BAC

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bankfa10's picture
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Joined: 2006-02-21

being at bac is double compliance you do all the bank KYC AML rules stuff and witth a anal manager who could care less about production because your there to prvide a service BAC needs but cant make any money at.

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

pretty sad isn't? Working at a bank and can barely get referrals.

scrim67's picture
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Joined: 2005-04-28

in my bank program only about 4% or so are over 700K.  
Median is about 300K

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

5$,
#'s got posted today, are you in Naples, Jax or Broward?
200 guys did over 100k last month, your right I am a PIKER!!! Time to get back to work.

whalehunter's picture
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Joined: 2005-11-28

How do you see the #'s?

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

I could be a manager?
 

whalehunter's picture
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AMD

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

neither, just kidding around w/you.

overhead's picture
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Joined: 2005-08-11

being at bac is double compliance you do all the bank KYC AML rules stuff and witth a anal manager who could care less about production because your there to prvide a service BAC needs but cant make any money at.
 
  This is interesting to hear.  I have not had a KYC in over a year.  It is a thing of the past.  I am curious of where you are to be experiencing this.  I have heard horror stories, but not experienced it first hand

NOFX's picture
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Joined: 2006-09-22

whalehunter wrote:How do you see the #'s?
My region emails them to all the FAs - she's right.  200 over 100. 

bankfa10's picture
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Joined: 2006-02-21

yep they may have 200 over 100 but remember jan is when fee based is paid for the whole QTR. most firms pay monthly

`

BACFA's picture
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Joined: 2006-03-26

If you look at the monthly numbers of some of those brokers over $100K, you'll see that they'll do $10K in Feb. and March.

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

so they only annualize @ 440k....that's pathetic.

bankfa10's picture
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Joined: 2006-02-21

badmove bac has around 2300 producers. only 2-300 will do over 440.

scrim67's picture
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Joined: 2005-04-28

badmove? wrote:so they only annualize @ 440k....that's pathetic. Just curious why is 440K GDC "pathetic"?   I think most would be happy with that kind of production.
scrim

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

I was being sarcastic

scrim67's picture
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Joined: 2005-04-28

My bad! 

overhead's picture
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Joined: 2005-08-11

badmove bac has around 2300 producers. only 2-300 will do over 440.
 
BAI has just over 1800 FA's with the plan to keep the number there.  MD's can only recruit to fill in for losses, either termed or recruited away.   

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

I thought mgmt had a headcount goal? Did that change?
So your saying they want to keep the headcount where it is now?

whalehunter's picture
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NOFX's picture
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Joined: 2006-09-22

overhead wrote:
badmove bac has around 2300 producers. only 2-300 will do over 440.
 
BAI has just over 1800 FA's with the plan to keep the number there.  MD's can only recruit to fill in for losses, either termed or recruited away.   

It is not that they CAN'T hire except to fill vacancies.  The goal is to maintain headcount.  That being said, if a manager finds good hires, they CAN add headcount.

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

Then why hire a loser chick like me?

NOFX's picture
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Joined: 2006-09-22

BARNYARD!

nope's picture
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Joined: 2006-10-31

There is no focus on growing the brokerage unit - However there is a goal on growing the Premier side.  BAC does not care about brokerage! They care only about the bank side.

AllREIT's picture
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Joined: 2006-12-16

nope wrote:There is no focus on growing the brokerage unit - However
there is a goal on growing the Premier side.  BAC does not care
about brokerage! They care only about the bank side.

Funny that a company called "Bank of America" would care so much about banking.

whalehunter's picture
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Joined: 2005-11-28

When you have a lawn full of weeds what do you do?

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

re-sod

nope's picture
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Joined: 2006-10-31

Or lay asphalt!

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

I'm back man!!

NOFX's picture
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Joined: 2006-09-22

$$$$$ wrote:I'm back man!!
were you gone?

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

where to?
LPL, RJ or Commonwealth?

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

Making up my mind next week. going to San Diego this weekend to check out LPL. Leaning towards RJ because of the name recognition and breath of services.

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

breadth...sorry

troll's picture
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Joined: 2004-11-29

badmove? wrote:breadth...sorryShowing off your dual personality?Please, do us a favor and go to Ray Jay....

Indyone's picture
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Joined: 2005-05-30

joedabrkr wrote: badmove? wrote:breadth...sorryShowing off your dual personality?Please, do us a favor and go to Ray Jay....
...I noticed that schizophrenic moment also...even carried on a conversation with himself...I'll say it for MIC...how GAY!!!
I second the RJ motion...am sorry to see my 10% funding this trip...

gusdelaney's picture
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Joined: 2007-02-07

Who is the BAC regional manager in Fla. and the Northeast?

troll's picture
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Joined: 2004-11-29

gusdelaney wrote:Who is the BAC regional manager in Fla. and the Northeast?I think his name is Michael Hunt.  He goes by Mike.

nope's picture
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Joined: 2006-10-31

Regional manager in florida was fired - there is none at this time. 

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

I was correcting him, if you notice we don't agree on much
yes, we do
no we don't
etc,etc
 
 

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

you guys are a$$holes.

mranonymous2u's picture
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Joined: 2006-11-29

I would like to know why you focused on these two firms, and why you didn't ever even mention Wachovia Finet?
According to information LPL gave "Investment News" they have 6,940 reps, of which only 3,680 do over $100,000 in GROSS per year.
Ray jay (I assume they are just talking Indy here) total rep count 3,202. north of 100,000... 2,180
Finet, MUCH MUCH smaller, 515 reps, reps north of 100,000; 515.
Let's see, a major firm with a flea sized indy channel... All the good stuff of a major, with the small feel of a family reunion. And everybody in the family is pulling their own weight, and then some.
I just wonder, that's all.
Mr. A

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

But, it's a bank.

mranonymous2u's picture
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Joined: 2006-11-29

I'll give you the BOTD that this could make a difference.
It's my impression that you work in a bank branch, am I wrong about that?
I don't. Never did, never would.
It's my impression that you are chaffing against a low payout, Am I wrong about that?
Wachovia Finet's average payout  is 88.1% (in the same ball park as LPL and RJ)
And yet the advantage that I have by letting my clients go into any teller at any Wachovia bank branch and make a deposit into their account at my branch or take money out, is a great advantage. So having a bank as my BD's corporate parent is not a disadvantage.
Finet is MUCH more analogous to working for a wirehouse without the imperialism.
Do what you want. I just wondered why you seemed to only consider those two (the two I personally immediately discarded.)
Mr. A
 

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

i have a buddy @ finet. loves it and has brand name recog, people don't even know he's independant.

troll's picture
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Joined: 2004-11-29

mranonymous2u wrote:I would like to know why you focused on these two firms, and why you didn't ever even mention Wachovia Finet?
According to information LPL gave "Investment News" they have 6,940 reps, of which only 3,680 do over $100,000 in GROSS per year.
Ray jay (I assume they are just talking Indy here) total rep count 3,202. north of 100,000... 2,180
Finet, MUCH MUCH smaller, 515 reps, reps north of 100,000; 515.
Let's see, a major firm with a flea sized indy channel... All the good stuff of a major, with the small feel of a family reunion. And everybody in the family is pulling their own weight, and then some.
I just wonder, that's all.
Mr. AThere is probably a good reason why after 2-3 years of heavy duty recruiting with the richest financial packages in the "indy" world they still only have 515 advisors.  Maybe it's because they aren't really indy?

mranonymous2u's picture
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Joined: 2006-11-29

"There is probably a good reason why after 2-3 years of heavy duty recruiting with the richest financial packages in the "indy" world they still only have 515 advisors.  Maybe it's because they aren't really indy?"
It'd be great if you could back that up with some examples of the differences between the Finet platform and what is "really indy".
I seem to have a lot more freedom than the RJ FAs, but it's hard for me to know given that I don't know what it is that I don't know.
OTOH if you are going to fling around assumptions like that then you ought to be willing to present your case.
Mr. A

Indyone's picture
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Joined: 2005-05-30

I've heard the term "pseudo-indy" used to describe Wachovia (I heard that several times when I was looking at firms to jump indy in the summer of '05), but someone on their platfom indicated that this is a reflection on how Wachovia used to run their indy channel.  Are you aware of significant operational changes that free up Wachovia indies compared to what used to be?  I'll also say that while I have an excellent grasp of LPL and a pretty good grasp of RJ (did a due diligence trip before I landed at LPL), I know very little about wachovia, other than it sounds like that salty little fish you put on pizza...

Indyone's picture
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mranonymous2u wrote:Do what you want. I just wondered why you seemed to only consider those two (the two I personally immediately discarded.)
Mr. A
So what ruled the other two out for you?  Maybe I picked the wrong one?!!!
BTW, I hope you convince five bucks to look at Wachovia...Joe & I don't want him at LPL...he thinks we're a**holes...

troll's picture
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Joined: 2004-11-29

mranonymous2u wrote:And yet the advantage that I have by letting my clients go into any teller at any Wachovia bank branch and make a deposit into their account at my branch or take money out, is a great advantage. So having a bank as my BD's corporate parent is not a disadvantage.
 
"My branch"? You're working out of a bank building? How’s that work? Do you lease space there?<?:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" />
 No offence intended towards people working in your part of Wachovia, which sounds interesting, but I've had two successes (that's 2 for 2) with moving accounts in from there. In both cases the individuals were upset not with their broker, but with someone on the bank side, a teller and a loan officer. That sword can cut both ways.
 

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

How true that is!

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