Bac

What changes have been made?

you are so right,   it’s a shame whats happening to the company and the way they think of their FA’s, I really think there will be lots of departures if they don’t change the way they look at their people.      

Brokerage is always the red headed step-child of banks, I speak from experience. They want to put in as little as they can and extract as much as possible.

Come over to the dark side! Indy!

I wonder if premier bankers at BAC can make as much as a FA who’s been in the business 3-4yrs. A buddy of mine said they heard of a banker who made 35k in bonus a qtr. Don’t know if that
is true or not. Seems like BAC is investing more on the premier bankers than FAs–I have seen alot of FAs at BAC jumping ship–especially to Well Fargo Investments, out here in the bay area.

You’re exactly right. They invest so much more into their premier bankers and the FA gets nothing. Premier bankers have no value, and very little skill. If premier were smart they would fire all their premiers and transfer the job function to the FA.

[quote=ezmoney]You're exactly right. They invest so much more into their premier bankers and the FA gets nothing. Premier bankers have no value, and very little skill. If premier were smart they would fire all their premiers and transfer the job function to the FA.[/quote]

Interesting comment you make there.

As I was in the final stages of planning to go indy, having done over a year of planning and due diligence, I was approached by a friend who used to work at my firm.  She'd accepted a job working as an assistant with a senior manager at BAC, and she told me about the Premeir Banker position.....as sort of the head(or the hub) of a wealth management team.  She told me that they were hiring and that she thought I'd be good at it.  I told her I really appreciated that she thought of me, but that I wouldn't dream of it as the bureaucracy and the politics of a bank environment would make me nuts.  I'd either have a heart attack from the stress or I'd assault someone in a fit of frustration.

Sounds to me like I made a good decision.  I wish y'all the best.  If I were you I'd get the heck out!

Huh or head of the wealth mgmt team my ass! They don’t know their a$s from a hole in the ground when it comes to wealth mgmt. All they know to do is to migrate (pike) accts from their banking list and call them clients. Then they act like they have done such a great job growing their book. What a bunch of pikers!! They wouldn’t know how to gain client’s trust if it hit them in their head. Again no selling skills what so ever.

So any details on the “discretionary” bonus with the 3year hand cuff?

<span =“bold”>joedabrkr, what else did you friend tell you about the premier position? Was she an assistant to a Premier or just some “area manager” type? I have to agree, there is alot of politcs in banking and that too much “power” is vested in only a few # of people.

[quote=thebanker]joedabrkr, what else did you friend tell you about the premier position? Was she an assistant to a Premier or just some "area manager" type? I have to agree, there is alot of politcs in banking and that too much "power" is vested in only a few # of people. [/quote]

She is/was assistant to someone in management.  She was encouraging me to apply for a position leading or serving on a "wealth management team".  She made it sound like the best thing since sliced bread.

I, on the other hand, had already pretty much made up my mind to get away from the large company corporate environment, and didn't like the idea of being someone elses employee.  So, I told her thanks so much, but it just doesn't sound like the kind of direction I'm looking to go.

That's the story....

Anyone see the irony/humor in the screen name of this topic's starter and the event that precipitated the topic?

If it sounds too good to be true, it might well be.

not very happy with the changes at boa. They turn the screw on their reps every year. haircuts everywhere.

A 10 % commision reduction on all biz referred from Premier bank. (goes to fund banker comp) a trailer grid that is 7% less than transaction grid. We have a chance to get it back if we do everything they ask of us (at end of year). next year they will turn the screw again until they see a lot of brokers leave. They really dont care what kind of production they get from brokers. They investment area has always lost money but the premier bank makes piles of cash. We are their only to provide advice so they dont lose the biz to a wirehouse. This used to be a great bank program but it is being run by bankers. I sat through a 1 hour long confrence call on how I need to help my bankers meet their loan goals.

Do i get paid on any of that… nope (they paid us last yr on loan biz but you guessed it…it was cut) sorry for the rant

You know the diff. between a porcupine and a bank? The porcupine has all the pricks on the OUTSIDE. : > )

[quote=bankfa10]not very happy with the changes at boa. They turn the screw on their reps every year. haircuts everywhere.

A 10 % commision reduction on all biz referred from Premier bank. (goes to fund banker comp) a trailer grid that is 7% less than transaction grid. We have a chance to get it back if we do everything they ask of us (at end of year). next year they will turn the screw again until they see a lot of brokers leave. They really dont care what kind of production they get from brokers. They investment area has always lost money but the premier bank makes piles of cash. We are their only to provide advice so they dont lose the biz to a wirehouse. This used to be a great bank program but it is being run by bankers. I sat through a 1 hour long confrence call on how I need to help my bankers meet their loan goals.

Do i get paid on any of that… nope (they paid us last yr on loan biz but you guessed it…it was cut) sorry for the rant[/quote]

The simple problem is this…when a ‘bank-minded’ manager sees reps suceeding and making a multiple of the branch manager’s comp they don’t give any creedence to your hard work, experience, intelligence, long hours, and so forth.  They simply figure you’re making too much money and want a bigger piece of that revenue stream for themselves.

bac can go F$*K themselves as far as am concerned. Don’t go to work for that scewball company or any other bank as far as am concerned. I’ve learned my lesson.

Banks can be excellent places to be.  Wealth Management even better.  I've seen guys do in 2 years what it takes most 15-20 years to accomplish- and in an easier way (i.e. gather 300 million/gross 1.5 all by referral).

Beats a desk and a phone.

oh sure do it in 2 yrs and then look on   in horror as they decide they are not going to pay you on trailer biz. Thats what they did at BAC

bankfa10 is right. every year it will be something different, make no mistake. Where ever they can squeeze profit at your expense they will. I got out months ago and I thank my lucky stars everyday.

[quote=banknomore]bankfa10 is right. every year it will be something different, make no mistake. Where ever they can squeeze profit at your expense they will. I got out months ago and I thank my lucky stars everyday.[/quote]

Ditto on my experience...every year, a new comp plan...each one screwing me a bit more...

The last straw...or one of them at least...was some God-forsaken mandatory "sales training" last spring (which was of course, unpaid for all of us commission-only folks)...over 40% of our workforce either left the bank or transferred out of the investment management division in the twelve months since then.  I thank my lucky stars every day that I'm out of that sh*t-hole.

Moral of the story…stay away from the Nationals and Super Regionals.  Completely different experience for me, but I’m in the Community Bank channel.

You got that right BAC sucks!! So does every almost every other bank. Do not go to BAC!

The sad thing was, I was in the community bank channel also…just goes to show that all bank programs are not created equal.

Banks can be absolute nirvana. Really.  Just need to find the right one for you.

[quote=Indyone]

[quote=banknomore]bankfa10 is right. every year it will be something different, make no mistake. Where ever they can squeeze profit at your expense they will. I got out months ago and I thank my lucky stars everyday.[/quote]

Ditto on my experience...every year, a new comp plan...each one screwing me a bit more...

The last straw...or one of them at least...was some God-forsaken mandatory "sales training" last spring (which was of course, unpaid for all of us commission-only folks)...over 40% of our workforce either left the bank or transferred out of the investment management division in the twelve months since then.  I thank my lucky stars every day that I'm out of that sh*t-hole.

The funny thing is, my business has really picked up the past couple of months, with a lot of customer referrals.  Heck, I got a referral the other day for a nice account from a former client who hasn't even made it over from the bank yet!  Today, I moved six figures into a VA from a lady who still works at my old bank.  The rep who replaced me was green as grass and could not recognize that she wanted an absolute guarantee for her money, so he shows her a respectable mutual fund hypo and she asks me what I think of it.  I told her that it was a nice recommendation, except that it did not provide any guarantee for her principal.  I knew that was very important to her, and the end result was that I moved the money easily, even though it would be much easier (and more politically correct) fo her to stay with the bank.

If anything, the bank, and all their junk referrals just distracted me and held me back.

bankfa10 wrote

The place is a absolute joke..Almost criminal the way they are taking away commissions (trails) that were earned before these bozos took over.

They are  pushing money mkt accts that generate revenue for mgt and only mgt.

80 basis points on propriety fund ,...and they insist all in the best interest of the customer.

2 more weeks and goodbye to those LIARS,CHEATS AND   *&%^$#@

I’m right behind. In the planning stages.

[quote=ezmoney]I’m right behind. In the planning stages.[/quote]

Come on in the water is fine bro! 

Why the complaints? Maintain Client Delight and you will get back the trails + a little extra. 3 contacts a day can’t be that hard can it?

what a great deal!!! take something that is rightfully mine and hang it over my head all yr then give me bank of america stock options which vest in 3 years instead of giving me the cash that you took from me. chain me to a bunch of stock options. When you change the comp plan again for the worse just like you have for the past 3 years im stuck with worthless stock options.

at the same time the premier bankers get 60 k salary with bonus every qtr 3-5 k and 4 weeks of vacation and paternaty leave of 2 months.

Look those “premier bankers” right in the eye. Do you see fear? Now look a GOOD broker in the eye and tell me what you see.

wow 60k salary!  woo hoo!

Dude if that impresses you, then go be a premeir banker and stop pretending to be a broker…

BAC sucks.

well it does not impress me but when you got a kid a yr or two out of college making 100k with little job exp and I have been working as a fa for quite some time and im making a 120k with no vacation it starts to piss you off. oh and if I didnt have all the haircuts i would be making 145k

Working at BAC is a job. You are an employee of the investment mgt. side of a large bank where retail banking rules the roost. If you are in this business for the long run, go where your book is yours to build, reap the benefits and someday sell like you would a BUSINESS. The referrals are gone. Premier runs the referral process now. The brokers have gone from being known to their clients to now being known as the 'investment guy" John my premier banker introduced me to. This is all part of the plan to make you an expendable/interchangeable EMPLOYEE.

that 100% right

Maybe ezmoney should change his handle given his current viewpoint on his situation.

Here is a new one:  “if it sounds too good to be true, it probably is.”  This business is hard…you have to be smart, good, and usually lucky somewhere along the line.  Or just be dumb, bad, and VERY lucky.

Let me understand:

There is a chance that a consultant doing 300k trails annually could one day have that reduced to zero?

Does that make much business sense?   Wouldn't all the reps just leave?

scrim

scrim,



they would not go to zero however they would lose a 30% as it would go on a trailer grid and then at the end of the year they would give you stock options with a 3 yr cliff vest that might equal what was taken in trails or could be up to 12 % of your earnings for the yr. ex make 100,000 dollars on your paycheck get 12k in options. if you dont jump through the hoops you would get nothing

What they’re hoping is maybe you convert some of you older trail fund business to managed wrap programs. You’ll increase your production by 3X and lock into their wrap program. Otherwise collect a lower trail and hope you get it back. Move the assets into their program so it makes it difficult to move.

bnaknomore





I was aware that clients could not move assets in kind from fundstratagies to another firm. What was your experience moving your book Like. What type of biz would you do to prepare to go indy

you can move the funds from fund strategies. A client of mine was acidentally acated by a rotten jones rep. recently. most all of the portfolio was transferred with the exception of a few funds because jones wouldn't hold them. They moved out of the CSG program quite easily. I was glad experience this. I acate them back into the program as well.

I really have to tell you working for this organization stinks. You can't trust them, and it will probably only get worse. It is premier who runs the show. they are supposed to be the lead contact and this will never change. When I can get out I will.

bankfa wrote

what a great deal!!! take something that is rightfully mine and hang it over my head all yr then give me bank of america stock options which vest in 3 years instead of giving me the cash that you took from me. chain me to a bunch of stock options. When you change the comp plan again for the worse just like you have for the past 3 years im stuck with worthless stock options.

So true...the place will be filled with pathways( their jr program) earning 40k ,pushing fund strategies.

The legal dept has been slapping injunctions on reps that have been leaving and trying to solicit their clients.Is anyone familiar with the article on this website stating    Leaving just got easier....

Wondering if this is a viable defense and if it will be worth the legal fees

You guys are not looking at this right. Go ahead and try and build outside, I wish you the best of luck. Me? 3 recorded contacts is no big deal. I get reff from Private Bank, Premier, and the Banking Centers. It’s all cream! The BC gets a point for each investment reff! A lot easier than the 4 to premier. I’ll take $5,000 fund trades all day long Wish you the best of luck out there. Me? I’ll grab 70% of your book after you leave!

from what i have been told most reps get a letter to stop calling bank clients however one of the recruters from one of the indys said that once they(bac legal is informed by the indy legal) that the rep did not take money to switch firms that the issue is dropped. Anybody have anything to add on this matter?



From what I understand It goes back to the HR block case. Firms have to have a legal basis to file a TRO. if they are giving upfronts they cant file a TRO when reps leave and dont get money from the new firm.

Doesn’t make much diff. whether you get a check to walk, or not get a check. Be very careful about using client info when you move. The banks (and their brokerage arms) are very clever about putting “client confidentiality” clauses in their (your) employment agreements. Therefore you ARE NOT supposed to have ANY client info other than just name and address and ph.# 

Bank fa10

I would not use the fund strageties advised product. Anything they wanted us to do that smelled of proprietary I avoided. I would read the fine print of any managed product for portability. They yanked portfolio edge and that IMO was the friendliest for brokers.

Most who have left have not had problems moving clients. That can be dealt with and it is temporary. The bigger issue is any "bonuses" (indentured servant loans) they want it back and will pursue.

If you have a relationship with them they follow you for that. The more you tie into the bank and bank products/premier, the more you become the expendable/interchangeable employee.

Case in point, premeier is currently telling one of my clients who has little left there what a great deal some 3% CD is. I show the client other cds at 4.2-4.4% or a money market at 3.8%.

3 contacts is not a big deal,its the point of taking commisions from you and then (maybe) giving it back in restricted stock.One of the criterias of getting your commissions back is client delight.How many clients were delighted in the 3 yr stretch 2000-2002?

At the end of the day you should be able to get paid today on commissions generated today!

Whalehunter,$5,000 trades? Looks like your fishing in neighborhood ponds.

Cute, my biggest DAY was north of 200,000 GROSS. How about yours?

Exactly how far North?

bump:

What’s the lastest news with BAC now? Did they recognize that all their good brokers are gone and they;re suck with a bunch of pikers?

What’s the deal with BAC’s pathways (their jr program)? Compensation, revenue requirements and etc.

Forget pathways. you don’t want to work for BAC.

most of them dont make it. even though they pay them a higher payout 31 %and a salary. they are able to do this by taking a flat 1/3 of the trails from the brokers with a LOS over 5 yrs. 4 max payout on annuitys etc

pathways salary is 40k...they only pay 31% if you use their fund strategies managed product.If you buy mutual funds they pay you at 15%.

The banker wrote

{What's the lastest news with BAC now? Did they recognize that all their good brokers are gone and they;re suck with a bunch of pikers? }

Left bai with trailing 12 of 500 ,50% m.f 30%f ee based 20% annuities and regional mgr totally understood the move. Upper mgt could care less! When investments provide less than 10% of the banks revenue THEY JUST DONT GIVE A sh*t.

BAI is getting cocky, I’ve talked to one of their brokers and she said they only hire from wirehouses who do mostly fee based and that they do not hire from other banks. The wouldn’t talk to anyone who’s transactional. 

most of the vets and brokers over 400k know that they have to leave. We all have our eye on the door. Some are in training programs for the indys so they can hit the ground running when they leave

how can one be in a training program with an indy and still working at BAI? we haven’t had any defections as of the new year when the new comp plan was rolled out.

It’s done after hours (probably online) while you’re drinking 4-5 glasses of wine…

The reason you haven't seen a lot of FA's fleeing BAI is because it takes some time to interview other firms and gather up the clients.  Also, April is a trail month for CSG so I most FA's are waiting until the May 15 paycheck. 

The year-end bonus (where you recoup your missing trails and qualify for the 14% bonus in the form of 3 year vesting stock options) consists of more than just 3 contacts/day. You also have to refer $3 million in mortgages, CD's, HELOC's, etc. back to the bank.  Those are very difficult goals to achieve.  The BAI compensation is by far the worst I've ever seen in this industry. 

They are having no success in attracting the experienced wirehouse brokers because anyone with any experience can just ask the friendly neighborhood wholesaler and figure out that BAI is falling apart.  It's laughable when I see the new recruits that they do hire.   Two years of experience and no book.  I guess it's good for them because they have the ability to build a book, make no money, and then leave after a few years.

Pathways (for new brokers) is actually a great program but a lot of it depends on where you’re at.  Most drop out after the $40k salary ends (18 mos.) but during that time, you can build a pretty good book.  Payout sucks but who cares when you’re getting the salary.

$3 million in bank referrals, can you believe that? I’m still waiting for the $1.8 mill/qtr that those piker premiers are supposed to send me.

[quote=Indyone]It’s done after hours (probably online) while you’re drinking 4-5 glasses of wine…[/quote]

still getting worse

how so? anything positive @ all?

Nothing positive when it comes to getting referalls. The plan just changed for premier.They now get PENALIZED if a referral moves money from deposits to investments.

good luck getting anything approved. I do very little in annuities but They call your clients on every annuity ticket and try to talk them out of it. all they want is fee based. I could put a 90 yr old widow in a all stock port and get a pat on the back from mangt

Mgmt is weak. A bunch of yes men.

[quote=ezmoney]Mgmt is weak. A bunch of yes men.[/quote]

What do you figure makes a strong management team?

[quote=NASD Newbie]

[quote=ezmoney]Mgmt is weak. A bunch of yes men.[/quote]

What do you figure makes a strong management team?

[/quote]

I didn't think you'd know, Putsy.