Financial Advisor/Personal Banker

bucutie02 · #1 11-07-2005, 06:23 PM

Well I am finally graduating in December, and I dont know what to do afterwards.

Currently I am a bank teller. I was talking to my district manager the other day, and she said she doesnt want to lose me, so she asked me if I ever thought about becoming a personal banker. Personal bankers are the people you go to at banks that open new accounts or help you with customer service questions. I can also get my licenses that the bank will pay for so I can do investments and insurance.

I have also been interviewing with Ameriprise Financial, which was formerly known as American Express Financial Advisors. I've been to one interview, and then I have orientation next week, and then two more steps. I dont know too much about this, the position is for a financial advisor, but i guess i will get more information in the orientation and second interview.

Another thing is salary. I have never worked full time, thus I have never had a salary. My friends are telling me that since I will have a degree in finance, I should be asking for about 40,000-45,000. I dont know if that is resonable considering I dont have much experience, Ive only been a teller for about 7 months.

I never thought I would enjoy sales, but it has come easier than expected for me. I am currently #1 in my branch as far as sales go, and about # 2 in the district.

I just want some advice in deciding what to do. I am pretty sure that the personal banker position would be a guarantee, but I dont know about the Financial Advisor position for Ameriprise because I am still in the interviewing process.

Also- what would be a good salary range to ask for??

Allie · #2 11-07-2005, 07:36 PM

Whatever you do I STRONGLY suggest staying away from Ameriprise. One of my family members worked for them and just left. They said it was VERY difficult to get leads, new accounts, maintain current ones and continue the growth process.

Thats what I know from someone who has worked for them.

SmartBlondeGPhB · #3 11-11-2005, 01:14 AM

Quote:

Originally posted by bucutie02
Well I am finally graduating in December, and I dont know what to do afterwards.

Currently I am a bank teller. I was talking to my district manager the other day, and she said she doesnt want to lose me, so she asked me if I ever thought about becoming a personal banker. Personal bankers are the people you go to at banks that open new accounts or help you with customer service questions. I can also get my licenses that the bank will pay for so I can do investments and insurance.

I have also been interviewing with Ameriprise Financial, which was formerly known as American Express Financial Advisors. I've been to one interview, and then I have orientation next week, and then two more steps. I dont know too much about this, the position is for a financial advisor, but i guess i will get more information in the orientation and second interview.

Another thing is salary. I have never worked full time, thus I have never had a salary. My friends are telling me that since I will have a degree in finance, I should be asking for about 40,000-45,000. I dont know if that is resonable considering I dont have much experience, Ive only been a teller for about 7 months.

I never thought I would enjoy sales, but it has come easier than expected for me. I am currently #1 in my branch as far as sales go, and about # 2 in the district.

I just want some advice in deciding what to do. I am pretty sure that the personal banker position would be a guarantee, but I dont know about the Financial Advisor position for Ameriprise because I am still in the interviewing process.

Also- what would be a good salary range to ask for??

Ameriprise is NOT salaried and not a company that you "ask". It's a sales career and while they do offer a base (I've been to their interviews) it's mostly commission and you have to find your own leads. It's highly unlikely that you will make $40K your first year.

Financial advising is not much finance and VERY much sales. You will be doing quite a bit of cold calling.

ETA: The industry as a whole is HIGH turnover and very few people make it. If you like sales, you will have an easier time with it but I used to work with people who were good at sales and they have since left the same company I left.

texas*princess · #4 11-11-2005, 08:25 AM

Quote:

Originally posted by SmartBlondeGPhB
Ameriprise is NOT salaried and not a company that you "ask". It's a sales career and while they do offer a base (I've been to their interviews) it's mostly commission and you have to find your own leads. It's highly unlikely that you will make $40K your first year.

Financial advising is not much finance and VERY much sales. You will be doing quite a bit of cold calling.

ETA: The industry as a whole is HIGH turnover and very few people make it. If you like sales, you will have an easier time with it but I used to work with people who were good at sales and they have since left the same company I left.

I have to agree.
I almost tried something similiar (but w/ a different company) and while it seems great (WHOA! I can make so much money!) I steered clear b/c it definitely didn't seem like something I wanted to do.

I'm pretty sure a bunch of other areas do this-- you know those fishbowls in restaurants that say "Put your business card there and you could win a FREE lunch for you and 198324 of your coworkers" ? Those are from financial advisors looking to hook a few more fish. The meals get comped from the company (I think) but the fact that they have to do several of those every single week would drive me bonkers.

It could just be that it's not my cup of tea and possibly someone elses.

I don't think it's unlikely that you could make $40K your first year, but it definitely depends on the field you're in and probably what area. One of my close friends made that much during her first year of teaching kinder.

At my first job I was making about $35K which was higher than my friend who made $30 his first year (he is a computer programmer... of course that was about 3 yrs ago.. now he's making more than that b/c he's way more experienced). Six months into my first job I was fortunate to get another job and now I'm making WAY MORE than I was just a couple of months ago (and I haven't even been out of school more than a year)

CarolinaDG · #5 11-11-2005, 09:01 AM

I'd really research what a normal salary is for what you're looking in. While a degree in finance might help you get the job, if the average salary is $35,000, than most people in that field probably have a degree in finance.

I live in South Carolina, where wages are lower than anywhere else (they're even talking about doing away with property taxes because people can't afford to live here on the salaries they're making), so I may not be the best judge, but I know when I graduated I expected to be making $40,000 and I started out at $27,000. A little over a year later, I'm now making about $10,000 more, once my commissions are factored in. I'd say most everyone I know started out at $30,000, no matter what they're doing. Like I said, though, it's completely dependent on what the competition is. I'd suggest going to salary.com. They even have an entry level section. That doesn't mean that if the average is 35,000 you can't ask for 40,000, but you have to put together a realistic budget for yourself to figure out where your breaking point really is.

RhoSigma2003 · #6 12-15-2005, 07:51 PM

Just thought I would add my .02

I graduated in august with my BBA in Finance. I was in banking for 2 years in college, 1 year in insurance and my senior year in hotel sales, and did a internship with a non-profit as their financial coordinator. I also have my P&C licences and Life/Health Licences.

I am working for a financial management firm in nashville. Our clients are in the music industry, such as entertainers and producers. I am starting classes in Jan to be able to sit to take my CFP next year(2007). I want to get into personal financial planning.

I also had a job offer from Bank of America, as a personal banker and they offered me 3,000 more than what I was making in college, of course I said no thanks.

My dad was like "you should be making 40-45,00 a year", well hate to break it to ya, but NO ONE pays that much for a college grad, especially with experience. Tip, banks usually pay the least, base, but if you can sell, make sure that they have a good commission scale. But if not, you might want to check into financial management firms. Just to gain more experience in the "non-retail" environment.

I AM making more than almost everyone else that I graduated with, this year 2006 I should make between 35,000-40,000 with quarter bonuses. Make sure that your salary range is open and you might take a job the offers less that what your looking for, but trust me, you would much rather take less money and work for a company that has a great invironment then take more money and by unhappy.

I wouldn't get involved with any type of mass financial/securities companies(amex, ect.). Either stay with a bank or join a firm.

Keep us updated and good luck!

Nicole

Boodleboy322 · #7 12-22-2005, 01:57 AM

BUCutie,

A career in finance is most certainly a rewarding one whatever you decide to do. I started my career in Mortgage Banking about 3 years ago and don't regret it one bit. After my first year at my company, nominated by FORTUNE magazine for 8 years straight as one of the best in America, I was nominated for the President's Club, got an excellent raise, and to this day I'm still growing. Don't exhaust the possibilities out in the world of finance. PM me if you'd like to know more about Mortgage Banking. The business, like anything else, certainly has it's ups and downs but if you map out your strategy correctly you can easily develop the infrastructure you need to be successful. Bottom line on Mortgages is that the liquidity of the MBS market and Portfolio Theory play a significant role on Supply/Demand and what goes into your pocket but if you know the system well enough you can still generate in the money income.

Best Regards,

Boodleboy322

bucutie02 · #8 12-22-2005, 11:20 AM

okay well the whole ameriprise thing did not work out. I was invited to their orientation and never went. I just didnt feel it. My friend, on the other hand, went to the orientation. They said she would have to pay $1300 upfront to get licensed and then they would reimburse her if she passed. They also want employees to stay with them for about 6 years, and when you have worked for them for about 10 years, you can easily start making $100,000/year. At the beginning they start you off with $2000/month plus any commission. I am glad I never went to the orientation anyway because it is not something I would have wanted to do.

So I graduated on sunday! I am so excited but I dont feel like it has actually kicked in. My dad is already pushing for a masters. I told him I wanted to take some kind of a break and get used to working full time, paying my bills and just relaxing. Maybe next fall!

Anyway- the day after graduation I got a call from Primerica which is affiliated with Citigroup. Apparently Citigroup is the largest financial institution in the country. Primerica is building many many offices here in Houston. The guy sounded really impressed that I had just graduated with a degree in Finance. He wants me to go see him and see what the company is all about. It is a position for a financial analyst where they will of course train me and whatnot. It sounded awesome until he told me where he was located. It is about an hour and a half from my house. I was a little dissapointed, but I called him back to ask if that is where I would be working and he said that I could probably go to another office closer to my house, and just drive up there every now and then. The way the guy was talking to me, it sounded like he already wanted me to work with them and the choice was up to me. We will see how it plays out. I am thinking that a financial analyst is more of what I am looking for than a financial advisor.

Anyone know anything on Primerica or being a financial analyst?

AGDee · #9 12-22-2005, 11:23 AM

Primerica is a pyramid scheme that will require you to convince all your family and friends to invest in their stuff AND recruit more 'analysts' to work under you so you get a cut of their stuff.

Think Amway... Just say NO!

Rudey · #10 12-22-2005, 11:54 AM

Financial analyst and finance are bullshit terms if that's how they are defining it.

Accounting tracks the progress of the company and puts it into numbers and finance interprets those numbers. An accountant works in the former and a financial analyst in the latter.

That work is neither accounting nor finance and you will not be a financial analyst. You will be selling something. That isn't to say it isn't lucrative, but it is not finance.

-Rudey

kddani · #11 12-22-2005, 12:30 PM

Quote:

Originally posted by AGDee
Primerica is a pyramid scheme that will require you to convince all your family and friends to invest in their stuff AND recruit more 'analysts' to work under you so you get a cut of their stuff.

Think Amway... Just say NO!

Yep, they tried to go after my brother as well.

Think about it, why would an employer be "impressed" that someone just graudated with a degree in Finance? What's impressive about that? Not belittling the accomplishment of graduating college, but just having a degree isn't something that an employer should be "impressed" with. You haven't done anything with it yet to be impressive. College graduates are a dime a dozen, and finance isn't an uncommon degree.

If it sounds too good to be true, it probably is

Boodleboy322 · #12 12-23-2005, 09:54 AM

Definately do some homework on whatever company you interview for. It will make a difference.

Regards,

BlakeKTTX724 · #13 02-14-2006, 11:00 PM

Maybe this is "beating a dead horse" but I was also just recently contacted regarding an interview with Ameriprise. Some of the things I've read on here have been informative, but does anybody have anynew information on the topic? Obviously like everybody else I am fighting the battle of finding entry-level jobs that don't require a lot of experience so I am just happy to get an interview. At the same time though, I am a political science major rather than a finance or business major and when the woman called me she said my resume matched the type of candidates they needed? Is this legit or am I getting recruited to be a glorified telemarketer?

Optimist Prime · #14 02-15-2006, 10:47 AM

Sometimes offices like having people with diverse experiences and what major you were doesn't really matter that much.

But there are a lot of telemarketer jobs. But just make sure it covers health insurance, that stuff is expensive if not from work.

summer_gphib · #15 02-15-2006, 10:51 AM

STAY AWAY FROM PRIMERICA!

To make a very long story short, my husband and I fell into Primerica, and decided to give it a shot. They tell you they will reimburse you for your license and all that, but they DON'T. They tell you they will "train you" but they WON'T. It's a pyramid scheme to the worst degree. They lie out the wazoo.

We were involved for about 6 months and lost about $3,000 that we could not afford to lose (who ever can!?) We even went to a stupid, stupid, stupid conference meeting, and it was actually more like a church meeting. Singing, dancing, and praising Primerica.

I can't tell you how the thought of Primerica makes me SICK. I saw more people lied to, and abused. They are sneaky... the "articles" they show in meetings that hail them as being wonderful are actually ADS they took out.

This is actually a really good website we found after our own experience. It debunks a lot of what Primerica tells people.

Primerica Busters

I wish you the best of luck in finance, but please be warned and cautious about Primerica.

--Summer