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I think the real problem with bank FAs is if they're really really good ones in about 5 to 7 years they're making as much as the bank president and then the board finds out about that and has to do something to stop that from happening... So they change pay out or cap compensation or do something really stupid instead of just being happy they got some guy or gal busting their ass for commission and fees instead of some big salary.
Been at a bank for 10+ yrs now after wirehouse. Income is 350+. Make my own schedule. Have as much freedom as I want. I get lots of referrals so why wouldn’t I want to be there. Unless you have worked in a bank your comments are way off. Keep the negative be comments coming so I continue to have less competition. True the clients may not be mine. The bank only has to “ let me” work within them until I retire. Oh yeah. That can happen 10 years sooner than it would have happened for me in wirehouse. Bank works for me. Some crap to deal with but a good fit for me
Love being a bank FA. Referrals, flexible schedule, no 9-5bs as others have said, 150k+ comp.... charmed life!
Being a bank FA sounds amazing. Unlimited referrals, don’t have to build your own book, make decent money???
Yeah sorry but I got into this job for the freedom and to create and run my own business, not do a 9-5 that creates no lasting value for me down the road.
I suppose it’s a good alternative for some. If you’re truly committed to the all commissions FA role, building your business means you sacrifice your freedom (in the beginning) to create it, it’s inherent value, and it’s potential recurring revenue stream-all this is assuming you’re building the business correctly, and given the industry turnover rate, how likely is it that all those entrepreneurial spirited individuals are likely to succeed despite their best intentions. Perhaps it gives FAs who’s intention to help others while providing for themselves and their families (a goal sometimes granted after they jumped in) a chance at feeling successful. A reason to not regret, and still provide a sense of fulfillment while at the same time immediately providing a work/life balance that very few FAs become successful enough to achieve let alone appreciate.
I'm sometimes feeling the same way, where they want you to build "your business" but oh by the way they are not your clients.
It's a double edge sword and as someone said in this post, for the right people you can have a very successful career as a bank FA
Came from a bank went to an independent wealth firm with an insurance focus. A boat load of money is just sitting in banks, and it isn't going anywhere anytime soon. It's in the bank because they want it separate from their investments. Usually.
That said, I did convert quite a lot of deposits to investments to the point where I had non-licensed management getting pissed at me and trying to dictate what type of investment I sold. It was too toxic for me and I'm not going back unless the money makes it worthwhile or I'm out of options.
And this is coming from someone who worked in a bank - the structures and regulations make it difficult for an advisor to succeed, at least at the bank in which I was employed
Zero freedom
Great foundation to start, learn the business and gain client relationships in your mid 20s. Leave after 5-10 years and build from there
I think it depends on the bank - not all bank wealth management platforms are the same - be careful assuming that they are
I have been at a smaller community bank for almost a decade after being at a wire for 6 years. Referrals are strong and chomp is fair, good benefits and they have a sunset plan when you are ready to retire
Couldn’t agree more - when was the last time someone walked into a bank and said I want to invest money? Never
ouch! Yeah, at my bank, investment revenue is a big P&L item, branch managers prefer to lose the deposits for investments from that viewpoint. And about the bankers, YES. but I invest time in them and use wholesaler credit cards to foster goodwill.
Good observation. It’s a shit ton of dead assets that I inherited from old advisors. Lots of fixed annuities and clients in their 70’s & 80’s. Plus I work about 25-30 hours a week. My managed assets are only about 17m at this point. I don’t really care what the wire house guys do. It’s Apples and Oranges. I have a system that works for me.
EJ1, I haven't seen that personally, but I agree you are surrounded by people that generally are trying to max out their salary. If you as the FA are successful (and don't seem to be struggling or as stressed as counterparts) colleagues and management can get jealous.
Unlike a firm where basically there is always someone right there with you
Senior VP1, I switched to a bank about a year ago, I'd love to pick you brain on what made you successful
Svp1... what bank!
@Senior financial consultant 1, when does that happen at a wire? Probably no more frequently. What banks do offer though is customers walking in. As you said, no, not to invest, but to conduct financial transactions. Its not difficult to expand a financial conversation to one about investing. No wire, independent, or hybrid can offer that.
I would agree. This issue is lackluster personal bankers who are not motivated by their teams and who have to incentive to refer business. The other issue is the P&L structure was set up to show red when moving bank funds to investments.