse and headed to a bank.  One needed more experience and the other was involved in a very bad team breakup.  Both are enjoying the bank more than their time at the wirehouse and both are already making more than before and in a much shorter period of time.  Now, I have no idea what their long-term prospects are like at the bank but they are happy presently.

[quote=bondo]I am only a youngin' in the business, but I know a couple of people who have left our wirehouse and headed to a bank.  One needed more experience and the other was involved in a very bad team breakup.  Both are enjoying the bank more than their time at the wirehouse and both are already making more than before and in a much shorter period of time.  Now, I have no idea what their long-term prospects are like at the bank but they are happy presently.[/quote]

But are they making more than the tellers?

[quote=Bobby Hull]

[quote=bondo]I am only a youngin' in the business, but I know a couple of people who have left our wirehouse and headed to a bank.  One needed more experience and the other was involved in a very bad team breakup.  Both are enjoying the bank more than their time at the wirehouse and both are already making more than before and in a much shorter period of time.  Now, I have no idea what their long-term prospects are like at the bank but they are happy presently.[/quote]

But are they making more than the tellers?

[/quote]

I don't know anyone this side of Bill Gates who does.

Moving from a bank to a wire for me:

[quote=rightway]Moving from a bank to a wire for me:

1. Financial Advisors are THE focus at the wire, not so at the bank.
2. Getting new clients at the bank initially, thus making more money faster, is much, much easier compared to a wire.
3. At the wire I am surrounded by many, many multi-million dollar producers which makes me better, at the bank I was one of the very few, which made me lazy and arrogant.
4. At the bank everyone knew and liked me.
5. I just went to a conference in FL where there were 900 reps...very few people know or care about me.
6. I have accumulated much, much more wealth at the wire than I ever did at the bank.
7. I have more than doubled my best year at the bank, I work less,  relative returns are better for my clients, and I am just seeing the beginning it it.

All in all what drives me is not so much money, but the satisfaction of building something great: A book and a team.  ML has done nothing but support me in this in every way possible, financial and otherwise...something the bank could not and would not do.  I want to bring new people into the business the Right Way and give them a six figure opportunity on the back of what I did over the last 20 years, I want my bosses to respect me and my practice. This is non $ compensation to me just like an Independent get's from running there own business...it's worth more than money.

Maybe I just got lucky.  My pay-out is pretty much 50%, I have an office with a treadmill in it, I have an expense account and all expenses related to a fantastic technology platform paid for, I get 2-3 trips with my family every year, my partners, staff, and bosses like me...and I like them. 

While the move many years ago was stressfull, and I toiled with going Independent believe me, I made the right decision and have NEVER looked back.  I am happier, wealthier, less stressed, and deliver a better experience to the clients.  It's a Win WIn!
[/quote]

I care about you.

WOW so it’s EASIER at a wire?

[quote=Bobby Hull]

[quote=rightway]Moving from a bank to a wire for me:

1. Financial Advisors are THE focus at the wire, not so at the bank.
2. Getting new clients at the bank initially, thus making more money faster, is much, much easier compared to a wire.
3.
At the wire I am surrounded by many, many multi-million dollar
producers which makes me better, at the bank I was one of the very few,
which made me lazy and arrogant.
4. At the bank everyone knew and liked me.
5. I just went to a conference in FL where there were 900 reps…very few people know or care about me.
6. I have accumulated much, much more wealth at the wire than I ever did at the bank.
7.
I have more than doubled my best year at the bank, I work less, 
relative returns are better for my clients, and I am just seeing the
beginning it it.

All in all what drives me is not so much money,
but the satisfaction of building something great: A book and a
team.  ML has done nothing but support me in this in every way
possible, financial and otherwise…something the bank could not and
would not do.  I want to bring new people into the business the
Right Way and give them a six figure opportunity on the back of what I
did over the last 20 years, I want my bosses to respect me and my
practice. This is non $ compensation to me just like an Independent
get’s from running there own business…it’s worth more than money.

Maybe
I just got lucky.  My pay-out is pretty much 50%, I have an office
with a treadmill in it, I have an expense account and all expenses
related to a fantastic technology platform paid for, I get 2-3 trips
with my family every year, my partners, staff, and bosses like me…and
I like them. 

While the move many years ago was
stressfull, and I toiled with going Independent believe me, I made the
right decision and have NEVER looked back.  I am happier,
wealthier, less stressed, and deliver a better experience to the
clients.  It’s a Win WIn!
[/quote]

I care about you.

i know several brokers, mostly from merrill, that now do 800k  wachovia bank and were only doing 200-300 at merrill. i my area, wachovia and suuntrust  kick butt while bank of america brokers and others lag behind.  it is an option for wirehouse brokers to go to banks.

lastly, a broker jst came from suntrust to my old company MS and is not tranferring many accounts at all.

[quote=Bobby Hull][quote=bankrep1]I 100% agree the wire is harder, you take take the pride, I’ll take the money!

No. The bank takes the money and gives you the crumbs. And when you start making too much, they will toss you out and replace you with someone cheaper. That's how banks think.[/quote]

That's pretty close to the truth in my experience, except that when we started making too much money, instead of throwing us out for someone cheaper, they just "improved" the grid...greedy bastards...

[/quote]

Indy is on the money. Thats one of the many reasons why im going wire. I lost $1,250 just last month in my pay because they "improved" the payout grid.