Considering BAC
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Wow I thought BAC was a dead subject around here. Didn't have time to read through all seven pages of responses, so some of this could be repetitive, which should be a sign of how many people feel the same way at BAC
To those who consider switching: The Number One Problem at BAC: Getting a client manager who actually refers business to you. The market director's will make it sound like a dream job, when in actuality I'd say 80% of the CM's are happy with their salary $50-70,000 and could care less about refering to fa's, since none of them seem to get fired just slaps on the wrists. You aren't allowed to access cd maturing reports, etc for opportunities. YOU WILL ACT MUCH MORE LIKE A WIREHOUSE BROKER THAN YOU REALIZE, BRINGING IN YOUR OWN BUSINESS. The problem is the payout at BAC is dreadful compared to that of a wirehouse. If I'm calling and getting my own business I'd better be getting 40% if I'm making $250,000 not 28% GRID WITH 15% OF MY GROSS WITHHELD TO THE END OF THE QUARTER. You only get that back if you've referred business to your banking partners, done your financial plans, kept your client contacts up to date, and have a clean compliance record(which is not limited to client complaints, big area of manager discretion). I WOULD HAVE NEVER COME TO BAC had they had this 15% withholding as part of the grid when I came over. I would of actually laughed in their face. If you are lucky enough to have a bank partner who believes in investments and doing the right thing and get your production over $350,000(no 15% withhold) it is an ok place to work. You saw that right, $350,000 is considered their breakeven point on you, even though you don't have your own office, own assistant, terrible pay grid. Amazing considering at Jones I was profitable at under $100,000 less. Where does all the extra money go? To the bank side that's a mystery, but I'm sure to the bankside. Agree with previous posters, the up front promissory note is not explained well. Realize that every year for those 6 years that you payback a portion you will only net 50% of it back after the taxes and imputed income, and if you want to leave that you'll pay back prinicipal plus 5% interest. GOOD NEWS THOUGH....I GOT MY OVERTIME SETTLEMENT CHECK YESTERDAY!!!I suppose every branch is different, but I have basic grocery store accounts at BAC and my branch local deposit program is through them. The branch employees are really young, the branch is dirty, the clientele are very rough and undesirable, I really try to drive through without touching anything and drive away fast. I can’t imagine being captive and having to service that kind of clientele. I would jump out of a window if I actually had to talk to someone that started a conversation with, “I was thinking about starting to save $25 a month for my kids college.” I would vomit. And every single banker I have ever talked to says the same thing about their in house FA, “they are okay, but I don’t refer to them, my clients don’t want risky investments.” Granted that is the FA’s fault for not educating their referral source/center. But, people like their bank to be their certificate of depreciation holder. They want their banker to give them a toaster and a bottle of water when they belly up to the counter for their security blanket. They don’t look to a novice FA in a bank branch for comprehensive financial guidance, just does not happen. And, the clients existing at the bank will be gone fast because you would probably be the 4th FA they have had in as many years, they get sick of it. Look for a good independent practice that needs a junior advisor and you will be happier in the long run.
very interesting to see such negative posts. i don’t come on here very oftern but find it interesting every time i do. for so many people to be so negative i gotta believe they either are not truly fas at the firm or they are very unsuccessful and have nothing better to do than to bash their firm.
reality is cm's are like fa's. some are good, some are bad. i certainly have been lucky! i say lucky but in the beginning i had to "train" my cm on how to make proactive calls. now they are fantastic. they can not hit their goals without being very proactive... looking for additional investment assets has worked out well since the ca. real estate market has been so bad and credit op's are few. i treat my cm's like i treat my coi (cpa and lawyer). if the partnership is not successful i believe the fa has 2 choices...1) develop a relationship with a new cm or 2) do a better job of training the current cm. the ball is in the fa's court. i also see some posts regarding banking centers.... bc's are good for fa's that are new and just trying to survive. the real oportunity for growth is working with the cm. focusing efforts on clients with assets geater than 500k. my manager is from prudential. he hs done a super job of learning the banking system andbut brings the wirehouse mentality when his banking partner starts getting carried away. i guess i would sum this post up with... every branch, every fa, ever cm is different. broad negative generalizations are generally wrong. get to know your local guys.If broad negative generalizations are generally wrong, then why bother with:
1. Consumer Reports 2. Avoiding the lottery 3. Sampling voters 4. Joining a pyramid schemebacfa,
sorry to hear you have had such a bad experience. we have one fa in our office that sounds like you. too bad. did you have problems at your previous firm?I am not having a bad experience at BAC. But I think that if the overwhelming response about BAC is negative, it says something about the firm. Obviously, there will be exceptions (just ask the guy at the top of a pyramid scam), but dismissing negative comments as failed brokers is a disservice to those that are seeking our opinions.
I agree each expierence is different. For those of you who have been sitting around wondering, did I take the bac job or not, i did. I have been there for a while now. So far, my cm has given me several referrals, the pbs have given me several. I have not seen the horrible things everyone here is so adiment about. I know the payout is lower than elsewhere, but I got a good offer so I can't complain.
Thanks for the update stock guy. We’ve all been sitting around wondering & worrying. I know I speak for many, when I say that it is a relief to know you’ve made a job change. Nice to see you start a thread, dismiss all information shared on it that didn’t fit your game plan and go on ahead with what you were planning on doing all along. Bravo!
DB Cooper, you seem to let people think you are not a kool aid drinker, yet, in another post you say you are because you complain about the new managed money platform. So which is it? By the way, BAI is a great place to work, we would welcome you with open arms.
[quote=stockguy]
DB Cooper, you seem to let people think you are not a kool aid drinker, yet, in another post you say you are because you complain about the new managed money platform. So which is it? By the way, BAI is a great place to work, [you haven't been there long enough to make an intelligent decision] we would welcome you with open arms. [I am now convinced you are that g@y RM I used to work for.]
Go away, stockguy. You are an idiot.Wow, you take care of people's money with that attitude? Do you treat your clients like that? For your information, DB Cooper and I are friends just having some fun. I guess though that you have a lower level education and could not come up with anything better than calling me gay? Wow you are so smart. I would surely send my family to see you because I would be so assured they would be cared for...... You must be short because you make fun of others to have the attention off of you. I know your type. Well, I can not waste my time reading this posting that has people like you on it. I hope your life is successfull, let me know how that works out for you.
[quote=stockguy]
Wow, you take care of people's money with that attitude? Do you treat your clients like that? For your information, DB Cooper and I are friends just having some fun. I guess though that you have a lower level education and could not come up with anything better than calling me gay? Wow you are so smart. I would surely send my family to see you because I would be so assured they would be cared for...... You must be short because you make fun of others to have the attention off of you. I know your type. Well, I can not waste my time reading this posting that has people like you on it. I hope your life is successfull, let me know how that works out for you.
[/quote] Gosh darn, Opie. You're still gay.