bac

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meme's picture
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Joined: 2006-04-28

I Left banc of america investments a few months ago - I hear morale is worse than ever. Any one know if more FAs will be leaving soon in the Florida region?

JCadieux's picture
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Joined: 2005-01-23

I get inquiries from BofA employees all the time.  Yes, I would say that morale continues to be low.  At least it is among the ones looking to leave the company.

ezmoney's picture
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Joined: 2004-11-30

BAC has some major issues. FA's and client managers are very unhappy. There will be change or more people will leave. The quality of leadership is horrible on both the bank and investment side. I wish now I would have listened to this forum prior to making my move. All your feedback concerning banks/operations was true.
I was talking to a client manager (premier) He said he will concentrate his business where he gets paid. Guess where that is? LOANS AND DEPOSITS!! He will not move sand in the sand box (Internal money)because he is not incented to do so. This means he is not incented to refer business to investments.
Meanwhile the banking centers are not "paid" in any way to refer business to investments. Investments are not on the product menu for the banking centers, nor do they care, for they are struggling to keep their jobs by selling what? That's right loans, deposits, and credit cards. The bankers are clearly running the show.
So let me summerize what the situation is here at BAC for all you new hires and vets. You are back to working your books or prospecting depending on where you are in your career for about 31% payout if you can manage to stay in the $300k-399k gross production grid. Welcome to corporate america.
Let me give you a little advice. If it's to good to be true, it probably is. Live by it, it will keep you out of a lot of trouble.
Sorry about any grammar or spelling errors as I've been drinking.

NASD Newbie's picture
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Joined: 2005-08-01

ezmoney wrote:
Sorry about any grammar or spelling errors as I've been drinking.

Ah, a man after my own heart.  Everything looks better through the bottom of a glass!

ezmoney's picture
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Joined: 2004-11-30

Sorry to say but even after a few drinks, it still doesn't look any better.

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

ez, what region r u in? I am probably looking to join in a month or so, but your posts are killing me. I am in an unmanagable position now(see prospecting and selling thread) and need a change.

meme's picture
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Joined: 2006-04-28

Good to hear! BAC sucks it was the best thing I ever did - LEAVING that is! FAs in my old office are miserable. They are micro managing the FAs with this new thing called Client connection. Mandatory weekly meetings, conference calls, group meetings, individual meetings, off site meetings... There is no time for production.

meme's picture
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Joined: 2006-04-28

badmove - which market are you considering joining? I know lots of people at the firm - I will give you an honest opinion.

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

northeast, supposedly a great premier guy as well.

meme's picture
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Joined: 2006-04-28

Northeast is not a market its a region. I know all the managers in that area - Northeast is struggling - because bac bought fleet. Fleet did not have Premier banking so they have started from scratch. Premier - will not give you any referrals. Because they are all new and will rely more on you for referals to them. Tell me the specific office or Market Director you are speaking with and I will tell you what I know.

NASD Newbie's picture
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Joined: 2005-08-01

Albany, NY---Wolf Road branch.

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

meme,
I know the complex manager, great guy. 10-20 miles west of boston. can't get more specific than that.

meme's picture
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Joined: 2006-04-28

I would stay away!

ezmoney's picture
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Joined: 2004-11-30

There are no good premiers. They are all amatures. Trust me. They're more of a hinderance than help. With their new incentive plan they're now worthless.

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

wow.
any specifics?

ezmoney's picture
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Joined: 2004-11-30

I just gave you specifics in my prior posts.

bankfa10's picture
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Joined: 2006-02-21

dude stay away!!! everyone in texas is looking for a lifeboat!

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

hi ted.

meme's picture
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Joined: 2006-04-28

Sorry I replied to nasd - There are 2 managers that I know in Boston - one that is in the main office downtown and the other one who is, older man, lots of experience, was from the Fleet side. Nice guy, smart guy, but unfortunately he does not have any say with the firm. I do not know where you are coming from. If you are coming from a wirehouse - you will definatley get more referrals - but if you do not come with a book - You will not make it.

ezmoney's picture
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Joined: 2004-11-30

You better have at least 30 mill and some recurring income or you'll be sunk. There's no gravytrain over here. Don't bother. Oh bother.

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

I hear other than 4 guys downtown(i worked w/2) everyone is dying. My background is SMA's and fund-wrap not VA's, the pitch is they are trying to sell upstream. My thinking is I am coming in @ the bottom and it can bet no worse.

meme's picture
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Joined: 2006-04-28

Here are facts:
They can't even keep their managers. In the last 3 years they have had 3 managers in Miami, 3 in Ft. Lauderdale, 3 in Sarasota, 3 in Tampa, 2 in Palmbeach. They currently have offices with no managers.
In California - they lost la manager, san fran manager.
More managers will leave - they just need to find the opportunity.
Fas are leaving. They lost Florida's biggest producer this year, California lost a $2+ million producer. Turnover is high. The FAs that have not left are because they can not move their book or they have no production to get a check anywhere.

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

EZ
I would bring about 100K in recurring (401k's and C-shares) hopefully some trading accts as well. u hate it eh?

ezmoney's picture
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Joined: 2004-11-30

Btw the referrals you're talking about are for piss poor 529 accts.  It's a bad situation at BAC.

meme's picture
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Joined: 2006-04-28

It will get worse - It is true they are really pushing more fee business and they will support you there. However, there is very little pricing flexibility to be competitive.
It is all being run by bankers.
Bank of America, in my opinion is an excellent bank. As a brokerage unit - They are terrible. Ask the manager for a list of all FAs - not the ones he tells you to call. then call some and ask them are they really happy.

ezmoney's picture
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Joined: 2004-11-30

100k at 23% payout. You'll starve.

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

gotta go, like to continue this manana.

ezmoney's picture
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Joined: 2004-11-30

The bank is ill run as well. They treat their employees like sheet.

meme's picture
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Joined: 2006-04-28

C- shares! Did they tell you how you get paid on C shares? You will be paid in the 20% range. Tell the manager to explain how trails are paid to fas.

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

meme,
the avg @ the complex looks to be about 320k gdc. I will do 275 this year w/ minimal referrals (4-6 month), raised close to 10mil this year but I can not stay where i am anymore

bankfa10's picture
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Joined: 2006-02-21

no thats 100k on the traler grid 16 % payout 20 if its reg production and if your a good boy they will give some of it back at the end of the year ...Maybeeeee

ezmoney's picture
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Joined: 2004-11-30

I got a call from a personal banker telling me about two referrals she had for college savings accts. You would have thought she was handing me gold bars. This is after I told her the criteria I was looking for. In my opinion, people that work for the banks are not very good talent in the general labor pool. In other words dumb as rocks. Btw the branch personnel consists of the likes of a freakin international market!! Really pitiful!!

meme's picture
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Joined: 2006-04-28

WEll - Good luck. You will average about the same amount of referrals per month - if not less. If you go - I hope I am wrong. But I worked there and I can only tell you facts. I know large producers that were recruitied into BAC and within the last 2 years that are getting ready to leave. They will even have to write a check back to bac -because they are under contract. "They are will to pay to leave" think about it.

banknomore's picture
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Joined: 2006-02-22

 
Badmove? - I left BAC a year ago and was in the exact area you are looking. The good premiers look to move up to private banking so a good one today could be gone in a few months. EZ is right that the smart ones know how they get paid. Investments are not on the scorecard. Premiers move around. There are no territories. What are you looking for? Another bank program? Referrals? If so, look to the smaller banks or credit unions, they still use referral systems. The larger banks in the area will soon follow the BAC program, their just a few years behind. BAC is trying to morph into a wirehouse. They can't compete.

NASD Newbie's picture
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Joined: 2005-08-01

BAC morphing into a wirehouse is exactly what they're attempting to do--but they, more than most banks are having real issues with the different cultures.
Do any of you know how many of the decision makers come from traditional brokerage firms?  Until the banks realize that they have to think like brokers rather than bankers they're going to always be a bridesmaid but never a bride.
+++++
It's in the post, so le't have a quick lesson.
The word "their" implies ownership, while the word "there" suggests a location, and "they're" is used to suggest "they are."
They're wondering if their car, which is parked over there, will start.

banknomore's picture
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Joined: 2006-02-22

I did that just to see if you were paying attention.

NASD Newbie's picture
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banknomore wrote:I did that just to see if you were paying attention.
I no that.

doneMS's picture
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Joined: 2006-04-26

Do any of you know how many of the decision makers come from traditional brokerage firms?  Until the banks realize that they have to think like brokers rather than bankers they're going to always be a bridesmaid but never a bride.
Last time I looked, Tim Maloney was in charge.  Guess what? he came from Morgan Stanley.  Bad Morgan Stanley management transplanted equals bad BAC management.
 

downtown's picture
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Joined: 2006-01-13

doneMS wrote:
Last time I looked, Tim Maloney was in charge.  Guess what? he came from Morgan Stanley.  Bad Morgan Stanley management transplanted equals bad BAC management.
You got that right.

ezmoney's picture
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Joined: 2004-11-30

Some of them came from Dean Witter, which is even worse. The talent of that management pool is at the bottom rung.

troll's picture
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Joined: 2004-11-29

ezmoney wrote:Some of them came from Dean Witter, which is even worse. The talent of that management pool is at the bottom rung.
As bad as that is it isn't the BASI management team that drives the compensation to bank-side employees that has made referrals to BASI a non-paying event. That's purely on the bank-side management. <?:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" />
So long as the bank-side (and they’re the bosses) treat BASI like red-haired step-kids it’s going to be an ugly, low-paying version of being a real FA with only minimal prospecting on the positive side of the balance sheet. Then again, isn’t that what everyone figured being as bank broker was to begin with?
 

meme's picture
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Joined: 2006-04-28

Tim Maloney needs to go - for BAI to have any chance of getting better. He is a puppet with no brain.

troll's picture
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Joined: 2004-11-29

meme wrote:Tim Maloney needs to go - for BAI to have any chance of getting better. He is a puppet with no brain.
"Puppet"? You mean he's employed by the bank and can't change the comp plan the bank sets up for bank-side employees? He may be the worst manager that ever walked, but he still has nothing to do with the fact that bank-side gatekeepers won't refer to you because they don't get paid for it.

ezmoney's picture
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Joined: 2004-11-30

I'm not sure this place will get any better. The bankers (premier) are mad they don't make the jack the BAI folks make. The comp issue is not going to go away.

bankfa10's picture
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Joined: 2006-02-21

Banc of America Investments just lost a 1.8 MM producer in South Texas to UBS. They are dropping like flies

meme's picture
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Joined: 2006-04-28

There are more good producers leaving soon. And you know what the firm does not care.

ezmoney's picture
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Joined: 2004-11-30

There hasn't been any big producers that have left since January. What must they all be thinking????????

meme's picture
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Joined: 2006-04-28

A nice size FA is leaving tomorrow!

ezmoney's picture
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Joined: 2004-11-30

I know what thery're all thinking. What a pain in the a$$ to move clients, nad just how many will go???? That's why they stay.

ezmoney's picture
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Joined: 2004-11-30

Premiers are headed for the door. One left today that was worthless to begin with. He was given all his accts. They no longer get credit for pushing a key pad and instantaneously migrating a bank customer to premier. Can you believe that !! I wish I could gather assets that easy.
My point is they can no longer get paid bonus for moving sand in the sand box. They actually have to prospect outside dollars. They can't do that, proving my point all along that they are worthless.

troll's picture
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Joined: 2004-11-29

ezmoney wrote:I'm not sure this place will get any better. The bankers (premier) are mad they don't make the jack the BAI folks make. The comp issue is not going to go away. They don't make jack because they don't DO jack!!!!

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