BAI Penalty Box

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Feb 13, 2009 7:34 pm

Heard today from one of my collegues in CA. that his manager informed him that the penalty box for FA II to is being lowered from 350K to 300K effective for Feb. production.

 
 
Any truth to this?  I have not heard or seen anything official myself.
 
Feb 14, 2009 7:56 am

yes it is true.  the faII plan was changed so that if your rolling t-6x2 is 300-400k your payout is 31% instead of 350-400k at 31% and 300-350k at 20%.   Frankly, I found this change hard to believe.  This is the first thing I have seen BAI do that was in favor of the FA.   

Feb 14, 2009 8:18 am

And this while the wirehouses are going the other way, lowering payout below 350k 

Feb 14, 2009 9:21 am

How sure are you about this.....nothing in writing I have seen, no e-mails from mgmt either.

Feb 14, 2009 10:06 am
trailman:

yes it is true.  the faII plan was changed so that if your rolling t-6x2 is 300-400k your payout is 31% instead of 350-400k at 31% and 300-350k at 20%.   Frankly, I found this change hard to believe.  This is the first thing I have seen BAI do that was in favor of the FA.   

 
Why would anyone work for a 31% payout?  Get together with a collegue, get an assistant, split expenses....call RJFS or LPL.
Feb 14, 2009 12:03 pm

Trailman, did you hear about the change from word or mouth from other FA's or something official from managment?

Feb 14, 2009 4:14 pm

Yes i got a call from my sales manager about the change effective for February and the rest of the year.  Regarding Sportfreakbob's comment, remember that the evil empire has two comp plans.  One for guys that did over 350k and one for guys that did under 350k.  We have been talking about the over 350 plan.  Why penalize your top brokers when the market is bad and business is a little slow.  The under 350 plan has a payout that start at 12% and caps at 18%.  Yes you can do 50k for the month and get paid 18%.  Oh yeah, the over 350k plan has two grids - one for production and one for trails.  They pay you 8% less on trails which they use to make you refer back to the BANK if you want them back.  In the under 350k plan, they only pay you 85% of your 18%,  you may get your 15% back at the end of the quarter if you refer to the BANK.  Oh, the poor Merrill guys do not know what is coming.  Regarding Baba Booey, you are a 100% right and I'm working on that right now.  Just trying to line some things up.

Feb 14, 2009 4:49 pm

Trailman, I assume then you are an FAII  and just right at that 350K bubble as I am?


I am 5.5 yrs in production and finished 2008 at 363K so I stay on FAII for 2009, however my trailing 6x2 for jan was 344K...
and it hurt bad only getting paid 20% on 50K of production for jan.
 
I assume they are not going to make the  change retro for Jan?
 
I think if indeed if our grid 300-400K for FA II plan is changing back to 31% (again I have not heard anything directly from
my manager.) That the change is more in part  to prevent potential lawsuits?
Merril's grid from what I understand if over over 6 yrs and 300-400K is at 35%.
How could BAI justify only paying 20% when we are all one company??
 
Feb 14, 2009 6:55 pm

Yes FAII.  Finished 2008 at 390k.  Trail months are good, did 48k in Jan and got paid at 31%.  Sorry to hear about the 20% - the evil empire screws its employees they way they screw their clients.  Yes, I'm close to the rolling 350k, maybe that is why he called.  He said he was calling all the guys close to go into the 3 day weekend on a positive note.  Wachovia operates under different comp plans for their fa's depending on what channel they are in.  You may be right about the the lawsuits but they are so arrogant I doubt it.  P.S. I am not sure if the change is retroactive or not as it did not apply to me and I did not ask nor was I told.  I asked about February and going forward.

Feb 14, 2009 11:59 pm

Trailman,, thanks for the info..    Are you by chance out of California or another state/region?

 
Feb 17, 2009 10:04 am

Sales comp told me not even remotely true, penalty box still 350.

Feb 17, 2009 12:28 pm
advisu:
Merril's grid from what I understand if over over 6 yrs and 300-400K is at 35%.
How could BAI justify only paying 20% when we are all one company??

 
Do the BAI guys build their book from scratch or do you mainly maintain the bank's book and try to get referrals?
Feb 17, 2009 6:33 pm

It is true. Finally something to feel decent about.

Feb 17, 2009 8:11 pm

Received confirmation today from management  that FAs on FAII plan with T6x2 of 300-349.99K will be at 31% verses the current 20%.  However, Not reto for Jan.  Only going forward for Feb production and on. 

Feb 17, 2009 8:30 pm

GEE, i'LL MAKE 4500 INSTEAD OF 3000 THIS MONTH....THIS STINKS.

Where did you guys get confirmation?
Feb 17, 2009 9:01 pm

manager addressed it today on weekly conf call..

Also, check bai homepage under compensation..
Looks like the comp plan document has been updated to
refect this change to the grid..
 
 
Feb 17, 2009 9:03 pm

BADMOVE.. Learn not to trust guys at repcomp,  they don't have a clue on most items.

Feb 17, 2009 9:30 pm

YOU ARE CORRECT, JUST CHECKED COMP PAGE. i WONDER WHAT CHANGED THIER TUNE? I KNOW WE HAVE HAD 2 DECENT PRODUCERS (450-550K) LEAVE THIS WEEKEND.

Feb 18, 2009 1:04 pm

Someone please explain to me why anyone would want a 31% or (gulp!) a 20% payout when you can go independent and get a 75% - 80% payout. Are the benefits at BAI just that awesome? I just can't imagine that the expenses that are covered are worth that. I really would love to know.

Feb 18, 2009 3:23 pm

Brought in 22 mil in 07 (8mm fee based) and 13 mil last year (3mm fees), tuff to do indy.