BAI/ML FA's shared info

THERE WILL NO LONGER BE ANY BROKRED CD’S

So where do you send them if you can’t do them?  Most of the Client Managers got canned today so who will service them?

I was told we would have brokered CD’s sooner rather than later. Other large Bank/Brokers sell them…US Bank…Wells…JPM/Chase.

THERE WILL NO LONGER BE ANY BROKRED CD’S

Good Luck.

what the heck is a brokered cd

 x2

What’s the grid like in Merrill?

$0 -$199,999.99

20%

10%

$200,000 -$249,999.99

20%

10%

$250,000 -$299,999.99

20%

10%

$300,000 -$349,999.99

20%

10%

$350,000 -$399,999.99

31%

23%

$400,000 -$499,999.99

34%

26%

$500,000 -$599,999.99

36%

27%

$600,000 -$699,999.99

37%

28%

$700,000 -$849,999.99

39%

29%

$850,000 -$999,999.99

40%

30%

$1,000,000 >

41%

31%

you are all wrong

Broker cd’s are done. I tried to move 5 million to a Merrill FA but BAC is not keeping anymore in inventory. BAI will be absorbed by MER and they will inherit our compliance. Good luck with that. By the time we completely merge meaning that we are using there technology in 12 months more than 50% of the brokers will have left BAI. Mer brokers will not adapt to the system because if they do they will bury there clients in checking accounts, mortgages and cd’s and if they decide to leave the assets will be sticky. PS I heard that Florida alone has lost all but one million dollar producer to Wachovia, and CT lost 4 to Morgan. When can we start suing BAI for misrepresenting the model to recruit brokers???

If you watched Kenny Lewis on CNBC this morn it was rather sad when he was asked about the “thundering herd” We have lost a few producers and some that we would have let go anyway… Sure should make the existing suckers feel good about their stature in the firm.

[quote=cutacheck]Broker cd’s are done. I tried to move 5 million to a Merrill FA but BAC is not keeping anymore in inventory. BAI will be absorbed by MER and they will inherit our compliance. Good luck with that. By the time we completely merge meaning that we are using there technology in 12 months more than 50% of the brokers will have left BAI. Mer brokers will not adapt to the system because if they do they will bury there clients in checking accounts, mortgages and cd’s and if they decide to leave the assets will be sticky. PS I heard that Florida alone has lost all but one million dollar producer to Wachovia, and CT lost 4 to Morgan. When can we start suing BAI for misrepresenting the model to recruit brokers???[/quote]

That is the dumbest rumor ever.

If BAC gets it’s way, there will be NO BROKERED CDs.  They consider it competition with the consumer bank.  Additionally, the margins on homegrown CDs is a lot thicker.  They stare through you when you point out that brokered CDs keep the $ in the system to be revisited another day. 

NOFX,



Yup, BofA will slowly but surely move MER closer to their way of doing things. I agree, broker CDs are available now, but they are going to go away.   Also, payouts will decrease and compliance will increase. This is what BofA has always done in past mergers to the acquired firm.

I'm not so sure that brokered CDs will be removed.  It's a lot easier to dictate terms to 2,000 FAs than it is to 16,000.  I think (and am hoping) that ML has more leverage in the business decisions. 

BACFA and Wasabi, you guys obviously are execs. at BAC. Why would that be a ridiculous rumor when the model is broken down. Why wouldn’t large producers leaving.   A word of advice. Start looking for a new job, you just got replace by a MER branch manager.

cutacheck, I think I’ve beat up Bank of America enough on these boards to qualify as a lowly FA, not management.  Your sweeping statement: PS I heard that Florida alone has lost all but one million dollar producer speaks for itself.

U work for a commercial bank!! Why in the world would you expect them to enable YOU to raise deposit liabilities for some other company? You have a duty to your employer, who has a duty to the shareholders of BAC to maximize profits. Whadaya think U R sposta do? Protect your clinets? watch out for their best interests? A dual form of fiduciary duty (which you don’t have other than to your employer) cannot co-exist in this form of an organization.  

Brokered CDs are not going anywhere.  MER was the largest seller of BAC brokered CDs.  All other major commerical banks allow their brokers to sell other CDs.  From a compliance perspective…it would be in our best interest to offer other CDs. 

Good luck!

We started with 26 brokers and are now down to 13. What a great sh*t show. If only there were more wirehouses for people to cut checks to.    Does anyone know if we are keeping our Branches? I would assume since everything is for the benefit of ML advisors the next shoe to drop for us BAI brokers is the loss of our last source of referrals (branches).

Dude, you’re not seeing the whole picture here, we’re bankers now. The Merrill guys will get all of the investment leads while we get mired in banking products. I heard that the Merrill guys don’t want to refer bank products to their clients because they are afraid it will tie the clients to the bank and then they too will get bogged down in this crap. We are the new CMs, get used to it.

Why not switch over to Merrill, guys?

We technically aren’t even supposed to talk to each other yet. No internal transfers at least for now.

It’s our clients that make us BAI. We have raised their expectations and sold them on the relationship. Just because our genius leadership has abandoned the model doesn’t mean that our clients are gong to lower their expectations. The Merrill guys never set the bar so high when it comes to banking and don’t do near the volume of transactions that our clients do. Clients are not happy. This was a shortsighted decision that will come back to bite them in the arse.

Bonehead- If they were going to make the BAI reps bankers (who by the way don’t have a clue on processing a mortgage application) why did they let go of 85% of the Premier bankers that only do mortgages and CDs? If they wanted the BAI brokers to do bank products for everyone they would have put you on a salary by now and not paid you a retention bonus.

The whole point was to reduce salaries. We’re still paid based on gross production and even if they pay us a few bps on bank products, they still come out way ahead. How much do you think they saved by eliminating all of those salaries? How much more do you think you will make this year? Now think about the difference, it’s huge. They’re getting us to do two jobs while paying us for one.

I get that…and I get that I am working three times as hard for the same money.   I do like the fact that the client has one contact for everything (me or my assistant).  At that point the client is then my client not the “banks.” Only time will tell how this all works out…I think eventually (like 18 months) it will work out.  

BAI is going to be a mood point in 18 months.

B0nehead: Yes, Bank of America saved money by getting rid of CM salaries.  But CM's were never worth the salaries that they made so what they actually did is stem the losses.  It was a redundant position that did little to the bottom line of the bank.  Imagine if B of A hired 2,000 Sales Assistants tomorrow to service existing clients.  And then fired all of them a year later.  Were the Sales Assistants really integral to the relationship?  And did the Bank "save" money by firing the Sales Assistants?  It's more like the Bank had an awful one year experiment and wasted a lot of money and finally decided to cut their losses. 

Why don’t BAI and Merrill guys just move to Edward Jones?

I agree that the old model wasn’t working well, but that’s not an indictment of the CMs, but rather the model itself. They should have trimmed the CM ranks by half, and gotten rid of at least half of the non-qualified clients. They never should have had a $250k mortgage as a qualifier. In my area homeless people pay that for a refrigerator box. Anyway, you can’t tell me that a good salesperson with a book of highly qualified clients couldn’t justify their existence. CMs are being paid 9 bps on mortgages with little flexibility to lower the rates. Even a crummy MLO can get paid 50 bps on their mortgages and they have the ability to lower their rate. That’s like $50k on $12M in mortgages. Let’s see what I did today…I ordered checks, I helped a client who had a question on a HELOC, a client called about a W-9, and another client called about a mysterious transaction on her account and the 800# wasn’t able to help to her satisfaction so they suggested she call me. Oh and I gave a client rates on a fixed rate option because my BS was too busy to call them when he said he would. Maybe this will work for you guys, but it aint what I signed on for. Enjoy your new career.

Yup Bonehead,



The amount of service work for bank related products has accelerated in the last week. That’s all I have been doing this week…ordering checks, quoting cd rates, transferring funds…etc. My clients have been apologizing because they know I’m not suppose to be doing this but the hold times are 20+ minutes on that shat 800 number.   We have become Financial Adbankers!

Jesus do you guys want some cheese with that wine! Grow some nuts and tell the clients who are not profitable or don’t want to talk about options besides there CD’s to go $hit in a hat. I think the new model is great! I get to talk with new prospects and if there is no opportunity then ba bye. For my profitable clients the I’ll suck it up and call the PRC.

Oh if you need some tissues let me know and I’ll send you a box LOL just kidding

Bonehead and OMAR I agree 100%.    BAI? yes you are right about getting the nonprofitable clients out however even though tthe CM’s were a loss on paper they were able to attract and keep wealthy clients at the bank. If you have a good client that is experiencing fraud the CM would usually hold there hand and make things right. Now we have to either pass things on the PRC which is a waste of time. We have to do it ourselves to ensure our good client does not get sick of getting the run around and next thing you know he is transferring out because of something you have no control over. I personally think this new model will be a complete failure in 12 months. I love how the articles talk about ML advisors getting 500 leads.   Don;t they realize that we as advisors already sat down with those prospects who want nothing to do with investments. Eventually ML will realize they are getting nothing but wood.

This question is for ML FA's:  How do the fees in your fee based platform work?  Do you get paid quarterly like BAI or monthly like Wachovia?  Also, when you open a brand new fee based account do you get the first year fee's fronted to you all at once or do you have to wait for the inception fee and regular quarterly fees to hit? 

Apr 15, 2009 9:56 AM, By Kristen French

Bank of America is in the process of rolling out a client referral program for its global wealth management division, which includes Merrill Lynch and the bank’s former Banking & Investments division (BAI), with a combined 18,000 financial advisors. BofA launched a pilot for the program in three states in early March, and will take the program national in the next 30 to 60 days. It is one of several referral programs the bank is putting together as part of its integration with Merrill Lynch, including one that would offer leads from the commercial banking division to certain Merrill Lynch advisors. ...

BAI turning into a gong show! I look foward to getting on the new platform with more product . What really burns me right now is that our payout/comp reflects us being paid as “bank brokers” in a bank program where we should be getting biz/referrals. But the program has been dismantled, and we are now on our own… Which would be fine with me if I was on the ML grid and getting paid for it. We are not expected to go on the ML grid until may 2010. So until then, we are stuck on our current grid which is consistant with a Bank Program- WTF. I have seen the ML grid and it is quite nice, and the best part- no hair cut on trails!

Direwolf you are 100% right.    I am having several of my high net worth clients write letters to Lewis and Benson complaining about the dismantling of PBI.   Not like it will do any good but at least it is noise.   It is only a matter of time before these mofo’s get canned. It would be great if they just sold off ML.   Can you imagine how many lawsuits we will have when FA’s convince people to come out of CD’s and into investments and if they loose money.   I am looking forward to this new model getting crushed.     If we are subject to all the compliance now why wouldn’t ML be in the future. "switch letters, 100k trade approval, email rejections, annuity disclosure.   Its so funny to watch these execs try and put a spin on this. They r just happy to have jobs they really could care less.

i heard that bai just announced brokers are being pulled out of the branches completely and are being moved to the complexes.  also heard that the complex managers now have control over who gets referrals.  is this true?  if so that is way too much power for a complex manger to play favorites with a select few brokers.  i see this new system blowing up in everyones face.

Just hand the non-worthy clients over to the PRC. Don't even bother to connect them, just shoot them the freakin 800 number.

The CM-FA model was a failed experiment.  You can always achieve better client service with redundancy but a business will lose money trying to justify it.  That is why this type of model is non-existent anywhere else in our industry.

BACFA It’s funny listening to our conference calls these days.  It’s like the BAI management "discovered’ the new FA-and-Client model.  On one of the calles, a senior manager actually said, “This is the type of advisor/client relationship that I’ve always dreamed about.  And now we finally have it!”

BAI reps need to group together and do something!

I’ve already called the UAW.

Here is what I heard recently:



ML Advisors will be getting most of the “leads”. These “leads” are our CMs old clients that we couldn’t get to invest with us. So really, they have already been worked and are table scraps.   They will be distributed by complex managers based on who is giving each other reach arounds.



Advisors who are in branches are going to lose them. We are headed to the wire house model. However, I’ve heard of a possible “pilot program” where low level producers can stay in the branches and receive salary plus a grid payout. In return, they will cannot open accounts over $250K and those leads go to a ML Advisor. Sounds like some type of junior program. For those of you from Fleet Bank, this is the rebirth of the IR program. Also, this is why I think they adjusted the FA I comp plan…to keep some of them for this program.



For banking products (mostly mortgages), we will receive some type of comp retroactive Apri 1st for our troubles. No idea how much…but something.



I’ve also heard the the top BAI advisors in each complex are to be taken care of. In other words, it’s likely that they will get some leads and accounts from brokers who have left to keep them happy while we transition…in 2010.



I believe that BAI is slowly being dismantled broker by broker and only the top few Advisors will be moved to ML. Others will have a choice to go into this “pilot program” or to get out. I know many don’t want to believe that but this is my own theory. Only time will tell and in the meantime if you are not a top producer I would make sure you have a backup plan.

This demonstrates the differences in ML and BAI culture.  You shouldn't be worried about brokered CDs and the payout.  I suggest you work on how your going to prospect and bring in new assets.  CDs are not going to make a million dollar relationship stick.  The secret is the relationship.  Brokers sell, advisors don't have to sell because we find the solution that fits the needs of the individual client.  As far a payout, we would not be able to post such information on a blog, sorry.

You mean the payout grid?  Those are posted on these forums all the time.

Thanks untouchable for putting all our misconceptions about ML FA's to the side.  You sound very humble and thank you for your valuable input of this blog.  We were all wondering what the key to being a good FA was.  Thanks pal!<?: prefix = o ns = "urn:schemas-microsoft-com:office:office" />

iceco1d; why are you even on this forum? do you work for BAI or Merrill?

As I have said before, the PB&I model could have been the greatest thing since the Wonderbra. But the freakin idiots who never did our job a day in their useless lives, but were running the show anyway kept screwing it up. Leave it to management. Anyway, that’s behind us. I do think that this whole exercise is being done to salvage Kenny boys reputation. I will bet that they will be hiring back CMs in 12 months. They won’t call them CMs, but the role will be reincarnated. Clients are pissed and assets are leaving. This isn’t what I signed on for, if I wanted to be part of the Thundering Turd I would have gone there. I am going to quit bitchen and leave. There are plenty of places out there that are looking to hire good advisors. BAI is dead and we need to quit crying about it, show some true leadership and do what’s in our client’s best interest.     

Bonehead, while I agree with you in the fact that I do believe this transition will be a complete failure and they will bring some sort of PB & I back, my strategy is to hang around and pick up assets form brokers leaving. In the past three months I went form 8o million to 145 million.   I figure I might as well use the bank for as much in assets as I can inherit get the trailing 12 up and than leave.     Every person i talk to on the desk is telling me brokers are leaving like crazy. It is kinda funny.    I almost feel like even the brokers at ML are all leaving. THe ones that are staying are to old to sign 9yr contracts.     Thoughts appreciated. And if you are looking around what deals do you find the most attractive?   I am getting my MS offer next week, will keep you posted.

Ken Lewis Ousted on Monday…

cutacheck,



With those assets, why not go indy? I’d hate to see you tie yourself up with another institution’s BS.

I am taking this opportunity to go to a small indie firm. I’ve had it with all of the big company BS, and I don’t want to tie myself up or 7 or more years. Think about the new FAs hired at the bank in the months leading up to this fiasco. They were sold on this model, they in turn sold their clients on this bank and this model and now its all gone. They’re screwed. I am not putting myself or my clients in that position. I want to be at a firm that puts their clients best interests first, not the dumb ass CEO’s. Plus there is ownership potential at a small indie, so while I’m busting my butt, I am also building a stake in something larger. Don’t have that at UBS or MS. Lastly, I think clients will be more receptive to moving to a small firm, rather than another big name. Because of this whole debacle the names are interchangeable in the client’s mind. Best of luck!

One last thought. You have a choice, you can live life by accident or you can live life by creating your own circumstances. Successful people make their own decisions and thus create their own circumstances. Losers sit back and wait for someone else to make decisions for them and then react. We all know that sh*t rolls down hill. Why work someplace where your success is determined by some Bozo with questionable motives? Everyone here is talking about, how the referrals will be handed out, what the new pay scale will be, who will handle the bank product service issues, what products will we have. Screw that, don’t sit around and wait for these idiots to make the decisions that affect your future for you. They couldn’t give a rat’s a$$ about your success. Go out and find a place where you can participate in the decisions that impact you and your clients. You will be happier, your clients will be better served and you, like most successful people will exercise greater control over your destiny. Live life on purpose, not by accident. Just my two cents…

That was a confiscatory grid. Thats just plain stalin

I heard a big team left MER in Dallas, TX today.  Anyone else hear of the thundering herd heading for the door?

The front article on this home page says that 95% are staying put.   I know of so many producers 500k plus that have left BAI for MS UBS and Wachovia.   I have also have been reading that so many have left Merrill. I don’t know that I would beleive those numbers.   I think it is funny how firms discount people who do 350k to 500k. Most branched have only one or two million dollar plus producers.   The rest of the office does the gross.   So my question is would a firm rather keep the two million dollar producers and loose the other 10 400k producers.     4million sounds better than two million.

I herd a million dollar team left BAI last week for MS. Management is drinking the coolade.



Man if I where a ML FA I would wait for the 500 leads from ken lewis ha!!! Ken’s done after the board meeting and the new CEO will renig on all those horse $hit promises. Stand by!

You mean 500 overprocessed CM clients who want nothing more that CD’s?

BAI just raised payouts for the lower producers. They must value them at some level. Well that’s assuming they value any of us. I’ve never heard of an FA leaving on a Wednesday…

Walehunter- Yeah sorry what was I thinking. Maybe I should'nt post reply's while driving

i know for a fact bai is losing people left and right.  i personally know about a half dozen people that recently left and have heard of many more than that in the last few months.  the attrition seems to people increasing in the last 30 days though so i think many more will leave shortly.  ken lewis just doesnt want to admit it. wait until the 2nd quarter attrition numbers come out.

Yup, we are losing 1 to 2 FAs a week in my region…not all on Fridays either.   Wait until May 15th, I think a bunch of FAs will take their fee-based month check and blast out of here.

I left BAI six weeks ago to go independent.  Three other FAs have left the OSJ since.  That out of an OSJ with 36 FAs is a wee bit more than the 5% reported in the article.  I can’t imagine this OSJ is any different than any other.  

That 95% number must be very low. BAI/ML is loosing a large number of the $500,000-$999,000 producers which are the bread and butter of the firm and the future million dollar producers.

There are many offices where 30%-40% of the advisors have left and these are that level or more.

The June 2009 numbers should show a different story. You can see the asset numbers going down at ML and going up at Morgan Stanley this is somewhat attributable to the flow of advisors leaving B of A/ML.

Investment news Today just reported that BAIML has now been passed as far as number of brokers by Wells Fargo/Wachovia.    How sad.     Brokers at BAI can leave when they want.   No one is around to call the clients. HA HA HA HA.      

Oddly enough, we’ve only lost one FA this year. I am more than a little surprised by this. I think we have a lot of lazy brokers who are just sitting around waiting for other FAs to leave, so they can “build” their books. As for waiting around till May 15th, wouldn’t the bank claw back the payout? They will have to credit the client back if they ACAT out since they charge in advance.

Three big producers from ML South Florida offices move to MS.     And the hits keep coming.

Attrition is going to spike when ML side FA realize that BofA leads are lame as a duck. That the whole pitch about the  ‘Million Dollar Leads’ is going to crumble like a deck of cards.

Heard through the grapevine today that C canned it’s FAs in the bank program regardless of LOS or production. All got cut just like that. Let’s hope B of A isn’t next but I would be prepared!

True.

Heard through the grapevine today that C canned it’s FAs in the bank program regardless of LOS or production. All got cut just like that. Let’s hope B of A isn’t next but I would be prepared!

BofA IS next. ASSimilate into mother ML or be gone.

Nova,



Citibank/SB reps who work in branches were all canned! Nothing more to say than that.

armycolors-

tmoney47,



Let the games begin!

tmoney-

So having been at Merrill without having a referral source is now worse than being at Merrill with the potential of having an in-house referral source?

Yes, if it means you have to share clients with the bankers.

I suspect ML guys/gals really have NO idea what they are in for… The “leads” are garbage and overworked. They couldn’t figure out how to prop up 2,000 reps, how do you think they will do with 15k?

I agree, the Merrill FA's have no idea........mass affluent to BOA is an 80 year old widow with 250K to her name in CD's that will only invest in CD's.  The bank has millions of them....I feel sorry for the people that think all of these "great" referrals are going to start flowing in.

[quote=GordonGekko12]

I agree, the Merrill FA's have no idea........mass affluent to BOA is an 80 year old widow with 250K to her name in CD's that will only invest in CD's.  The bank has millions of them....I feel sorry for the people that think all of these "great" referrals are going to start flowing in.

Bank of America will want something in return for those awful leads.  Haircuts, revenue sharing, bank deposit goals, etc.

I really don’t see a downside to having these bankers coming into the branches. Wouldn’t you rather have partial payout from a bankers lead than no lead at all. I really don’t see a problem with getting a lead every now and then and getting partial payout. Something is better than nothing. As long as you keep prospecting, these leads will just be a little extra in your pocket. Please show me the downside here.

Bank of Ameriil,



You’ll have a problem with this new “lead” program once you are forced to work with the bankers and your trails are held back to make sure you sell bank products.



Bank of America always has and always will force you to do what’s in their best interest, not yours.

[quote=DB Cooper][quote=GordonGekko12]

I agree, the Merrill FA's have no idea........mass affluent to BOA is an 80 year old widow with 250K to her name in CD's that will only invest in CD's.  The bank has millions of them....I feel sorry for the people that think all of these "great" referrals are going to start flowing in.

Ever see a street cat when it becomes a house cat? ML reps will have to do so much nonsense to attain these leads that they won’t have time to hunt. They will become widget driven droans.

When the BAI FA-Banker (known as a Client Manager) program was rolled out many years ago, our expectation was the same as Merrill’s today.  We’d be given qualified referrals and we would forsake a 10% haircut on those referrals.  Everyone was very happy with that considering our former haircut with Fleet Bank referrals was anywhere from 20% to 50%.  About a year into the BAI program, the Bank started providing the CMs with lists of our investment clients.  They were now allowed to call and introduce themselves to our clients in order to gather bank assets.  Also, deposit and mortgage goals were brought into our grid.  Mind you, these are not “bonus” grids.  They kept the same grid but held back about a third of our trails that we then had to earn back with banking products. 

Just took a quick look at this thread.  Just my $0.02, since I am friends with a few Merrill guys.  My perspective is that mostly nothing will change for these guys.  They got along just fine without the bank, they’ll get along fine with it.  My guess is that they will likely never even meet the BAC people in town, let alone need or want referrals from them.

[quote=B24] Just took a quick look at this thread. Just my $0.02, since I am friends with a few Merrill guys. My perspective is that mostly nothing will change for these guys. They got along just fine without the bank, they’ll get along fine with it. My guess is that they will likely never even meet the BAC people in town, let alone need or want referrals from them.

That’s quite the quaint little notion you have there. 

Unfortunately you do not understand the organization that just acquired Merrill.  They did not buy the Thundering Herd to simply “leave it alone” and “let you go about your business”.

And the idea that you can simply go along doing business just as you have before, is just plain wrong.  Sure you may want to pretend the merger didn’t happen and just go about your successful ways, but the Bank will never let that happen.    It sounds good in theory, but just wait until the Bank starts squeezing the life out of you because it needs banking products from the Thundering Herd. 

Just wait till the Bank starts withholding your pay to force your compliance with the referral program.  Just wait till the bank starts saying the clients are their clients and not yours.  Just wait till you get introduced to the beaurecratic blackhole that is BofA and common sense and productivity no longer bear importance to some middle manager making his or her boss happy and the lying begins to grow.

Ask any BAI Advisor about “red to green” or PFG or t6x2, or “withholding 25% of your pay” or promising you that you’ll get your full commissions if you do “x” but when the end of the year comes and youv’e done “x” saying sorry, tough times, we are keeping your commissions.  Ask them about daily conference calls with cheering and screaming, ask them about “being a good partner to the bank”.  Ask them about the revolving door of middle management where you’re regional bosses are from credit cards, or consumer bank, or operations and they play musical chairs every 4 months.  Better yet, ask about “Client Connections” or how all contact management systems are forbidden.

You’re in for a very rude awakening.  It all sounds rosy now, but don’t buy the hype.

Take it from someone who has escaped the madhouse known as BofA and couldn’t be happier!

Floridabroker:

the last several posts were two of the best I have read on this site. I agree with you both. I am a long time BAI rep and I can tell you that the banks hoops are manageable but the Merrill reps just need to know all of the facts. The bank bot the sales force and the clients. The bank will expect to sell CD’s and mortgages to those Merrill clients. If the reps don’t share or don’t actively look for bank referral opportunities, then those new Wealth Manager Bankers you have seen wandering around will be given lists of your clients to call. And they will call your clients wether you like it or not. I am psyched about the merger. As a BAI rep I am expecting my comp to get slightly better and to get better systems. I also know that client notes and referral goals are never going away. It is actually business as usual- go find a client and manage has investments and while you are doing the financial plan make sure you ask the client about his mortgage. pretty easy stuff.

it’s just sad that the 10% haircut is way more than what you would get in return.

Spoke with a  Kool Aid drinking 9y ML vet on Friday.  He is a good producer who does clean business and is well thought of in his complex.  Upper 1/4 of complex production.

He is enthusiastic about working with “his” BA WM.  He reported that this person manages about 60mm in assets for BA 40mm in mutual funds, the rest in loans and deposits.  The way he sees it, he can offer more advanced financial management to the WM clients, while the WM person sells banking products to his clients. 

I asked him about all of the referrals they were supposed to be getting.  He reported that the referrals have started to come in and are distributed according to the current inherited account policy that is in place.

Hope it works out for him.

Since when do CMs, WMs or whatever they’re called this week have assets in mutual funds? Unless these are Money Manager accounts where the client will never budge. But even those will have an FA assigned to them. All of the remaining CMs lost their client books, they don’t manage anything anymore. Your ML friend is either tripping on some killer pills or is too dumb to understand what’s going on. Let’s see how he feels in 6 months. All hail the Thundering Turd…



Oh, PS, I left that dump…this is all just rearranging deck chairs on the Titanic. If you are a BAI FA, trust me when I tell you that your clients are not happy.

I met my WM from BOA and he’s a great guy. He’s smart, hardworking, and knows how to play the game. We’ve referred about 4 mortgages and approx. 1mil in CD assets to him already. I’ve completely embraced this new option for our business. The ML world as we know it isn’t changing…it has changed. So either jump on board or get left behind. My WM knows he’s part of my team now and I know he will help me navigate through the BOA system from the inside. My Branch Manager actually tapped me today to speak to the our local BAI advisors in June and give them some insight on how a ML rep operates. This could be a real good thing if its handled right.

Since when do CMs, WMs or whatever they’re called this week have assets in mutual funds? Unless these are Money Manager accounts where the client will never budge. But even those will have an FA assigned to them. All of the remaining CMs lost their client books, they don’t manage anything anymore. Your ML friend is either tripping on some killer pills or is too dumb to understand what’s going on. Let’s see how he feels in 6 months. All hail the Thundering Turd…



Oh, PS, I left that dump…this is all just rearranging deck chairs on the Titanic. If you are a BAI FA, trust me when I tell you that your clients are not happy.

[quote=ML for Life]I met my WM from BOA and he’s a great guy. He’s smart, hardworking, and knows how to play the game. We’ve referred about 4 mortgages and approx. 1mil in CD assets to him already. I’ve completely embraced this new option for our business. The ML world as we know it isn’t changing…it has changed. So either jump on board or get left behind. My WM knows he’s part of my team now and I know he will help me navigate through the BOA system from the inside. My Branch Manager actually tapped me today to speak to the our local BAI advisors in June and give them some insight on how a ML rep operates. This could be a real good thing if its handled right.

Bonehead:  Sorry you couldn’t make it in the POA/PMD training program. 

ML,



I’m happy your new partnership is working out and you have a positive attitude (I’m not being sarcastic).



Beware, however of referring mortgages to your partner. I have 6 mortgages from my clients that have been the biggest disaster. Most of them were applied for before March and still have not yet closed. For your own good (to keep your investment relationships), I would tread lightly and wait to see if those mortgages go through smoothly.



I can’t tell you how bad B of A is right now with underwriting mortgages. I’ve had to tell some of my clients to refinance elsewhere.

I think the new title is WMB (Wealth Management Banker) not WM's.  My old CM is still around and his attitude has completely changed.  For the ones that made the cut I can say they are very happy now that they do not have to deal with all the service calls.  I believe some of them will get the new roll.  I can confirm they did not manage any investable assets unless you consider CD and investment.......<?: prefix = o ns = "urn:schemas-microsoft-com:office:office" />

The one thing I am seeing and hearing is that the ML FA's are excited about having that WMB’s in their office to help them close loans and to navigate the bank.  The BAI folks are happy to get the technology and (crossing fingers) the comp plan.  The more I look at this the more it seems to be a good deal for all.  The ML guys never needed referrals so it's business as usual.  For us BAI folks this is a major upgrade and oh well if I need to source my own business I never got DIRT from my CM anyways so it business as usaual for me.  Also, I opened up tons of those crappy MRA accounts and guess what...I'm now getting all the maturing CD's emailed to me with a BIG red bow on them.  We never had it so good.

Bonehead: Sorry you couldn’t make it in the POA/PMD training program.

Oh boy, a maturing CD list? How much do you get paid on the roll?

Walehunter- Your not the sharpest tool in shed are you.  Can someone please educate this guy on why you would want access to a maturing CD list.........?  I can't even answer his question because it's so retarded.

Yeah, all those CD buyers are lineing up for CSG!

Bonehead:  I’m not going to get into a pissing contest with you, but making comments like “Thundering Turd” is just ridiculous.  I’ve been in this business for quite a long time, and have been with an IBD, Regional, and now ML.  This notion that you can’t be an entrepreneur at a wire and that you’re treated like a robot is simply nonsense.  And as far as doing what’s right for your clients…who do you think has the best investment platform, technology, research, and breadth of services?  Wirehouses do. 

The only argument an IAR or RIA could make is that they keep more of the money they bring in.  They may have great customer service models, but that can be duplicated and then some at a wire.  You can’t honestly tell me they bring better products, services, reporting/technology, and research to their clients, especially higher net worth clients?  Why do you think the vast majority of the wealthiest people in the world do business with the big wires?  I can tell you it’s not just b/c they can get you a credit card or a mortgage. 

Looks like more sh*t will be hitting the fan shortly.   Insiders saying Sontag is being ousted at ML. Anyone hearing this.





Bank Of America Denies Our Merrill Shakeup Story (BAC)

http://shar.es/bfQ4

Sellout a few points to your wirehouses are the best way for the HNW segment.  First you are correct in that the overwhelming vast majority of the UHNW as in 10$ milliion investable assets and up is served by old line Trust companies like Northern, Bessemer.  Investment banks like Goldman, CS, ML PBIG, UBS PB etc.  As well as established RIA’s, and on a much smaller scale the top of the top independents.  However you stated HNW which to most means on a low end 1$ milliion or 3$ million in investable assets.  This market is most certainly not where wirehouses are the best.  They are good no doubt but tons of adviosrs whether they are RIA, IBD Wirehouse, Regional, etc. do well in this segment.  If the wirehouses were so great then why is there a record number of “breakaway” brokers going to established RIA’s, or starting their own or leaving the wirehouse?  Like most wirehouse reps you erroneously think that the name on your card is what a client cares about, ignoring the relationship, which is what this business has and will always be about it?  To quote Chris Gardner"  This business is all about relationships and those can’t be bought"  Next time you make a blanket statement do several things:  First review what you are about to write and make sure it is what you want to say.  Two have detailed, exact information that supports your argument.  Saying things like the vast majority of the wealthiest people in the world do business with big wires really doesn’t validate your argument at all.  Saying something like forty percent of the Forbes 400 is served by ML would actually help you in your argument.   Third understand that most advisors on this forum are not in the UHNW market.  PW advisors are typically paid a salary with a bonus on large teams, and have leads either fed to them by a bank or have a couple of senior team leaders that brought in the business.  It is great that you love the wire but don’t insult those of us who are successfull with your HNW marketplace and act like we are naive to think we can compete with ML etc. Fourth please keep your attitude because wirehouse advisors like you who continue to think that if your not at a wirehouse and can’t do what you do are great for my business!

Last

Sell I like your sports analogy and you are correct in that a lot of the small Indy shops, insurance shops etc.  wouldn’t be able to compete with an experienced wirehouse broker for a high end HNW client.  But advisors at those places will have clients like that at every shop because they have a relationship with them.  I think a better sports analogy would be to look at the wires as the conferences like the Pac 10, ACC, Big 12.  Etc.  Indy, Regionals play at the same level but in a conference like the WAC or Mtn. West.  Can a top WAC team beat a powerhouse?  Absolutely look at BSU in the fiesta bowl a few years back!  The point is there are successfull advisors at every firm with high end clients they just might not have as many with a two milion dollar account.

Well sports fans.

Whoops should read World Wrestling  Federation.

I’ve always said that there are some very solid individual independents out there, and they can run a very strong business working with clients < $500k - $1M.  To use the college conference analogy…it’s like pulling for the 13-16 seeds in March Madness.  Everyone wants to see the upset, and they do occasionally happen, but the odds are not in their favor.  We may be seeing more parody amongst the college programs, much like the brokerage world, but there is not some seismic shift taking place.  Oklahoma would beat Boise State 9 out of 10 times they play, but everyone remembers the upsets…ala David vs. Goliath.

[quote=Borker Boy] Why don’t BAI and Merrill guys just move to Edward Jones?

Wildcat,

[quote=Greenbacks] Wildcat,

Attention BAI/ML reps.   Please excuse my dutch accent (ala BRUNO) but you are “fookentaken” 9 ways to Sundie.

Wildcat:  you will be declawed and limited to indoors after BAC gets through with you. Oh best way to accept  the locater chip is to bite down on that rubber mouse.

Maybe this time is different, maybe THE BANK will not leave their pi$$ stain on ML as they have every other firm they have bought.  However I do know that BAI is not part of the protocol so departing, beware.

[quote=daytradah]

Wildcat: you will be declawed and limited to indoors after BAC gets through with you. Oh best way to accept the locater chip is to bite down on that rubber mouse.

I don’t think BAC or Ken Lewis is worried about 16,000 employees with the employee mentality.  The ones with any cojones would have already left.

[quote=Moraen]I don’t think BAC or Ken Lewis is worried about 16,000 employees with the employee mentality.  The ones with any cojones would have already left.[/quote]

Or in your case, the ones who got tired of knocking on doors in hopes to get a $50/month SIP into an American Fund and working in a strip mall, right? Way to STICK it to the MAN!!


‘love you’

Did you used to work at Jones too?! Wow, and took a step back it seems all the way to being a bank broker.

[quote=Moraen]Did you used to work at Jones too?! Wow, and took a step back it seems all the way to being a bank broker.



[/quote]

Yea buddy… Jones lol

That’s all you know isnt it? Jones’s and your ‘shop’. I’m sure you run a sophisticated and classy organization. Where do I sign up?

Bank Broker? never have been but Im curious of why you would think anything is a ‘step back’ from Jones. I do know a few though and they are solid individuals. I could care less where they work and who is the payer of their checks. Why does it bother you so much? hmmm I would say your insensate boasting is a ‘cover’ for something…  Lemme guess… You drive a Hummer

Civic actually. I really have no need for flashy cars. Spend our money on traveling.



To be perfectly honest, I don’t think anything is a ‘step back’ from anything. I think wirehouse is a valid path in this industry. As well as banks. And Jones. I know a bank guy who couldn’t make it in other places and just destroys it at the bank. There are a lot of people that produce more than my entire firm at wires, and I wish them the best of luck.



RIA is for me. Running the show is for me. Advising pain in the ass clients is not.



And as for this thread and the other one (the one I started). I think we can all agree that the threads had gotten pretty boring. I was trying to pick a fight and see if it ballooned, but it looks like it just degenerated into a fight between me and you. So, really no offense. To each his own, I say.



Any way. Have a good one. I guess we can put a nail in the other thread’s coffin.

Great new book I just read....Wildcat's Revenge, by Claude Ballz.