Any possibiliites at BOA or Wells?

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Apr 27, 2009 3:46 pm

My ID gives my situation.  I was in the NFA program.

Do Wells or BOA have anyone covering branches ?

With all of the defections at Wells/Wachovia/Merrill/CitiGroup, and -all- of the accounts that were redistributed, can a case be made to bring someone in to a firm(s) or to a team specifically to work with inherited accounts and prevent them from leaving ?

Any thoughts regarding some of the regionals:  Raymond James / Scott & Stringfellow / Morgan Keegan ?

Just want to see what options are out there.

Thanks in advance !

Apr 27, 2009 4:22 pm

IMO going to wells or BOA, you will just be geetting back to the same mess you just left.

I know BOA wants 300 and up I would think the same for Wells, although they do have a trainee program since they bought AGE.
Apr 27, 2009 4:42 pm

Talk to your friends at those firms.

For the RIGHT person, you bet there are deals out there.

Realistically, what you outline is a decent idea, but I personally doubt if there is enough meat there to carve up.

Rather, look at the bottom parts of books that aren't annuitized, yet could be fee-based easily.

That is an opportunity.

Apr 27, 2009 9:54 pm

BofA is in such disarray, I don't think they know which way is up. I've heard that our Pathways advisors may be covering the branches, but there has been no official word. I don't think they're doing any hiring right now. And if they were, I would be very cautious. Things are changing quickly and many of the newly hired FAs have been royally screwed. Good luck with your search.

Apr 27, 2009 10:32 pm

they typically are looking to recruit 300k +.  the only way you are going to get on a team is if you no someone there.  from what i know they havent been hiring any trainees lately unless they have been promoted from within.  example sales assistant to junior partner.  besides that its pretty tough and very competitive unless you are a producer.

Apr 28, 2009 12:40 am

1.  Pathways (the trainee program) is officially over.  They were all let go overnight except for a handful (maybe 5%, based on how far they were in the program).

 
2.  BAI is not doing any hiring of any kind.  This includes advisors and sales assistants.  All prospects are routed to the Complex Managers at Merrill Lynch in the respective areas.  This is because it would be pointless to transition a new advisor to our crappy NFS platform and then have them switch to Merrill's in a year.  $300K minimum for new hires.
 
3.  I would rather walk through the Pakistani mountains looking for Bin Laden than through the doors of Bank of America.
May 3, 2009 12:33 pm

BAI IS actively recruiting experienced FAs.  They are being recruited as Merrill reps to the Merrill model.  It's a leap of faith because of the uncertainnty of how the program will look in the future.  There will be another training program once the merger is complete and the markets have "settled"

 
Fact.
May 4, 2009 12:04 am

Obviously, some semantics involved because BAI and Merrill are technically the same company now.  But it is not legacy BAI managers doing the recruiting.  The BAI managers refer names of advisors that contact them to Merrill managers.  Advisors are being hired into a Merrill office, not the traditional BAI bank branches.

May 4, 2009 6:32 am

Take a look at JP Morgan.  They are aggressively recruiting for their Bear Stearns division (I'm not kidding -- they are keeping the name, for now).  This is their brokerage division, not their private bank.  I'm an ex-UBS guy too and this is one of the firms I took a hard look at before making my decision where to go to.