Leaving Banc of America Investments

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Jan 28, 2009 4:38 pm

For those of you that have left BAI, did they come after you at all?  Any tro’s?  I
still owe some money on my bonus, which I will pay back to them.  It is
my understanding that they joined the protocol in November, do you thing that will make any difference?  Any advise
from previous BAI guys would be helpful.  Production is in the 400’s.

Jan 28, 2009 8:10 pm

I was never at BAC but know a few people that tried to move.  Let me say that again "tried to move"

It is from what I understand one of the hardest firms to leave.  They come after you big time.  Most guys bring way less than 50% of book.  Of the 4 that have joined my branch over the last few years only 1 is still in the business.   Good Luck    
Jan 28, 2009 10:12 pm

bac will come after you with everything they can.  probably the worst firm to leave from that standpoint. dont think that it will change just because they signed the protocol.  only good chance you might have is if you manager just got canned.  you might have a short window of opportunity to leave.

Jan 28, 2009 10:40 pm

I have "herd" same as others, that BoinkofAmerikkka is like the Hotel California....or Roach Motel, you check in but you dont check out or get out alive in most cases.. Heavy handed is how it was described

Jan 28, 2009 11:05 pm

I left last year.  They sent letters that hurt my feelings even called me to hurt my feelings.  I paid the last bit of my loan (and said that I would in my resignation letter) and never heard another word out of them.  To be sure, though, you need to speak directly to the new firm’s legal counsel so that he/she can go over things with you.  Don’t take stuff, don’t get pissy with anyone.  Recognize that they are so darned unorganized that while they will eventually distribute your accounts to the vultures, that it takes some time.  So use your time very wisely and be ready to hit the ground running.  You need to have this conversation with your new manager.

Jan 29, 2009 1:51 pm

Where are you going?

What kind of deal on 400k +?
Jan 29, 2009 2:39 pm

I have not made a final decision.  The deals seem to be 80% to 90% up front with a small kicker after 5 years.  One thing is for sure, the writing is on the wall at BAI.

Jan 29, 2009 2:57 pm

One thing is for sure, the writing is on the wall at BAI.

  Yeah, and the ML reps can't it... It will be a shock.
Jan 29, 2009 4:25 pm

BAC may come after you on the non compete. They will for sure want bonus money back. I was on very good terms with my manager so I did not hear much at all on the NC

Jan 29, 2009 4:27 pm

They rarely go after those that go indy

Jan 29, 2009 9:54 pm

They go after 'ery one who tries to take clients or has upfront money

Jan 30, 2009 6:35 am

Daytradah we all expect them to come after their money.  I will pay off the note once I get my final balance.  What I am asking is, has anyone here recently, and more importantly, personally left BAI and had them slow down act’s or been hit with tro’s?

Jan 30, 2009 9:22 pm

I have not made a final decision.  The deals seem to be 80% to 90% up front with a small kicker after 5 years.  One thing is for sure, the writing is on the wall at BAI.

  Go now!  Don't wait.  Don't even lose sleep over it.  I got out in 07 and never looked back.  My production is up over 108% in my private practice.  If you stay - slap yourself as hard as you can.
Jan 30, 2009 11:40 pm

TRO’s mean nothing.  Stay away from the Privacy Act and you are safe.  The good FA’s who left BAI took everyone they wanted.  The ones who rely on a CM to make introductions do not take much with them.  You have no CM to compete with anymore and no MD to reassign.  Jump.

Jan 31, 2009 8:07 pm

Hate to break it to you guys but Merrill like my name implies is a sinking ship.  They, meaning BofA, are cutting the bottom 25-30% and the top 25-30% are running into the arms of UBS and MS and other firms.  The Thundering Herd is thundering out of the damn building.  Other firms are laughing at the few that are staying.  Merrill offices across the country are being decimated by layoffs and top producers walking.  A year or so from now they should be about 10% maybe 15% of the current assets under management.  If you are there still I have one word for you that will the single most important career move.  LEAVE, or RUN, or GET THE HELL OUT OF THERE.  Ok the last one wasnt one word but you get the picture.  BofA did such a wonderful and brilliant job of wealth management pre-Merrill, NOT, they are going to do just a little bit better.  You are on a sinking ship and it is time for you to do what I have done and leave.  You still have time to get on with one of the NEW top 5, if you wait for everybody else to go you wont get as good deal.  I jumped off and havent regretted it, i was actually relieved.  Prospects were increasingly hesitant to do business with me in the last couple of weeks, mainly b/c they had been watching the news.  BofA is running this into the ground.  I have a friend still there pretty high up but about to finalize his departure.  If you are in the Virginia, NC, SC, Georgia, FL area and you are a small office you are about to be cut.  He is leaving mainly b/c he is sick of laying off peope that dont deserve it.  He told me that within those five states they are going to cut about 30% of the total workforce by Feb. 14.  Happy Valentines Day!!!  If i were you I would make plans now.  Dont say you werent warned or didnt see this coming.  BofA could give a you know what about loyalty.

Jan 31, 2009 8:12 pm

There are rules to be able to legally slow down an ACAT. THey are title mismatch, SSN mismatch. Even if the dollar amount isn’t close they cannot slow an ACAT.   They have three business days to verify and close open orders and 3 to transfer. These are FINRA rules.

Feb 1, 2009 11:31 am

With Regards to leaving the $hit hole BAI is, I left in Summer of last year. I worked there for 7 years. Also 3 of my co-workers left too. The first week, I recieved a letter from an attorney BAI hired. That was it. You can take all your clients and they are not going to do anything. They are so screwed up, they can’t even track the accounts that you take because as soon as you leave, they will reassign all your accounts to all the $hitty brokers that are still there. And if you have problem getting some clients to move at first, don’t worry. No one at BAI will ever follow up after you first leave. So keep sending letters and keep calling them. They will come. Not all, but do you really want all of them? Especially now with them letting going 2/3 of Market Directors. They do not have a clue on how to run a brokerage business. With all the bad news and the cluster fuc with Merrill Lynch, you will do fine wherver you go. I went to another bank and let me tell you, referrals at BAI = 0, new bank unlimitted. I am so busy with new clients, I barely have time to call my old ones. Cutting bonuses and getting rid of Premier, BAI is turning into a wire house. Good Luck with that. If you are smart, you would leave now. There will never be a better time.

Feb 2, 2009 10:37 pm

leave BAI now.  as for the note negotiate the payback.  you dont necessarily have to pay it back in a lump sum.

Feb 3, 2009 7:36 pm

Any idea how long they will allow you to spread the payback over?  Also, any idea what will they settle on?  I have heard they would take 50 cents on the dollar. 

Feb 3, 2009 7:50 pm

Any idea how long they will allow you to spread the payback over?  Also, any idea what will they settle on?  I have heard they would take 50 cents on the dollar. 

Depends what you owe..if you owe less than 50K they will never come after you.  If large amount, dont even think about offering .50 cents on the dollar.  After about a year if they are still pressing you offer .10 cents and go from there.  If you are getting out of business thats a whole different thing.