BAI/ML FA's shared info
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Ok ML folks it's time we start putting our two heads together. We are both being fead lines from our management in regards to leads, products and how the landscape will eventually look. This post is not to complain but rather for us two groups to figure out what is what and to share ideas. <?: prefix = o ns = "urn:schemas-microsoft-com:office:office" />
First, could a ML FA explain to me how much you are paid on brokered CD's and Loans? Also, are there any goals associated with those two prodcuts? I have heard BAI will have the same workstations as ML FA's and I want to see how I can leverage those two opportunities.
ML FA's please feel free to shoot back questions for us BAI folks. Thanks
So where do you send them if you can’t do them? Most of the Client Managers got canned today so who will service them?
I was told we would have brokered CD’s sooner rather than later. Other large Bank/Brokers sell them…US Bank…Wells…JPM/Chase.
That is incorrect. Brokered CDs will continue and payout differs based on issuing bank, etc. I think you'll be happy with our workstations. Our tech is user-friendly and easy to navigate.THERE WILL NO LONGER BE ANY BROKRED CD’S
What’s the grid like in Merrill?
BAI is:$0 -$199,999.99
20%
10%
$200,000 -$249,999.99
20%
10%
$250,000 -$299,999.99
20%
10%
$300,000 -$349,999.99
20%
10%
$350,000 -$399,999.99
31%
23%
$400,000 -$499,999.99
34%
26%
$500,000 -$599,999.99
36%
27%
$600,000 -$699,999.99
37%
28%
$700,000 -$849,999.99
39%
29%
$850,000 -$999,999.99
40%
30%
$1,000,000 >
41%
31%
Broker cd’s are done. I tried to move 5 million to a Merrill FA but BAC is not keeping anymore in inventory. BAI will be absorbed by MER and they will inherit our compliance. Good luck with that. By the time we completely merge meaning that we are using there technology in 12 months more than 50% of the brokers will have left BAI. Mer brokers will not adapt to the system because if they do they will bury there clients in checking accounts, mortgages and cd’s and if they decide to leave the assets will be sticky. PS I heard that Florida alone has lost all but one million dollar producer to Wachovia, and CT lost 4 to Morgan. When can we start suing BAI for misrepresenting the model to recruit brokers???
If you watched Kenny Lewis on CNBC this morn it was rather sad when he was asked about the “thundering herd” We have lost a few producers and some that we would have let go anyway… Sure should make the existing suckers feel good about their stature in the firm.
[quote=cutacheck]Broker cd’s are done. I tried to move 5 million to a Merrill FA but BAC is not keeping anymore in inventory. BAI will be absorbed by MER and they will inherit our compliance. Good luck with that. By the time we completely merge meaning that we are using there technology in 12 months more than 50% of the brokers will have left BAI. Mer brokers will not adapt to the system because if they do they will bury there clients in checking accounts, mortgages and cd’s and if they decide to leave the assets will be sticky. PS I heard that Florida alone has lost all but one million dollar producer to Wachovia, and CT lost 4 to Morgan. When can we start suing BAI for misrepresenting the model to recruit brokers???[/quote]
That is the dumbest rumor ever.
If BAC gets it’s way, there will be NO BROKERED CDs. They consider it competition with the consumer bank. Additionally, the margins on homegrown CDs is a lot thicker. They stare through you when you point out that brokered CDs keep the $ in the system to be revisited another day.
MER may think they will get to run the show, but the BAC noose will slowly tighten and you will see that "risk management" (ie: bankers protecting their jobs) will slowly sanitize what was once MER. Remember who bought who. Welcome to MCD.NOFX,
Yup, BofA will slowly but surely move MER closer to their way of doing things. I agree, broker CDs are available now, but they are going to go away. Also, payouts will decrease and compliance will increase. This is what BofA has always done in past mergers to the acquired firm.
I'm not so sure that brokered CDs will be removed. It's a lot easier to dictate terms to 2,000 FAs than it is to 16,000. I think (and am hoping) that ML has more leverage in the business decisions.
Oh yeah, and to cutacheck, you lose whatever credibility you might have when you throw out a ridiculous rumor like that.BACFA and Wasabi, you guys obviously are execs. at BAC. Why would that be a ridiculous rumor when the model is broken down. Why wouldn’t large producers leaving. A word of advice. Start looking for a new job, you just got replace by a MER branch manager.
cutacheck, I think I’ve beat up Bank of America enough on these boards to qualify as a lowly FA, not management. Your sweeping statement: PS I heard that Florida alone has lost all but one million dollar producer speaks for itself.
U work for a commercial bank!! Why in the world would you expect them to enable YOU to raise deposit liabilities for some other company? You have a duty to your employer, who has a duty to the shareholders of BAC to maximize profits. Whadaya think U R sposta do? Protect your clinets? watch out for their best interests? A dual form of fiduciary duty (which you don’t have other than to your employer) cannot co-exist in this form of an organization.
Brokered CDs are not going anywhere. MER was the largest seller of BAC brokered CDs. All other major commerical banks allow their brokers to sell other CDs. From a compliance perspective…it would be in our best interest to offer other CDs.