Bac

I get inquiries from BofA employees all the time.  Yes, I would say that morale continues to be low.  At least it is among the ones looking to leave the company.

BAC has some major issues. FA's and client managers are very unhappy. There will be change or more people will leave. The quality of leadership is horrible on both the bank and investment side. I wish now I would have listened to this forum prior to making my move. All your feedback concerning banks/operations was true.

I was talking to a client manager (premier) He said he will concentrate his business where he gets paid. Guess where that is? LOANS AND DEPOSITS!! He will not move sand in the sand box (Internal money)because he is not incented to do so. This means he is not incented to refer business to investments.

Meanwhile the banking centers are not "paid" in any way to refer business to investments. Investments are not on the product menu for the banking centers, nor do they care, for they are struggling to keep their jobs by selling what? That's right loans, deposits, and credit cards. The bankers are clearly running the show.

So let me summerize what the situation is here at BAC for all you new hires and vets. You are back to working your books or prospecting depending on where you are in your career for about 31% payout if you can manage to stay in the $300k-399k gross production grid. Welcome to corporate america.

Let me give you a little advice. If it's to good to be true, it probably is. Live by it, it will keep you out of a lot of trouble.

Sorry about any grammar or spelling errors as I've been drinking.

[quote=ezmoney]

Sorry about any grammar or spelling errors as I've been drinking.

[/quote]

Ah, a man after my own heart.  Everything looks better through the bottom of a glass!

Sorry to say but even after a few drinks, it still doesn’t look any better.

ez, what region r u in? I am probably looking to join in a month or so, but your posts are killing me. I am in an unmanagable position now(see prospecting and selling thread) and need a change.

Good to hear! BAC sucks it was the best thing I ever did - LEAVING that is! FAs in my old office are miserable. They are micro managing the FAs with this new thing called Client connection. Mandatory weekly meetings, conference calls, group meetings, individual meetings, off site meetings… There is no time for production.

badmove - which market are you considering joining? I know lots of people at the firm - I will give you an honest opinion.

northeast, supposedly a great premier guy as well.

Northeast is not a market its a region. I know all the managers in that area - Northeast is struggling - because bac bought fleet. Fleet did not have Premier banking so they have started from scratch. Premier - will not give you any referrals. Because they are all new and will rely more on you for referals to them. Tell me the specific office or Market Director you are speaking with and I will tell you what I know.

Albany, NY—Wolf Road branch.

meme,

I know the complex manager, great guy. 10-20 miles west of boston. can't get more specific than that.

I would stay away!

There are no good premiers. They are all amatures. Trust me. They’re more of a hinderance than help. With their new incentive plan they’re now worthless.

wow.

any specifics?

I just gave you specifics in my prior posts.

dude stay away!!! everyone in texas is looking for a lifeboat!

hi ted.

Sorry I replied to nasd - There are 2 managers that I know in Boston - one that is in the main office downtown and the other one who is, older man, lots of experience, was from the Fleet side. Nice guy, smart guy, but unfortunately he does not have any say with the firm. I do not know where you are coming from. If you are coming from a wirehouse - you will definatley get more referrals - but if you do not come with a book - You will not make it.

You better have at least 30 mill and some recurring income or you’ll be sunk. There’s no gravytrain over here. Don’t bother. Oh bother.

I hear other than 4 guys downtown(i worked w/2) everyone is dying. My background is SMA’s and fund-wrap not VA’s, the pitch is they are trying to sell upstream. My thinking is I am coming in @ the bottom and it can bet no worse.

Here are facts:

They can’t even keep their managers. In the last 3 years they have had 3 managers in Miami, 3 in Ft. Lauderdale, 3 in Sarasota, 3 in Tampa, 2 in Palmbeach. They currently have offices with no managers.

In California - they lost la manager, san fran manager.

More managers will leave - they just need to find the opportunity.

Fas are leaving. They lost Florida’s biggest producer this year, California lost a $2+ million producer. Turnover is high. The FAs that have not left are because they can not move their book or they have no production to get a check anywhere.

EZ

I would bring about 100K in recurring (401k's and C-shares) hopefully some trading accts as well. u hate it eh?

Btw the referrals you’re talking about are for piss poor 529 accts.  It’s a bad situation at BAC.

It will get worse - It is true they are really pushing more fee business and they will support you there. However, there is very little pricing flexibility to be competitive.

It is all being run by bankers.

Bank of America, in my opinion is an excellent bank. As a brokerage unit - They are terrible. Ask the manager for a list of all FAs - not the ones he tells you to call. then call some and ask them are they really happy.

100k at 23% payout. You’ll starve.

gotta go, like to continue this manana.

The bank is ill run as well. They treat their employees like sheet.

C- shares! Did they tell you how you get paid on C shares? You will be paid in the 20% range. Tell the manager to explain how trails are paid to fas.

meme,

the avg @ the complex looks to be about 320k gdc. I will do 275 this year w/ minimal referrals (4-6 month), raised close to 10mil this year but I can not stay where i am anymore

no thats 100k on the traler grid 16 % payout 20 if its reg production and if your a good boy they will give some of it back at the end of the year …Maybeeeee

I got a call from a personal banker telling me about two referrals she had for college savings accts. You would have thought she was handing me gold bars. This is after I told her the criteria I was looking for. In my opinion, people that work for the banks are not very good talent in the general labor pool. In other words dumb as rocks. Btw the branch personnel consists of the likes of a freakin international market!! Really pitiful!!

WEll - Good luck. You will average about the same amount of referrals per month - if not less. If you go - I hope I am wrong. But I worked there and I can only tell you facts. I know large producers that were recruitied into BAC and within the last 2 years that are getting ready to leave. They will even have to write a check back to bac -because they are under contract. “They are will to pay to leave” think about it.

Badmove? - I left BAC a year ago and was in the exact area you are looking. The good premiers look to move up to private banking so a good one today could be gone in a few months. EZ is right that the smart ones know how they get paid. Investments are not on the scorecard. Premiers move around. There are no territories. What are you looking for? Another bank program? Referrals? If so, look to the smaller banks or credit unions, they still use referral systems. The larger banks in the area will soon follow the BAC program, their just a few years behind. BAC is trying to morph into a wirehouse. They can't compete.

BAC morphing into a wirehouse is exactly what they're attempting to do--but they, more than most banks are having real issues with the different cultures.

Do any of you know how many of the decision makers come from traditional brokerage firms?  Until the banks realize that they have to think like brokers rather than bankers they're going to always be a bridesmaid but never a bride.

+++++

It's in the post, so le't have a quick lesson.

The word "their" implies ownership, while the word "there" suggests a location, and "they're" is used to suggest "they are."

They're wondering if their car, which is parked over there, will start.

I did that just to see if you were paying attention.

[quote=banknomore]I did that just to see if you were paying attention.[/quote]

I no that.

Do any of you know how many of the decision makers come from traditional brokerage firms?  Until the banks realize that they have to think like brokers rather than bankers they're going to always be a bridesmaid but never a bride.

Last time I looked, Tim Maloney was in charge.  Guess what? he came from Morgan Stanley.  Bad Morgan Stanley management transplanted equals bad BAC management.

[quote=doneMS]

Last time I looked, Tim Maloney was in charge.  Guess what? he came from Morgan Stanley.  Bad Morgan Stanley management transplanted equals bad BAC management.

You got that right.

Some of them came from Dean Witter, which is even worse. The talent of that management pool is at the bottom rung.

[quote=ezmoney]Some of them came from Dean Witter, which is even worse. The talent of that management pool is at the bottom rung.[/quote]

As bad as that is it isn't the BASI management team that drives the compensation to bank-side employees that has made referrals to BASI a non-paying event. That's purely on the bank-side management. <?:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" />

So long as the bank-side (and they’re the bosses) treat BASI like red-haired step-kids it’s going to be an ugly, low-paying version of being a real FA with only minimal prospecting on the positive side of the balance sheet. Then again, isn’t that what everyone figured being as bank broker was to begin with?

Tim Maloney needs to go - for BAI to have any chance of getting better. He is a puppet with no brain.

[quote=meme]Tim Maloney needs to go - for BAI to have any chance of getting better. He is a puppet with no brain.[/quote]

"Puppet"? You mean he's employed by the bank and can't change the comp plan the bank sets up for bank-side employees? He may be the worst manager that ever walked, but he still has nothing to do with the fact that bank-side gatekeepers won't refer to you because they don't get paid for it.

I’m not sure this place will get any better. The bankers (premier) are mad they don’t make the jack the BAI folks make. The comp issue is not going to go away.

Banc of America Investments just lost a 1.8 MM producer in South Texas to UBS. They are dropping like flies

There are more good producers leaving soon. And you know what the firm does not care.

There hasn't been any big producers that have left since January. What must they all be thinking????????

A nice size FA is leaving tomorrow!

I know what thery’re all thinking. What a pain in the a$$ to move clients, nad just how many will go??? That’s why they stay.

Premiers are headed for the door. One left today that was worthless to begin with. He was given all his accts. They no longer get credit for pushing a key pad and instantaneously migrating a bank customer to premier. Can you believe that !! I wish I could gather assets that easy.

My point is they can no longer get paid bonus for moving sand in the sand box. They actually have to prospect outside dollars. They can't do that, proving my point all along that they are worthless.

[quote=ezmoney]I’m not sure this place will get any better. The bankers (premier) are mad they don’t make the jack the BAI folks make. The comp issue is not going to go away. [/quote]

They don’t make jack because they don’t DO jack!!!

Amen brother!!

another FA left bofa! More are leaving!!! Soon they will be left with what they really want - Bankers!

600k producer left in western mass, went to citizens bank, not sure of the thinking there?

[quote=badmove?]600k producer left in western mass, went to citizens bank, not sure of the thinking there?[/quote]

Probably heard that B of A was going to acquire Citizens, jumped for a compensation package, wait a year or so and end up back at B of A.

A guy could make a career out of that.

I hope many more leave. I could use the accounts!

Street Maven:

Probably heard that B of A was going to acquire Citizens, jumped for a compensation package, wait a year or so and end up back at B of A.

A guy could make a career out of that.

-------------------------------------------

I almost did. Before becoming an FA, I was a banker. I worked at 2 banks that were bought out by (Bank of America - f/k/a NCNB & Nationsbank). I applied to a third bank, didn't get the job, but they were bought out 12 months later by (you guessed it BoA). Went to work for Dean Witter and a few months later DW announced some kind of strategic partnership with BoA. DW brokers could leave DW and go to work for BoA without incurring contractual wrath. Yes, this was announced by DW and, in fact, an official sign-up period was enacted for those who wanted to make the switch. I didn't sign-up, to say the least.

I haven't posted here in a long time. I just thought I'd put my two cents in since I have a few minutes here at the end of the day. I came over from EDJ about 6 months ago. Here's my thoughts 6 months into the business here:

CON

The whole FA-CM relationship they promoted when hiring me was almost a complete waste in my OWN situation. For OTHER guys they actually did get referrals. All I got was 1 referral in 3 months, passed around to 3 CM's and helped GIVE THEM about 3 million in referrals for their investment credit from my own book I had at Jones. I've basically given up on this partnering, because I've never seen any referrals.

PRO

I moved into banking centers a few months ago. My experience has genuinely been pretty good. I have a great banking center manager that lets me utilize cd lists and I still have the migration reports. Basically for all of you that aren't familiar with BAI, this equates to about 4 doorknocks/ or cold calls of information without ever having asked for it. This was one of the reasons I came over, and knock on wood, has happened just like I thought it would in a bank setting. So I'm spending a lot of time prospecting and getting referrals from the personal bankers (they'd rather open up checking accounts and credit cards) for their bonuses.) They also get referral points for referring me these leads, and to them it does mean something. The cd list access is totally up to the manager, so I can't say it would happen in another center or if he left.I think this is the most important distinction to make based on reading previous posts. Everyone's CM is different, and everyone's banking center mgrs and personal bankers are different.

I don't see why people have to have such a negative attitude towards "bank brokers". I think at one time it is where washouts might have headed towards. BAI in my region only wanted "green" ir's and were willing to give a lot of money up front to get them. I don't think this has always been the case. I think that was the main selling point to me and has panned out, "They are willing to give me a lot of up front money AND I don't have to COLD call". I have nothing but respect for people who are independent, and going to another wirehouse is a lateral move.

Other thoughts

1) Sucks having no BOA (knew that when I came in though), would rather do paperwork though than cold call.

2) Love working around other people, instead of feeling like I'm locked in a dungeon, or surrounded by other brokers.

3) Payout is low. I don't agree with the trailer payout structure (seems like enticement to do fee based). The 31% seems to be more fair, didn't have to cold call again to get them.

4) I love having the option of managed accounts (most everybody has this option already, except where I came from).

5) I just don't get the Premier role. Seems like glorified personal bankers who are happy with their 50k salaries (guessing) since that was quite a raise for most of them from their previous careers. 50k is a good salary where I live. Hence, most of them don't work, and don't seem to have any pressure to get numbers. Nobody ever gets fired they end up leaving voluntarily to get up front money elsewhere?

That's all I can think of for now. Again, I've had absolutely no regrets about leaving Jones, but BAI has had some surprises good and bad, but I'd say I'm generally happy with where I decided to go. The main to remember is take everything with a grain of salt when people are hiring you and at the same time realize that in this setting there is more than one way to skin a cat(FA-Premier) or be a (Bank Broker).

At some point if you don't start sending referrals to your CM they will take your bank branches away. Be ready for that.

Anohter thing: At some point I’m gonna get sick of trying to work with CMs, when this happens I’ll gladly give up my worthless CM, and bank branches to be left alone in my office to maket my services under the BOA name with no bank BS. This is an option.

600k producer left in western mass, went to citizens bank, not sure of the thinking there?

Citizens bank is absolute garbage.  The fc program is trash, the products are trash, the bank products are trash, and the midlevel mgmt is trash.<?:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" />

agree 100%

according to thier pitch its nirvana over there. Branch people comped on qualified referrals, shadow accounting for new assetts to investments helps managers meet goals and this new guy Millard is focused on fee business. What am I missing? What stinks?

Personal experience.

I just ran out to the local B. of A. branch to made my SEP contribution. Even though I asked for the Investment advisor the gatekeeper made me wait for the personal banker. I tried to determine when the advisor would be around. Personal Banker says "not very often, just call customer service".

Even though this is not my primary financial institution and my reasons for having my SEP there at all is a very long story; there was no attempt to determine any of my banking or investment needs. Seems like he pulled up my SS and decided there was nothing worth while there.

At least if I spoke with the broker, as a trained sales person he should determine if there were any other assets to obtain. We are in the process of selling our home; still deciding about a mortgage or not.

Just wanted to share this experience for you younger brokers who may be missing opportunities.

And no the personal banker had no interest in referring me to the broker.

The above experience is why no one at BOA gets referrals.

There is no incentive for bankers to give referrals!

[quote=Biasedrecruiter]

Personal experience.

I just ran out to the local B. of A. branch to made my SEP contribution. Even though I asked for the Investment advisor the gatekeeper made me wait for the personal banker. I tried to determine when the advisor would be around. Personal Banker says "not very often, just call customer service".

Even though this is not my primary financial institution and my reasons for having my SEP there at all is a very long story; there was no attempt to determine any of my banking or investment needs. Seems like he pulled up my SS and decided there was nothing worth while there.

At least if I spoke with the broker, as a trained sales person he should determine if there were any other assets to obtain. We are in the process of selling our home; still deciding about a mortgage or not.

Just wanted to share this experience for you younger brokers who may be missing opportunities.

And no the personal banker had no interest in referring me to the broker.

This place is horrible. If you’re being recruited for this place, don’t even bother.

too late, heading over today.

wish me luck.

Badmove? Feel free to PM me for feedback. It sounds like you’re looking in my area.

I’m sorry for you. You must be desperate.

ez$ -

Is it a privilege or a curse to know what is best for everyone else?

Yes well the priviledge is in knowig my past experience with BAC.

ez,

RAISED 11 MIL IN THE LAST 13 MOS, YOU TELL ME AM I DESPERATE?

I'LL LET YOU KNOW HOW I MAKE OUT

good luck bad move your name says it all

I raised that much in the last 12 mths also, however things are much different here now.

Things have changed at B of A! Ask your manager about KYCs and the process of approving and opening accounts!

The worst move you can make is to go to b of a!

whats a KYC?

oh man your really in trouble

KYC is know your customer - it is a big PIA for corporate accounts.  You don't have to worry for ordinary accounts.  I've only had to do it twice and my SA did most of it...

Individual investor accounts are all done online and the principal approves online - the biggest issue is knowing the source of funds.  Keep your gross over $300 and the SA will do it all...

You need it for 401ks, profit sharing plans, corporate accounts, NRAs (oops! I forgot B of A screwed all the FAs with NRA business because the sold it to competitors)…

KYC - It takes about an hour to do the paperwork and the only one that can approve an account that requires kyc - is the market director - and they review it with a fine tooth comb because they can get fired for it.



Also, I hope you do not have any C share business…

I’ll be bringing a few 401-k’s. From what I understand I wouldn’t need a new account form for a 401-k, just a change of BD LOA. Also, whats an NRA.

Non registered alien

lost 20k gross cuz I can’t bring a client from Europe. i believe thats the same @ Morgan as well.

You don’t get it! You made a mistake going to b of a! All I can wish for you is good luck and I hope, for you, it changes for the better!

It’s Non RESIDENT Alien.

and B/D change form is all you will need if the 401(k) is held direct.

They giving you a book?  branches?

20 mil, 3 good branches

any thoughts? need to do over 350 for it to make sense.

ill bring anywhere from 100-200 in gdc.

badmove, did you read these boards before making your move?  B of A has been consistently butchered by everybody.  There are exceptions, of course, but they are few and far between.  And even fewer, now that the CM comp (which changed in July) has very little to do with investments. 

[quote=BACFA]badmove, did you read these boards before making your move?  B of A has been consistently butchered by everybody.  There are exceptions, of course, but they are few and far between.  And even fewer, now that the CM comp (which changed in July) has very little to do with investments.  [/quote]

What is CM comp?

Anyone even thinking of going to B of A should ask to see the employee agreement upfront. Make sure if you bring assets along it does not become part of B of A’s mentality of “what’s ours is ours and what’s yours is ours”. This should be negotiated.

CM’s are Client Managers.  They are the people that are supposed to work with you on new leads from the bank. 

Having to cold call at a bank to bring in clients. What an oximoron!!

Good luck getting trades approved. Yes thats right, you need mgrs permission to do A shares over 100k, all B shares and C shares over 100 k.  V.A business? Again...good luck.

Drink the Kool -aid, do managed money and everything thing will be o.k.....except your bank acct.

Oh yea ...I hope yor trail business doesnt consist of C shares ( read previous posts)

B shares need approval at $50K.  VA’s that are switched (including those out of surrender) or sold to someone over 70 years old require a call from Compliance to the client.

It’s Edward Jones all over again but worse.

[quote=BACFA]B shares need approval at $50K.  VA's that are switched (including those out of surrender) or sold to someone over 70 years old require a call from Compliance to the client.[/quote]

Just what is so onerous about those requirements?

Hate to agree w/Nasdy but I do. Why would you do 100k into one family B-share. Also most 1035’s are reviewed and called @ most wirehouses.

It's a manager that makes the calls.  I bring the manager into the tail end of the meeting (whenever possible) to review CDSC , fees etc.  If I'm going to do a 1035 - or an annuity for anyone over 65, I dont want it coming back to bite me. 

 Ever have someone write a letter and both you and your manager have documentation showing full disclosure?  You'll win every time.  I tell my manager this is how he can EARN that overide.  Give it a try, not only will it keep your business clean, clients love it.

NOFX, I like your thinking, no bitching or complaining.

slow down big boy - keep you pants on…

NOFX:  In a bank branch environment, the manager and the compliance guy (who, in my case, usually makes the calls) reside at the OSJ so they are not available to sit in on appts.  Fear of a lawsuit is never the reason I write or don't write certain types of business.  If it was, why don't we videotape all of our appts? I don't mean to be cheeky but trades are constantly held up because the OSJ "wasn't able to contact the client."

badmove:  B share limits are $50K and the SEC has lost a case where the brokers were able to prove that B sh. were cheaper than A sh if a client was taking a systematic withdrawal.  My point is that the B of A compliance makes business inefficient.  These are not wirehouse trained people but rather people that are overwhelmed with the new codes and regulations.  In fact, one of the OSJ's has been approving New Account Applications even though the applications were officially removed from circulation and they were told not to use them any more (for over two months).  I guess they missed the email. 

Hey meme or should it be K.S.  A lot of hate there!

BACFA:  If you are in the branch - Tell the manager ahead of time that you have an appointment that may involve a 1035 and ask that he be available around that time.  Call the manager from the branch with the client sitting there and  let the call / review happen right then.    Of course I assumed “fear of a lawsuit” is not what drives your business.  It IS what drives all of this over the top compliance we have to deal with!!!

That’s actually a pretty good idea.  I think I’ll give that a shot.  Of course, the OSJ isn’t going to be happy about waiting for my call but they DO collect an override.

I hear the Tampa market is a real mess, guys are leaving every Friday.  Must be fun to be the manager.  Not!!

Tell the mgr ahead of time? If someone walks in looking for advice lets see how this plays out…" Well Mr and Mrs client,Ive seen many people in my long and illustrious career that have similiar needs, this is what I would recomend… YOU LIKE THE IDEA?..OH WAIT , I CANT HAVE YOU HAND ME A CHECK …MY MGR IS NOT AROUND TO APPROVE . 

Hey Waterboy - first of all, every transaction doesn't need approval - just a 1035 or a VA for someone over 65 - situations that in your "long and illustrious carreer" you would agree, should be done with more than one meeting (therefore you would have a pretty strong idea before the meeting where you were presenting the 1035 or 65+ VA) 

Second, I don't share a desk with a customer service rep. in the corner of a  bank and take widow walk ins that get spun into 1035 exchanges in one meeting.  I work by appointment only - that way I have fully qualified a prospect and am prepared.  If you have a "walk in " practice where you are doing 1035 exchanges - good luck, maybe you can be a mortgage broker next year.

Third, you don't need PRE approval - It's just smartest to work it so that you are controlloing the process from the beginning.  You can do the business now and wait for the approval if that is the only way.  In my experience, a manager is going to do whatever they can to facilitate you doing business - it's how he gets paid.

If you focus on the obstacles you are a victim (Dunwoody)

BAC needs approval and needs to talk to the client on ALL annuity trades!! They almost seem to try to talk them out of it.

NOFX

Who was talking about  1035.If you want to purchase A shares for over 100k ...approval needed. If you try to open a brokerage account and you indicate source of funds for trade will be coming from their savings acct or maturing c.d( after all it is a bank and large balances are kept on deposit).No good!!! Where did they originate from? So what the customer has had their acct at the bank for  years,they will refuse to allow you to open the acct till you let them know the full details.after working for 25 years at so and so company they happened to accumulate some sheckels throughout the years...Oh and dont forget to list the address and phone # from company they retired from ..#murryhill555

[quote=bankfa10]BAC needs approval and needs to talk to the client on ALL annuity trades!! They almost seem to try to talk them out of it.[/quote]

That's because BoA has an employment model that calls for young, lower paid and lower skilled brokers in BAISI (thus requiring "super supervision") and "real" brokers working with clients with "real money" in the PB. That's not intended to be an insult to the BAISI guys here, it's just how BoA thinks.

I think you may be right about that.  While all the other firms are cutting back on their training programs, B of A has expanded theirs (they're accepting more Pathways brokers and adding more classes in Charlotte).

A pathway broker is the only broker they can recruit.

mike / ez$

It's a lot cheaper to build a farm system than to keep signing free agents.  Isn't that how the life insurance companies do it? 

 It will blow up when clients start to feel that the bank is ramming  a revolving door of young cowboys down their throat.  It would take years for BAC to recover from something like that.

Why buy the cow when the milk is FREE!

BAC just introduced FREE online trades.

Free for Self Directed ONLY ! Another example of the bank not concerned with the financial consultant. Sounds like Quick and Reilly model is appealing to the powers that be

Okay okay I get it BofA is bad.  What about the others?  Opinions on Chase?  Wells Fargo?  Washington Mutual?  Compass? etc...

"Six of one half dozen of the others"

WAMU probably worse than BOA

I’m done talking about this firm. Nothing seems to go in favor of the FA, and that’s the bottom line. No more to say, goodbye!

ALl that has been said regarding false claims while recuriting is true.

Joining Banc of America Investments was the biggest mistake of my career!  They are all about the Premier Bankers and not the brokers.  You get no leads from the banking centers or the premier bankers.  It's obvious why so many recruited FAs are taking BAC to arbitration.  Stay Away!

Suck it up and make it work.  Hold your CM accountable.  You're in sales!  Stop whining that no one is feeding you and make your own future. When you got into this business did someone tell you that it was going to be easy?  Did you think that people were going to line up at your door to pay for your sage advice on asset allocation?  Sorry, the truth hurts.  Pick up the phone and call a stranger - ask the MD for lists of accounts that are held direct with fund companies that lazy, tired FAs never called to bring in house.  Ask the bank manager for a high balance list. Ask the CM for the RO report.  Stop blaming others and make it happen.

don't be a victim - the bank is full of them.

No Charge - go back to work.

thats great nofx! lets do that on a 31% payout at 31 % grid rate ohh let me corect myself 25% trailer grid(what u get paid on trails and fees at the 300k and over production level its 6 % less than normal grid ohh and how about the 10 % haircut on refs made from premier…real nice ohh what about the 3 max payout on annuites…great)…and thats if you have even production!! have one or 2 months bad in 6 and get paid 20 % on reg production and 15 on fee based. BAC takes your last six months x 2 to get your payout level. we used to have the whole year to hit 300 or 400 whatever but have a bad mth and your screwed. what a deal!!! and never mind that you will self source every bit of biz you get. dont let these guys sell u down the river. stay away!!! i just quit a week ago

There is an opportunity in the NE if BAC people in the Northeast had an interest, the I-93 stretch in MA to NH.

PM if you have an interest in a new independent office. Stock and cash possible.

exactly! I joined boa because of the opportunity - there is no opportunity! Stay away!

dito

I guess you are right.  You should quit. 

Incidentally, 3 reps in our 23 person office just had their best months ever in the business.  One a 5 year vet, two have over 10 years in the biz.

[quote=NOFX]

I guess you are right.  You should quit. 

Incidentally, 3 reps in our 23 person office just had their best months ever in the business.  One a 5 year vet, two have over 10 years in the biz.

[/quote]

Really!

What kind of numbers did they put up?

I know in my office 4 people did over 75k, one guy did over 125k. For the month.They work hard.

look here when they remove my post (Banc of America finds itself in a

deeper hole - Investment News)

[quote=badmove?]I know in my office 4 people did over 75k, one guy did over 125k. For the month.They work hard.[/quote]

Wow!  That’s a lot of annuities and B-shares!!!

all fee based, don’t be a stiff.

If one has a $100k gross/qtr in fee business. Why move?

they won't.

How much do these Client Manager/premier banker make if they’re running the show? 100k at least? I’ve heard from a buddy that their goals are super tough to hit and bonuses doesn’t count for much now.

I’m about done with this place. I hate to make another move but indy here I come. I hope my wife and kids will forgive.

The average CM makes about 60-70k

Btw who the h&ll are you nofx? A newly recruited FA to BOA no doubt. You’re sunk my firend.

Been here 5 years. former Q&R. And it would appear that you are the one who is sinking.  Who the ***k are you?

Does the avg CM make more than the avg Rep?

NOFX, coffee is for closers, put that coffee down.

stay away!!!

Worldwide banking giant Citigroup finally opened its first branch in Boston yesterday, heralding what could become the biggest shake-up of Hub banking in years.

   Chief Executive Chuck Prince said the new branch on Boylston Street will only be the first of thirty to open in the next year, creating hundreds of new jobs.

  Prince is using the entry into the Hub to try out a new business model, which includes Smith Barney advisers in the branches.

Former Q&R huh? Boy did you get hosed!!

ez - explain?

You two want to step outside?

NOFX hows your gross? EZ?

What’s it to you? 

i figured thats how you guys could settle the pissing match.

300k+

300 ytd. Should close out '06 around 360.  What does that prove?   I don’t even remember what the original discussion was about any more…

you both should  go to Citi.

Don't you have a soccer game?

NOFX had posted that we should baically grin and bear it. I’m not sure after several years with this outfit and how much and bothersome the change is that I can anymore. Can you really say that you can bear it much longer NOFX??

I'm not telling you to grin and bear it.  No one should do that anywhere.  I am telling you to figure out what part of the firm you can use to your advantage.  If Premier isn't working for you find another avenue - pull their customer (they'll call them clients) list and call them yourself - then don't put the CM ISR# on it when you do business.  There are THOUSANDS of mutual fund accounts held direct and abandoned there - ask your MD for a list and call them - you'll get more when you bring in the assets.  Reach out to business bankers and partner with them for 401(k) business (starting in '07 they will get a big credit toward their bonus for a referral).  Go to your banking center and ask for high balance lists.  Refer a mortgage to the mortgage specialist - they will start bringing you in.

You have a lower payout than most wire houses because of what the firm provides (or thinks they provide).  If you cant take advantage of it - or you don't think they provide enough, - move on.  Each one of the above ideas is do-able.  I have either done them or know people who have. 

Face it, Q&R was fun and easy and we were treated  very well.  We had to start over 2 years ago.  In case you haven't noticed, BAI doesn't really care if we like the model and it's not going to get any better.  I truly agree - there is a lot here that kills the entrepreneurial spirit and we are run by bankers who don't get the business - by the same token - after being a stock jockey for ten years before coming to the bank (dark?) side, I'll handle a lot of the BS because of the access to real clients.  After 5 years here (Q&R + BAI) , my book is ten times bigger that at any point in my previous 10 years.

As an aside, EZ$ - Can really look in the mirror and say you are giving it everything?  If you can (and I am not doubting you), then there is nothing wrong with leaving.  Hell - if you've been here for a while, you probably have a healthy book to go independant.  You will be amazed how easy it is.  You will wonder why you didn't do it years ago!  Sorry for the rant - I'm hopped up on cold medicine.

badmove -

your handle should be Jesse Jackson

I can't say I have worked it like I should. I can't work with a partner, and I don't see the value of premier with the exception of client lists. With 30 mill aum I am worried how much I'll take and how much I'll make.

However, I've had enough with the leverage that these amature premiers have as compared to some of the skilled salesman they have recruited amoungst the broker ranks. We literally have no leverage. If it's them or us, we are out . That bothers me alot. I hate this place.

ez i just left BAI and have been able to take 75% of the clients that I really wanted. The key is to plan to move in 6-8 mths or so and really ramp up your client contact…take them to lunch, golf whatever and talk to them about where you see things down the road in general terms. its all about your conection with the client and not the firm.

bankfa is right.  Whoever calls the client the most will retain the relationship.

Believe me, I spent the first 6 months of this transition in the dumps - I interviewed with everyone.  At the end of it all I decided to stay.  I don't want to go back to slinging annuities and B shares ( Citizens, Sovereign, Infinex) and I don't want to go back to a wire house environment without prospect flow.  Done right, this is the (theoretical) perfect combination of the two.  If the CM comp plan hadn't been tweaked this summer, it would have been great. 

A lot of the street is watching the BofA model to see if they can make it work.  If they deliver on this model you will see the big , bank owned, firms follow - Citi, Wells, Wachovia etc.  If they fail, it will be "I told you so".   I feel like we are close to making this work - if they can back off the emphasis on credit and move back towards investments.

If it fails, independent IS the exit strategy.  I would prefer to do that 10 years from now.  Not 10 months from now.

unfortunately they will not move more towards investments.  Loans and deposits is what makes them money.  Think about it.  BAI alone looses money for BAC.  That is why Moynihan mereged Premier with BAI so that combined it looks like it makes money.  BAI is all the liability with out any of the profits.  It will only get worse.  And - They do not care if you like it or not.

STAY AWAY!  At this point - ONLY DESPERATE FOOLS WILL JOIN!!!

With literally no access to deposits because the premier gets penalized if they lose deposits. Their managers are telling the CM to not invest deposits in their book. Great isn't?? The perfect and most easiest place to convert deposits to investments, and we can't get to the big dollars(premier clients existing deposits) 

I don't think this place is the perfect combination of anything. It's a complete and utter mess! I would much rather be indy having to bring in half the assets to make a good living and not having to deal with premier than to put up with these pompous bankers. 

 The premiers can't find new money. Most of them don't have the skills. We'll starve waiting for them to find new money. May as well be indy and prospect on my own. At least I would get paid well for bringing in new assets.

There you go!

Banks make 350 bps on deposits, 125bps on investments. The idea isn’t to convert deposits to investments its to cross-sell existing clients into investments. Go on  the ridiculous joint appointments, profile the customer and go after the wirehouse dollars. You have a captive audience to call, you just have to find the other assets. Believe me most wirehouse guys would kill to have a captive audience to call.

Badmove, do you work at a bank?

Regarding the article about banc of america being sued for lying to recruits - I hear more recruits are starting to come forward. Has anyone else heard this?  It’s very hush hush…

[quote=ezmoney]

With literally no access to deposits because the premier gets penalized if they lose deposits. Their managers are telling the CM to not invest deposits in their book. Great isn’t?? The perfect and most easiest place to convert deposits to investments, and we can’t get to the big dollars(premier clients existing deposits) 

I don't think this place is the perfect combination of anything. It's a complete and utter mess! I would much rather be indy having to bring in half the assets to make a good living and not having to deal with premier than to put up with these pompous bankers. 

 The premiers can't find new money. Most of them don't have the skills. We'll starve waiting for them to find new money. May as well be indy and prospect on my own. At least I would get paid well for bringing in new assets.

but how do find the money now with the dnc? networking is hit or miss. 

With literally no access to deposits because the premier gets penalized if they lose deposits. Their managers are telling the CM to not invest deposits in their book. Great isn't?? The perfect and most easiest place to convert deposits to investments, and we can't get to the big dollars(premier clients existing deposits) 

This is not accurate.  Premier takes a snapshot once a month.  If their deposits decline for the month, they are penalized.  On the flip side, if their deposits go up, they gain.  It is a net-new situation and they have the banking centers feeding them to keep the deposits coming.  As FA's, we have always been paid this way. Those deposits in Premier are also different dollars than the ones you want as an FA.  If a client has deposits with BOA, chances are they have investments elsewhere.  This is where the FA can make a killing.  BAI reps (or any FA) who sit around trying to convert CD buyers into investors are doomed.   

banking centers hate them (CM)…they are not even on the same planet let alone company

joebroker how do u make a living on a 40% payout max!!! 30% trail payout…thats at a MM production level!!! try 20-28% for the avg stiff

Overhead,

I dissagree. Bank brokers have made a very good living and built sizable books converting deposits/cds into investmetns for the last 20 years. It's easier converting than trying to move investments from elsewhere. Sure I'll work on thier outside investments after converting their deposits, but the deposits are an easy relationship starter. You're being brainwashed by your manager if you believe the other. Come on, don't keel over like that !

The branches hate premier and premier is now not even referring to the fa. (IF they are its very rare).  You might as well go independent or back to a wirehouse.  The only, and I mean only, reason to go to a bank is for the referrals.  Lower payout, meetings 24 hours a day, politics like there is no tomorrow… And at BAC compliance says you are guility before even looking into it.  Stay away from BAC!

Referrals are very rare because these amature premiers don’t know how to prospect. Before, they would just look at their maturing cd list and refer to us to make the call, and they would get incentive. Now they must make the call and do the questioning to find the outside $$, and it isn’t happening.

[quote=overhead]

Those deposits in Premier are also different dollars than the ones you want as an FA. [/quote]

That's not true. Massive MM balances or CDs is exactly what you want. Why pretend otherwise?

[quote=overhead]

 If a client has deposits with BOA, chances are they have investments elsewhere.  This is where the FA can make a killing. [/quote]

If the premier guy is afraid that the client's BoA balances might convert to BAISI assets if the client talks to you, (and thereby mean a pay cut for the PB) why would a PB ever take that chance and even tell you of this new client and his brokerage account elsewhere?

There's a risk to the PB and zero upside for him. No, sorry, he's not going to take that chance.

Exactly Mike. Overhead must be a new recruit trying to cover up his lack of due dilligence, Or a desperate vet trying to paint everything rose colored. Either way what he is being told is crap!!

EZ it sounds like you should get out of there. I would talk with some of the folks on here who’ve been in the banks (Indy, Babs, Butler, rightway) and plot your escape.

I reiterate, the job now is NOT to convert deposits, it is to PROFILE, find other assets and bring them in-house. CM’s are being comped on organic growth, the easiest way for a CM to get organic growth is to bring you along to find other assets. If this is not happening get a new CM. Or go back to a wirehouse and cold call.

what about their trade stock for free offer? what are the paramaters?

Silly badmove. The cm isn’t going to bring the FA if they think they can put the outside funds into deposits or cds (comp credit 2 1/2 times) vs investments (comp credit 1x). If you were a cm where would you put the money? The last option or unless the outside funds were already in investments would be to call the FA in and put the money in investments. Less pay for the cm. It’s all very simple. It’s all about the cm comp and deposits and what the FA can do to benefit the cm and deposits. End of story.

[quote=aldo63]what about their trade stock for free offer? what are the paramaters?[/quote]

That's the other thing, aldo. The PB doesn't have to risk bringing in the rep and losing deposits, he can be a real hero and send the client to the FREE TRADING ACCOUNT and get paid for organic growth with ZERO RISK.

BoA has just decided that reps should be as low paid as any other bank employee.

You are right.  You should all leave.  This doesn’t work - go.

$$$$$-your a dope, what person would move their outside funds @ Fido and put them in a CD. Most people w/serious money are looking for guidance and you need to teach your CM to find those people. Your CM must be crap or you are looking for a free lunch.

$0 trades are not a threat to my biz, in fact i am encouraging most clients to put their "play" money into self-direct.

Peace be with you.

The most troubling part of this thread seems to be the lack of mentioning doing what's best for the client/customer.

It seems to be focusing on us vs them instead.

scrim

Most cms are crap, and I am looking for a free lunch.

btw, the cms are going to go with what pays them, deposits and loans. Don't sugarcoat the obvious. Also, being silly and calling someone a dope are two different things. Lets not forget it's easier to convert deposits into investments than to move outside money. Why did you come to the bank??????

Referrals for deposits!!!!!!!!!............not to chase outside money.

I rest my case!

I disagree, converting deposits to investments makes no sense, the $$'s are earmarked for 2 totally different purposes (s-t liquidity vs cap appreciation). I find it easy to profile, poke holes in the brokerage acct and acat over. I do agree w/you though that credit is their #1 priority. Called you a dope cuz I feel like fighting today. Over/

scrim - "best for the client" isn't being mentioned on this thread because it is a given that we will all (not matter what the differing opinions on a firm) do what's best for  the client ... 

The continuous need for some reps to keep making a big deal out of it, in my opinion, is self serving and a bit pompous.  I don't think we should need to pat ouselves on the back for something that is a basic tenet of what we do.

[quote=scrim67]

The most troubling part of this thread seems to be the lack of mentioning doing what’s best for the client/customer.

It seems to be focusing on us vs them instead.

scrim

pompous generalization.

The problem with BAI is that its the red headed step child of the bank.  Its an evil neccesity and they will not invest in the brokerage.  Premier and other parts of the bank is whats important.  Look at the financials.  BAI represents $0 of the banks revenue and they lose money.  Look at the leadership.  How many managers and senior managers have you seen change in the last few years.  There is no stability it will never be a place where brokerage will even be a slight focus.  If you are stuck there due to a contract - Grin and Bear it!  If you are not stuck - now is the time to jump!  Up fronts are the highest they have ever been.  If you are an FA that is being recruited there - Don’t do it!  Ask the manager for a list of the FAs in the market so you can call who you want - not the names that the manager tells you to call.  No FA is happy and I would strongly recommed you stay away!!!

wait a minute…I thought it was more profitable for the bank to turn deposits (CDs, MMA) into investments? Are Premier bankers making some serious $$ since they;re running the show?

Brokers are leaving in droves in the Northeast but more importantly, management is also quitting.  MDs from N. Jersey and Philadelphia just quit.

yet - people are stupid enough to join.

desperate people. They’d be better off gambling and going indy. This place sucks!

Anyone thinking of joining bac - Just ask a wholesaler what they think.  The wholesalers are not even going to bac because of the compliance and lack of business.  STay Away.

nope - I think you’ve made your point - go spend some time building your busisness…

there sure are a lot of angry bac brokers around I dont think anyone there is happy with a ultra low payout and no bank support

If you have not yet - ITs time to make the move!!! Your book will move - your income will go up. Leave BAC!

Two more left today in the Atlanta market.

Wait until january when CFS is over and the people under 300 drop below 31

what is CFS?

short version: trailing 6 month x2 denotes your new grid.  Under $300k payout no longer has a floor.

What do you mean no floor. For example?? We haven’t heard anything new to the comp. plan as of yet. Usually happens in Dec.

It was a plan for former Q&R reps who did under 300k in 2005 - kept them stable thru 2006.

More reps leaving the atlanta market come January.

would it be safe to say that with the acquisition of US Trust, the FAs in branch will be getting the short end of the shaft as they push more heavily towards private banking?

Yes!

[quote=thebanker]would it be safe to say that with the acquisition of US Trust, the FAs in branch will be getting the short end of the shaft as they push more heavily towards private banking?
[/quote]

In today’s environment, until there is a massive culture change in bank management, it would be safe to say that MOST FA’s at MOST banks should expect that they could get the shaft just any day that ends in “y”.

Ah excuse me, but that’s seven days a week!

[quote=$$$$$]Ah excuse me, but that’s seven days a week![/quote]

You have a point there…bank managers never work on weekends.

7 Market directors have left and countless brokers. I hear they are trying to sell their endless referral scam to a new batch of recuits. dont work there