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Aug 24, 2006 4:55 pm

I Left banc of america investments a few months ago - I hear morale is worse than ever. Any one know if more FAs will be leaving soon in the Florida region?

Aug 24, 2006 5:32 pm

I get inquiries from BofA employees all the time.  Yes, I would say that morale continues to be low.  At least it is among the ones looking to leave the company.

Aug 24, 2006 6:08 pm

BAC has some major issues. FA's and client managers are very unhappy. There will be change or more people will leave. The quality of leadership is horrible on both the bank and investment side. I wish now I would have listened to this forum prior to making my move. All your feedback concerning banks/operations was true.


I was talking to a client manager (premier) He said he will concentrate his business where he gets paid. Guess where that is? LOANS AND DEPOSITS!! He will not move sand in the sand box (Internal money)because he is not incented to do so. This means he is not incented to refer business to investments.


Meanwhile the banking centers are not "paid" in any way to refer business to investments. Investments are not on the product menu for the banking centers, nor do they care, for they are struggling to keep their jobs by selling what? That's right loans, deposits, and credit cards. The bankers are clearly running the show.


So let me summerize what the situation is here at BAC for all you new hires and vets. You are back to working your books or prospecting depending on where you are in your career for about 31% payout if you can manage to stay in the $300k-399k gross production grid. Welcome to corporate america.


Let me give you a little advice. If it's to good to be true, it probably is. Live by it, it will keep you out of a lot of trouble.


Sorry about any grammar or spelling errors as I've been drinking.

Aug 24, 2006 6:15 pm
ezmoney:

Sorry about any grammar or spelling errors as I've been drinking.



Ah, a man after my own heart.  Everything looks better through the bottom of a glass!

Aug 24, 2006 6:29 pm

Sorry to say but even after a few drinks, it still doesn't look any better.

Aug 24, 2006 7:23 pm

ez, what region r u in? I am probably looking to join in a month or so, but your posts are killing me. I am in an unmanagable position now(see prospecting and selling thread) and need a change.

Aug 24, 2006 7:23 pm

Good to hear! BAC sucks it was the best thing I ever did - LEAVING that is! FAs in my old office are miserable. They are micro managing the FAs with this new thing called Client connection. Mandatory weekly meetings, conference calls, group meetings, individual meetings, off site meetings... There is no time for production.

Aug 24, 2006 7:25 pm

badmove - which market are you considering joining? I know lots of people at the firm - I will give you an honest opinion.

Aug 24, 2006 7:38 pm

northeast, supposedly a great premier guy as well.

Aug 24, 2006 7:41 pm

Northeast is not a market its a region. I know all the managers in that area - Northeast is struggling - because bac bought fleet. Fleet did not have Premier banking so they have started from scratch. Premier - will not give you any referrals. Because they are all new and will rely more on you for referals to them. Tell me the specific office or Market Director you are speaking with and I will tell you what I know.

Aug 24, 2006 7:44 pm

Albany, NY---Wolf Road branch.

Aug 24, 2006 7:47 pm

meme,


I know the complex manager, great guy. 10-20 miles west of boston. can't get more specific than that.

Aug 24, 2006 7:47 pm

I would stay away!

Aug 24, 2006 7:48 pm

There are no good premiers. They are all amatures. Trust me. They're more of a hinderance than help. With their new incentive plan they're now worthless.

Aug 24, 2006 7:48 pm

wow.


any specifics?

Aug 24, 2006 7:49 pm

I just gave you specifics in my prior posts.

Aug 24, 2006 7:50 pm

dude stay away!!! everyone in texas is looking for a lifeboat!

Aug 24, 2006 7:50 pm

hi ted.

Aug 24, 2006 7:50 pm

Sorry I replied to nasd - There are 2 managers that I know in Boston - one that is in the main office downtown and the other one who is, older man, lots of experience, was from the Fleet side. Nice guy, smart guy, but unfortunately he does not have any say with the firm. I do not know where you are coming from. If you are coming from a wirehouse - you will definatley get more referrals - but if you do not come with a book - You will not make it.

Aug 24, 2006 7:54 pm

You better have at least 30 mill and some recurring income or you'll be sunk. There's no gravytrain over here. Don't bother. Oh bother.