[quote=Primo][quote=Broker Fee]

The integration can't be any worse than AG Edwards v Wachovia right. When all was said & done about 33% of the brokers departed edwards. I don't think BAC will loose anymore than that especially in this environment.

daytradah,

[quote=Ferris Bueller] [quote=nestegg]
[quote=Primo][quote=Broker Fee]

The integration can't be any worse than AG Edwards v Wachovia right. When all was said & done about 33% of the brokers departed edwards. I don't think BAC will loose anymore than that especially in this environment.

Wealth:

[quote=bancofamigo]Does anyone remember that BAC bought Dean Witter before they started calling themselves Morgan? I am talking about the B/D not the I-Bank for those of you who cannot seem to follow the difference, BAC stayed with the purchase for a whole 18 months and unwound it. Something about culture clash, I believe was what they said. Then “the Dean” went to JPM leaving Mr. Morgan turning in his grave. BAC hired many of the managers that were find JPM uncomfortable after they righted the ship (by moving out a lot of “the Dean” folks). The people that need to be worried are BAI low level managers. They are toast.



BAC does not have one example of successfully integrating anything but a retail bank. Even then they lose around 30% of the earnings. Dean Witter, Qucik & Riley, US Trust. They all were failures at the hand of the current leaders of BAC.



But hey, everyone shops at Walmart, right?[/quote]

You need to work a little harder at getting your facts straight.  Dean Witter was never owned by Bank of America or by JPMorgan.

http://en.wikipedia.org/wiki/Dean_Witter_Reynolds

[quote=daytradah]

Roth - I used to work at BAI and they did own Dean Witter for 18 months and I meant Morgan Stanley. I am sorry wikipedia doesn’t have it on there, but it is true nonetheless. WM, While the US Trust name is intact, that is it. THe platform at the BofA Private Bank did not change at all; they lost the majority of the client managers from US Trust and lost a good bit of their business although I never heard how much. There was a Masters equivalent meeting in San Diego in the first quarter where the BAI/GWIM heads were stating that 60% of their PCA’s (the guys that go after new money in the PB/US Trust) are not covering their salaries and that they recognize that their strategy is clearly not working since the growth had been less than 1%. The point is - BofA bought a high end boutique shop and made it Walmart.



Daytradah is overstating the case.

Maybe I drank the Kool-Aid but I think that things with Merrill Lynch Global Wealth Management will largely remain the same.  Bob McCann will still be running the show.  BAC wants to retain the Merrill Lynch FAs and considers then the “Crown Jewels of Merrill Lynch” (not my words).  Bob knows the ML FAs and he knows what it will take to keep them around.  I’ve heard people talking about retention bonuses nearing 100% of trailing 12-months for higher producers.  Unfortunately for me, I did hear that lower producers have much lower retention bonuses.  Since I’m just graduating POA at my 18-month mark at the end of this month, there will be no retention bonus for me.  I’m also a little upset, but not shocked, to hear that my FCAAP bonus will not vest at the acquisition as we were told by our director yesterday.  Oh well, I’m no worse off comp wise…at least not for now.  I’m just happy that I’m getting my graduation bonus.  I fear that many of my POA/PMDP brethren will not be so fortunate.

Merrill Lynch told us that they “never have laid-off an FA”.  How true is that?  What is the likelihood that will remain true?  To me it seems logical that they eliminate the bottom quintile of those with LOS > 4-5yrs.  

–WM

[quote=bancofamigo]Roth - I used to work at BAI and they did own Dean Witter for 18 months and I meant Morgan Stanley. I am sorry wikipedia doesn’t have it on there, but it is true nonetheless. WM, While the US Trust name is intact, that is it. THe platform at the BofA Private Bank did not change at all; they lost the majority of the client managers from US Trust and lost a good bit of their business although I never heard how much. There was a Masters equivalent meeting in San Diego in the first quarter where the BAI/GWIM heads were stating that 60% of their PCA’s (the guys that go after new money in the PB/US Trust) are not covering their salaries and that they recognize that their strategy is clearly not working since the growth had been less than 1%. The point is - BofA bought a high end boutique shop and made it Walmart.



Daytradah is overstating the case.[/quote]

I’ve been in the industry for a little while, and I have an interest in ‘financial history’ and a decent memory.  I still think you are incorrect, but would be happy to retract that statement if you can show me some proof.

I’ll also freely concede that Wiki is not really an authoritative source.  It was quickly available and confirmed my suspicions.

Here is another source.  I can’t seem to find the part where it talks about how BofA owned Dean Witter:

http://www.fundinguniverse.com/company-histories/Morgan-Stanley-Dean-Witter-amp;-Company-Company-History.html

Sorry if it seems like I’m picking on you, but people on this board tend to put a certain trust in what they read.  So we need to get our facts right, and so far it looks to me like you’re way off.  That calls everything else you post into question, IMO.

Your turn.

 What did you hear regarding POA/PMDP’s being “not so fortunate.”  I am on track to graduate sometime between 21-24 months (February at the latest, November at the earliest). 

I heard nothing; I only fear that the POA/PMDP's will not be so fortunate.<?: prefix = o ns = "urn:schemas-microsoft-com:office:office" />

I did hear from my BM that those with LOS < 5-years don't usually get retention bonuses.  Just like the FACAAP story, the retention is not a surprise.

--WM

dean witter was never owned by BAC or nationsbank. Dean Witter was at one time part of Sears/Discover. Dean Witter did train nationsbank brokers for their branches at NY hq (2 wtc) . I know this because i cut my teeth at DW and remember the training program. Nations Banc brokers used our tech in their branches and sold our products. What you have was a joint parntnership with DW and nationsbanc for Nationsbanc securities but DW was never part or owned by Nations or BAC.

Then I defer to Bond, James Bond. There was some sort of affiliation but it was very short lived. A family member was in the Charlotte CFO office and was around when they freaked and ended it quickly. Ask anyone at BAI whose was there prior to 1994 (I think). You can google the WSJ about the US Trust point I made as many are recognizing what was before something those of us who worked with the Private Bank knew last year. BACFA is an Ex Q&R guy and I am sure he will tell you that they did not retain many Q&R folks. BofA had to pay some big penalties for annuity abuse and right about that time Lewis said, “the only thing I want out of you [BAI] is to be out of the paper!”

Here is a link to what I referring to. I stand corrected: “the Dean” was not owned by BofA. It was a Joint Venture. Here is the link http://www.publicbonds.org/major_players/boa.htm



"The company faced a class action lawsuit and investigations by the Securities Exchange Commission in relation to a 1993 securities brokerage joint venture with Dean Witter Discover. Dean Witter withdrew from the deal in 1994. Complaints against the company included charges that customers were not being fully informed about the potential risks of some investments. The company settled the charges for $30 million in 1995."

[quote=bancofamigo]Here is a link to what I referring to. I stand corrected: “the Dean” was not owned by BofA. It was a Joint Venture. Here is the link http://www.publicbonds.org/major_players/boa.htm



"The company faced a class action lawsuit and investigations by the Securities Exchange Commission in relation to a 1993 securities brokerage joint venture with Dean Witter Discover. Dean Witter withdrew from the deal in 1994. Complaints against the company included charges that customers were not being fully informed about the potential risks of some investments. The company settled the charges for $30 million in 1995." [/quote]


All this is going on and you’re posting broker dealer genealogy?  Sorry…not too interesting given this BAC / MER thing going on.

My point was several pages ago that BAC has never successfully integrated any JV, Merger, Acquisition other than retail banking. The integrating of the two cultures is not possible with the current BofA leadership in place. I am very sad to see MER go under BofA. A great firm being eaten up by walmart.

BAC had a horrible time incorporating Quick & Reilly (old Fleet Bank).  There was a mass exodus in the beginning (I would estimate at least 40% within the 1st year) and even now, people are still quitting. It’s mostly the larger $1 million producers at this point that are quitting.

[quote=BACFA]We had a Bank of America management call earlier today.  Of course, they showed the false and over-the-top excitement.  However, what I got out of it was: 1. We will be moving to the Merrill platform (not a bad thing), 2. They will be tricking the Merrill brokers into staying with our CM model.

[quote=Hydeho] [quote=BACFA]We had a Bank of America management call earlier today.  Of course, they showed the false and over-the-top excitement.  However, what I got out of it was: 1. We will be moving to the Merrill platform (not a bad thing), 2. They will be tricking the Merrill brokers into staying with our CM model.

Yeah, that's my point.  It sounds stupid but I wouldn't rule out anything with BAC management.  Anyway, I think it will be similar to Wachovia's setup (separate channels).