Bac
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Google it, and instead of clicking on the large link, click just below it on “Cached.”
[quote=$$$$$]
Many will leave in the 1st qtr.
And I thought you were a friend joedabrkr.
[/quote]Sorry, it just gets old to read the incessant whining....you've made your point. Now do something about it.
Banc of America finds itself in deeper hole
By Bruce Kelly
NEW YORK - In a spreading mess, several former brokers and advisers with Banc of America Investment Services Inc. are in the middle of arbitration claims and lawsuits against the firm, and their cases focus on the series of broken promises the firm made during a recruiting spree in 2003…
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a bit of info for any of you who do a lot of Insurance biz at BAC and plan on moving firms. You are able to change the servicing rep to yourself at your new firm but you will not be able to get comm$$. Per harford " BAC is the only firm that has a contract with all venders that if the service rep is changed the comm$ still go to BAC. I asked if anyone has been able to get BAC to sign the form to redirect commisions. The lady said " have not seen it yet.
any details on the new comp plan? I heard it was rolled out today at 1:30pm pacific time?
The new comp plan is horse sh!t. In the 3rd qtr payout goes to 23.75% or worse if you do less than 300k gross. Then you hope to get back the difference if you jump their hurdles. If you jump all the hurdles you will make 33%. Good luck doing that. I see the forest from the trees and BAC is not the forest, LPL is. I’m gone inside of 12 mths.
[quote=$$$$$]The new comp plan is horse sh!t. In the 3rd qtr payout goes to 23.75% or worse if you do less than 300k gross. Then you hope to get back the difference if you jump their hurdles. If you jump all the hurdles you will make 33%. Good luck doing that. I see the forest from the trees and BAC is not the forest, LPL is. I'm gone inside of 12 mths.[/quote]
Lucky LPL ...
You’re right NOFX. I take the tears are for your current situation, and how desperate you are just to have a job and income. LPL will be lucky. I’ll produce just as I have, better than the curve for my 4 yrs in the biz.
Within the next two years FAs at BAC will be paid a salary and 1/4 bonus based on client connections, referrals to banking partners, compliance and subjective. It just happend to the pathways and then it will happen to the FAs. Leave before you can no longer prove a trailing 12… If you are thinking of joining - you have been warned!
the biggest problem with BAC is that they take the last 6 months of production and x2 to get where you should be on the grid. have 1 or 2 bad months in the last 6 and you might be at a 22, 24 or 29% payout. Most FAs are having to self source leads so the economics dont work out.
I understand that the 350 and over producers still have a trailer grid. Is that right?
[quote=$$$$$]The new comp plan is horse sh!t. In the 3rd qtr payout goes to 23.75% or worse if you do less than 300k gross. Then you hope to get back the difference if you jump their hurdles. If you jump all the hurdles you will make 33%. Good luck doing that. I see the forest from the trees and BAC is not the forest, LPL is. I'm gone inside of 12 mths.[/quote]
Huh? You can't do $300k at a BANK and you're going indy? Good luck with that....
mikebutler222 in $$$$ defence BAC does not really refer biz so if your book is not that big 300k can be a challange. all you have is a list of names that 20 other brokers have called in the last 6 months. Not the slam dunk that it can be at some programs
I'm extremly disturbed by this comp plan. They basically just squeezed all of the people they hired in the last two years when I think the intent was to weed out all of the producers under 300k that have been out for over 5 years. They took away the grid for those of us under 5 years and grouped us with everybody else. Since I've been trying to build a fee based business for the past year I am not at 250k yet. 300k was my goal for 2008. I don't know many people regardless of switching firms that are able to get their business up to that level that quickly.
The more disturbing thing is that 24% payout (150k to 250k) will only come to you fully if you, as one of the many hoops to jump through, refer 2.4 million dollars of business to private,premier,consumer etc. This is a major conflict of interest. You are essentially telling me I have to refer business over to others even if it isn't the best thing for the client(i.e. cd's), or you will punish me by keeping my commissions. Please tell me how this is legal, as I see lawsuits on the horizon.
[quote=$$$$$]You're right NOFX. I take the tears are for your current situation, and how desperate you are just to have a job and income. LPL will be lucky. I'll produce just as I have, better than the curve for my 4 yrs in the biz.[/quote]
Go get 'em tiger!
From what I've read and heard on the conference calls, it seems that the good vs. bad changes depend on your trailing 6 revenue:
Over $350K: considered a Financial Advisor II and very little difference in comp plan. Eligible (if bank referral goals are met) for bonuses similar to 2006.
$300K to $349: considered a Financial Advisor I and eligible for some bonuses (small amount). There is no trail grid and the payout is at 33% before being subject to heavy haircuts in the 3rd quarter to pay for the bonuses (bank referrals).
$250K-$299K same as above but at a 29% payout.
$150K-$249K 24% payout.
$0-$149K 22% payout.
Pathways (trainee): Salary only with quarterly bonuses (as always, based on bank referrals).
Most brokers, if they can put with the bank nonsense, will be subject to the same crap if they’re doing over $300K. In fact, some may get a pay raise because their trails will be paid at 33% instead of 23%. The ones that dutifully plowed their clients into fee-based and are producing under $250K are facing a massive pay cut, especially if they have a lenght of service under 5 years. They’ll be dropping from 31% to 24%. Kind of mean of the bank, actually.