| Topic Name: |
The velvet fog, i need your advice please |
| Message Name: |
Velvet Fog - still there? |
| Date Posted: |
07/06/2004 |
| In Reply To: |
davegood,
To your questions concerning strict quota's: it really depends on the bank. Many of the big "national banks" like BoA, Citibank, First Union, etc... do have production quota's. The more sales-oriented banks usually have the highest or most stringent quota's. They also tend to look for people with outside experience in financial planning or financial sales.
This often creates an interesting dynamic. The top producers often do very well (probably the top 20% or so). The rest are quickly washed out of the system or placed in other positions where the sales quota's are not as stringent (retail banking). The old 80/20 rule. This can provide a bank with a poor reputation for training and develping investment or financial advisors.
But the real opportunity in the bank segment is the captive customer and/ or warm leads. If you have a strong background as a financial advisor and strong sales skills, you can really do well. Many of the regional and mid-size banks have less stringent quota's, but may requirement one to do more than simply sell to customers.
With your background, you should be able to succeed at the large banks and make a strong comp level. While many banks focus on the wealth management sector, there is probably more money to be made on the retail bank side. You have a less sophisticated market that will be more likely to use multiple products and services. Plus, you'll create a customer base that may be transferable at a later date (should you be recruited by another bank).
VF |
| Message: |
Greetings to the Velvet Fog --
I hope you're still out there. I've been reading your posts from 2003. I'm contemplating a switch to finance from operations & non-profit management -- your responses re: sales positions seem spot on to me. That's what my gut felt -- it was nice to see it in print. If you're still around, I'd love to fire a few questions your way... Thanks much!
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