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Dec 6, 2005 12:50 am

I've been looking over some of the previous posts from a year or two ago on them. They seem to be recruiting fairly heavily here including me. It seems to be a very good offer right now. They are offering quite a bit of up front money right now. MY questions pertain to how it actually is working there. I've talked to people who worked there 5-10 years ago and they didn't paint a rosy picture.

However, people who have started recently seem to be much happier in terms of the leads they receive from the bank. Supposedly, BAC has about 10% of the nation's assets right now, and the government doesn't want them to have anymore (Microsoft type?). Anyways their CD rates suck  because of this (the bank doesn't want new business?). When peoples cd's come due and they come in and ask for solutions the teller's point them in the way of the broker. Is this really the case? Is BAC seeing the revenue they can generate more on the securities side?

Also, I 've heard that the private bankers don't deal with people under a million or 3 million or something and that the brokers don't deal with people under $100,000, so there is a large sweet spot. Some of the older brokers complained that they never got anything from the bank and spent all their time with tons of piddly accounts.

I was just wondering what everyone's thoughts are on BAC. Have things really changed THAT MUCH in the last 5 years, or am I misinformed. Thanks,

Dec 6, 2005 1:42 am

What’s the upfront package?

Dec 6, 2005 2:07 am

From what I understand it is 80% of your trailing 12. 40% of that up front, and then 15% after year one if hitting numbers, 10% after year 2, and the last 25% after year 3 if hitting numbers. I might have the percentages wrong after the up front money.

Dec 6, 2005 4:34 am

Payout is really low in the 25% range. VA has no upfront payout at all now, everything on the VA side is C share.

Dec 6, 2005 1:58 pm

It's a balancing act in the banks for some (note:  for some).  You will get some pretty solid leads, but your payout will be lower, and, should you decide to move to another BD from a bank, reps and BDs alike in some situations, will only count on half of their assets transferring over.

I used to recruit for BAC.  Let me know if you have any specific questions.

Dec 6, 2005 7:40 pm

^This is true. I would never move to a bank, no mater how good the leads might be, for fear of getting “stuck” there down the road after having built a successful book of clients that belong to the bank.

Dec 6, 2005 11:00 pm

It’s a give and take. Payout is a little less but the leads are pretty plentiful, and the benefits are good. I think it’s better than prospecting all the time. Less stress and better family life. Not everyone is meant to be indy or work for a wire. The wires are tough these days. The bank is a happy medium. It’s a choice. One I’m glad I made, though sometimes I wonder.

Dec 7, 2005 1:42 am

25/40/10 is what I heard.

Dec 7, 2005 5:05 pm

[quote=ezmoney]It's a give and take. Payout is a little less but the leads are pretty plentiful, and the benefits are good. I think it's better than prospecting all the time. Less stress and better family life. Not everyone is meant to be indy or work for a wire. The wires are tough these days. The bank is a happy medium. It's a choice. One I'm glad I made, though sometimes I wonder.[/quote]

don't wonder. Needless stress. If you're making a living and your family is healthy and happy why complain? I was just stating an opinion. Not to take anything away from guys like you who are at a bank.

Dec 10, 2005 5:07 am

FYI, MS has a significant upfront $ for people that have been around a couple years and done well…100% of trailing 12, plus a few more incentives for bringing stuff over and growing revenue.  Of course, definitely no free leads like a bank could provide.  I agree with the above comments about being “stuck”; the flip side to the beating you take in developing clients on your own is that you have pseudo-equity in the relationship…so that if/when you move to another firm or indy you can be rewarded for the tears and sweat (hopefully no blood).  However, if you can build a respectable income w/a manageable amount of stress and quality of life, the bank sounds like a pretty good idea to me.  There were many days I would have taken that in a heartbeat and would have missed out on the short term reward of moving.