"Book reps"-a term that refers to bank-based advisors who solely work their books and no longer take branch referrals-occupy a nebulous region of the bank channel. To many advisors, they are bank brokerage's shining lights, producing tons of revenue, pulling in millions of dollars in assets even in down markets, and for the most part, earning fees on what they manage. It is possibly an advisor's best-case scenario-freedom from branch politics, quasi-independent status without the hassle of running an office and access to a bank's high-net-worth services whenever a wealthy client needs it.

The challenge is in getting there. BIC's Top 20 Wealth Managers generally emphasize the importance of determination and, above all, hard work. They also speak of the leap of faith it takes for an advisor to quit the branches and lose all those referrals. But book reps who are now taking home sometimes seven-figure salaries also say that they wish they'd done it sooner, and that their quality of life has improved so dramatically that they can't imagine working any other way.

In practical terms, freeing one's self from the branch network takes a fair amount of assets under management-one finalist reckons $250 million is where it all starts to happen, but others put it somewhere around $100 million-and assets must be accompanied by strong client relationships, because it is those relationships that will lead to repeat business and new client referrals that are a book rep's life blood.

But look at what happens when it all comes together: Alex Navarro, who leads the pack, brought in $142 million in new assets just last year, and his peers in the top five all brought in between $70 million and $100 million in new assets, which is more than many branch-based reps' entire books! So join BIC in congratulating the Top 20 Wealth Managers on their achievements and take a look at their stories. If you're a branch-based rep yearning to move your business to the next level, take heart: With a little courage and a lot of hard work you, too, could join the ranks of BIC's Top 20 Wealth Managers.

#1: Alex Navarro

Bank/TPM: SunTrust
2008 prod.: $986,000
2007 prod.: $1.4 million
2008 AUM: $410 million
2007 AUM: $268 million
Change in assets: 35%
No. of clients 2007: 450
No. of clients2008: 500
Min. account size: $500,000
Account range: $200,000 to $75 million
Product mix: 45% fee-based; 25%fixed income; 15% annuities; and 15% mutual funds
No. of client meetings per year: 200
No. of assistants: 2

Comments:Navarro says his business really took off when he promoted his sales assistant to junior broker and hired a replacement sales assistant.

Expanding his team means that Navarro can keep up an uncompromising level of service. Client calls are returned within 24 hours if they aren't answered immediately and turnaround on proposals is one week at most.

He says the key to his success is a grueling work ethic. "A lot of people in this business don't work hard, it's as simple as that," says Navarro. "We're lucky to have the jobs we have, but many advisors just don't put in the necessary work to build their practices. My motto is always to under-promise and over-deliver." Navarro, who tends to pick and choose his clients, also won't deal with negative people. "It's not fun and I can afford to turn down that business," he says. While he is now at the point where he can afford to take more time off, "it's not a daily occurrence. The secret to my success is hard work and always doing what's right for the client, not for myself or the bank."

Although he says a lot of recent asset inflow has come from people seeking the safety of treasuries and brokered CDs, which pay one-off transaction costs, at 70%, most of Navarro's business is done through Pinnacle UMAs or C-shares, from which he earns fees.

Navarro concedes that with a book of $410 million, he could make a lot more money as an independent but for him, the extra income isn't worth other sacrifices he'd have to make.

"It's a quality of life issue," he says. "I don't particularly want the headache of running a business as an independent. I've got kids age 8, 6 and 5 and I won't get that time again. I make enough money to have a very nice life; I don't need more. Life for me is about my family and friends; it's not about money."

#2: Tom Gletner