There are many people in our region in the very same situation you describe BACFA.

What I don't get is you go recruit all of these fa's in the last two years, give them up front packages, are constantly reinforced to do fee based only to have your balls busted right in the middle of the asset gathering phase of your business.

You have a lot for reps under five years that are going to feel that they were lied to and unless they change this plan will have a mass exodus and or a mass lawsuit.

What keeps irritating me is the fact at $200000 plus $25000 trails this year I would have cleared at 31%/23% for a total of around 68,000. This next year that 68,000 turns into 54,000 and I have to jump through hoops just to get the 54,000 where last year my transactions and trails were independent of referrals to the bank. Why should I jack with all this mess when there are salaried jobs in this profession paying 70,000 plus? Doesn't make any sense. It is all pure greed.

I feel like Biff in Back to the Future. I feel like going to management and saying "ANYBODY HOME MCFLY!!!"

I

Congrats guys you took a terrible plan that forced out many good reps and instead of listening to the walking feet you made it WORSE! What can be accomplished with this? CM's are penalized for sending biz, Branches have NO incentive to send biz and MKT the full service channel is nil! Where is the value BofA is bringing to the table? A bunch of B share funds and annuities with back end charges for the next 5 yrs. To make matters worse try getting approval to get the clients out of this garbage!! Looks like there will be a few fat brokers per mkt and a bunch of starving ones!! Someone explain to me how PNC pays 3% upfront on managed money and makes the reps a part of their cost centers? These guys are rock stars to their branches!!! arghhhhhhhh

How does PNC do it? My guess it`s mgt realizes there is no need to be greedy pigs. Example, You purchase for client 100k managed acct, PNC applies $3,000 to grid...@ 35% payout ,they owe you $1,050.PNC is collecting 1.5% .After 9 months they are profitable.Lets not forget 12b 1 fees they also collect.Avg managed acct probably lasts several years.That`s alot of fees to collect.

Its no secret why they have over 1 billion in managed assets in a short period of time.THEY PAY YOU FOR GATHERING ASSETS.

I’m disgusted with it all. Can’t believe it.

Do you realize the average premier client manager will make more than the average FA.  As a matter of fact, I bet that only the FAs doing over $500k make more than the client managers. I might just become a client manager, sit back, sell CDs, money markets, checking accounts and the occasional mortage - and get paid over $100k.  What a life!!! 

Premier in the northeast make 50-60 k . I dont believe thay are collecting another 50-60 in bonuses.

If your not making 6 figures as an F.A.....mAYBE YOU SHOULD SELL CD`S AND MORTGAGES

GO fetch me some water… CM are making over 100k  - the average fa at bai is not.

I seriously doubt that the avg. CM is making more that a FA at BAC. If you;re not making more than a CM, then you’re doing something wrong.

nope the avg CM DOES make more!!! A lot of small prod at BAC

Unfortunately true, alot of guys under 250K. CM is 60k w/bonuses that can get them to 100k, very few get there. I don't think the bank wants anyone under 300k and this is their way of pushing you towards the door.

Bottom line guys, at a wirehouse you will feel heat at <300k, at a bank you should obviously be doing more and BAC is putting the writing on the wall. The job isn't worth <100k year.

BAC's average producer is under $300k.  The place sucks.  FAs joined the bank because of the promise of referrals and working with Premier. The truth is - there are no referrals.  Very, and I mean very few FAs actually get referrals.  The only reason to go to a bank is for access. BAC gives FAs no access.  You do not have access to the banking centers, Premier get 2x credit for deposits - Therefore they do not refer.  Compliance is beyond belief.  Ask any wholesaler what they think of BAC and I guarantee they will tell you it sucks.

well said nope…If any of you guys do any ins biz you need to to read this. BAC is the only firm that forces Ins vendors to continue paying commisions on policys that have move from BAC. What that means is you go to Firm A from BAC and have clients sign the form to switch policy to your new firm, you will be able to help the client and get statements but commisions on addl premiums still go to BAC. Hartford lady in the comm dept said BAI is the only frim that does this. To get it switched I have to BAC sign the hartford form to allow me to get the comm…What a sh it place BAC is

[quote=bankfa10]well said nope...If any of you guys do any ins biz you need to to read this. BAC is the only firm that forces Ins vendors to continue paying commisions on policys that have move from BAC. What that means is you go to Firm A from BAC and have clients sign the form to switch policy to your new firm, you will be able to help the client and get statements but commisions on addl premiums still go to BAC. Hartford lady in the comm dept said BAI is the only frim that does this. To get it switched I have to BAC sign the hartford form to allow me to get the comm....What a sh it place BAC is [/quote]

Is this true only for insurance business?  What about C shares and L share annuities?  Is there anybody that has left B of A have any experience with collecting the trails?

As far as I know its true only for ins biz

only insurance

Ed Jones did the same thing years ago.

Nope said it well and basically summerized the situation at BAC. It’s not worth being here anymore.

Then move. It’s that simple.



Given the way you feel about your position, you won’t do very well there

anyway.

The problem is they are trying to weed out people under 300k. They just f…d all the people they recruited in the last 1 1/2 to 2 years. They knew most of the people would spend all of the money they gave them up front and are now stuck because there trailing 12 dropped off so much trying to build a fee based business that they’d get no offers from other firms with signing bonuses to pay back BAC.

I talked to several people in the area.  The FA's over $350K (in the FA II plan) seem happy that their comp plan didn't get worse but realize it's still a bad plan because the bonuses are even more difficult to achieve.  They must refer two Private Bank referrals (investable assets over $3 million) that have an 80% chance of closing.  The Client Connection goal is also difficult to achieve if you have a large book.  I'm in the Northeast so most of the FA's inherited a large and useless Quick & Reilly discount book.  One FA has 2000 clients under his rep code.  He figures for him to qualify for the 1st quarter bonus, he would have to convert 15 clients per day. 

FA's between $250K and $350K (in the FA I plan) are glad the trail grid is gone but know they have 6 mos. to find another job.  The bank starts holding back 25% of the revenue in July and the targets are difficult to achieve.

The unhappiest bunch are probably the FA's under $250K with a LOS of less than 5 years.  Even with the miniscule transition bonus (requires a 20% increase in revenue), it's still a pretty big hit.  Some of those FA's have contacted management about getting exceptions but so far I haven't heard of any.