BAC

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$$$$$'s picture
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Joined: 2006-11-10

Bye, bye.

BACFA's picture
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Joined: 2006-03-26

Where are you going?  What did management say?

overhead's picture
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Joined: 2005-08-11

If you left today, I certainly hope that you are not surfing the net and posting here by 6:33.  You need to shut off the computer and start calling your clients

NOFX's picture
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Joined: 2006-09-22

Can I have your "spirit points" ?

nope's picture
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Joined: 2006-10-31

That is how the FAs at BAI are paid now - If you refer $3.5mm to premier, Put all your bull Sh-- notes into client connection - kiss up to the Market Director, Bow to the Premier Client managers - you will get paid in Spirit Points... (Wow! you can buy a washer and dry).

$$$$$'s picture
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Joined: 2006-11-10

NOFX that was funny 

bankfa10's picture
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Joined: 2006-02-21

more importantly can have your bonus. so many reps left in texas (30%) market that the manager said if you stay till feb you will get all of your bonus even if you did not hit all your targets

nope's picture
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Joined: 2006-10-31

More and more people are leaving.  Wait until they start holding back the 25% in the 3rd quarter.

NOFX's picture
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Joined: 2006-09-22

I checked off all my boxes and referred all my widgets and got 500 shares.  While I didn't want BAI to manage my cash flow,  I am happy that I have this LT stock.  I guess it's a forced savings plan ...
 
I guess if I got the cash from my trailers, I probably would spend it soooo - I guess it is nice to accumulate the shares over time.  If I could  get 500+ shares for the next ten years, with growth of 10% or so and hopefully I would be qualifying for more each year, the stock just might put my kids through college ...
We used to call that "looking for the puppy in a roomful of sh1t"

badmove?'s picture
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Joined: 2006-06-10

5 bucks,
did you really leave or u still thinking about it?
let us know where and % that come w/you. Should be an interesting experiment.

$$$$$'s picture
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Joined: 2006-11-10

Not yet, but you'll all be glad to know I have made up my mind to leave and go indy. I have not decided which firm, but it is between RJ and LPL. I'll be visiting both in the next several weeks.
Good luck with BAC. I'll keep in touch with my experience.

NOFX's picture
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Joined: 2006-09-22

Start calling the deep part of your book - renew those relationships.  He who calls the client the most keeps the relationship.

troll's picture
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Joined: 2004-11-29

$$$$$ wrote:Not yet, but you'll all be glad to know I have made up my mind to leave and go indy. I have not decided which firm, but it is between RJ and LPL. I'll be visiting both in the next several weeks.
Good luck with BAC. I'll keep in touch with my experience.Go to Ray Jay, please.

ezmoney's picture
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Joined: 2004-11-30

This POS BAC is only going to get worse. Believe me it's true.

badmove?'s picture
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Joined: 2006-06-10

why

nope's picture
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Joined: 2006-10-31

ITs all falling apart.  Not only has BAC lost Brokers and Managers - Now the Florida Regional Director just resigned!  The place is falling apart.  Stay away or leave.

badmove?'s picture
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Joined: 2006-06-10

good guy in Fla.

BACFA's picture
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Joined: 2006-03-26

FL Director was "asked" to resign.  He was too disagreeable for managment (at his level, there were only three people above him, including the CEO). 

nope's picture
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Joined: 2006-10-31

Asked to resign or resigned on his own... Who cares.  Its falling apart!  No one is staying!  Look at any one who joined the firm in last five years.  I am talking about real producers.  They are leaving left and right.
If he was asked to resign because he was to disagreeable for management - Its because he was probably fighting all the BS that the bank was trying to push down.   He spoke his mind and got canned!

BACFA's picture
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Joined: 2006-03-26

You're actually right about that.  He was very vocal against the trailer grid when it was first rolled out and so got transferred back to Florida because of it (he had been sent to the Northeast to manage the Fleet/Quick & Reilly territories). 

ezmoney's picture
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Joined: 2004-11-30

I heard he was an a$$ and was fired.

nope's picture
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Joined: 2006-10-31

He was not an A$$ - He fought for the FAs! 

ezmoney's picture
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Joined: 2004-11-30

I don't know of many in the SE reion that thought too highly of him. Most thought he was a joke.

ezmoney's picture
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Joined: 2004-11-30

Our big producers aren't leaving. It's like they're content with the lousy payout they get. They are also very lazy.

$$$$$'s picture
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Joined: 2006-11-10

what's the latest rumor at BAC?

nope's picture
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Joined: 2006-10-31

No rumors - FAs are leaving, Market Directors are leaving, Regional Directors are leaving.  Everyone is leaving.  There is no direction on the brokerage side except they are trying to focus everything towards the bankers.  Compliance sucks, technology sucks, leadership sucks.

NOFX's picture
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Joined: 2006-09-22

nope wrote:No rumors - FAs are leaving, Market Directors are leaving, Regional Directors are leaving.  Everyone is leaving.  There is no direction on the brokerage side except they are trying to focus everything towards the bankers.  Compliance sucks, technology sucks, leadership sucks.
Boy, that attitude must really help your day to day business! 

$$$$$'s picture
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Joined: 2006-11-10
$$$$$'s picture
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Joined: 2006-11-10

btw the place still sucks

NOFX's picture
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Joined: 2006-09-22

$$$$$ wrote:btw the place still sucks
  No reflection on you - right?  It's all someone else's fault...  Funny - if you were kickin' a$$ you would claim it was all about you.  Get over it.  Move already.  The only thing holding you back is your fear.
I'm not sure if the two reps in my office who just had their best month ever (after having their best month ever in 10/06) would agree with you.

nope's picture
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Joined: 2006-10-31

NOFX - what's a best month ever at BAC??? 15K....
The average producer at BAC is under $300k!

$$$$$'s picture
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Joined: 2006-11-10

this is true. if your a 300+ producer at bac you're a superstar. i work at one of the top regions in the u.s. and we only have one million $ producer. 

badmove?'s picture
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Joined: 2006-06-10

Way off. 5$, don't you get the monthly production runs for the Nation? If you do you know that 300k is not a big producer, more like 500k. If you need the rankings pm me, I'll try to get them to you. I did 22k last month and I was #20 out of 22 guys, you need to do @ least 500k to show up on the radar screen.

bankfa10's picture
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Joined: 2006-02-21

who cares if its 200 or 600k. the payout sucks and you dont own diddle squat. I did 22k last month and I will take home 16k after expenses. When i was at bac I might get 6k or maybe 4k for a month like that. I left bac in Nov and have moved about 80% of what i targeted. Had 30MM book took about 15MM the rest was mostly crap but I did leave about 4 MM that I would have liked to ACAT (2-3MM may still move).

start prepearing to move. the legal landscape has really turned in favor of the rep. BAC is very unlikley to do anything unless you owe upfont money (diff story)

You need to consider joining a office with another indy rep and spliting expenses or paying an override. That is what i did and it has worked out great. You have someone who knows the system.

$$$$$'s picture
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Joined: 2006-11-10

btw i did 40k last month.

$$$$$'s picture
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Joined: 2006-11-10

we have only a hand full of reps that do north of 300k. that's a fact.

NOFX's picture
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Joined: 2006-09-22

nope wrote:
NOFX - what's a best month ever at BAC??? 15K....
The average producer at BAC is under $300k!

Have you noticed that those people are being forced out? RE: FA1 program.  This is getting boring.  Go Indy - you will be happy.  But don't make it about BAC sucking - make it about your commitment to succeed.  
 I  echo what the previous poster said : join an indy office to share those expenses - at your asset level and the possibility of some not coming - lumpy production will affect the payout grid from the BD.  I have a friend who  went from SB to Wachovia FiNet who got awfully close to that happening.
Incidentally, the two I am talking about did $150 (5 years in biz) and $85 (10 years in biz).  Just because you cant make it work doesn't mean noone else can.

NOFX's picture
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Joined: 2006-09-22

$$$$$ wrote:btw i did 40k last month.
Did someone ask?

bankfa10's picture
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Joined: 2006-02-21

part of my motivation is to let brokers looking at BAC that it is a terrible place to work. its not about whining. The bac program is under the full control of bankers now. 7 yrs ago it was mostly brokers managing brokers. When i left I got a call from my manager (former bank lobby manager)wanting to know why i would not refer a 2mm client in cash to a CD. if you want to be expendable and not have any control over your destiny go work for bac

$$$$$'s picture
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Joined: 2006-11-10

you're correct bankfa10. it is a terrible place to work. i'm glad you had the balls to leave. i'm gone as well. good for you for not putting up with their crap.

nope's picture
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Joined: 2006-10-31

Exactly - its about getting the word out.  If your are being recruited and they tell you about all the referals and access to the bank clients - its all a lie!  If you are still there - solidify your relationships and leave.
 

$$$$$'s picture
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Joined: 2006-11-10

NOFX,
those friends of yours i'm sure are doing the majority of that biz in fee based. let me know what they do in feb.
 

NOFX's picture
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Joined: 2006-09-22

$$$$$ wrote:
NOFX,
those friends of yours i'm sure are doing the majority of that biz in fee based. let me know what they do in feb.
 

In neither case was it more than 50% but it IS a large % -   is that somehow bad?  You did $40k including fees (as did I )  -  is that not good, clean business? 

xbanker's picture
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Joined: 2007-01-21

I just want to second the situation. Not only is it a poor payout, but one that's impossible to actually receive. You will constanly have errors in pay that no one is accountable for. In order to get anything fixed you'll have the buck passed several times in what will become a beaurocratic nightmare. The technology is just a joke! This is somewhat different depending on what state you're in but a lot of the computer systems are command line garbage that won't allow you to change something without starting from scratch and don't work half the time anyway.  The spirit point nonsense is just embarassing. Managers are trained at BAC to make the empoyees "feel good" about themselves by "recognition" in team huddles for various accomplishments, etc. They do this specifically because most employees are too stupid to realize the reason is to make people happier with less pay. Don't be one of them.If you must be an FA at a bank (not a bad concept anyway), do it at a smaller regional player in which the manager has no idea what you're doing and leaves you alone. If you must go with a larger bank try Wells Fargo. I know a couple people who have done their personal banker, assistant, then full FA program (usually in that order) and really had positive comments. P.S., If you are a broker at BAC, you're considered lower on the food chain than the "permier client managers." Basically a glorified personal banker who manages about 120 clients and wants to try to take a lot of your business away by putting it into whatever garbage they're also allowed to sell with a 6 and 63. 

$$$$$'s picture
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Joined: 2006-11-10

it is clean busines, but at a 29% payout it's crap in my pocket. starting in july it will be a 22% payout. not good.

whalehunter's picture
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Joined: 2005-11-28

xbanker wrote:I just want to second the situation. Not only is it a poor payout, but one that's impossible to actually receive. You will constanly have errors in pay that no one is accountable for. In order to get anything fixed you'll have the buck passed several times in what will become a beaurocratic nightmare. The technology is just a joke! This is somewhat different depending on what state you're in but a lot of the computer systems are command line garbage that won't allow you to change something without starting from scratch and don't work half the time anyway.  The spirit point nonsense is just embarassing. Managers are trained at BAC to make the empoyees "feel good" about themselves by "recognition" in team huddles for various accomplishments, etc. They do this specifically because most employees are too stupid to realize the reason is to make people happier with less pay. Don't be one of them.If you must be an FA at a bank (not a bad concept anyway), do it at a smaller regional player in which the manager has no idea what you're doing and leaves you alone. If you must go with a larger bank try Wells Fargo. I know a couple people who have done their personal banker, assistant, then full FA program (usually in that order) and really had positive comments. P.S., If you are a broker at BAC, you're considered lower on the food chain than the "permier client managers." Basically a glorified personal banker who manages about 120 clients and wants to try to take a lot of your business away by putting it into whatever garbage they're also allowed to sell with a 6 and 63. 
You have no clue! CM's CAN NOT sell products! In Fact neither can Private. Bottomline @ BAC if you do more than 700k you are treated like a king. Less than 350k and you are gone like any other wire.

$$$$$'s picture
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Joined: 2006-11-10

You have no clue. Very few do above 700k.

whalehunter's picture
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Joined: 2005-11-28

That's exactly my point, get rid of the weak and feed the strong. If you can't do 700k in a Bank program you should not be in this biz.

$$$$$'s picture
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Joined: 2006-11-10

not our bank program.

whalehunter's picture
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Joined: 2005-11-28

Sorry to hear it.

nope's picture
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Joined: 2006-10-31

There are FAs that a couple of years ago joined from major wirehouses doing north of $500k and now because of the compliance, client connections (contact system that you must enter notes on to get paid) and the complete focus on the Premier Banker - They are now struggling to do $300k.
Kinda funny! You can make it at a wirehouse but not at BAC.

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