scrim,



they would not go to zero however they would lose a 30% as it would go on a trailer grid and then at the end of the year they would give you stock options with a 3 yr cliff vest that might equal what was taken in trails or could be up to 12 % of your earnings for the yr. ex make 100,000 dollars on your paycheck get 12k in options. if you dont jump through the hoops you would get nothing

What they’re hoping is maybe you convert some of you older trail fund business to managed wrap programs. You’ll increase your production by 3X and lock into their wrap program. Otherwise collect a lower trail and hope you get it back. Move the assets into their program so it makes it difficult to move.

bnaknomore





I was aware that clients could not move assets in kind from fundstratagies to another firm. What was your experience moving your book Like. What type of biz would you do to prepare to go indy

you can move the funds from fund strategies. A client of mine was acidentally acated by a rotten jones rep. recently. most all of the portfolio was transferred with the exception of a few funds because jones wouldn't hold them. They moved out of the CSG program quite easily. I was glad experience this. I acate them back into the program as well.

I really have to tell you working for this organization stinks. You can't trust them, and it will probably only get worse. It is premier who runs the show. they are supposed to be the lead contact and this will never change. When I can get out I will.

bankfa wrote

what a great deal!!! take something that is rightfully mine and hang it over my head all yr then give me bank of america stock options which vest in 3 years instead of giving me the cash that you took from me. chain me to a bunch of stock options. When you change the comp plan again for the worse just like you have for the past 3 years im stuck with worthless stock options.

So true...the place will be filled with pathways( their jr program) earning 40k ,pushing fund strategies.

The legal dept has been slapping injunctions on reps that have been leaving and trying to solicit their clients.Is anyone familiar with the article on this website stating    Leaving just got easier....

Wondering if this is a viable defense and if it will be worth the legal fees

You guys are not looking at this right. Go ahead and try and build outside, I wish you the best of luck. Me? 3 recorded contacts is no big deal. I get reff from Private Bank, Premier, and the Banking Centers. It’s all cream! The BC gets a point for each investment reff! A lot easier than the 4 to premier. I’ll take $5,000 fund trades all day long Wish you the best of luck out there. Me? I’ll grab 70% of your book after you leave!

from what i have been told most reps get a letter to stop calling bank clients however one of the recruters from one of the indys said that once they(bac legal is informed by the indy legal) that the rep did not take money to switch firms that the issue is dropped. Anybody have anything to add on this matter?



From what I understand It goes back to the HR block case. Firms have to have a legal basis to file a TRO. if they are giving upfronts they cant file a TRO when reps leave and dont get money from the new firm.

Doesn’t make much diff. whether you get a check to walk, or not get a check. Be very careful about using client info when you move. The banks (and their brokerage arms) are very clever about putting “client confidentiality” clauses in their (your) employment agreements. Therefore you ARE NOT supposed to have ANY client info other than just name and address and ph.# 

Bank fa10

I would not use the fund strageties advised product. Anything they wanted us to do that smelled of proprietary I avoided. I would read the fine print of any managed product for portability. They yanked portfolio edge and that IMO was the friendliest for brokers.

Most who have left have not had problems moving clients. That can be dealt with and it is temporary. The bigger issue is any "bonuses" (indentured servant loans) they want it back and will pursue.

If you have a relationship with them they follow you for that. The more you tie into the bank and bank products/premier, the more you become the expendable/interchangeable employee.

Case in point, premeier is currently telling one of my clients who has little left there what a great deal some 3% CD is. I show the client other cds at 4.2-4.4% or a money market at 3.8%.

3 contacts is not a big deal,its the point of taking commisions from you and then (maybe) giving it back in restricted stock.One of the criterias of getting your commissions back is client delight.How many clients were delighted in the 3 yr stretch 2000-2002?

At the end of the day you should be able to get paid today on commissions generated today!

Whalehunter,$5,000 trades? Looks like your fishing in neighborhood ponds.

Cute, my biggest DAY was north of 200,000 GROSS. How about yours?

Exactly how far North?

bump:

What’s the lastest news with BAC now? Did they recognize that all their good brokers are gone and they;re suck with a bunch of pikers?

What’s the deal with BAC’s pathways (their jr program)? Compensation, revenue requirements and etc.

Forget pathways. you don’t want to work for BAC.

most of them dont make it. even though they pay them a higher payout 31 %and a salary. they are able to do this by taking a flat 1/3 of the trails from the brokers with a LOS over 5 yrs. 4 max payout on annuitys etc

pathways salary is 40k...they only pay 31% if you use their fund strategies managed product.If you buy mutual funds they pay you at 15%.

The banker wrote

{What's the lastest news with BAC now? Did they recognize that all their good brokers are gone and they;re suck with a bunch of pikers? }

Left bai with trailing 12 of 500 ,50% m.f 30%f ee based 20% annuities and regional mgr totally understood the move. Upper mgt could care less! When investments provide less than 10% of the banks revenue THEY JUST DONT GIVE A sh*t.

BAI is getting cocky, I’ve talked to one of their brokers and she said they only hire from wirehouses who do mostly fee based and that they do not hire from other banks. The wouldn’t talk to anyone who’s transactional. 

most of the vets and brokers over 400k know that they have to leave. We all have our eye on the door. Some are in training programs for the indys so they can hit the ground running when they leave

how can one be in a training program with an indy and still working at BAI? we haven’t had any defections as of the new year when the new comp plan was rolled out.