Moral of the story…stay away from the Nationals and Super Regionals.  Completely different experience for me, but I’m in the Community Bank channel.

You got that right BAC sucks!! So does every almost every other bank. Do not go to BAC!

The sad thing was, I was in the community bank channel also…just goes to show that all bank programs are not created equal.

Banks can be absolute nirvana. Really.  Just need to find the right one for you.

[quote=Indyone]

[quote=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.[/quote]

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.

The funny thing is, my business has really picked up the past couple of months, with a lot of customer referrals.  Heck, I got a referral the other day for a nice account from a former client who hasn't even made it over from the bank yet!  Today, I moved six figures into a VA from a lady who still works at my old bank.  The rep who replaced me was green as grass and could not recognize that she wanted an absolute guarantee for her money, so he shows her a respectable mutual fund hypo and she asks me what I think of it.  I told her that it was a nice recommendation, except that it did not provide any guarantee for her principal.  I knew that was very important to her, and the end result was that I moved the money easily, even though it would be much easier (and more politically correct) fo her to stay with the bank.

If anything, the bank, and all their junk referrals just distracted me and held me back.

bankfa10 wrote

The place is a absolute joke..Almost criminal the way they are taking away commissions (trails) that were earned before these bozos took over.

They are  pushing money mkt accts that generate revenue for mgt and only mgt.

80 basis points on propriety fund ,...and they insist all in the best interest of the customer.

2 more weeks and goodbye to those LIARS,CHEATS AND   *&%^$#@

I’m right behind. In the planning stages.

[quote=ezmoney]I’m right behind. In the planning stages.[/quote]

Come on in the water is fine bro! 

Why the complaints? Maintain Client Delight and you will get back the trails + a little extra. 3 contacts a day can’t be that hard can it?

what a great deal!!! take something that is rightfully mine and hang it over my head all yr then give me bank of america stock options which vest in 3 years instead of giving me the cash that you took from me. chain me to a bunch of stock options. When you change the comp plan again for the worse just like you have for the past 3 years im stuck with worthless stock options.

at the same time the premier bankers get 60 k salary with bonus every qtr 3-5 k and 4 weeks of vacation and paternaty leave of 2 months.

Look those “premier bankers” right in the eye. Do you see fear? Now look a GOOD broker in the eye and tell me what you see.

wow 60k salary!  woo hoo!

Dude if that impresses you, then go be a premeir banker and stop pretending to be a broker…

BAC sucks.

well it does not impress me but when you got a kid a yr or two out of college making 100k with little job exp and I have been working as a fa for quite some time and im making a 120k with no vacation it starts to piss you off. oh and if I didnt have all the haircuts i would be making 145k

Working at BAC is a job. You are an employee of the investment mgt. side of a large bank where retail banking rules the roost. If you are in this business for the long run, go where your book is yours to build, reap the benefits and someday sell like you would a BUSINESS. The referrals are gone. Premier runs the referral process now. The brokers have gone from being known to their clients to now being known as the 'investment guy" John my premier banker introduced me to. This is all part of the plan to make you an expendable/interchangeable EMPLOYEE.

that 100% right

Maybe ezmoney should change his handle given his current viewpoint on his situation.

Here is a new one:  “if it sounds too good to be true, it probably is.”  This business is hard…you have to be smart, good, and usually lucky somewhere along the line.  Or just be dumb, bad, and VERY lucky.

Let me understand:

There is a chance that a consultant doing 300k trails annually could one day have that reduced to zero?

Does that make much business sense?   Wouldn't all the reps just leave?

scrim