Yes, and no. That second answer, however, is a regional manager's call. Other managers might react differently.

I got a letter after I moved as many accounts as I wanted that told me to stop. I had each client sign a letter stating they wanted to move their accounts based on their relationship with me and that they had seen the announcement ad from my new firm.

Are you indy now?

Mike

Did you sign a non solicit with BAI? I have a non-solicit and it states for 12 mos customers cannot open a new acct with you at the new firm.

My understanding is even with a letter from client ,BAI is looking for restitution in the form of 15% of your trailing 12.

when did you sign the non solicit? I have been here 6 years and dont recall signing one. from my understanding if you do not accept money to go to the new firm that will keep bac from being able to get a tro on you. That HR block case is the second ruling like that. BAC cant file TRO on reps that leave when they themselves are paying reps to come over and bring clients from other firms. The judge will hand them their ass on a plate

[quote=waterboy]

Mike

Did you sign a non solicit with BAI? I have a non-solicit and it states for 12 mos customers cannot open a new acct with you at the new firm.

My understanding is even with a letter from client ,BAI is looking for restitution in the form of 15% of your trailing 12.

[/quote]

Yes, I signed a non solict, OTOH, BAC can't stop a client from moving their accounts wherever they'd like to go. BASI not only didn't file, they never sent me another letter.

[quote=ezmoney]Are you indy now?[/quote]

No, I moved to wirehouse and took a check in the process. I think what BAISI does to you has to do with the local manager's choice.

Any BAC brokers from the SF Bay Area? I would like your thoughts regarding what’s going on. thx

What’s going is the bankers that run the place want to equalize the pay of the FA and the prmier partner. Don’t forget who runs BAI. It’s premier and they are bankers. Like it’s been said many, many times the senior bankers are jealous of the FA’s pay. Four more years and I’m out. That is if I can take it that long.

If they are so jealous why don’t they just become FA’s?

[quote=scrim67]If they are so jealous why don't they just become FA's?[/quote]

Having been both, it's my experience that it is easier to be a banker...by a fairly large margin.  Most of the folks I worked with at the bank would have been miserable failures in this business.

How much do premier bankers get paid anyways? Close to 100k? I agree with scrim67, why not become a FA if they;re all bent out of shape about compensation.

If we are taking a higher risk choosing to be FA's why shouldn't we have the opportunity to earn more?

It's basic risk reward similar to how we educate our clients.

scrim

I saw one broker quit and not a peep from BAI (Banc of America Investment).  He took clients, kept retention money, and was given a check at the new place.  Another guy left and he got absolutely hammered.  BAI wanted their retention money back (it was in the form of a loan, anyway) and slapped an injunction.  They asked for 20-30% of the trailing 12.  The new firm paid it so the broker was okay, financially.