| Topic Name: |
jpm retail bank |
| Message Name: |
Reply to RGardens Questions |
| Date Posted: |
01/22/2006 |
| In Reply To: |
I'm not in your part of the "empire" but would like to learn more.
(1) Was a reason given for not paying?
(2) If you had a Series 7, would they pay you? (I'm presuming you've got a "6")
(3) If yes to #2, will B1 sponsor you for a "7"?
(4) Does B1 have another marketing/sale channel for "7" business?
(5) Do Wach, BofA, etc have a similar policy? |
| Message: |
1. Not sure of the reason. I'm guessing its to lower the amounts of payouts to retail bankers and to discourage sale of individual stocks and trading. They don't want to be like a discout brokerage. Believe it or not some retail bankers are earning six figures based on investment sales. They also cap the payount on investment sales at 1 mil. So if you do a 2 mil. sale then you only get paid on 1mil.
2. I have the 6. If you have a Series 7, which some of the bankers in my office do, you still do not get paid on stocks or any other Series 7 product.
3. B1/JPMChase will only sponsor you for the 7 on the retail side if you become a Financial Advisor and at that point you give up your salary and go on a full commission schedule. They actually stopped sponsoring and holding of Series 7 from the Small Business people. This prompted many Small Business people to leave.
4. The 7 business is done through the financial advisors and they get a small amount of commission for it but it is so minimal that they focus only on mutual funds and managed accounts where JPM charges a 1.5% fee for the managed account. In retail we're encouraged to only sell mutual funds, annuities, and insurance.
5. Not sure.
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