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bigfish in East Elmhurst, New York

59 months ago

banker's can earn significantly more contrary to what I am seeing on the website. I am in my second year and will end the year off with 75-85k. If I capture more lucrative clients next year the income can be close to 95k or more.

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williamdefalco in Austin, Texas

59 months ago

bigfish in East Elmhurst, New York said: banker's can earn significantly more contrary to what I am seeing on the website. I am in my second year and will end the year off with 75-85k. If I capture more lucrative clients next year the income can be close to 95k or more.

You're right bigfish. I know of Bankers in New York as well who are earning around $5K or more in commission alone per month, and that's on top of their salary. It all depends on location, location, location, and how good the steady stream of new clients is. New accounts from existing customers also helps too, but not as much as new clients themselves. Plus it helps when the Banker is good enough to milk everything from their location and not let an opportunity go to waste.

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Mic C in Hayward, California

58 months ago

Hi I was just hired as a PB at Wells Fargo in the San Francisco bay Area. It always struck me as to how bankers attract new clients or what stargesties are they able to use within the banks compliance?

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williamdefalco in Austin, Texas

58 months ago

As a fellow Banker the easiest way to attract new clients is to network, make outbound visits and lots of cold/warm calls. Unless you're in a busy branch, you're going to have to build your client portfolio on your own. BUT once it's at a respectable level then referrals from existing clients start coming into play.

I've been the number one Banker for my area for quite some time now, and my strategy always involves setting appointments, calling new/existing people for business, and working with walk-in traffic for business. Good luck.

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JB in Walnut Creek, California

58 months ago

williamdefalco in Austin, Texas said: You're right bigfish. I know of Bankers in New York as well who are earning around $5K or more in commission alone per month, and that's on top of their salary. It all depends on location, location, location, and how good the steady stream of new clients is. New accounts from existing customers also helps too, but not as much as new clients themselves. Plus it helps when the Banker is good enough to milk everything from their location and not let an opportunity go to waste.

Just out of curiousity what is the range of salary and commissions or bonuses from Austin Texas banking positions??
What do you think is the best bank to work for out in Austin Texas or if you haven't worked for many and would apply for the position what bank you work for????

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FXtrader in Birmingham, Alabama

57 months ago

The personal banker positions is bs, was a Sr Licensed Business FS and wells took over pay stinks, its a kiddie banking position. not even banking its telesales and Chik fil a. Get an MBA and get into investments banking. Thats what i did.

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williamdefalco in Austin, Texas

57 months ago

JB in Walnut Creek, California said: Just out of curiousity what is the range of salary and commissions or bonuses from Austin Texas banking positions??
What do you think is the best bank to work for out in Austin Texas or if you haven't worked for many and would apply for the position what bank you work for????

Salary wise depends on the bank itself. BOA and Chase and Wells tend to pay starting salary type ranges because they will hire people fresh into banking. Citi, Guaranty (formerly) and Frost pay more because they want experienced Bankers. Ranges overall can be low 30's to 50's there.

Commission and bonuses can be good to great, mainly depending on two things. Location and ambition. Good location always works, but calling and setting appointments day in day out is the clincher. Ranges can a few hundred to a few thousand per month.

Best bank to work for is easily one of the ones that want experienced Bankers. You get more salary, more commission, and a far more lucrative portfolio to manage and grow.

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Finance101 in Bay Area, California

57 months ago

williamdefalco in Austin, Texas said: Salary wise depends on the bank itself. BOA and Chase and Wells tend to pay starting salary type ranges because they will hire people fresh into banking. Citi, Guaranty (formerly) and Frost pay more because they want experienced Bankers. Ranges overall can be low 30's to 50's there.

Commission and bonuses can be good to great, mainly depending on two things. Location and ambition. Good location always works, but calling and setting appointments day in day out is the clincher. Ranges can a few hundred to a few thousand per month.

Best bank to work for is easily one of the ones that want experienced Bankers. You get more salary, more commission, and a far more lucrative portfolio to manage and grow.

Interesting. Let's just say I am looking to transfer to Austin and I am on the brokerage side of one of the big names you mentioned. I could transfer to some kind of personal banking position.. I am fully registered and think a registered personal banking role would be a good stepping stone to becoming an advisor. Are you fully registered 66 and 7?From your experience are there registered bankers? Thanks for the input. Cheers.

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Finance101 in Bay Area, California

57 months ago

FXtrader in Birmingham, Alabama said: The personal banker positions is bs, was a Sr Licensed Business FS and wells took over pay stinks, its a kiddie banking position. not even banking its telesales and Chik fil a. Get an MBA and get into investments banking. Thats what i did.

Yeah IB is where the money is no doubt not even in the same universe to retail banking. It's also has some long hours and very exclusive to very qualified people, the demands are 10 fold to a personal banking job. Where did you get your MBA at? I was thinking of the same path but it's more of a long term strategy in getting the MBA. Depends on whether I become an advisor. Right now I am just looking at possible available jobs to transfer to in Austin. I haven't seen 1 IB job posted.

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mckarbs1@aol.com

56 months ago

bigfish in East Elmhurst, New York said: banker's can earn significantly more contrary to what I am seeing on the website. I am in my second year and will end the year off with 75-85k. If I capture more lucrative clients next year the income can be close to 95k or more.

What a personal banker makes really depends on the market and the branch for the most part. Managers will preach bs to you about the banker makes the branch instead of the branch making the banker. I worked in retail banking for over 8 yrs. i topped out once over 75k but averaged around 50 after two or three yrs in it. Overall I hated the job. It's very hard to advance from the branch unless you are lucky and apply for another higher position in another bank.

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williamdefalco in Austin, Texas

55 months ago

Finance101 in Bay Area, California said: Interesting. Let's just say I am looking to transfer to Austin and I am on the brokerage side of one of the big names you mentioned. I could transfer to some kind of personal banking position.. I am fully registered and think a registered personal banking role would be a good stepping stone to becoming an advisor. Are you fully registered 66 and 7?From your experience are there registered bankers? Thanks for the input. Cheers.

I like your ambition Finance101, the problem though is that Licensing on the Personal Banking side is slowly becoming phased out. I am Licensed myself, but it depends on your Bank's criteria on whether they allow investment products to be sold by the PB. If they don't then those Licenses can all be for naught. In my case my Bank use to do Licensing for PB's and allowed them to do a small amount of investment, but not anymore. Even Banks that currently license their PB's, they only allow them to sell limited insurance products. Instead Banks are adopting a referral model now, where your Licenses can allow you to talk a little with the client about investments, but you have to refer them over to an Investment Advisor afterwards. But because you're legally licensed you make a portion of the commission from the sale.

So long story short, your licenses will not work for you much on the PB side, but if you truly plan on moving to an investment advisor position afterwards, it's a great precursor. I know two guys that did exactly that within my Bank. Good luck.

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Marc in Fort Lauderdale, Florida

55 months ago

I second that last comment. Asking a PB to sell investment prods is like asking a IA to do loan apps. It's more effective to just refer them out and more cost efficent to the bank. I would recommend to start off as a PB if you are new to financial svcs and look to move up or most likely to go somewhere else hopefully in a higher position. Stay 1 yr max and then look to make s move.

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