And so it begins BAI cuts 4th quarter comp!
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As a newbie to RR and a member of the great BAI I felt obligated to let you folks now about the 4th quarter cuts that apply to us little folks... <?: prefix = o ns = "urn:schemas-microsoft-com:office:office" />
So here is the short and sweet of it. If you are an FA two (350 and below LOS + 5) you will have your 15% monthly hold back cut in half. This is to be only a one time cut for the 4th quarter 2008 due to the upcoming merger. For these folks I really don't have allot of love for them. There business should grown by now. BUT this cut also applies for all Trainees (Pathways) in that there quarterly bonuses will be cut in half only for the 4th quarter 2008. I will keep my opinions to myself because this is a BIG organization and this is the world we live in! What can we do but show up and be just a little grateful. Thanks all
What a pathetic world YOU live in.
Don't speak for those smart enough to get out.Please elaborate. I was out this afternoon. Just as the retention call it appears they put this out their 30 minutes beforehand.
I'm currently an FA I on their plan $350,000 and under, and since they only change that twice a year am not eligible to move up to FA II until January. I brought over only about 3 million of my old book less than three years ago and now have a T6 close to $400k. Am I understanding it right that come February 15th I will only get half of my discretionary bonus back regardless of any referrals etc? Do I understand that right that they are punishing me for doubling my revenue the last two years because of their piss poor management in other areas of the bank!!!!!!!! What else was said on that call? If that is the jist of the call LET THE LAWSUITS COMMENCE!!!!!!!!! If anyone knows of group lawsuits on this please let me know. That is the last straw. Do you sue for the fact that my promissory note should be forgiven because I'm now being forced into a wirehouse setting, for changing my pay plan in the middle of the year without my signature on a new comp plan, for the lack of referrals we were all promised when coming over from wirehouses? Take your pick.[quote=BAI?]What can we do but show up and be just a little grateful. <o:p></o:p>[/quote]
What else can you do? Show some balls and leave, that’s what.
But reading your post it’s clear that’s not likely. Hope you and your fellow frogs don’t mind the water getting warmer and warmer. I’m sure you won’t - what else can you do, right?
I thought FA I (not II) were the ones under $350K. I know, it’s just semantics. I haven’t heard this news yet, but for FAs doing under $350K, it’s going to be tough. They were already on a 25% or less payout. Could be due to laziness or the inability to move up the grid (such as southcampus).
I agree with the OP that this will be very harmful to Pathways FA's. Their quarterly bonus could be as high as $10K so for many of them, this was almost as much as their salary. And remember, Pathways do not get paid anything for the revenue they generate (no grid except for 30% on life insurance). They have also cut the discretionary bonuses for CM's (our bank partners). Their reduction is 85% so essentially they will get nothing. They justified it (and this may be the way BAI avoids the lawsuit) by stating that it was "discretionary."You are correct BACFA it is only FA I not FA II. The deal is pretty cut and dry we will take this on the chin for the fourth quarter. My Market Director (DIK LESS) danced around the issue on our weekly call. He then said he would call all of us who where going to be affected by end of business today and guess what folks....Nada. Can the real Market Director please stand up?
Morphius: I have seen you on hear before and see eye to eye with you on many issues. You are 100% correct and believe me sir the wheels are turning....
Southcampus: I don't know what to tell your brother I think you may get jacked. I would call your MM this has nothing to due with signing bonuses only the disrectionary portion of the quarterly bonus. I myself am jumping off the Pathways program as I am in my 30th month so F it. I'll make more on MR grid anyways.
FA II's like everything else will be left alone..They are gods gift to BAI. All hall FA II's
BAI?
Careful what you wish for. My branch manager who is leaving (so take this what its worth) told me and many of the other senior FA’s that Merrill’s Grid will be decreased down to BAI’s by the end of 2009. BAI will only do this after the big producers sign there retention packages and no compete contracts. We at MER and BAI get the worst of both worlds.
We hear that we will move to the MER platform including grid etc. That is actually a grid increase for us. This was at a market level meeting - said by a national BAI guy that any BAI FA would recognize.BAI?
Careful what you wish for. My branch manager who is leaving (so take this what its worth) told me and many of the other senior FA’s that Merrill’s Grid will be decreased down to BAI’s by the end of 2009. BAI will only do this after the big producers sign there retention packages and no compete contracts. We at MER and BAI get the worst of both worlds.
NOFX-
If BAI is on MER platform and they don’t cut MER grid then that would be great.
I don’t know if my departing manager is correct. I was just repeating what he had told a select number of FA’s at our branch. Because of what our branch manager at Merrill said we are worried that our payouts are going to be reduced.
Because you're dealing with a bank (and worse yet, a large bank), there's little doubt in my mind that when the smoke clears, the grid will be reduced. These folks don't understand retention and morale...they understand cutting costs and you're all a bunch of overpaid primadonnas in their eyes. Bend over and don't expect any soap with this job.Because of what our branch manager at Merrill said we are worried that our payouts are going to be reduced.
I have posted this before - but here goes again. In 2006 when BAI changed the comp plan (announced in 2005). Som e of the notable changes: The stopped calling production, "Production". It change to :"Relationship Management Growth." They cut fee based comp by 15% for everyone. Their answer was that regulators were really cracking down on firms about this - a complete lie. They withheld 25% of 12b-1 fees to be included in the new discretionary bonus. They love the word discretionary, by the way. in 2008 for for RMG in 2007 they cut everyone in my state and told us on the higher end that we got the highest although not the full amount we had earned. So I am like, "Wow! I exceeded your goals by 300%, frew my business at 30% and I get 95% of my piddly "bonus"? Thank-you you weak kneed little puck of a manager for feeding me the terd sandwich!" The also insituted the note taking system. Ask any BAI FA what he/she thinks of this load. I went to a meeting once where a banker was explaining the notes using an analogy. He said look at football: when a player is pulled to the sideline, there is always another player who knows the play and can move right into the huddle. That way, you see, the team wins!
The bankers have it all figured out. All of their methods are to reduce the value of the FA to the client and increase the value of the bank in the eyes of the client. BAI FA's and tellers are referred to as Client Facing Associates. I corrected and middle manager from some darned place and told her we are "revenue producing associates" and it really made her mad.[quote=bancofamigo]
BAI FA's and tellers are referred to as Client Facing Associates. [/quote]Which presumably means that all the bank and back office people are facing your ass, right? I guess that makes them "FA's Ass Facing Associates."