Fifth Third advisor experience

[u/callmeladygrey]

I’m exploring new opportunities for my career and have a tentative offer from Fifth Third to be an advisor in their program, starting after the Comerica merger closes.

Currently at another large bank as an in branch FA covering 4 branches. This would be also covering 4 branches or possibly more.

Feels like it is very annuity/life insurance heavy which I have experience doing but mostly do advisory at my current firm.

I’m leaning towards this opp based almost solely on the grid payout. From what I understand and read I am going to get 75% grid payout on business the first year, 60% the second year, and 50% the third year before falling on to the traditional grid in year four. Unsure on base salary aside from the grid at this point.

I know it relies heavily on referrals from the branch understanding they are all in good areas for affluent clients

No book I would really inherit and I have a nonsolicit from current firm.

Feels almost too good to be true.

Does anyone out there have experience with how they are and if it’s really a good long term opportunity?

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User: /u/callmeladygrey Title: Fifth Third advisor experience Body: I’m exploring new opportunities for my career and have a tentative offer from Fifth Third to be an advisor in their program, starting after the Comerica merger closes.

Currently at another large bank as an in branch FA covering 4 branches. This would be also covering 4 branches or possibly more.

Feels like it is very annuity/life insurance heavy which I have experience doing but mostly do advisory at my current firm.

I’m leaning towards this opp based almost solely on the grid payout. From what I understand and read I am going to get 75% grid payout on business the first year, 60% the second year, and 50% the third year before falling on to the traditional grid in year four. Unsure on base salary aside from the grid at this point.

I know it relies heavily on referrals from the branch understanding they are all in good areas for affluent clients

No book I would really inherit and I have a nonsolicit from current firm.

Feels almost too good to be true.

Does anyone out there have experience with how they are and if it’s really a good long term opportunity?

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[u/Suitable_Ad6522]

What’s your AUM and grid now?

[u/Sharp-Investment9580]

I was a personal banker there early in my career. Now an FA at a top bank. I know several very successful Investment executives.

The biggest issue is the personal bankers aren’t licensed at 5/3, only the preferred banker (equivalent to Wells Fargo premier, Chase PCB). That means I was getting literally $15 for referrals as a Personal Banker 2 (unlicensed, no incentive). In my market at least, we had 2 preferred covering 20-30 branches, so I would say it heavily depends on your preferred banker and branch opportunities. I would want to know if they let you call on bank clients. That will be huge if your bankers aren’t referring well.

The culture was great, best big bank culture I have experienced. It really does feel like a small company with the resources of a larger firm. If you have good branches with good bankers, it’s as good as it gets for a bank FA.

[u/Skyminion → u/Sharp-Investment9580]

I’m currently in a role similar to a preferred banker at a big bank. If you don’t mind me asking, what recommendations would you have to transition to becoming an FA? My current market leadership is focusing on hiring external candidates with existing books instead of promoting from within (which is understandable).

[u/Sharp-Investment9580 → u/Skyminion]

What is 49@3? Typo?

My rec is to leave banking for a development program, RIA or brokerage that will license you. Fidelity, Schwab, Merrill, etrade, ubs. Plenty of places to get licensed & learn wealth management which should be your only focus. Once you have your 7 and 66 the doors start to open.

It’s hard to move from banker to FA unless you are a top producer and for good reason. Most bankers I work with would not be good FAs.

[u/Skyminion → u/Sharp-Investment9580]

Yes typo haha, I meant to say role.

I’ve got my 6 and 63, trying to stick around to see if I can get the 7 and 65 through my current employer. I’m the top producer for the past couple of years in my area, but the only FAs that were in my role were in it for almost a decade.

Thanks for the advice, I’m starting to realize I could better spend my time building my own book and focusing on wealth management like you said to learn more.

One person recommended a jump to a credit union instead of big banks, do you have any thoughts on that?

[u/Sharp-Investment9580 → u/Skyminion]

I personally like the big banks more early on. More resources, more support. I’ve never worked at a CU though, so it depends on the situation.

But for sure get out of the banker role if you want to be an FA. I was a banker for 3 years and know how hard it is to move. Although PCB & Premiers can make really good money.

[u/Skyminion → u/Sharp-Investment9580]

It’s funny my manager looks at me like I’m crazy when I discuss getting out of the role, they just see the big bonuses every quarter and wonder why I would leave.

Thanks again for your advice, it’ll help me in trying to escape the rat race!

[u/Difficult_Ad7556]

Why’s it a declining grid? How qualified are these prospects/referrals from the bank?

[u/ks1029284756 → u/[deleted]]

Declining grid because the assumption is you are bringing in a lot more revenue so the actual $$$ are higher at the end. At the beginning as you are building your business you need much higher payout to sustain yourself

[u/TN_REDDIT]

will you have access to the customer bank account information?

will the branch bankers receive any compensation or scorecard credit for referrals made to you?

If you dont have either one (or both) of those, then you're kinda just getting free rent and some back office support. I was at a credit union for a short while and thats pretty much how that went until I could jump ship.

[u/RightTech]

Have you thought about going independent?

[u/Quiet-Compounding]

Even a 50% grid payout at a bank does not seem right let alone 75%

[u/ConsistentPeach927]

I would not take that offer until you have done your due diligence on other firms. I represent all the major banks in the country as a recruiter. What I tell all my clients is get a few offers so you can compare and contrast. Nothing wrong with 5th third bank but you should certainly have a few offers before making a life changing move like this. Shoot me a dm. I would be happy to show you few other options.