Heavy recruiting because of reps leaving. Especially in the Northeast. They will promise you things and not deliver. Go back to the wirehouse or independent.

I'm in the NE. that bad, eh?

Yes. BAC will be run by Premier. If you want to work for a brokerage firm that is run by bankers, BAC is the place.

Go to a wirehouse, make even more money, get even more clients, and 10 years from then, go indy.

Ace

Unless you know you can go back to a wirehouse

and do more than 300k in the first year or two

I wouldn’t. Even if you move a high percentage of

your book back, it may challenging to do more than the

275k T12 you did when you left the wirehouse.



Check out Wachovia bank channel. From what

I’ve heard it is more like a wirehouse since they use

the old Pru/First Union platform. I haven’t

heard nearly as many negatives on this board about WB

as we’ve seen with BAC.

sold most of my book to someone @ wirehouse. Brought about 60k in fee biz to the bank, the 6mil was put into b and c shares. Doing 300k back @ a wirehouse in 1rst year would be EXTREMELY difficult. I was thinking BAC would give me a little turbo boost in getting assets, goal is to be doing 500K in 3-4 yrs and then go indy or such.

Avoid BAC at all costs, listen to what everybody is saying, its not worth whatever they are promising you.

I suggest you do a search on this site for all the Bank of America posts. The only good BAC deal is the trainee Pathways program ($40K salary but an awful, almost non-existent grid). You will be extremely disappointed at BAC because the model that they tout does not work in the Northeast. No amount of money or territory size is worth it for an experienced rep. 

My 2 cents here, and yes I have done my fair share of bashing BAC. However here it goes.

If your goal is to raise as much assets as possible, and go indy then BAC might not be a bad option if you get a very good upfront bonus, and title. The bonus will more than help subsidize any dinking around to the comp plan that BAC will do every year.

The title will be good, and you will raise at least 5-7 mill/yr with little or no effort. Also the BAC name will be a very good asset even when cold calling. It can't hurt you.

Plan on staying the 6 years that will be required to fully vest your bonus. But hell you have to be some where for 6 years. It may as well be where referrals are spoon fed to you.

There I said it. This is why I'm sticking it out for another 3 years. When I add back the bonus and pension to my payout, I'm making about 49% payout. I'll take that while growing my biz until I go indy.

EZ,

heres the scoop. YTD I have in about 120k on a 33% payout. As I said I have raised about 6 mil the last 10 mos but I don't know how much of that will come. I figure I will bring about 100k in revenue w/me to BAC. Here's the ?, what type of additional revenue do you think I could count on coming from BAC in the first year? I would hope from their sources I could generate 200k plus the 100 or so I bring gets me over 300k. Is that a realistic goal or a stretch? I could also go after my old book of biz from wirehouse but I would prefer not too.

As stated earlier my goal is to get to 4-500k in the next 3-4 years and it will not happen @ my current employer,max 300k.

[quote=badmove?]

EZ,

heres the scoop. YTD I have in about 120k on a 33% payout. As I said I have raised about 6 mil the last 10 mos but I don't know how much of that will come. I figure I will bring about 100k in revenue w/me to BAC. Here's the ?, what type of additional revenue do you think I could count on coming from BAC in the first year? I would hope from their sources I could generate 200k plus the 100 or so I bring gets me over 300k. Is that a realistic goal or a stretch? I could also go after my old book of biz from wirehouse but I would prefer not too.

As stated earlier my goal is to get to 4-500k in the next 3-4 years and it will not happen @ my current employer,max 300k.

[/quote]

Why would you LEAVE YOUR book?

I wouldnt. I’d bring most of the 6 plus other trails (401-k and L share annuities) but that would only be good for about 100k in rev. I figure w/premier feeding me 5-7mil a year I should be good for another 150-200 which gets me to 300. Bad assumption?

1) Premier doesnt feed anything ! You have to hope you have a decent premier rep otherwise you will STRUGGLE for new accts.With that being said , BAC makes it very clear that they want you using their managed program. With ZERO upfront on new money raised, it is very difficult generating monthly income. 2) Wrap fee of 1.5% will only bring you 75 k on 5 mill. ..payable quarterly as the fees hit.

A very difficult place to work these days

I would try to not leave any of the book and bring it all with you. You'll need all you can bring. Don't forget you will likely have bank branches as well. This should help you bring in 3-4 mill along with a worthless premier to make up the diff.

Don't count on making 300k gross in 1st year. It will probably take you 3 years to do it. Its taken me that long. Keep in mind it's tough all over, however at the bank I can count on 3-5 mill/year without much effort. Throw that much in their fee based program per/yr and I'll let you do the math. In 4 years you'll be sitting pretty. Better than stuggling for 4 years. At the bank it's virtually guaranteed. It's far from perfect, and I'd rather be indy, but for now and the next few years I can handle it.

waterboy,

if BAC program pays zero upfront why would they expect any of their advisors to put money into their program?

scrim

ez,

you say it took you 3 years to get to 300k, how did u survive the first 2? I mean in terms of a paycheck, or did u get upfront $ and live off that? What are your AUM now? Just curious, I'm always interested in how other people become succesful.

Did get upfront money, but I managed without dipping into it much. I have pretty low living expenses, and I made it. aum is almost 30 mill. For most my peers they lived off the upfront $$

buddy, you are either up early or getting home late! thanks for your help. Not to be a PITA, but what % did they give you of t-12 and how much of former book did u bring. Were u @ a wirehouse, regional or other bank? thanks.

I was an ej rep. Rec. approx. 90% of t12. Brought over about 9 mill of old  book. none of it fee based. Now have approx. 13 mill in fee based or recurring rev. of at least 1%.

BTW I am up early as to my typical 7:30- 8 am. I ate to much at a damn wholesaler function last night. Didn't get a very good sleep as is usual after those functions. However I did tap the wholesaler for a good $100 meal.