| Topic Name: |
The velvet fog, i need your advice please |
| Message Name: |
RE: Reply |
| Date Posted: |
01/13/2003 |
| In Reply To: |
Thank you for time & all the information, Velvet Fog. If you don't mind one more question...Do you know if the banks offering investment/ fin'l planning services generally put very stringent quotas on a their advisors for new assets, commissions, new accounts , etc. I realize the nice base salary at a bank must be earned, but I had once heard that many people in some of these units are cut after the first six mos. if their #'s are not very strong. Any insight on that? |
| Message: |
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
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