Sovereign and BOA Programs

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Nov 16, 2006 12:55 pm

Anyone familiar with their bank advisor program?  Payout, quality of referrals, etc.?

I've heard to stay away from BOA - lots of dissatisfaction at that program.  Can anyone expound?

Seems like the best spot if looking for a bank program is a small community bank??

Nov 16, 2006 2:14 pm

Google a company called INFINEX, find the # and tell them you want to talk to IDA. The company deals w/ small local banks and clears through Pershing. Tell her the area you are looking in, she’ll try to hook u up. ASK!!! for a salary plus comm, most small banks will accomodate. (40k-60k)

Nov 16, 2006 5:09 pm

Stay away from boa - look at all the negative posts! The place sucks!

Nov 16, 2006 5:14 pm

How do bank "salaries" work.  Is it a draw, where whatever commission you make pays back your "salary" and you get to keep anything over and above that?  Or is it really a base, and anything you earn for commission is yours?

Is that the usual base (40-60K)??

What is usual payout at a bank?  35%

Nov 16, 2006 5:36 pm

Forgivable monthly draw, 32-36%. DO NOT GO to a small bank unless they commit to that structure otherwise they have no vested interest in you

Nov 16, 2006 7:24 pm

look rookies, the higher the salary the lower the payout.

Nov 16, 2006 8:47 pm

So, since Sovereign and BOA do not pay a salary, I am assuming that they have no vested interest in their reps and really don't care if they make it (sounds like it with BOA anyway).

Since I am not familiar with a "draw", does that mean you make only over and above the draw amount, no matter what you do for commission?  For example if your draw is 4K/month, and you do 10K, you get the 6K commission only, not the 4K "draw" and the 10K commission??

Nov 17, 2006 10:52 pm

[quote=nope]Stay away from boa - look at all the negative posts! The place sucks![/quote]

Look at all the negative posts?  Seems like a lot of the same names posting over and over.  If things are so bad, leave.  If you have already left and are trying to recruit brokers away from BOA by posting here, get over it.  Life is too short to keep hanging on to these grudges.

This strand was started by someone who is interested in hearing opinions around the best bank platforms, yet all we hear from are the same negative people.  Bank platforms are different that wirehouses or indy.  There are people who thrive in all three approaches.  Rather than bash, figure out which one of the three fits your style and make it work.

Nov 19, 2006 7:54 pm

wow - spoken like an objective, logical person trying to see things from one more than one angle … am I on the right board?

Nov 20, 2006 7:38 pm

You want a good bank platform - "bank on yourself" and go independent!

Nov 20, 2006 8:15 pm

very good response nope!