Bank of America story

They publish a whole magazine for you guys?

It must have lots of colorful pictures and use real short words…

Sorry, couldn’t resist…

It’s a little more sophisticated than that.  They’ll use Dora and Elmo to roleplay important lobby management ideas.

I'll have to save that issue for my lawyer to help the case.

Enough with BAC!  We all know it’s a joke of a firm, it sucks, they are all bankers - Let’s move on!

nope… I wanna keep the topic warm. Lets be a beacon of warning to fellow brokers

Just thinking ... the only time someone says something good about their firm is when they are independent ... I wonder if there is a conclusion to be drawn from that ...?

Tell you what ... on Tuesday, just for kicks, I'll ask my MD his thoughts on the article and we'll see what he says.

My guess is that that the MD in this case (I haven't read the story) pitched real hard about Premier (what it is supposed to be, NOT what it is) and between the time of the pitch and when the reps moved, BAM! Premier becomes a credit sales machine that lost focus on investments.  As a new rep in this system (without partnerships that pre-date the shift) it would be real difficult to overcome that change - especially given the expectations these guys had.

Where did they end up?

They won a 3MM counter claim against BAI. BAI took them to arbitration for the upfront money and ended up taking it up the BUM!

I wonder this means that they’ll be less aggressive about enforcing non-competes.

Errr... Barney lost a lawsuit to it's brokers and turned around and charged the brokers more than the claim. I would assume that this lost arbitration by BAC will have to be paid for by those leaving next.

Not to mention, the legal dept will be trying to worm their back into the good graces of the powers that be. They (Legal) can blame Recruiting all they want, Home Office sees results from Recruiting, they see a failure by Legal.

How does the line from Prizzi's Honor go? "They'll eat their babies for money!"

Mr. A 

[quote=NOFX]

Just thinking ... the only time someone says something good about their firm is when they are independent ... I wonder if there is a conclusion to be drawn from that ...?

[/quote]

The only conclusion I can reach is that you skip over the Ed Jones towners' posts!

If Jones wanted to raise production throughout their system, they'd just have to put a block on this site seeing as so many of their employees spend so much time here, and not on the [strikethrough] Phone[/s] shoe leather

[quote=BACFA]It’s a little more sophisticated than that.  They’ll use Dora and Elmo to roleplay important lobby management ideas.[/quote]



Dude I know I was being an irritating smartass…thanks for having a sense of humor that was a great reply!

joe,

up a little late last night. working today?

[quote=mranonymous2u][quote=NOFX]

Just thinking ... the only time someone says something good about their firm is when they are independent ... I wonder if there is a conclusion to be drawn from that ...?

[/quote]

The only conclusion I can reach is that you skip over the Ed Jones towners' posts!

If Jones wanted to raise production throughout their system, they'd just have to put a block on this site seeing as so many of their employees spend so much time here, and not on the [strikethrough] Phone[/s] shoe leather

[/quote]

?  I'm not sure I understand what you are saying...

[quote=$$$$$]

joe,

up a little late last night. working today?

[quote=BACFA]It's a little more sophisticated than that.  They'll use Dora and Elmo to roleplay important lobby management ideas.[/quote]

Excellent.  Brillant.  You made me laugh.

[quote=mranonymous2u]

If Jones wanted to raise production throughout their system, they'd just have to put a block on this site seeing as so many of their employees spend so much time here, and not on the [strikethrough] Phone[/s] shoe leather

[/quote]

When I was at Jones, this forum was blocked on the Jones system, and I assume it still is. I could view the Registered Rep magazine website, but not the forum.  I would assume most of these Jones guys are posting from home.

Just read the article. Typpical big company response. However a big loss for BOA.

Nofx,

I mean that the Jones guys (at least a number of them) are always saying the most glorious things about the Unification Firm of Son Yung Jones.

So if you think the only people saying nice things about their firm are Indy's, you must not be reading the Jonestowners' posts.

(I'm asssuming you catch the Moonie and the Jonestown references, but you might be too young to have experienced either of them. Let me know.)

Mr. A

Now Indy,

Maybe it's perception, but it seems they're posting during Market Hours (which I'm at least as guilty of. If I wanted to raise my prodo I'd block this site too, but every time I've tried to do so, I'll figure some way around my ban. That's a problem when you are your own boss, both management AND labor are idiots!)

Mr. A

I agree, some do post during market hours.  I just know that the one time I tried to visit these boards while at Jones, it was blocked by Jones. 

Maybe you have to take a "kool-aid" test, and if you score high enough, they'll give you full access to these boards!  That could be why almost all of the Jones posters are pro-Jones...

(Pretend this is being read very fast) The above statement is meant as a joke, not as a direct slam on any Edward Jones employees.  now_indy does not speak for the owners or affiliates of this forum. Please do not attempt this humor at home. No animals or small children were harmed in the making of this post.

That's a problem when you are your own boss, both management AND labor are idiots!)

Now that's funny   

Finally received my Bank Investment Consultant magazine with the B of A story.  Basically, three Merrill brokers moved (with their families and pets) from Cleveland to San Diego with the promise of access to $3 billion in bank deposits.  Turns out it was only $300 million, which is horrible in the B of A system when divided between three brokers.  Pathways brokers (trainees) get more than that when they walk in the door after passing their Series 7.

B of A ordered to pay $1.6 million in compensatory damages and also forgive the $1.4 million upfront loan.  The spouses are also suing in state court (non-NASD) for damages.

I wonder if the $3 billion deposit was in writing. I can't imagine B of A losing an arb just because they "promised" deposits or leads.

Holy Dropped decimal Point, Batman!

Where in San Diego? Ocean Beach?

A mil a piece ain't bad... But from Cleveland to San Diego? They're on the short end of that realestate trade! Sell an 8 bedroom mansion in Cleveland and buy a Efficiency Condo in San Diego! Hey, it has a pool view! Seasonal.

Mr. A

Took me a couple readings to decipher all the jokes.  Funny!

I’m just loving the goals we must hit on our “scorecard” or else we earn a wopping 25% payout! Gone.

So what is your trailing “RPM”?  That is the new term for Revenue at BAI - RPM stands for Relationship Management Growth…  They are so going away from brokerage that at this point it is just funny!

nope....very true, I worry how this program looks in 2-3yrs. I think your RPM's will be driven by the type of biz you do with an accelerator (1x, .5x , 2x)

equity will be GDC x .5

CSG will be GDC x 1 etc,etc and then it flows to your RPM times your payout.

scary.

leave.

I did

There will be many leaving in the next few quarters. Myself included.

I’m not being sarcastic  - you will LOVE being independent.  You will wonder why you didn’t do it earlier…

Who’s being sarcastic? Are you now indy nofx??

$,

u  need to make decision, do the math....300k @ 33% x the 25% penalty = 75k...right?

if u can live on 75k put your head down and work your ash off, if not figure out how much of your book comes if u go indy. Multiply that by 90% back out your expenses and see what u net. BUT remember it is soooo much easier to raise money at a bank than an indy that u might be better off staying. my 2 cents.

[quote=$$$$$]Who's being sarcastic? Are you now indy nofx??[/quote]

No - I was - blew up my book (reformed stock jockey) and cut a check to a regional - now at BAC.  Exit strategy in 5 - 10 years is to go back independent.

here's my math as an indy. take 50% of my aum, thats 15 mill, take half that fee based, thats 7.5 mill or 75k at 1% plus another 12k trails, thats 87k- 30k expenses= 57k before any additional business. Add another 100k gross @ 90% in additional business and my total wages are 147k net

stay at the bank and every dollar I bring in I stand a 50% chance of moving down the road. Go now with the above math, and every $ I bring in is 100% mine.

Also, I think doing biz under RJ’s name is just as good as BAC

[quote=$$$$$]Also, I think doing biz under RJ's name is just as good as BAC[/quote]

Does Ray jay have a retail facility on every corner ?  Are they a MLB sponsor?  Does everyone you know have a Ray Jay credit card?  Is someone going to push the Ray Jay investment program on you when you go for a home equity or have a problem with your ATM card?

I'm all for you going Indy and Ray Jay is a great choice but don't kid yourself - the only way to be successful is to rely ENTIRELY on yourself.  If you think it is about the name on the door (as an Indy) you are sunk.  It is ALL ABOUT YOU!  Get your head around that concept.  Have a business plan to grow your business there.  No one will knock on your door to do business as an aimdy - wether Ray Jay or Wachovia or LPL.  You need to be out there.  You are the brand name.

SB, MS, ML BAC ALL firms are pushing out sub 300k producers. If your at a bank doing less than this LEAVE the business and let the account go to the real advisors that know how to generate a return on them! Every rep above 350k should see this as an opportunity.

An opportunity but not at BAC. Btw am o.k with leaving it up to me to get the biz. I’ve done it before and I did well.

If you say so …

btw, i just printed off a copy of the 2007 fa comp plan. you have to be a ny lawyer to understand it.

$,



u need to make decision, do the math…300k @ 33% x the 25% penalty = 75k…right?



if u can live on 75k put your head down and work your ash off, if not figure out how much of your book comes if u go indy. Multiply that by 90% back out your expenses and see what u net. BUT remember it is soooo much easier to raise money at a bank than an indy that u might be better off staying. my 2 cents.



bad move



its not 33% at 300k its 29% and then they are taking 25% in qtr 3 and 4

I didn’t know that. Now that really pisses me off!

[quote=$$$$$]btw, i just printed off a copy of the 2007 fa comp plan. you have to be a ny lawyer to understand it.[/quote]

Yep when I was at UBS I always felt that was part of how they screwed you, by making the comp so damn complicated that after a while you got tired of trying to figure it out, just sucked it up and lived with it.  I find the comp structure here at LPL to be much more streamlined.