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Jan 7, 2006 9:10 am

I have to say I'm really disgusted with the direction BAC is going with their comp plan. Don't make the same mistake I did and go with this firm.

Jan 7, 2006 11:03 am

What changes have been made?

Jan 7, 2006 8:35 pm

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

Jan 7, 2006 8:48 pm

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


Come over to the dark side! Indy!

Jan 8, 2006 3:48 am

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

Jan 8, 2006 9:12 am

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

Jan 8, 2006 4:29 pm
ezmoney:

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


Interesting comment you make there.


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


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

Jan 8, 2006 7:07 pm

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

Jan 8, 2006 11:35 pm

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

Jan 9, 2006 12:14 am

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

Jan 9, 2006 10:10 am
thebanker:

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


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


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


That's the story....

Jan 12, 2006 9:33 pm

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


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

Feb 21, 2006 8:22 pm

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

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

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

Feb 21, 2006 9:34 pm

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

Feb 21, 2006 10:51 pm
bankfa10:

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

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

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



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

Feb 22, 2006 6:11 am

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

Feb 22, 2006 6:55 am

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


Beats a desk and a phone.


Feb 22, 2006 10:07 am

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

Feb 22, 2006 11:11 am

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

Feb 22, 2006 11:28 am
banknomore:

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


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


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