Bank of America - taking your book
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I have seen RRs take 35% of their books when they leave BAI in best case scenarios in this area (NE). With the demise of Premier and the dynamics of this market is anyone seeing big books moving en masse from BAI?
As everyone familiar with BAI knows, the BAC/BAI Premier Banking and Investments model is designed to make the client view themselves as a client of “the bank”… the BAC Client Manager typically is the primary point of contact for the client. Therefore, it always has been difficult for a BAI FA to move much of his or her book out of the bank (I concur that 30-35% of the book would be best case scenario). This situation will not change any time soon.
That said, with the dismissal of 40% of the Client Managers nationally, and the apparent move of Merrill Lynch Wealth Advisors (new name for BAI/Merrill) toward a more traditional wirehouse model (i.e., self-sourcing now will be a necessity to survive), a BAI FA's ability to move a significant portion of the book out may improve with time. However, I doubt "the bank" will allow that to happen without a knock down, drag out fight. In light of the recent demise of the POAs/PMDs at Merrill, I'm wondering what BAI FA heads will roll in the near future. Pathways and lower producing FA Is might need to get the resume polished up.The number one guy in my old bank program left Friday before last and told management that he would honor his non-compete. What he did was buy himself Friday evening, Saturday, Sunday, Monday (MLK day) and the bulk of Tuesday before the cat was let out of the bag when he was heard doing the local closing market report for a competitor. Better yet, it was the competitor that the bank originally hired him away from.
Sometimes karma is just too entertaining...The smart thing to do is bring your banking specialist or CM with you. If you bring 30%-50% of your book, you can have you CM bring a bulk of there CD’s and even deposits. You can negotiate a salary for them at UBS or MS. If you leave BAI bring you client manager with you. You will dominate.
[quote=Indyone]The number one guy in my old bank program left Friday before last and told management that he would honor his non-compete. What he did was buy himself Friday evening, Saturday, Sunday, Monday (MLK day) and the bulk of Tuesday before the cat was let out of the bag when he was heard doing the local closing market report for a competitor. Better yet, it was the competitor that the bank originally hired him away from.
Sometimes karma is just too entertaining... [/quote]Yikes sounds like he will have agood legal battle to fight! Big Ballz for sure! TRO's are on the way I am sure!