How a Bank Teller Became One of Bank of America’s Top Bankers

• Paul Yates graduated with a finance degree in December 2008 as the current market crashed.
• The only job in his field he could get was as a portion-time teller at Financial institution of The usa.
• 13 a long time afterwards, he is a leading non-public banker at BofA many thanks to his success with Florida yacht entrepreneurs.

Paul Yates graduated with a finance diploma at the worst doable times: December 2008.

Many thanks to the Good

Economic downturn

, banking companies ended up halting their training applications, and the freshly minted University of North Florida graduate couldn’t locate the analyst role he was just after. 

Two months later, he went to a Bank of The us branch in Fort Lauderdale to hard cash a Valentine’s Working day examine from his grandmother. He asked the teller if there had been any work opportunities readily available. The only position was as a aspect-time teller, and he took it.

Thirteen yrs later, the now-37-calendar year-outdated is seen as a top performer at the non-public financial institution, escalating his book by 65% in 2021, in accordance to Financial institution of The us, which declined to specify his e-book dimensions. Found in the yachting money of the world, Yates’ staff has extended a lot more than 20% of the total personal bank’s yacht-personal loan quantity, the most of any staff at Lender of America, the lender claimed. Yates expects to lengthen 6 to 10 watercraft loans, which begin at $5 million, this calendar year. 

Yates told Insider how he labored his way up from part-time teller to banker for the uber-abundant.

Yates credits his achievement as a teller and a non-public banker to the identical trait: salesmanship

Yates has been a “sales shark” considering the fact that he was a child, offering massages to loved ones associates and Creepy Crawler toys to his elementary-faculty classmates. He can strike a discussion with any person, he informed Insider, and appreciates when to go in for the destroy.

“As a shark, you’re underneath the h2o until finally you have to have to come up,” he explained. “Knowing the time in the dialogue to do that is what I consider has led to my accomplishment.”

He was equipped to talk customers into opening accounts right after walking in to income checks. The purpose was changing 10 customers a month, and he landed 40 in the very first month, Yates mentioned. 

According to Yates, it was a specifically complicated time to get in excess of consumers, as believe in in massive banking institutions was at an all-time very low.  

“2009 was a tough time for Financial institution of The us with the disaster and every thing likely on in the news,” he stated. “I had to spin it.”

He rubs elbows with the yachting community to land significant clientele

Following six months as a teller, he was promoted to particular banker, encouraging branch buyers set up new accounts and apply for financial loans and credit score playing cards. He started out doing work with tiny businesses in late 2009.

Yates received his very first-option branch, which was close to Port Everglades, the most important seaport for South Florida. It was within walking length of all the major yacht brokerages, whom Yates served with something from getting petty income to payday employees, wire transfers, and placing up LLCs for proudly owning new boats.

He struck up a friendship with a consumer who was a yacht broker by serving to him finance his very last alimony payment. Through him, he achieved other brokers. The native Floridian experienced frequent ground with yacht fanatics, from proprietors to captains.

“I grew up on the water finding out boats, fishing, and diving as a younger child,” he explained. “The joy and appreciate of the drinking water drew me to this market and specialized niche.”

In 2015, Yates used to the non-public financial institution teaching system and obtained acknowledged. He has built on his secure of yacht shoppers, from sporting activities staff house owners to genuine estate moguls, mainly by means of word-of-mouth. He receives referrals from joyful shoppers, these types of as 1 he aided get an unsecured financial loan to acquire a stake in a sports activities franchise final September.

“The yachting neighborhood is a very tiny community,” he explained. “Your title and name is the only factor that holds worth in the neighborhood.”