Bac

who?

production?

they just brought in a team from ML on the west coast doing over 2 mil

Why in the world would a team doing over 2 mill come to BOA? Incredible! I’m trying to get out of here and good producers are still joining this piece of crap firm.

My guess is that they offered a $2 million team a different deal than they

offered you.

My guess is they’ll be regreting the whole deal 6 months down the road.

My guess is from some of the things I’ve been told is that someone will be regretting it down the road, whether it be BAC or the team and it’s lawyers.

Here we go again…

I just got done talking to a new hire from Merrill who just came over to BAC. He said he had a hell of a time gathering assets this past year. He had about 20 mill aum. But what a great brand name.

So my question is what makes you think it's so much easier for an indy? Please keep it to serieous replys. I know I have had a great deal of questions regarding the indy model. Let's just play devils advocate shall we?

The only reason they joined BAC is because they were mislead - just like the others…  Call that team in 6 months - see what they say.

I wanted to use this one day, today sounds like about it.

The Goatherd and The Wild Goats

A fable

By

Aesop

A Goatherd, driving his flock from their pasture at eventide, found some Wild Goats mingled among them, and shut them up together with his own for the night. The next day it snowed very hard, so that he could not take the herd to their usual feeding-places, but was obliged to keep them in the fold. He gave his own goats just sufficient food to keep them alive, but fed the strangers more abundantly in hope of enticing them to stay with him and of making them his own. When the thaw set in, he led them all out to feed, and the Wild Goats scampered away as fast as they could to the mountains. The Goatherd scolded them for their ingratitude in leaving him, when during the storm he had taken more care of them than his own herd. One of them, turning about, said to him: "That is the very reason why we are so cautious; for if you yesterday treated us better than the Goats you have had so long, it is plain also that if others came after us, you would in the same manner prefer them to ourselves."

Old friends cannot with impunity be sacrificed for new ones.

Let's see, the guy figured out what was wrong with wirehouse jumping about 650 years before Christ and there's still debate about it?

Maybe we should have paid better attention in Kindergarten.

Mr. A

I still don't get it.

I get good syndicate allocations, competetive bond bids, a competetive wrap program and a brand name that gives me people to call. I don't understand why people hate it. I'll take 34% payout and referral's vs 40% payout and Asset Builders any day.

If you’re happy and well fed, it’s not a “bad move”.

I don’t think it was, which for me is a big statement, right TED.

[quote=badmove?]I don’t think it was, which for me is a big statement, right TED.[/quote]

Just like I’m perfectly happy with a 70% payout after expenses…don’t need referrals…and no sales manager to hassle me.

[quote=badmove?] I don’t think it was, which for me is a big statement,

right TED.[/quote]



Who or what is ‘TED’?

don’t need referrals??

The only thing that I can say is that this is no longer a bank program (as it was under Q&R).  It is now a wire house with a referral program that still has significant kinks in it.

[quote=$$$$$]don’t need referrals??[/quote]

Yep.  I know it’s hard for a piker like you to grasp, but some of us don’t need to trade our freedom to gain referrals from the bank tellers…

NOFX,

It sounds like your enthusiasm is crumbling.

5 dollars -

Couldn't be better.  My lazy CM just got canned and I am getting 2.5 new CMs starting 1/1.  I was trying to be sympathetic to those of you who are always whining that someone else isn't feeding you enough.

Meanwhile you are convinced that the grass is greener (and it is for the right person) and you troll this board looking for someone to guarantee you that going indy will work for you.  Only YOU can make you successful and therefore your failure is on your shoulders as well.  Refocus yourself where ever you land.

[quote=NOFX]

5 dollars -

Couldn't be better.  My lazy CM just got canned and I am getting 2.5 new CMs starting 1/1.  I was trying to be sympathetic to those of you who are always whining that someone else isn't feeding you enough.

Meanwhile you are convinced that the grass is greener (and it is for the right person) and you troll this board looking for someone to guarantee you that going indy will work for you.  Only YOU can make you successful and therefore your failure is on your shoulders as well.  Refocus yourself where ever you land.

NOFX,

5 dollars that's funny. I like that. Seriously, have you heard about the new comp plan change for under 350k grossers that will be announced 13 Dec? Let me give you a hint: more payout cuts and more hurdles to jump over to get back what was ours to begin with.

What a piece of crap company!

btw, 2.5 cm’s ?? Big deal. I haven’t had a cm thats worth .25. What’s your gross at BAC becuase if it’s less than 350k you’re about to tkae it up the bum.

Whatever the hurdle I will reach it.  If I don't I wont cry to people who don't care that it is someone elses fault.  Who will you blame if you go Indy?

btw, your CMs probably didn't work hard for you because they didn't believe in you, you put no time into them and you waited for handouts. I get referrals from CMs (not mine) in our area because they don't respect the FA they are assigned to.  Hell, your CM probably refers to me! I will have 3 fresh faces -whom I helped pick - who are hungry and looking to learn.

Worry about your own gross.  I am fine

Stop being a victim.

btw, who says “bum” ?

spoken like a true pathways rep!

I heard the hurdle is 400k, below that your @ 28%. Better go indy $$$. $$$$$'s Investment Advisory Service…there’s a brand name that’ll bring them through the door.

[quote=$$$$$]spoken like a true pathways rep![/quote]

$5.00 - I just put my C1 and C2 clients into a joint rep code with a Pathways rep.  Free up my time and give this guy a headstart.  I'll bet he beats you in '07

Doubt it. I'm a superstar. Gross more than you.

you already told everyone  you’ll finish at 300k

and your gross is…???

[quote=$$$$$]and your gross is.......????[/quote] \

If this is somehow important to you - I will end the year @ $360k.  $140k will recur next year (+$40k in trails). 

 Not where I was in 2004, but I'm happy ,considering that we basically started over in 2005.  With my SMA production hitting a stride and my insurance knowledge improving, I feel pretty goood about $450k in 2007.

So you see, I am basically in the same shoes as you but I choose to be responsible for my own future and not complain that someone owes me a living.  Adjust, figure out the strengths of your situation and move forward - all your complaining makes you sound like an employee.  I'm done with you.

[quote=NOFX]

[quote=$$$$$]and your gross is…???[/quote] </p>

If this is somehow important to you - I will end the year @ $360k.  $140k will recur next year (+$40k in trails). 

 Not where I was in 2004, but I'm happy ,considering that we basically started over in 2005.  With my SMA production hitting a stride and my insurance knowledge improving, I feel pretty goood about $450k in 2007.

So you see, I am basically in the same shoes as you but I choose to be responsible for my own future and not complain that someone owes me a living.  Adjust, figure out the strengths of your situation and move forward - all your complaining makes you sound like an employee.  I'm done with you.

nofx - $450k at bac  - with their payout + trail grid - what does that mean $50k net to you....

NOFX,

The question is 350k gross huh, but how many years in the biz? I'm guessing greater than 6 yrs. I on the other hand only have 4 yrs in the biz. Tell the truth now. I know I'm right. Are you a big enough man to admit it?

500 pennies -

Actually 10+ years in.  I was a burnt out, blown up stock jockey in 2002 and I tried to get out of the business - but no go.  Landed in the bank program and started from 0 - no book no nothing.  I had 3 crap branches and moved up from there.

So, does my response to your taunt change the fact that your crybaby attitude makies you a victim?

better get your lube out nofx BAC is going to ram it up ur bum on the 13th!

I am a crybaby right now because I know what is coming down on the 13th.

All bickering aside. Are you really happy about what BAC is doing to us every year? Is this what you signed up for?  It's not what I signed up for. 31% I could live with but 28% and if you jump all their hurdles you may get it back is crap!

These bankers are trying to run us as if we all were a bunch of tellers/pbs in bank branch. I wish I would have taken the feedback with regards to this forum and working at a bank 3 years ago. I would have never joined this bank.

[quote=$$$$$]

I am a crybaby right now because I know what is coming down on the 13th.

All bickering aside. Are you really happy about what BAC is doing to us every year? Is this what you signed up for?  It's not what I signed up for. 31% I could live with but 28% and if you jump all their hurdles you may get it back is crap!

These bankers are trying to run us as if we all were a bunch of tellers/pbs in bank branch. I wish I would have taken the feedback with regards to this forum and working at a bank 3 years ago. I would have never joined this bank.

Is it really that hard? Tell me about it. Jusk kidding

I actually heard in 2 years we move to salary + bonus.

I’ve heard that as well.

I heard the same however the salary will be so small it will not matter.

agreed, something like 40-50, also if your under 300 they will say good-bye.

A question: How does a salary-plus-bonus arrangement benefit a 300+

producer? To me, that would mean a pay cut can be initiated any time they

want to change the bonus.

it doesnt benefit a 300k producer. That is the cut-off, a 220k producer would be happy w/that arrangment a 300k would not. you cut anyone who would be happy w/ the salary and dangle the bonus carrot in front of the other producer's. JP Morgan did this 6 or 7 yrs ago when they took over H&Q. Guys making 1mil were given a salary of 200k + bonus, didn't work they all left.

This is the 2nd year these phuckers have ruined my Christmas because of comp changes. I hope to god there is a mass exidus come Jan-Feb.

[quote=$$$$$]This is the 2nd year these phuckers have ruined my Christmas because of comp changes. I hope to god there is a mass exidus come Jan-Feb.[/quote]

stop whining.  do something about it.

then again, if you fixed the problem you might end up unhappy that you no longer have anything to whine about…

5 bucks -

If there was a mass exodus would you career prospects somhow improve?  I know that sounds like a taunt  - I don't mean it to be.  Focus on improving your own situation - not on someone else's situation getting  worse (what good does that do you?).  Look at the things you CAN control  - how you spend your day, the attitude you portray to those around you etc.   If your referral network (wether it is CMs or branch folk or the Rotary Club) always gets negativity from you - you couldn't sell $5.00 bills for 2 bucks! 

If it just doesn't work for you move on...  Send an email to senior management on your last day if it will make you feel better.

If you are over $350k, the comp plan stays the same for you.  As for going to salary plus bonus, strictly rumor.  If BAC is so bad, please quit whining and take a check or go indy.  Life is too short to feel as bad as some of you sound.

[quote=overhead]If you are over $350k, the comp plan stays the same for you.  As for going to salary plus bonus, strictly rumor.  If BAC is so bad, please quit whining and take a check or go indy.  Life is too short to feel as bad as some of you sound.[/quote]

You guys can’t see the forest from the trees. They just raised the bar 50k gross to get a 31% payout and you’re as happy as can be.

whats it drop to @ 315K?

I thought the hurdle would be 400k

[quote=$$$$$]You guys can’t see the forest from the trees. They just raised the bar 50k gross to get a 31% payout and you’re as happy as can be. [/quote]

No you moron it’s you who can’t see the forest of opportunity out there, at BAC or otherwise, because you’re so busy arguing about minutiae.  Either stay and work to get your best out of the opportunities there, or get the hell out.

Banc of America finds itself in deeper hole

Bruce Kelly

October 30, 2006

NEW YORK - In a spreading mess, several former brokers and advisers with Banc of America Investment Services Inc. are in the middle of arbitration claims and lawsuits against the firm, and their cases focus on the series of broken promises the firm made during a recruiting spree in 2003.

Where is the story from?

waterboy:  Google it. 

bankfa10:  Thanks for the story.

I wonder what else will happen when the new comp plan is rolled out tomorrow.

Many will leave in the 1st qtr.

And I thought you were a friend joedabrkr.

btw can someone please post the above story on bac?

Not sure if pasting the entire story will survive the moderators.  Googling will get you the entire story.

gotta pay for it

Google it, and instead of clicking on the large link, click just below it on “Cached.”

did it. you still have to pay for the “whole” story.

[quote=$$$$$]

Many will leave in the 1st qtr.

And I thought you were a friend joedabrkr.

Banc of America finds itself in deeper hole

By Bruce Kelly



NEW YORK - In a spreading mess, several former brokers and advisers with Banc of America Investment Services Inc. are in the middle of arbitration claims and lawsuits against the firm, and their cases focus on the series of broken promises the firm made during a recruiting spree in 2003…



To view the entire article, go to:

http://www.investmentnews.com/article.cms?articleId=56165&em ailFriend=NTYxNjU6MTE2MjMwODAyMjE0OQ==



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a bit of info for any of you who do a lot of Insurance biz at BAC and plan on moving firms. You are able to change the servicing rep to yourself at your new firm but you will not be able to get comm$$. Per harford " BAC is the only firm that has a contract with all venders that if the service rep is changed the comm$ still go to BAC. I asked if anyone has been able to get BAC to sign the form to redirect commisions. The lady said " have not seen it yet.

any details on the new comp plan?  I heard it was rolled out today at 1:30pm pacific time?

The new comp plan is horse sh!t. In the 3rd qtr payout goes to 23.75% or worse if you do less than 300k gross. Then you hope to get back the difference if you jump their hurdles. If you jump all the hurdles you will make 33%. Good luck doing that. I see the forest from the trees and BAC is not the forest, LPL is. I’m gone inside of 12 mths.

Why LPL?

Mr. A

[quote=$$$$$]The new comp plan is horse sh!t. In the 3rd qtr payout goes to 23.75% or worse if you do less than 300k gross. Then you hope to get back the difference if you jump their hurdles. If you jump all the hurdles you will make 33%. Good luck doing that. I see the forest from the trees and BAC is not the forest, LPL is. I'm gone inside of 12 mths.[/quote]

Lucky LPL ...

You’re right NOFX. I take the tears are for your current situation, and how desperate you are just to have a job and income. LPL will be lucky. I’ll produce just as I have, better than the curve for my 4 yrs in the biz.

Within the next two years FAs at BAC will be paid a salary and 1/4 bonus based on client connections, referrals to banking partners, compliance and subjective.  It just happend to the pathways and then it will happen to the FAs.  Leave before you can no longer prove a trailing 12… If you are thinking of joining - you have been warned! 

the biggest problem with BAC is that they take the last 6 months of production and x2 to get where you should be on the grid. have 1 or 2 bad months in the last 6 and you might be at a 22, 24 or 29% payout. Most FAs are having to self source leads so the economics dont work out.



I understand that the 350 and over producers still have a trailer grid. Is that right?

[quote=$$$$$]The new comp plan is horse sh!t. In the 3rd qtr payout goes to 23.75% or worse if you do less than 300k gross. Then you hope to get back the difference if you jump their hurdles. If you jump all the hurdles you will make 33%. Good luck doing that. I see the forest from the trees and BAC is not the forest, LPL is. I'm gone inside of 12 mths.[/quote]

Huh? You can't do $300k at a BANK and you're going indy? Good luck with that....

mikebutler222 in $$$$ defence BAC does not really refer biz so if your book is not that big 300k can be a challange. all you have is a list of names that 20 other brokers have called in the last 6 months. Not the slam dunk that it can be at some programs

I'm extremly disturbed by this comp plan. They basically just squeezed all of the people they hired in the last two years when I think the intent was to weed out all of the producers under 300k that have been out for over 5 years. They took away the grid for those of us under 5 years and grouped us with everybody else. Since I've been trying to build a fee based business for the past year I am not at 250k yet. 300k was my goal for 2008. I don't know many people regardless of switching firms that are able to get their business up to that level that quickly.

The more disturbing thing is that 24% payout (150k to 250k) will only come to you fully if you, as one of the many hoops to jump through, refer 2.4 million dollars of business to private,premier,consumer etc. This is a major conflict of interest. You are essentially telling me I have to refer business over to others even if it isn't the best thing for the client(i.e. cd's), or you will punish me by keeping my commissions. Please tell me how this is legal, as I see lawsuits on the horizon. 

Let’s sue the bastards!

[quote=$$$$$]You're right NOFX. I take the tears are for your current situation, and how desperate you are just to have a job and income. LPL will be lucky. I'll produce just as I have, better than the curve for my 4 yrs in the biz.[/quote]

Go get 'em tiger!

From what I've read and heard on the conference calls, it seems that the good vs. bad changes depend on your trailing 6 revenue:

Over $350K: considered a Financial Advisor II and very little difference in comp plan.  Eligible (if bank referral goals are met) for bonuses similar to 2006.

$300K to $349:  considered a Financial Advisor I and eligible for some bonuses (small amount). There is no trail grid and the payout is at 33% before being subject to heavy haircuts in the 3rd quarter to pay for the bonuses (bank referrals). 

$250K-$299K same as above but at a 29% payout.

$150K-$249K  24% payout.

$0-$149K 22% payout.

Pathways (trainee):  Salary only with quarterly bonuses (as always, based on bank referrals).

Most brokers, if they can put with the bank nonsense, will be subject to the same crap if they’re doing over $300K.  In fact, some may get a pay raise because their trails will be paid at 33% instead of 23%.  The ones that dutifully plowed their clients into fee-based and are producing under $250K are facing a massive pay cut, especially if they have a lenght of service under 5 years.  They’ll be dropping from 31% to 24%.  Kind of mean of the bank, actually. 

There are many people in our region in the very same situation you describe BACFA.

What I don't get is you go recruit all of these fa's in the last two years, give them up front packages, are constantly reinforced to do fee based only to have your balls busted right in the middle of the asset gathering phase of your business.

You have a lot for reps under five years that are going to feel that they were lied to and unless they change this plan will have a mass exodus and or a mass lawsuit.

What keeps irritating me is the fact at $200000 plus $25000 trails this year I would have cleared at 31%/23% for a total of around 68,000. This next year that 68,000 turns into 54,000 and I have to jump through hoops just to get the 54,000 where last year my transactions and trails were independent of referrals to the bank. Why should I jack with all this mess when there are salaried jobs in this profession paying 70,000 plus? Doesn't make any sense. It is all pure greed.

I feel like Biff in Back to the Future. I feel like going to management and saying "ANYBODY HOME MCFLY!!!"

I

Congrats guys you took a terrible plan that forced out many good reps and instead of listening to the walking feet you made it WORSE! What can be accomplished with this? CM's are penalized for sending biz, Branches have NO incentive to send biz and MKT the full service channel is nil! Where is the value BofA is bringing to the table? A bunch of B share funds and annuities with back end charges for the next 5 yrs. To make matters worse try getting approval to get the clients out of this garbage!! Looks like there will be a few fat brokers per mkt and a bunch of starving ones!! Someone explain to me how PNC pays 3% upfront on managed money and makes the reps a part of their cost centers? These guys are rock stars to their branches!!! arghhhhhhhh

How does PNC do it? My guess it`s mgt realizes there is no need to be greedy pigs. Example, You purchase for client 100k managed acct, PNC applies $3,000 to grid...@ 35% payout ,they owe you $1,050.PNC is collecting 1.5% .After 9 months they are profitable.Lets not forget 12b 1 fees they also collect.Avg managed acct probably lasts several years.That`s alot of fees to collect.

Its no secret why they have over 1 billion in managed assets in a short period of time.THEY PAY YOU FOR GATHERING ASSETS.

I’m disgusted with it all. Can’t believe it.

Do you realize the average premier client manager will make more than the average FA.  As a matter of fact, I bet that only the FAs doing over $500k make more than the client managers. I might just become a client manager, sit back, sell CDs, money markets, checking accounts and the occasional mortage - and get paid over $100k.  What a life!!! 

Premier in the northeast make 50-60 k . I dont believe thay are collecting another 50-60 in bonuses.

If your not making 6 figures as an F.A.....mAYBE YOU SHOULD SELL CD`S AND MORTGAGES

GO fetch me some water… CM are making over 100k  - the average fa at bai is not.

I seriously doubt that the avg. CM is making more that a FA at BAC. If you;re not making more than a CM, then you’re doing something wrong.

nope the avg CM DOES make more!!! A lot of small prod at BAC

Unfortunately true, alot of guys under 250K. CM is 60k w/bonuses that can get them to 100k, very few get there. I don't think the bank wants anyone under 300k and this is their way of pushing you towards the door.

Bottom line guys, at a wirehouse you will feel heat at <300k, at a bank you should obviously be doing more and BAC is putting the writing on the wall. The job isn't worth <100k year.

BAC's average producer is under $300k.  The place sucks.  FAs joined the bank because of the promise of referrals and working with Premier. The truth is - there are no referrals.  Very, and I mean very few FAs actually get referrals.  The only reason to go to a bank is for access. BAC gives FAs no access.  You do not have access to the banking centers, Premier get 2x credit for deposits - Therefore they do not refer.  Compliance is beyond belief.  Ask any wholesaler what they think of BAC and I guarantee they will tell you it sucks.

well said nope…If any of you guys do any ins biz you need to to read this. BAC is the only firm that forces Ins vendors to continue paying commisions on policys that have move from BAC. What that means is you go to Firm A from BAC and have clients sign the form to switch policy to your new firm, you will be able to help the client and get statements but commisions on addl premiums still go to BAC. Hartford lady in the comm dept said BAI is the only frim that does this. To get it switched I have to BAC sign the hartford form to allow me to get the comm…What a sh it place BAC is

[quote=bankfa10]well said nope...If any of you guys do any ins biz you need to to read this. BAC is the only firm that forces Ins vendors to continue paying commisions on policys that have move from BAC. What that means is you go to Firm A from BAC and have clients sign the form to switch policy to your new firm, you will be able to help the client and get statements but commisions on addl premiums still go to BAC. Hartford lady in the comm dept said BAI is the only frim that does this. To get it switched I have to BAC sign the hartford form to allow me to get the comm....What a sh it place BAC is [/quote]

Is this true only for insurance business?  What about C shares and L share annuities?  Is there anybody that has left B of A have any experience with collecting the trails?

As far as I know its true only for ins biz

only insurance

Ed Jones did the same thing years ago.

Nope said it well and basically summerized the situation at BAC. It’s not worth being here anymore.

Then move. It’s that simple.



Given the way you feel about your position, you won’t do very well there

anyway.

The problem is they are trying to weed out people under 300k. They just f…d all the people they recruited in the last 1 1/2 to 2 years. They knew most of the people would spend all of the money they gave them up front and are now stuck because there trailing 12 dropped off so much trying to build a fee based business that they’d get no offers from other firms with signing bonuses to pay back BAC.

I talked to several people in the area.  The FA's over $350K (in the FA II plan) seem happy that their comp plan didn't get worse but realize it's still a bad plan because the bonuses are even more difficult to achieve.  They must refer two Private Bank referrals (investable assets over $3 million) that have an 80% chance of closing.  The Client Connection goal is also difficult to achieve if you have a large book.  I'm in the Northeast so most of the FA's inherited a large and useless Quick & Reilly discount book.  One FA has 2000 clients under his rep code.  He figures for him to qualify for the 1st quarter bonus, he would have to convert 15 clients per day. 

FA's between $250K and $350K (in the FA I plan) are glad the trail grid is gone but know they have 6 mos. to find another job.  The bank starts holding back 25% of the revenue in July and the targets are difficult to achieve.

The unhappiest bunch are probably the FA's under $250K with a LOS of less than 5 years.  Even with the miniscule transition bonus (requires a 20% increase in revenue), it's still a pretty big hit.  Some of those FA's have contacted management about getting exceptions but so far I haven't heard of any.

The comp plan is what it is. You need to adjust to it.

More importantly, reps need to pay attention to the tactics and strategies being used.

I was excited when BAI took over Q&R. I figured it would mean more products, better reputation etc. Then they told us some fund families were not longer available, they took away the Managed assets program (MAP) with no replacement for 9 months, starting capping certains payouts. etc.

In the Northeast 2 years ago, they gave retention bonuses to qualifying reps then changed the business model for referrals. I saw some producers lose 100-200k+ of production. They spent their bonuses because they had to. If they moved firms, they would have to pay back money they might not have. Net result, reps feel trapped.

They recruit new brokers, pay them upfront money, change the grid. Net result, reps feel trapped.

It is correct that they have a special arrangement with at least one insurer that if you change firms, the commissions will continue to go to BAI. One of my brokers is dealing with numerous cases. All VUL's that are funded every year. BAI managers were touting managed money supplemented by insurance business. If it is true that this arrangement applies to more carriers, what does that mean to your business. Hartford even said BAI is the only one with this arrangement.

As more and more money goes into managed accounts, how difficult will that be to move? Anyone know the fine print? Some reps on this space have said it can be time consuming.

As you cross refer business and bring the CM's into yours, you are creating somewhat of a team approach. However, if you want to switch firms, there are no CM's anywhere else which means you may have competition for your clients and not just from another registered rep.

Rumor is that come spring, trail annuities will not be sold anymore.

I left over a year ago not because of the comp plan but because I didn't want anyone controlling my business. You can have much more freedom at a wirehouse or independent. I felt they were trying to get control of my clients and my business in such a manner as to make it very difficult or possible to leave. Your business is worth something.

BAC realized that they are a bank and not a brokerage firm and therefore changed their model.  If you want to be in the brokerage business do not join them.  If you are already there - leave.

Just so you don't think I have hatred towards BAc - Bac the bank is awesome.  BAI - sucks.

Here is the only way I can see this comp plan working for people under 350k.

Refer all of your cash reserve balances into cd's to appease the 2.4 mill refferral(unless your lucky enough to refer big home loans). Go straight back to only transactional business in order to get up to 250 to 300k as fast as possible (hopefully you get referrals).

This of course is what is best for the client, going into cd's instead of completely liquid cash reserves at about the same rate and A  and B shares and annuities are always better for the client. This is ridiculous.

[quote=southcampus]

Here is the only way I can see this comp plan

working for people under 350k.

Refer all of your cash reserve balances into cd’s to appease the 2.4 mill

refferral(unless your lucky enough to refer big home loans). Go straight back

to only transactional business in order to get up to 250 to 300k as fast as

possible (hopefully you get referrals).

This of course is what is best for the client, going into cd’s instead of

completely liquid cash reserves at about the same rate and A and B shares

and annuities are always better for the client. This is ridiculous.

If anyone is looking for a job at a bank, there will be lots of positions opening up at BAC in the next couple quarters due to mass exodus.