BAI Comp Plan
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It's times like this when we need ez money to provide some comical commentary on the new comp plan
That is the worst grid probably ever. But guess the good news is it is becoming obvious. If you work at this place or any other place in this business with a bank calling the shots its GAME OVER. Look for this grid to get worse and makes its way to ML for 2010. Looks for Wells Fargo to follow suit and slash payout. This year 350k, next year 450k, and so on. With a little imagination, you can predict, trailers cut, managed money cut, account size minimums to get paid…this is so obnoxious its funny.
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not only do sub 350 guys get hosed but i also heard that premier has no incentive to refer any business to BAI reps. but i guess no incentive is better than a disincentive like they had before. any comments on this from you BAI reps out there??
[/quote] Oh - don't worry - there is still a disincentive - Why are they going to bring you into a meeting when you might take some money from a 2% CD and put it into a 3% muni - that would hurt their organic growth (which they get paid on if it stays in deposits - NOT investments). I hope I am reading it wrong but it seems like they are getting paid to protect the bank assets from investmets. Which makes sense except when you consider that outside BANK money is attracted by rate and FDIC - BAC is NOT about rate - and FDIC has it's limits - BIG outside money comes from investments NOT bank balances.Let the chaos begin…thousands people leaving, taking hundreds of millions of assets, lengthy arbitrations, legal work, BAISI and BAC will implode under its own incompetent 50 layer house of cards…I will enjoy watching it burn to the ground
May it happen faster than I expect.No way bad move LOL. Even though I’m no where near that catagory I just couldn’t see it that bad. If it’s true I really feel bad for those people. They had there chance like all the rest of us to get their production up.
What do you mean by "they had their chance like all the rest of us to get their production up"? When does it stop? 350K, 450k, 550k?....... Do you like working harder to make the same amount of money? I thought it you got your production up you should make more money, not just stay even. Does not sound like good business sense to me. <?: prefix = o ns = "urn:schemas-microsoft-com:office:office" />
Geez - that really sucks for you BAC guys. We just got our grids for wells and although the payout has gone down for wachovia guys, its still higher than this - plus the wall between bank assets and investment assets, including incentive for the bank to refer to us has been obliterated under wells.
there is something to be said about a bank running the show vs. an investment firm running the show. even with the haircut, most guys stand to make more money this year. Too bad, too bad. My best friend works at BAC and has been a disciple for a few years. Now he's taking a long hard look at WTF he's going to do. Hopefully 2010 with a full Merrill integration will bode well for you guys but good luck either way.I went to LPL in 2006 and was around 340 when I left. Looks like I way made the right move.