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Another Newb .. Noob? |
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macaduna 
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 Topic: Another Newb .. Noob?Posted: Aug/30/2024 at 5:35pm |
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Found the site a few weeks ago. Thought I'd finally introduce myself to gain access to the rest of the board. I recently (January) joined a small - mid sized regional bank with a BD and RIA. I joined as a wealth advisor associate. 39, 16 years in financial services. Coming from a large insurance company, annuity space on the service side. Long story short, I was increasingly unhappy where I was at. The opportunity came and I took a leap of faith to try my hand at something I always wanted to.
I knew going in that I'd be starting from scratch after building a skillset in service / back office / operations, but that wasn't getting me anywhere and I was starting to hate it. Understand it's going to be a grind for many years too ... however, I'm finding that lack of infrastructure and formal procedures to be a bit challenging. Now that I've got a few months under my belt and have all of the required licenses, I'm also unsure if the comp structure is really as lucrative as I thought going in. Base salary (took a small cut moving with the understanding that with commission the potential to earn was greater than where I was at previously) + .05% trailing on clients assigned to service. .38% on new money for both the RIA and BD business over $50K. There you have it. Roast me and I'll answer any questions. Have I fucked myself?
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CFLRS
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Joined: Nov/07/2020 Status: Offline Points: 1630 |
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Posted: Aug/30/2024 at 9:09pm |
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First. I'm not a good roaster, but the chorus will chime in soon.
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missionshooter
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Posted: Aug/30/2024 at 9:56pm |
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How much is base salary?
How much AUC is the existing my book you took over
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Our purpose is to partner for a positive impact- to improve the lives of our clients and colleagues, and together, better our communities and society.
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CFLRS
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Posted: Aug/30/2024 at 10:29pm |
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I don't really know anything about being a bank advisors. What's a typically day like?
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Nathan Explosion
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Trump Deep Throater Joined: Mar/08/2011 Status: Offline Points: 43167 |
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Posted: Aug/30/2024 at 11:21pm |
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Coffee…hit on the fat teller chick….hit on the fat private banker chick……..pretend you are working…….sell an annuity to an old lady…………kiss regional VPs ass.
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Dream35
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Joined: Dec/19/2023 Location: BFE Status: Offline Points: 250 |
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Posted: Aug/31/2024 at 1:03am |
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Do it until your boss pisses you off, then come take over a book at Jones.
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macaduna
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Posted: Aug/31/2024 at 9:06am |
Edited by macaduna - Aug/31/2024 at 9:09am |
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macaduna
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Posted: Aug/31/2024 at 9:08am |
Right now I am calling clients to schedule review meetings with their advisors. Sitting in on those meetings as "training". Preparing reports and presentations. Calling house account clients to try and restart the relationship.
Edited by macaduna - Aug/31/2024 at 9:10am |
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macaduna
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Posted: Aug/31/2024 at 9:09am |
Love this
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macaduna
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Posted: Aug/31/2024 at 9:11am |
My direct is fine. It's his boss who's a monster.
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stillfloatsguy
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Posted: Aug/31/2024 at 9:13am |
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Expect that your new skill set is going to be winging it. The bank advisors I see do well usually manage huge AUM of banks assets that might be up to 2000 clients as well. Probably a decent place to start if aggressive production goals don't get you fired up to be uncomfortable for the next 5 years. |
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macaduna
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Posted: Aug/31/2024 at 10:50am |
I'm finding this to be very accurate - winging it. Observing the advisors and taking a little bit of flavor from each one that suits my style. The # of clients is also true, which is why they needed somebody new to offload some for servicing. They've grown a lot over the last 10-15 years to the point where they needed to expand. |
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CFLRS
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Posted: Aug/31/2024 at 12:15pm |
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Like I said, I don't know the bank space, but of the advisors that I've seen survive their first 5 years, "winging it with confidence" is definitely the common thread.
Just try to make sure you know the basic tax, investment, and compliance rules in the process.  Edited by CFLRS - Aug/31/2024 at 12:16pm |
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TheWizard
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Posted: Oct/24/2025 at 11:59am |
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How goes the job now?
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missionshooter wrote: