Bank of America story

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Dec 27, 2006 10:49 pm

For those that subscribe, the Merrill story will be in the Jan. 2007 issue of Bank Investment Consultant:


Broken Promises at B of A
Three former Merrill Lynch brokers won a large arbitration award against Bank of America, which they claim lured them to a San Diego branch for riches that weren’t there. It appears they aren’t the only big producers in this situation.

Dec 28, 2006 1:09 am

They publish a whole magazine for you guys?

It must have lots of colorful pictures and use real short words......

Sorry, couldn't resist.....

Dec 28, 2006 8:54 am

It's a little more sophisticated than that.  They'll use Dora and Elmo to roleplay important lobby management ideas.

Dec 28, 2006 8:57 am

I'll have to save that issue for my lawyer to help the case.

Dec 28, 2006 7:19 pm

Enough with BAC!  We all know it's a joke of a firm, it sucks, they are all bankers - Let's move on!

Dec 28, 2006 7:37 pm

nope... I wanna keep the topic warm. Lets be a beacon of warning to fellow brokers

Dec 28, 2006 8:45 pm

Just thinking ... the only time someone says something good about their firm is when they are independent ... I wonder if there is a conclusion to be drawn from that ...?


Tell you what ... on Tuesday, just for kicks, I'll ask my MD his thoughts on the article and we'll see what he says.


My guess is that that the MD in this case (I haven't read the story) pitched real hard about Premier (what it is supposed to be, NOT what it is) and between the time of the pitch and when the reps moved, BAM! Premier becomes a credit sales machine that lost focus on investments.  As a new rep in this system (without partnerships that pre-date the shift) it would be real difficult to overcome that change - especially given the expectations these guys had.


Where did they end up?

Dec 28, 2006 8:55 pm

They won a 3MM counter claim against BAI. BAI took them to arbitration for the upfront money and ended up taking it up the BUM!

Dec 28, 2006 11:26 pm

I wonder this means that they'll be less aggressive about enforcing non-competes.

Dec 29, 2006 2:07 am

Errr... Barney lost a lawsuit to it's brokers and turned around and charged the brokers more than the claim. I would assume that this lost arbitration by BAC will have to be paid for by those leaving next.


Not to mention, the legal dept will be trying to worm their back into the good graces of the powers that be. They (Legal) can blame Recruiting all they want, Home Office sees results from Recruiting, they see a failure by Legal.


How does the line from Prizzi's Honor go? "They'll eat their babies for money!"


Mr. A 

Dec 29, 2006 2:12 am
NOFX:

Just thinking ... the only time someone says something good about their firm is when they are independent ... I wonder if there is a conclusion to be drawn from that ...?



The only conclusion I can reach is that you skip over the Ed Jones towners' posts!


If Jones wanted to raise production throughout their system, they'd just have to put a block on this site seeing as so many of their employees spend so much time here, and not on the [strikethrough] Phone[/s] shoe leather

Dec 29, 2006 2:22 am
BACFA:

It's a little more sophisticated than that.  They'll use Dora and Elmo to roleplay important lobby management ideas.





Dude I know I was being an irritating smartass...thanks for having a sense of humor that was a great reply!


Dec 29, 2006 9:47 am

joe,



up a little late last night. working today?

Dec 29, 2006 9:56 am
mranonymous2u:
NOFX:

Just thinking ... the only time someone says something good about their firm is when they are independent ... I wonder if there is a conclusion to be drawn from that ...?



The only conclusion I can reach is that you skip over the Ed Jones towners' posts!


If Jones wanted to raise production throughout their system, they'd just have to put a block on this site seeing as so many of their employees spend so much time here, and not on the [strikethrough] Phone[/s] shoe leather



?  I'm not sure I understand what you are saying...

Dec 29, 2006 10:44 am
$$$$$:

joe,



up a little late last night. working today?



Yes.

Thanks for checking in, Mom.

Dec 29, 2006 10:46 am
BACFA:

It's a little more sophisticated than that.  They'll use Dora and Elmo to roleplay important lobby management ideas.


Excellent.  Brillant.  You made me laugh.

Dec 29, 2006 12:21 pm
mranonymous2u:

If Jones wanted to raise production throughout their system, they'd just have to put a block on this site seeing as so many of their employees spend so much time here, and not on the [strikethrough] Phone[/s] shoe leather



When I was at Jones, this forum was blocked on the Jones system, and I assume it still is. I could view the Registered Rep magazine website, but not the forum.  I would assume most of these Jones guys are posting from home.

Dec 29, 2006 1:31 pm

Just read the article. Typpical big company response. However a big loss for BOA.

Dec 29, 2006 1:37 pm

Nofx,


I mean that the Jones guys (at least a number of them) are always saying the most glorious things about the Unification Firm of Son Yung Jones.


So if you think the only people saying nice things about their firm are Indy's, you must not be reading the Jonestowners' posts.


(I'm asssuming you catch the Moonie and the Jonestown references, but you might be too young to have experienced either of them. Let me know.)


Mr. A

Dec 29, 2006 1:41 pm

Now Indy,


Maybe it's perception, but it seems they're posting during Market Hours (which I'm at least as guilty of. If I wanted to raise my prodo I'd block this site too, but every time I've tried to do so, I'll figure some way around my ban. That's a problem when you are your own boss, both management AND labor are idiots!)


Mr. A