BAC question

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May 26, 2008 7:28 pm

Yes I did decided to take the offer from BAC.  Anyone who works there have any help with starting?  I know must of you have bad things to say, but may you can give me ideas.
Thanks

May 26, 2008 8:37 pm

Good choice stockguy.

i joined 2 yrs ago and my business is up over 100% from when i came over. i brought over most of my $400k in production and after i got settled in and figured out the way things get done here... that was the toughest part.... i started bring in more $$'s than i ever had access to at SB.
 
What questions do you have?
May 26, 2008 8:40 pm

icecold,

buddy, who do you think you are kidding? my guess is you are not an FA and if you are you were a failure at your prior firm... if you cant make it here you might as well get out of the business.
 
 
May 26, 2008 10:17 pm

Wow, lajolla with two posts sounds very credible.

 
BTW, I joined Glengarry Investments 12 days ago and my production is up 900%.  It was tough at first but the firm ended up giving me a corporate jet, 2 elves to do my marketing, and the "Deal or No Deal" suitcase girls to rotate as my assistant.  You shouldn't listen to the other 99% negative posts because they're all failures.
May 26, 2008 10:40 pm

are you truly a bai fa? if so, i am sure you have seen some of the guys on your team with numbers like mine. i ran into plenty in san diego....

May 27, 2008 1:38 am

Stock, don't you know anybody over there?  You must have talked to somebody who works for them besides the recruiter?  It's called due dilligence.

May 27, 2008 10:01 am

I did I just wanted to hear from others as well.

What is GlenGarry?
May 27, 2008 10:14 am
iceco1d:

Yea...grab your ankles! 

 
Ice, these kinds of things can be good for us.  I don't know about stockguy personally, but generally an advisor jumping ship can be an opportune time to get your prospects to become clients.
 
It happens all the time, people don't like change, but now change is possibly forced upon them.  As independents, we're not going anywhere.
 
 
Stockguy - Good luck with the move.  Let us know if they keep their promises.  We just recruited a guy from a different bank.  The bank he was at cut the annuity payouts so they could keep more and stopped advisors from selling brokered CDs.  Clients aren't too happy about only being able to buy that banks CDs...hence many clients are leaving as quickly as they jumped off the Titanic.
May 27, 2008 11:00 am
iceco1d:

I completely agree Snags...I was just yankin' his chain, but then somebody got all bent outta shape! 

 
I know you were only half kidding.
 
It doesn't surprise me that he would be bent out of shape.  I don't know how far he is in the process, but it can be a very uneasy time waiting for the ACAT overnights to come back.  They never come as quick as you think they will.
 
 
May 27, 2008 9:23 pm

hey stockguy. my advice to you is to get your production to over $350k as soon as you can otherwise with the holdbacks you wont be able to eat.  depending on your incentive package (since everyones is diffent) residualize as much as possible until you go on the normal grid the go transactional to keep your head above water after that.  once you are above the $350k mark the payouts start to get better. 


 
second if you got some up front dough i would save it or invest it dont blow it.  if you cant hit the production number right away i would go to another firm and start again and pay back what they gave you.  i have seen many advisors blow their money out the gates, and then they are stuck because they burnt through their cash bonus, didnt transfer a lot of their book, and figured out that they arent getting the referrals they were promised.  then they cant leave bai since, if they did, they would have to pay back money that they no longer have.  they end up being stuck between a rock and a hard place and it slowly dawns on them that they just blew up their career.  if you get above $350 quickly and they dont change the matrix you might just live.
May 27, 2008 9:26 pm

ooh yeah if forgot one more thing....... if you cant hit those numbers and cant leave cuz your blew your wad, then grab your ankles and let bac do the rest.

May 27, 2008 10:11 pm

If that doesn't help, contact the Glengarry Leads Group.   They provide the best leads this side of Manhattan.

May 29, 2008 12:02 pm

I get it now, I never saw that movie.  Guess Ill have to rent it someday.

May 29, 2008 1:13 pm

If I had to guess, I would say DB Cooper works for Wachovia/AG Edwards........ That sounds like them.

May 29, 2008 4:09 pm

today1:

ooh yeah if forgot one more thing....... if you cant hit those numbers and cant leave cuz your blew your wad, then grab your ankles and let bac do the rest.

May 29, 2008 6:29 pm

Charlie?

May 31, 2008 10:43 am
stockguy:

Yes I did decided to take the offer from BAC.  Anyone who works there have any help with starting?  I know must of you have bad things to say, but may you can give me ideas.
Thanks

 
Don't just feed your CM and expect that you will be fed.  That is suicide.  Work the partnership.  Hold each other accountable and force relationship building rather than account opening goals.
 
Have candid conversations with your CM.  Manage them.
Jul 13, 2008 9:44 pm

your advice is still good today!