Skip navigation

Some BAC brokers quitting tomorrow

or Register to post new content in the forum

80 RepliesJump to last post

 

Comments

  • Allowed HTML tags: <em> <strong> <blockquote> <br> <p>

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.
Jul 12, 2006 3:06 am

cm can no longer get credit for moving money internally( take from checking or savings and give to investments) They must now grow their book thru new( outside ) money.

Get this ...their comp plan pays better to bring assets to deposit side as opposed to investments.

deposits  2 basis points on growth

investments 1 basis point.

THE HANDWRITING IS SPRAY PAINTED ON THE WALL...THEY DONT CARE ABOUT INVESTMENT SIDE

Jul 12, 2006 12:51 pm

yep. not a good situation here. There is literally no reason for banking personnel from the branches or cm to refer to us.

Jul 12, 2006 4:08 pm

[quote=Biasedrecruiter]

[quote=ezmoney]there's plenty left in the southeast. us sucker fa's down here are sticking around to see or hoping it gets better. if you don't have at least 25 mill aum with this bank you're probably dead in the water.[/quote]

This seems to indicate you are currently employed by BAC. If that is the case why then are you PM me asking me about my husbands experience with BAC? You indicated you were being recruited by BAC Private Banking.

[/quote]

Isn't ezmoney with BASI (BAC's bank brokerage)? It wouldn't be shocking if the back side was trying to recruit him to private banking.

Jul 12, 2006 5:22 pm

"back side" = "bank side" 

Calling Dr. Freud  

Jul 12, 2006 6:04 pm

It looks like an insane situation by most reports.

Jul 14, 2006 2:01 am

Lovely, CM’s are penalized for Investments!!

Jul 16, 2006 5:50 pm

CM’s are penalized becasue they work for the bank.

Jul 19, 2006 6:13 am

From what I heard from my buddy at BAC is that they’re planning on creating a new position. This position involves dealing with HNW clients of over 300k investable–with this position, you can offer BOTH investments and banking products. Not sure how this will affect BAC’s FAs and Premier Client Managers–I guess PB&I gets the chump change?

Jul 19, 2006 1:21 pm

And who is your buddy? Where would he get this kind of info.

Jul 19, 2006 1:31 pm

my guess is that they would take all the FA’s and CM’s and combine them into this new position with responsibilites of 1-2 branches. This makes complete sense and would eliminate alot of interception of referrals as well as avoid a great deal of missed opportunities.

Jul 19, 2006 9:24 pm

Our office has lost a broker a week for the last 2 months. Are FA’s sticking around in other markets? BAC really took a turn for the worse this year. They just changed the premier reps comp so they dont even have to focus on investments nearly as much and the comp plan is the worse anywhere.



anyone other markets losing reps like this?

Jul 19, 2006 10:26 pm

The southest market hasn't lost that many. 2 big producers at the beginning of the year and a couple of hackers, otherwise that's it.

Jul 20, 2006 12:11 am

Fas will soon be leaving in the southeast region. They are sick of the comp plan, premier, and the firm.

Jul 20, 2006 3:08 am

BAI top producer in SF (2.4 mil in production, 140 mil in AUM) just left to Morgan-another one bites the dusk. 

Jul 20, 2006 4:46 am

Yeah, I saw that monster San Fran FA had gone to Morgan.  But I think she was with Private Bank, though. 

I just read the revised Premier Bank comp plan.  Investments take a huge hit.  For example, if a Client Manager moves a $100K CD to Investments, they'll take a $250K debit on the deposit end (2.5 times). 

Jul 20, 2006 3:20 pm

[quote=BACFA]

Yeah, I saw that monster San Fran FA had gone to Morgan.  But I think she was with Private Bank, though. 

I just read the revised Premier Bank comp plan.  Investments take a huge hit.  For example, if a Client Manager moves a $100K CD to Investments, they'll take a $250K debit on the deposit end (2.5 times). 

[/quote]

Stupid bureaucratic crap.  That's why I could never work at a bank.

Hey don't get me wrong...not meaning to take a cheap shot at those of you who do...it's just not for me.
<!-- var SymRealOnLoad; var SymReal;

Sym()
{
window.open = SymWinOpen;
if(SymReal != null)
SymReal();
}

SymOnLoad()
{
if(SymRealOnLoad != null)
SymRealOnLoad();
window.open = SymRealWinOpen;
SymReal = window.;
window. = Sym;
}

SymRealOnLoad = window.onload;
window.onload = SymOnLoad;

//–>

Jul 20, 2006 3:43 pm

[quote=joedabrkr]

Stupid bureaucratic crap.  That's why I could never work at a bank.

Hey don't get me wrong...not meaning to take a cheap shot at those of you who do...it's just not for me.
 <!-- var SymRealOnLoad; var SymReal;

Sym()
{
window.open = SymWinOpen;
if(SymReal != null)
SymReal();
}

SymOnLoad()
{
if(SymRealOnLoad != null)
SymRealOnLoad();
window.open = SymRealWinOpen;
SymReal = window.;
window. = Sym;
}

SymRealOnLoad = window.onload;
window.onload = SymOnLoad;

//–> [/quote]

If it's not right for you, then why is it right for anybody else?

Jul 20, 2006 4:23 pm

[quote=NASD Newbie]

[quote=joedabrkr]

Stupid bureaucratic crap.  That's why I could never work at a bank.

Hey don't get me wrong...not meaning to take a cheap shot at those of you who do...it's just not for me.
 <!-- var SymRealOnLoad; var SymReal;

Sym()
{
window.open = SymWinOpen;
if(SymReal != null)
SymReal();
}

SymOnLoad()
{
if(SymRealOnLoad != null)
SymRealOnLoad();
window.open = SymRealWinOpen;
SymReal = window.;
window. = Sym;
}

SymRealOnLoad = window.onload;
window.onload = SymOnLoad;

//–> [/quote]

If it's not right for you, then why is it right for anybody else?

[/quote]

The same reason you don't wear the same shoes as I do.

Jul 20, 2006 4:32 pm

[quote=babbling looney][quote=NASD Newbie]

[quote=joedabrkr]

Stupid bureaucratic crap.  That's why I could never work at a bank.

Hey don't get me wrong...not meaning to take a cheap shot at those of you who do...it's just not for me.
 <!-- var SymRealOnLoad; var SymReal;

Sym()
{
window.open = SymWinOpen;
if(SymReal != null)
SymReal();
}

SymOnLoad()
{
if(SymRealOnLoad != null)
SymRealOnLoad();
window.open = SymRealWinOpen;
SymReal = window.;
window. = Sym;
}

SymRealOnLoad = window.onload;
window.onload = SymOnLoad;

//–> [/quote]

If it's not right for you, then why is it right for anybody else?

[/quote]

The same reason you don't wear the same shoes as I do.

[/quote]

Nah, it's a sign of insecurity with his own decision--coupled with the desire to never actually make a categorical statement.

Classic Seinfeld, "Not that there's anything wrong with that."

Why should we not be 100% behind our own decision?

Did you "settle" for what you're doing--or do you know it is the absolute best approach.  If it's the absolute best approach why would you not be behind it under all conditions?

Jul 20, 2006 6:24 pm

[quote=thebanker]BAI top producer in SF (2.4 mil in production, 140 mil in AUM) just left to Morgan-another one bites the dusk.  [/quote]

At a bank is it possible to produce $2.4 mill with 140 mil in aum? That's a 1.7% velocity rate.