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Oct 25, 2008 2:07 am
southcampus:

Isn’t it amazing how anything under 500k makes you feel like a scrub on either side. I remember at Jones you were treated like gold if you made that. I believe at 40% that is 200k net and a great living in almost all parts of the country. I guess you aren’t profitable enough at this firm because of the immense overhead of idiots at the top.

  I got AVP at MS in 2000 at 225K and the region manager handed me the a certificate, they took my picture and clapped at the "achievement."  Now 7 years later in a much tougher enviroment you are grouped with satan.. It is a totol joke what this business has become, now 500K and they make you feel like a deadbeat.  People doing 250k, 300K at most shops make north of 100K, a good living, if that is the $$$ they want to do good for them, if they want the extra headaches of 500k thats great also..My MS branch has 15 empty offices, a 150K guy would be better than the dust collecting on the monitor.
Oct 25, 2008 2:10 am

Honestly, I am wondering why they paid anything at all to 350k -500. Maybe some LOS perks, but really, should we be paying someone who no one else will give a deal to? Sorry… Hope they figure out some compromise between grids. This money will not keep me in my seat for more than a chance to look at new grid.

Oct 25, 2008 2:14 am

profitability breakeven is 240k at BAC. Why should they pay for somebody at BAI doing 350 when they make 20% or about 22,000 above 250. Keep working. someday.

Oct 25, 2008 2:17 am
Bonded:

profitability breakeven is 240k at BAC. Why should they pay for somebody at BAI doing 350 when they make 20% or about 22,000 above 250. Keep working. someday.

  Dont know about BAC bank branch..but do know the ML office around the corner has about 5 brokers in there about of 20+ offices..Do not think that empty office has a 240K breakeven point, 75% of the offices are empty.
Oct 25, 2008 2:47 am

per broker. not a well known number but fairly standard industry wide. Would suspect those brokers will be moved out or partnered depending on LOS

Oct 25, 2008 3:05 am
Bonded:

per broker. not a well known number but fairly standard industry wide. Would suspect those brokers will be moved out or partnered depending on LOS

  Know the manager there, lease was signed Jan 07 for 10 years.  And it has signage, it is not going anywhere unless they turn the floor into a teller training center. Guess thats an option, but if 240K is breakeven than why have they still been giving 100%+ deals to 3 people this year who were doing around 250K?  Think they do what it takes to put bodies in the chair.   One guy was LS 9 years 265K and got 125%.
Oct 25, 2008 3:48 am

I think that there will be some very rough times in store for many advisors involved in the transition process. Remember, the focus of BAC is ALWAYS on banking products, regardless if they are going to convert to the ML platform or not. The cross selling opportunities being advertised to the ML advisors are a facade, they really want it the other way around so they can get more business for the banking side. IMO, they will cut the dividend, the stock will drift lower, and advisors will jump like rats off a sinking ship over the next few years.

Oct 25, 2008 4:44 am

[quote=BACFA]

Several restrictions on who is entitled to the BAC retention money (regardless of grid):

1. Anyone with a current transition package. 2. Anyone hired after December 2005.   Both of those caveats effectively eliminate half of the FA's in the Northeast, where there was a lot of turnover from Quick & Reilly.[/quote]   This is a bit confusing to me.  I started at BAC in 2003 and received upfront cash forgivable over 6 years - ending in April 2009.  Am I eligible for the transition payment since I started prior to 2005 or am I not eligible since the final 1/6th of my note hasn't been forgiven??  Would I be considered someone with a "current transition package?"  My production falls in the $600 - 900K range.
Oct 25, 2008 1:58 pm

youv’e got a transition package. you’re out.

Oct 25, 2008 2:23 pm

A question for recruiters…

I have TT of about $450K, but LOS 10+. BAC hosed me. Am I attractive to other firms?

Oct 25, 2008 2:30 pm

you need to go indy.

Oct 25, 2008 2:57 pm

or regional

Oct 25, 2008 3:17 pm

What about lawsuit protection.  I believe the wirehouses have a no-lawsuit deal amongst themselves.  If I went indy or regional, would BAC sue me or put a restraining order on me?  Thanks for all your help.

Oct 25, 2008 3:41 pm
ezmoney:

youv’e got a transition package. you’re out.

  After talking to a few other BAI FA's, I'm not so sure I would be excluded.  I was hired as a recruit in 2003 and was not part of a larger "transition" like the Q&R acquisition.  It seems the eligibility restrictions are designed specifically to exclude the Q&R guys who may have rec'd some $.    Also, are we sure the first payment doesn't come until 1/2010 ????  We were thinking it was 1/2009.
Oct 25, 2008 7:42 pm

I'm in the Northeast and received the horrible QR package.  The FA's up here think that the exclusion means FA's that signed on individually with an upfront loan deal.  I can see why others may think it means a large transition package like the QR.

Maybe we're just all optimists (based on geography).
Oct 25, 2008 8:22 pm

[quote=BACFA]

I'm in the Northeast and received the horrible QR package.  The FA's up here think that the exclusion means FA's that signed on individually with an upfront loan deal.  I can see why others may think it means a large transition package like the QR.

Maybe we're just all optimists (based on geography). [/quote]   Hmmh - clear as mud!  I guess we'll have to wait until next week. 
Oct 25, 2008 9:12 pm

keep dreaming. you’re not included in the package.

Oct 25, 2008 9:24 pm
ezmoney:

keep dreaming. you’re not included in the package.

  EZ$, were you on the call?  Have you seen something in writing?  If so, please share.
Oct 25, 2008 10:08 pm

Something was mentioned about 2005 off the cuff but no clairty. A person coming on in 2005 got an upfront. Would NOT be fair if they didn’t get a RETENTION as they will still have to deal with transitioning their clients to the new platform. If it where me and I had to transition and get paid or transition and not get paid I would choose to get paid everytime. Silly if they are this shortsighted.

Oct 26, 2008 2:35 am

EZ…you are a little retarded, and don’t know the info.  I’ve been reading your posts for years, and you clearly ate paint chips as a child.

  Flipper......you are correct, according to what I am hearing.  If you were hired prior to 2005 with a package, I believe you do qualify.  The local MER manager called me today to compare notes, as I am BAI.  He believes the restrictions are similar at both firms.