Some BAC brokers quitting tomorrow

True    March has been a tough month for BAI ...april,may and june will be worse.

Then again BAI doesnt give a damn about losing quality people,They are being replaced by A.G ED brokers with next to nothing in trailing 12.Their new hires are led to believe that premier will make their life easy

HA HA HA HA   GOOD LUCK

[quote=waterboy]

True    March has been a tough month for BAI ...april,may and june will be worse.

Then again BAI doesnt give a damn about losing quality people,They are being replaced by A.G ED brokers with next to nothing in trailing 12.Their new hires are led to believe that premier will make their life easy

HA HA HA HA   GOOD LUCK

[/quote]

Has AG Edwards been losing a lot of brokers? What changed? Excuse my ignorance.

I don’t know if AGE is specifically losing a lot of brokers but Bank of America is bringing over many inexperienced reps that don’t do their homework before signing on. Their suckering them with, “The Branches and the Premier Bank have monthly investment referral goals of $650,000 to you.”  In reality, they can hit their goals without doing a cent of investment referrals by doing mortgages and loans.  Or they’ll throw out “The Private Bank (of BAC for high net worth clients) can only take on clients over $3 million so anything less than that, such as those poor clients with only $2.5 million investable assets have to go to you.”  Actually, Bank of America’s Private Bank thinks that the Financial Advisors are morons and do anything to avoid referring to them.  Oh well, it’s kind of nice seeing management look so confused and nervous these days. 

AGE adjusted their comp structure for non-fee based biz.  Many of the reps who aren’t heavy in managed money are seeing a pretty big decrease in income as a result.  Big groups are looking at possibly leaving together.

why would a bac broker leave today when fee based will hit the grid 15 apr.? unless they are majority transactional.

good point ez. May 15 will be the day you see departures if there is any. My bet is if they screw everyone on the 1/4 bonus you will see an mass departure

[quote=BACFA] “The Branches and the Premier Bank have monthly investment referral goals of $650,000 to you.”  In reality, they can hit their goals without doing a cent of investment referrals by doing mortgages and loans. "

If the branches and Premier have investment goals, how do they bypass this and just do only mortgaes and loans? SOunds kinda strange. Also, that’s alot of referral they’re asking from the Premiers, 650,000k.

[quote=Dirk Diggler]

Has AG Edwards been losing a lot of brokers? What changed?

The banker asks.

If the branches and Premier have investment goals, how do they bypass this and just do only mortgaes and loans? SOunds kinda strange. Also, that's alot of referral they're asking from the Premiers, 650,000k.
 

They have combined goals invest/mtg/loans  $11 million per qtr..One way they cheat the system is getting clients out of cd`s and/or savings acct and open a self directed brokerage acct( bypassing the advisor) using a money mkt fund yielding 3.75% apy.

They are using mm funds that pay nothing to advisor.Thats why they go the self directed way.

Whoever goes there will be MISERABLE.

GLAD TO BE FREE FROM THAT HORRIBLE ATMOSPHERE

What’s the payout like at Bank of America?

B of A has two grids: one for brokers with less than 5 years experience and one for greater than 5 years.  Within your length of service, there's also a separate grid for your trail business. This includes all C share and L share (from annuities) trails.  A little known fact is that the original 2006 comp plan was going to shove the managed wrap fees into the diminuitive trailer grid as well. It was pulled out at the last moment but I wouldn't be surprised to see it in there next year.

Less than 5 years experience Production:

Greater than 5 years experience Production:

In other words, if you're allergic to money, B of A is a great place to work.

Wow! Are you still there? Are you allowed to do outside insurance business? If so, send me a PM.

I’m still here but I’ve been looking around and checking out wirehouses and other banks.  However, reading this forum has really stirred my interest in going independent.  Not sure what you mean by “outside insurance.” 

[quote=BACFA]I'm still here but I've been looking around and checking out wirehouses and other banks.  However, reading this forum has really stirred my interest in going independent.  Not sure what you mean by "outside insurance."  [/quote]

I was bank channel and made the leap to independence last summer...best move I ever made.  If you're tired of politics, low (an lower) payouts, endless meetings (pep sessions), managers who play favorites, and ridiculous, unnecessary overhead (I know, redundant with managers), then you might want to take a hard look at life as an independent.  Everything I see confirms what I was originally told by many...if you want to do indy right, look at Raymond James and LPL.

Outside insurance just means that you can offer fixed insurance products away, or apart from, your broker dealer.  LPL allows me to do this, but I seriously doubt that a bank would allow it.

See my sig line below...I 100% believe in that statement...and don't think for a minute that Jones or Wachovia are truly independent platforms.  Those models are a far cry from what I saw at RJ and LPL.  Good luck in your search for the right answer...

It’s Saturday…those reps actually leave?!!

3 guys left.  Talked to some of the others and most are waiting until the May 15 check.  A few of them have significant trails ($50K or more) paying in April (hence the May 15 paycheck).  At B of A, separately managed accounts do not get the fees “fronted.”  So we don’t really see anything until that quarterly fee gets paid.

Looking at that grid and considering all the political B.S. I can’t imagine why ANYONE would want to work there…or at least not ANYONE who could get a position anywhere else!

Believe me, a lot of brokers (myself included) are fools for staying this long.  We took a huge revenue hit when we converted our business to fees and trails in 2005, expecting that we would build from there in 2006.  Nobody thought the grid would look like that in 2006.  Especially that awful trailer grid, which kind of demeans the effort that we put forth in 2005.     

So true....they roll out fee based in March 05 ,reduced annuity payouts by 40% and sell it to us that we are creating a better future by annuitizing our book.  WHAT A FOOL I WAS TO BELIEVE THEY WOULDNT MESS WITH US LESS THAN 1 YR LATER.

Glad to see N.E reps leaving.

Look @ some of my earlier posts. IMATELLINGYA’LL that this whole "mangedmoneyannuitizeyourbook"bulls**t is very simply a way to PUT THE FIRM BETWEEN YOU AND YOUR CLIENT. Once they (the firms) get all of you to convert your book, then THEY OWN THE CLIENT. Whatever happened to “rugged individualism” (see Atlas Shrugged). You WILL NOT catch me swallowing the “soma” (see Brave New World). Do your own thing and YOU WILL OWN THE CLIENT. If the firm you work for doesn’t like this…LEAVE. 

[quote=Revealer]Look @ some of my earlier posts. IMATELLINGYA'LL that this whole "mangedmoneyannuitizeyourbook"bulls**t is very simply a way to PUT THE FIRM BETWEEN YOU AND YOUR CLIENT.  [/quote]

You keep saying that, but IMHO, you couldn't be more wrong. The SMA process, if anything, lessens the importance of the firm and increases that of the broker since most any manager (or one just like it) can be found anywhere else.

Trust me on this one, I've moved SMA accounts and it's a lay up. Now, if the firm wanted to tie the client to the firm and not you, they'd push the in-house products or make a big deal of their research, not processes like SMAs that are just about universal.

You ever had them (the firms) offer a client a “discount” on SMA fees to keep their accts? Happened to a good friend of mine (another firm). Ever had them entice the departing broker’s “partner” to stay behind by offering a deal? Seen that done, also. Never convince me (paranoid I may be) that this whole issue is to own the client. 

[quote=Revealer]You ever had them (the firms) offer a client a "discount" on SMA fees to keep their accts? Happened to a good friend of mine (another firm). Ever had them entice the departing broker's "partner" to stay behind by offering a deal? Seen that done, also. Never convince me (paranoid I may be) that this whole issue is to own the client. [/quote]

You mean you've never heard of a firm offering commission discounts to the clients of a guy who jumped or entice the partner of the departing guy to stay to handle thos ecommission accounts? Ever heard of a firm saying "you made all that money with OUR research/tools/products and your old broker won't have access to them any more? How about the one where the old firm tells clients "you can go, but you'll have to sell every one of our products when you go and pay new fees and commission there"?

I'm closer now, with portable managed money, to my clients than I ever was as a stock guy. It's pretty hard to leave and bring clients when your entire method of opening and servicing accounts is built on "and we have the finest research on the street"....

Mike222: Pretty naive of you to think that I use my firm’s research. Would that have worked during the “Blodget days” @ Merrill, or “Iforgethisname” telecom guy @ Smith,Barney? I don’t prostitue my client’s money on the altar of Wall Street “research”. Only firm I have ever heard use the “you’ll have to sell everything” ploy is jones.

I am convinced independent is better but I am just starting. I want great training. I want exposure to experience etc. I plan to join a major wirehouse but anticipate I will want to leave after building up about 75 million (a guess). Any warnings or suggestions on how to proceed. Bad idea?

[quote=JCadieux] [quote=Dirk Diggler]

Has AG Edwards been losing a lot of brokers? What changed?

[/quote]

Not that I know of.  AG Edwards has been doing well lately.




[/quote]

They call more than another else. Even more than UBS...

[quote=Revealer]Mike222: Pretty naive of you to think that I use my firm's research.

[/quote]

How naive of you to think that I think that you do. That doesn't change the fact that wirehouses make you jump through hoops to make recommendations that contradict their in-house research...

[quote=Revealer]

 I don't prostitue my client's money on the altar of Wall Street "research".

[/quote]

Sorry, I didn't notice the tinfoil hat and forgot who I was speaking to. 

[quote=Revealer]

Only firm I have ever heard use the "you'll have to sell everything" ploy is jones.[/quote]

Jones doesn't even have proprietary products. Try moving some MS or ML or SB mutual funds. Then ask me that question again...

Mike222: I can’t remember the last time I used my (current) firm’s research other than for information to form MY OWN opinion. I learned that most likely before you were even born. Weak argument that “boo-hoo, my firm sent out all this bad info and it wasn’t my fault.” IMAHERETOTELLYOU that it IS your (our) fault if we are so dumb as to buy all the BS that Wall Street puts out. (Oh,I forgot who I was speaking to…I replaced my dunce cap with a tinfoil hat many,many yrs. ago.) You still got your dunce cap M222? jones uses that ploy to even keep people from trf. Am. Funds for cryin’ out loud. However, I have seen them have people SELL CALAMOS because “their (jones’) funds do better”. Can’t address the ML,MS,SB funds issue. Don’t really care.     

<?:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" /> 

[quote=Revealer]Mike222: I can't remember the last time I used my (current) firm's research other than for information to form MY OWN opinion. [/quote]

Nifty. Now try to take an action that contradicts the firm's research. No one said to not form your own opinion OR to not seek opinions elsewhere.

I simply made the point that the evil “firm” you’re talking about that uses managed money to get between you and your client (a laughable proposition since managed money is MORE, not less portable than other types of accounts) uses the reputation of their research in their attempts to keep clients.

Don’t think so? Then ask a guy who left ML for, say AG, and ask him if his old firm said something like “We have the very best research on Wall Street and Mr So-and-so won’t have it any more”.

 BTW, I don’t even care to get started on the paranoid tone of your posts or the idea of a rep in a wirehouse trying to be an analyst rather than what his job description really is. The subject is too tedious to continue.

 [quote=Revealer]I learned that most likely before you were even born.

[/quote]

I hope you’re more accurate on your stock picks then you were on that guess, Ms Cleo…

[quote=Revealer]

Weak argument that "boo-hoo, my firm sent out all this bad info and it wasn't my fault."

[/quote]

Nice strawman you have there…

[quote=Revealer]

 IMAHERETOTELLYOU that it IS your (our) fault if we are so dumb as to buy all the BS that Wall Street puts out.

[/quote]

Ahh, the noble, wise Revealer, all seeing, all knowing, saving his clients from “Wall Street BS”…. Sorta’ brings a tear to your eyes, don’t it?

[quote=Revealer]

(Oh,I forgot who I was speaking to...I replaced my dunce cap with a tinfoil hat many,many yrs. ago.)

[/quote]

Didn’t I run across you in a Manhatten bar once? Drunk, dressed by a Sear men’s department, looking like the Gil character from the Simpsons. Talking about how Lee Harvey Oswald, the CEO of Merrill Lynch and the Illuminati staged the moon landings?

[quote=Revealer]

Can't address the ML,MS,SB funds issue. Don't really care.     [/quote]

Of course not, because it would undermine your entire theory….

I don’t wear Sears suits. Don’t know this “Gil” from Simpsons. (Don’t watch cartoons). Have been to the Texas Book Depository and have my own opinion on Lee Harvey. (Why share it with you?) I buy my suits @ Penney’s, same place as Warren Buffett. Speaking of which, you can run into me @ the BRKA annual meeting. I’m the big guy wearing a diamond Rolex and driving a Lexus. You are right about one thing…yes, this is tedious. To kill the tedium, I’ll let you get back to working on your 942nd. post in 5 months.

[quote=Revealer]I don't wear Sears suits. Don't know this "Gil" from Simpsons. (Don't watch cartoons). Have been to the Texas Book Depository and have my own opinion on Lee Harvey. (Why share it with you?) I buy my suits @ Penney's, same place as Warren Buffett. Speaking of which, you can run into me @ the BRKA annual meeting. I'm the big guy wearing a diamond Rolex and driving a Lexus. You are right about one thing...yes, this is tedious. To kill the tedium, I'll let you get back to working on your 942nd. post in 5 months.[/quote]

Well I would be interested in hearing about your Oswald theory!

He shot several “magic bullets” from a bolt action rifle @ a moving target the size of a medium watermelon approx. 50 yds. away. YES,HE DID!.

Our office has lost a broker a week for the last 2 months. Are FA’s sticking around in other markets? BAC really took a turn for the worse this year. They just changed the premier reps comp so they dont even have to focus on investments nearly as much and the comp plan is the worse anywhere.

In the Northeast, the Premier model is incredilbly weak.  Not too many people left to quit on the investments side.

there’s plenty left in the southeast. us sucker fa’s down here are sticking around to see or hoping it gets better. if you don’t have at least 25 mill aum with this bank you’re probably dead in the water.

[quote=ezmoney]there's plenty left in the southeast. us sucker fa's down here are sticking around to see or hoping it gets better. if you don't have at least 25 mill aum with this bank you're probably dead in the water.[/quote]

This seems to indicate you are currently employed by BAC. If that is the case why then are you PM me asking me about my husbands experience with BAC? You indicated you were being recruited by BAC Private Banking.

All I can say is WOW, just wait until the new CM comp plan is "officially" explained! So much for Partnership for Growth.... More like plan for destruction.

[quote=Biasedrecruiter]

[quote=ezmoney]there's plenty left in the southeast. us sucker fa's down here are sticking around to see or hoping it gets better. if you don't have at least 25 mill aum with this bank you're probably dead in the water.[/quote]

This seems to indicate you are currently employed by BAC. If that is the case why then are you PM me asking me about my husbands experience with BAC? You indicated you were being recruited by BAC Private Banking.

[/quote]

ouch- nothing like your PM being outed-

what's that about?

whalehunter,

what is a CM comp plan?

cm can no longer get credit for moving money internally( take from checking or savings and give to investments) They must now grow their book thru new( outside ) money.

Get this ...their comp plan pays better to bring assets to deposit side as opposed to investments.

deposits  2 basis points on growth

investments 1 basis point.

THE HANDWRITING IS SPRAY PAINTED ON THE WALL...THEY DONT CARE ABOUT INVESTMENT SIDE

yep. not a good situation here. There is literally no reason for banking personnel from the branches or cm to refer to us.

[quote=Biasedrecruiter]

[quote=ezmoney]there's plenty left in the southeast. us sucker fa's down here are sticking around to see or hoping it gets better. if you don't have at least 25 mill aum with this bank you're probably dead in the water.[/quote]

This seems to indicate you are currently employed by BAC. If that is the case why then are you PM me asking me about my husbands experience with BAC? You indicated you were being recruited by BAC Private Banking.

[/quote]

Isn't ezmoney with BASI (BAC's bank brokerage)? It wouldn't be shocking if the back side was trying to recruit him to private banking.

"back side" = "bank side" 

Calling Dr. Freud  

It looks like an insane situation by most reports.

Lovely, CM’s are penalized for Investments!!

CM’s are penalized becasue they work for the bank.

From what I heard from my buddy at BAC is that they’re planning on creating a new position. This position involves dealing with HNW clients of over 300k investable–with this position, you can offer BOTH investments and banking products. Not sure how this will affect BAC’s FAs and Premier Client Managers–I guess PB&I gets the chump change?

And who is your buddy? Where would he get this kind of info.

my guess is that they would take all the FA’s and CM’s and combine them into this new position with responsibilites of 1-2 branches. This makes complete sense and would eliminate alot of interception of referrals as well as avoid a great deal of missed opportunities.

Our office has lost a broker a week for the last 2 months. Are FA’s sticking around in other markets? BAC really took a turn for the worse this year. They just changed the premier reps comp so they dont even have to focus on investments nearly as much and the comp plan is the worse anywhere.



anyone other markets losing reps like this?

The southest market hasn't lost that many. 2 big producers at the beginning of the year and a couple of hackers, otherwise that's it.

Fas will soon be leaving in the southeast region. They are sick of the comp plan, premier, and the firm.

BAI top producer in SF (2.4 mil in production, 140 mil in AUM) just left to Morgan-another one bites the dusk. 

Yeah, I saw that monster San Fran FA had gone to Morgan.  But I think she was with Private Bank, though. 

I just read the revised Premier Bank comp plan.  Investments take a huge hit.  For example, if a Client Manager moves a $100K CD to Investments, they'll take a $250K debit on the deposit end (2.5 times). 

[quote=BACFA]

Yeah, I saw that monster San Fran FA had gone to Morgan.  But I think she was with Private Bank, though. 

I just read the revised Premier Bank comp plan.  Investments take a huge hit.  For example, if a Client Manager moves a $100K CD to Investments, they'll take a $250K debit on the deposit end (2.5 times). 

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[quote=joedabrkr]

Stupid bureaucratic crap.  That's why I could never work at a bank.

Hey don't get me wrong...not meaning to take a cheap shot at those of you who do...it's just not for me.
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If it's not right for you, then why is it right for anybody else?

[quote=NASD Newbie]

[quote=joedabrkr]

Stupid bureaucratic crap.  That's why I could never work at a bank.

Hey don't get me wrong...not meaning to take a cheap shot at those of you who do...it's just not for me.
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If it's not right for you, then why is it right for anybody else?

[/quote]

The same reason you don't wear the same shoes as I do.

[quote=babbling looney][quote=NASD Newbie]

[quote=joedabrkr]

Stupid bureaucratic crap.  That's why I could never work at a bank.

Hey don't get me wrong...not meaning to take a cheap shot at those of you who do...it's just not for me.
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If it's not right for you, then why is it right for anybody else?

[/quote]

The same reason you don't wear the same shoes as I do.

[/quote]

Nah, it's a sign of insecurity with his own decision--coupled with the desire to never actually make a categorical statement.

Classic Seinfeld, "Not that there's anything wrong with that."

Why should we not be 100% behind our own decision?

Did you "settle" for what you're doing--or do you know it is the absolute best approach.  If it's the absolute best approach why would you not be behind it under all conditions?

[quote=thebanker]BAI top producer in SF (2.4 mil in production, 140 mil in AUM) just left to Morgan-another one bites the dusk.  [/quote]

At a bank is it possible to produce $2.4 mill with 140 mil in aum? That's a 1.7% velocity rate.

[quote=NASD Newbie][quote=babbling looney][quote=NASD Newbie]

If it's not right for you, then why is it right for anybody else?

[/quote]

The same reason you don't wear the same shoes as I do.

[/quote]

Nah, it's a sign of insecurity with his own decision--coupled with the desire to never actually make a categorical statement.

[quote=NASD Newbie]

Why should we not be 100% behind our own decision?

[/quote]

Where did he every suggest that he wasn't 100% behind his decison made for himself, with his likes and dislikes in mind?

[quote=NASD Newbie][quote=babbling looney][quote=NASD Newbie]

[quote=joedabrkr]

Stupid bureaucratic crap.  That's why I could never work at a bank.

Hey don't get me wrong...not meaning to take a cheap shot at those of you who do...it's just not for me.
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If it's not right for you, then why is it right for anybody else?

[/quote]

The same reason you don't wear the same shoes as I do.

[/quote]

Nah, it's a sign of insecurity with his own decision--coupled with the desire to never actually make a categorical statement.

Classic Seinfeld, "Not that there's anything wrong with that."

Why should we not be 100% behind our own decision?

Did you "settle" for what you're doing--or do you know it is the absolute best approach.  If it's the absolute best approach why would you not be behind it under all conditions?

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Some are willing to put up with the b.s. in a bank platform(frequent meetings, tinkering with payouts, inept management, etc)



If you didn’t have these problems do you believe the bank is the best place to be?



No meetings, locked in payout, hands off mgmt, free to come and go, etc

[quote=bankrep1]Some are willing to put up with the b.s. in a bank platform(frequent meetings, tinkering with payouts, inept management, etc)

If you didn't have these problems do you believe the bank is the best place to be?

No meetings, locked in payout, hands off mgmt, free to come and go, etc[/quote]

Yes, banks are great places to get in front of a lot of prospects with virtually no effort on your part.

Having been there and said that, the above hypothetical is just too unimaginable to comment on.  It's like saying, "If Hell had central air and satellite TV would you consider going there?"

[quote=Indyone]

[quote=bankrep1]Some are willing to put up with the b.s. in a bank platform(frequent meetings, tinkering with payouts, inept management, etc)

If you didn’t have these problems do you believe the bank is the best place to be?

No meetings, locked in payout, hands off mgmt, free to come and go, etc[/quote]

Yes, banks are great places to get in front of a lot of prospects with virtually no effort on your part.

Having been there and said that, the above hypothetical is just too unimaginable to comment on.  It's like saying, "If Hell had central air and satellite TV would you consider going there?"

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A decent broker finally left the pack here at BAC in the southeast. He went indy. We’ll see how many follow suit.

[quote=ezmoney]A decent broker finally left the pack here at BAC in the southeast. He went indy. We'll see how many follow suit.[/quote]

Two questions;

1) If he's left, why not tell us who and where...

2) If you still remain, with all the problems you see there, does that mean you're not a "decent broker"?

Another leaving this Fri. for UBS $500K Trailing 12

[quote=Biasedrecruiter]Another leaving this Fri. for UBS $500K Trailing 12[/quote]

Moving from BAC to UBS?

That’s like going from the frying pan to the smoking embers…
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yes, but biase gets paid.

btw, if they don’t start making things right there will be more that depart.

[quote=ezmoney]yes, but biase gets paid.[/quote]

No; I do not get paid!! UBS is not my client. LOST ANOTHER ONE TO THEM.

Worst part was listening to the candidate for what seemed like an hour telling me the reasons for the choice of UBS over Smith Barney

Does anyone believe they are gearing up to sell the U.S. brokerage unit? I understand is is not very profitable.

who is selling what?

[quote=BrokerRecruit]who is selling what?[/quote]

Is UBS gearing up to sell the U.S. brokerage division?

[quote=Biasedrecruiter]

[quote=ezmoney]yes, but biase gets paid.[/quote]

No; I do not get paid!! UBS is not my client. LOST ANOTHER ONE TO THEM.

Worst part was listening to the candidate for what seemed like an hour telling me the reasons for the choice of UBS over Smith Barney

Does anyone believe they are gearing up to sell the U.S. brokerage unit? I understand is is not very profitable.

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I think they’re positioned well in the US.  Plus the acquisition of Piper would be a huge loss if they sold out now as I’m sure they would net much less than they paid for them. 

[quote=BrokerRecruit]I think they're positioned well in the US.  Plus the acquisition of Piper would be a huge loss if they sold out now as I'm sure they would net much less than they paid for them.  [/quote]

Has anyone here reviewed their 10K?

2 more leave for indys. banks and premier not sending any referrals

bankfa which region are you in?