Legacy BAI Retention payment?
For legacy BAI folks we are due our first retention payment here soon.anybody have details on when this is to to be paid?
per the contract we signed, they have 45 days from the 1-year anniversary of the close (12/31/08) of the purchase of ML by BAC. It means they have until Feb. 15th to pay us.
all i know is I qualified by revenue, but they said i wasn’t there long enough…i was pissed.
If it’s the BIA retention package, it was NOT a loan. It’s cash paid out over three years based on your production at the time it was announced. No goals, no hurdles, no handcuffs. You forfiet if you leave, but get paid if you stay. That’s it.
Can’t wait to see how many brokers take the money and immediately run to another firm. If I was running Wells I would capitalize on this and recruit BAI all day. If the model at WFA sticks around you definitley can grow. If u are doing 300k ay BAI/ML than more than likely you will be doing 300k in five years at BAI/ML unless the Branch Managers really like you.
Retention check is correct on Netbenefits. Nice to see they got one thing right during this inept merger. Everything else for the Legacy BAI brokers has been horrific.
horrific is an understatement…heard today that our BAI sucsess award payment for 2009 will reduced to 88% of the award amount. If you chose the cash option, then its 80% of the 88%.. Meanwhile, legacy ml folks are getting 100% of their bonus amount.
I haven't heard that one, yet. We were told on the last conference call that, "they were working on it." I guess that translates to, "they were reducing it." Doesn't surprise me at all since they cut last year's by 50%.The amount of crying I hear from the legacy ML FA's sounds like Merrill Lynch rescued Bank of America, not the other way around. They were given a retention bonus just to keep their jobs, stay in their seats, and use their existing platform. Oops, never mind, they have the inconvenience of changing their overnight delivery company from UPS to Fedex.
Good Luck. Outta the fire and into the frying pan. Just make sure your 'contract' is what they say it is. Seen 'several' instances where what was 'promised' was not delivered. Getting it in writing BEFORE your say yes. Just words of advice.
Once I get my check I am outta here. Heading to Wells Fargo.
Hey quit playing the blame game and enjoy your new platform. I was told it was a win-win.
I haven’t heard that one, yet. We were told on the last conference call that, “they were working on it.” I guess that translates to, “they were reducing it.” Doesn’t surprise me at all since they cut last year’s by 50%.
The amount of crying I hear from the legacy ML FA’s sounds like Merrill Lynch rescued Bank of America, not the other way around. They were given a retention bonus just to keep their jobs, stay in their seats, and use their existing platform.
Oops, never mind, they have the inconvenience of changing their overnight delivery company from UPS to Fedex.[/quote]
2009 Sucsess awaward payment amount confirmed on our weekly conf call… Pool funded at 88%. Cash payment if less that $20,000, otherwise restricted stock units over 20K vesting over 3 yrs.