Some BAC brokers quitting tomorrow
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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
yep. not a good situation here. There is literally no reason for banking personnel from the branches or cm to refer to us.
[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.
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?
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.
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?
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.
Fas will soon be leaving in the southeast region. They are sick of the comp plan, premier, and the firm.
BAI top producer in SF (2.4 mil in production, 140 mil in AUM) just left to Morgan-another one bites the dusk.
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=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.
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[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.
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If it's not right for you, then why is it right for anybody else?
[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.
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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=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.
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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?
[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.