BAI/ML FA's shared info
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I suspect ML guys/gals really have NO idea what they are in for… The “leads” are garbage and overworked. They couldn’t figure out how to prop up 2,000 reps, how do you think they will do with 15k?
I agree, the Merrill FA's have no idea........mass affluent to BOA is an 80 year old widow with 250K to her name in CD's that will only invest in CD's. The bank has millions of them....I feel sorry for the people that think all of these "great" referrals are going to start flowing in.
[quote=GordonGekko12]
I agree, the Merrill FA's have no idea........mass affluent to BOA is an 80 year old widow with 250K to her name in CD's that will only invest in CD's. The bank has millions of them....I feel sorry for the people that think all of these "great" referrals are going to start flowing in.
Yeah, I really feel sorry for these Merrill folks. Wait a minute Gordy, these thundering herders have been self sourcing for their entire careers, now they are going to be pissed because the bank referrals aren't all HNW investors dying to move up to the big time? I dunno, maybe they will keep doing what they have always done.....Bank of America will want something in return for those awful leads. Haircuts, revenue sharing, bank deposit goals, etc.
I really don’t see a downside to having these bankers coming into the branches. Wouldn’t you rather have partial payout from a bankers lead than no lead at all. I really don’t see a problem with getting a lead every now and then and getting partial payout. Something is better than nothing. As long as you keep prospecting, these leads will just be a little extra in your pocket. Please show me the downside here.
Bank of Ameriil,
You’ll have a problem with this new “lead” program once you are forced to work with the bankers and your trails are held back to make sure you sell bank products.
Bank of America always has and always will force you to do what’s in their best interest, not yours.
[quote=DB Cooper][quote=GordonGekko12]
I agree, the Merrill FA's have no idea........mass affluent to BOA is an 80 year old widow with 250K to her name in CD's that will only invest in CD's. The bank has millions of them....I feel sorry for the people that think all of these "great" referrals are going to start flowing in.
Yeah, I really feel sorry for these Merrill folks. Wait a minute Gordy, these thundering herders have been self sourcing for their entire careers, now they are going to be pissed because the bank referrals aren't all HNW investors dying to move up to the big time? I dunno, maybe they will keep doing what they have always done..... [/quote] DB Cooper- I never said they could not or would not continue to prospect. I actually think they are the best in that area and will continue to be the best. All I am trying to say is the ones that are holding on for dear life waiting for these "wonderful" referrals are being lead down the path of BS. My point to the Merrill FA is to keep doing what your doing and don't rely on the bank.Ever see a street cat when it becomes a house cat? ML reps will have to do so much nonsense to attain these leads that they won’t have time to hunt. They will become widget driven droans.
When the BAI FA-Banker (known as a Client Manager) program was rolled out many years ago, our expectation was the same as Merrill’s today. We’d be given qualified referrals and we would forsake a 10% haircut on those referrals. Everyone was very happy with that considering our former haircut with Fleet Bank referrals was anywhere from 20% to 50%. About a year into the BAI program, the Bank started providing the CMs with lists of our investment clients. They were now allowed to call and introduce themselves to our clients in order to gather bank assets. Also, deposit and mortgage goals were brought into our grid. Mind you, these are not “bonus” grids. They kept the same grid but held back about a third of our trails that we then had to earn back with banking products.
I don't think Bank of America will be crazy enough to institute that "trail grid" with Merrill. However, they ARE in the business to make money. Providing free leads to ML advisors while paying the bankers a salary is not going to make money. That method has been tried before. The leads never generated the revenue to prop up the bankers (known as CMs) and the program was discontinued. So, if the Bank realizes CM lead generating ability is a money loser, where will they get the revenue from? Just like they did in the past, they will incentivize everyone to hunt down existing brokerage clients to add banking products.Just took a quick look at this thread. Just my $0.02, since I am friends with a few Merrill guys. My perspective is that mostly nothing will change for these guys. They got along just fine without the bank, they’ll get along fine with it. My guess is that they will likely never even meet the BAC people in town, let alone need or want referrals from them.
Since Merrill is trying to do away with small producers, it appears to me that most ML FA's will fall into this category of "not caring" about the BAC referral program. I think the merger is being over-analyzed on this forum.[quote=B24] Just took a quick look at this thread. Just my $0.02, since I am friends with a few Merrill guys. My perspective is that mostly nothing will change for these guys. They got along just fine without the bank, they’ll get along fine with it. My guess is that they will likely never even meet the BAC people in town, let alone need or want referrals from them.
Since Merrill is trying to do away with small producers, it appears to me that most ML FA’s will fall into this category of “not caring” about the BAC referral program.
I think the merger is being over-analyzed on this forum.[/quote]
Totally agree.
That’s quite the quaint little notion you have there.
Unfortunately you do not understand the organization that just acquired Merrill. They did not buy the Thundering Herd to simply “leave it alone” and “let you go about your business”.
And the idea that you can simply go along doing business just as you have before, is just plain wrong. Sure you may want to pretend the merger didn’t happen and just go about your successful ways, but the Bank will never let that happen. It sounds good in theory, but just wait until the Bank starts squeezing the life out of you because it needs banking products from the Thundering Herd.
Just wait till the Bank starts withholding your pay to force your compliance with the referral program. Just wait till the bank starts saying the clients are their clients and not yours. Just wait till you get introduced to the beaurecratic blackhole that is BofA and common sense and productivity no longer bear importance to some middle manager making his or her boss happy and the lying begins to grow.
Ask any BAI Advisor about “red to green” or PFG or t6x2, or “withholding 25% of your pay” or promising you that you’ll get your full commissions if you do “x” but when the end of the year comes and youv’e done “x” saying sorry, tough times, we are keeping your commissions. Ask them about daily conference calls with cheering and screaming, ask them about “being a good partner to the bank”. Ask them about the revolving door of middle management where you’re regional bosses are from credit cards, or consumer bank, or operations and they play musical chairs every 4 months. Better yet, ask about “Client Connections” or how all contact management systems are forbidden.
You’re in for a very rude awakening. It all sounds rosy now, but don’t buy the hype.
Take it from someone who has escaped the madhouse known as BofA and couldn’t be happier!
Floridabroker:
I think it's safe to say that the ML acquisition is a totally different animal for BOA, for many reasons - good and bad. The transition is going to take time, but there is a lot to be excited about at the combined firm, and I'm not one to drink management Kool-Aid. Personally, I'm excited to be able to offer much better banking and lending products to my clients, and so far I've been pretty impressed with the people at BOA. It's interesting how most ML reps who have left are simply going to other wires to take a big check, it has nothing to do with the fear of the items you mentioned above. Additionally, nobody in this business owns their clients....we work for them and the cllient owns us.the last several posts were two of the best I have read on this site. I agree with you both. I am a long time BAI rep and I can tell you that the banks hoops are manageable but the Merrill reps just need to know all of the facts. The bank bot the sales force and the clients. The bank will expect to sell CD’s and mortgages to those Merrill clients. If the reps don’t share or don’t actively look for bank referral opportunities, then those new Wealth Manager Bankers you have seen wandering around will be given lists of your clients to call. And they will call your clients wether you like it or not. I am psyched about the merger. As a BAI rep I am expecting my comp to get slightly better and to get better systems. I also know that client notes and referral goals are never going away. It is actually business as usual- go find a client and manage has investments and while you are doing the financial plan make sure you ask the client about his mortgage. pretty easy stuff.
it’s just sad that the 10% haircut is way more than what you would get in return.
Spoke with a Kool Aid drinking 9y ML vet on Friday. He is a good producer who does clean business and is well thought of in his complex. Upper 1/4 of complex production.
He is enthusiastic about working with “his” BA WM. He reported that this person manages about 60mm in assets for BA 40mm in mutual funds, the rest in loans and deposits. The way he sees it, he can offer more advanced financial management to the WM clients, while the WM person sells banking products to his clients.
I asked him about all of the referrals they were supposed to be getting. He reported that the referrals have started to come in and are distributed according to the current inherited account policy that is in place.
Hope it works out for him.
Since when do CMs, WMs or whatever they’re called this week have assets in mutual funds? Unless these are Money Manager accounts where the client will never budge. But even those will have an FA assigned to them. All of the remaining CMs lost their client books, they don’t manage anything anymore. Your ML friend is either tripping on some killer pills or is too dumb to understand what’s going on. Let’s see how he feels in 6 months. All hail the Thundering Turd…
Oh, PS, I left that dump…this is all just rearranging deck chairs on the Titanic. If you are a BAI FA, trust me when I tell you that your clients are not happy.
I met my WM from BOA and he’s a great guy. He’s smart, hardworking, and knows how to play the game. We’ve referred about 4 mortgages and approx. 1mil in CD assets to him already. I’ve completely embraced this new option for our business. The ML world as we know it isn’t changing…it has changed. So either jump on board or get left behind. My WM knows he’s part of my team now and I know he will help me navigate through the BOA system from the inside. My Branch Manager actually tapped me today to speak to the our local BAI advisors in June and give them some insight on how a ML rep operates. This could be a real good thing if its handled right.
PS-The referrals would be nice but no one's tongue is hanging out waiting for them.Since when do CMs, WMs or whatever they’re called this week have assets in mutual funds? Unless these are Money Manager accounts where the client will never budge. But even those will have an FA assigned to them. All of the remaining CMs lost their client books, they don’t manage anything anymore. Your ML friend is either tripping on some killer pills or is too dumb to understand what’s going on. Let’s see how he feels in 6 months. All hail the Thundering Turd…
Oh, PS, I left that dump…this is all just rearranging deck chairs on the Titanic. If you are a BAI FA, trust me when I tell you that your clients are not happy.