[quote=giff74][quote=joedabrkr]

[quote=thebanker]try moving to BOA private banking side---I have always heard good things about them. [/quote]

Why in the name of all that is holy would you encourage someone to move from ONE bank program where they are unhappy with declining payouts to ANOTHER bank program where they will likely face the same issues?  At both of them you are viewed as merely an empoyee and THEY OWN THE CLIENT BASE!

Think about it....

[/quote]

Remember big banks have to answer to who....Wallstreet. My payplan changed three times this year, THREE TIMES DURING 2005. None of the changes were in my favor. The reward trips were so far out of whack we have four managers going from our area and no producers!

OK, I know I am into bank bashing right now, I am going indy next week and leaving a top ten bank. The bank trained me, got me licensed even provided a good mentor and then when I became profitable bent me little by little over the barrel. Now its to the point that they havent released next years pay plan yet, no one knows how much or how they will get paid. Dont believe the hype, banks dont know how brokers work, they hardly know they need us and they wont make bank employees refer to us. So why not just go find our own meat and truly keep what we kill.

[/quote]

3 changes in one year?  That is totally messed up!

Good luck.  Be careful what you post giff.....you never know who reads this forum.  Not to make you paranoid, just be careful.

I saw this Top 10 thing on another post right now. Here are my reasons for thinking of going to BAC. Please give feedback on what people think is right and or wrong. I'm thinking about making a big change going from Jones to BAC. Please realize I'm talking specifically about Bank of America and not any other bank system

PROS

1. Fee based platform (For some reason Jones only thinks people with more than 500,000 should have this available), and I don't have to have 1000-2000 clients to run a successul business.

2. Almost completly Referral Based (This seems to be where all the banks differ from one another. My understanding is BAC Premier Clients 100k to 3 mill have premier banking. Part of those banks comp is based on their referrals to the advisors, I don't want to get too detailed, but this is a big drawing point)

3. I'm tired of working by myself (self explanatory)

4. Great Package Being offered(very comparable to what the big wirehouses are offering)

5. Same flexibility of hours

6. Great health care, 401k, pension, no paying for stamps, phone, etc.

CONS

1) Payout changes all the time (low end of the spectrum also)

2) Maybe have to switch from branch to branch.

If anybody  anything else to add please do. Thank you.

<span =“bold”>switching branch to branch may not be a bad thing. If you’re intially stuck with a BS branch with BS sales people/manager then switching to a different branch might not be a bad thing. One more point, if you do well in a certain branch, most managers will leave you there and will not bother you. They only move you if you’re not putting up numbers.

As far as BAC premier banking goes, it’s true. The Premier client manager is a good source of referral because they’re comp plan involves dished out referrals to the FC.

Not sure if this is true or not, but anything over 3-5 million has to be referred to BAC’s private banking.

Southcampus:

True about Premier,however their referrals are 1 of 4 buckets that need to be filled.

If you starting new ,you better hope your premier is strong at referring,otherwise leads can be tough to come by

With about 23 mil aum, and golden handcuffs, I guess I’m stuck at BAC until I can at least double my aum. There’s pros and cons to the whole situation including the new comp plan. However, what can I do at this stage of the game???

[quote=joedabrkr][quote=giff74][quote=joedabrkr]

[quote=thebanker]try moving to BOA private banking side---I have always heard good things about them. [/quote]

Why in the name of all that is holy would you encourage someone to move from ONE bank program where they are unhappy with declining payouts to ANOTHER bank program where they will likely face the same issues?  At both of them you are viewed as merely an empoyee and THEY OWN THE CLIENT BASE!

Think about it....

[/quote]

Remember big banks have to answer to who....Wallstreet. My payplan changed three times this year, THREE TIMES DURING 2005. None of the changes were in my favor. The reward trips were so far out of whack we have four managers going from our area and no producers!

OK, I know I am into bank bashing right now, I am going indy next week and leaving a top ten bank. The bank trained me, got me licensed even provided a good mentor and then when I became profitable bent me little by little over the barrel. Now its to the point that they havent released next years pay plan yet, no one knows how much or how they will get paid. Dont believe the hype, banks dont know how brokers work, they hardly know they need us and they wont make bank employees refer to us. So why not just go find our own meat and truly keep what we kill.

[/quote]

3 changes in one year?  That is totally messed up!

Good luck.  Be careful what you post giff.....you never know who reads this forum.  Not to make you paranoid, just be careful.

[/quote]

Joe, you are correct. Just because you are paranoid doesnt mean they arent out to get you. Which is how I've felt of late. Come next Friday it wont matter any more. Look out indy world here I come!

Giff, come on in...ther water's warm!!!

BTW, what indy firm you end up associating with?

EZMoney,

I feel you...but I think you (and I at times) are a little too focused on the "instant gratification" part, and not focusing on the long term.

Do as much fee based as you can get by with while still putting up good numbers month to month.  Build up your AUM.  Take less money upfront.

As long as the referrals keep coming, keep building those assets, and also keep strengthening those relationships, because once you have enough, you can go indy or whatever and take a good portion with you. 

The trade off for a little lower payout for me is the rapid pace at which I am building a business. 

Transition will all depend on your LOS, EZ.  If you’re a LOS 1, for example, most firms would look at you, even if you’re only able to bring 1/3 of your book.

[quote=southcampus]

2. Almost completly Referral Based (This seems to be where all the banks differ from one another. My understanding is BAC Premier Clients 100k to 3 mill have premier banking. Part of those banks comp is based on their referrals to the advisors, I don’t want to get too detailed, but this is a big drawing point)

 [/quote]

A friend of mine just became a Premier Client Manager, she told me that her loan volume per qtr is 30 mil. With that in mind, I don’t think PCM have time in referring b/c they make the most of their bonuses through loans/line volume.

[quote=thebanker]

Not sure if this is true or not, but anything over 3-5 million has to be referred to BAC's private banking.
[/quote]

Try $500k or above. Better still, the incentive for the premier banker to bring business to the PB is greater than the incentive they have to bring it to you.

[quote=BankFC]

EZMoney,

As long as the referrals keep coming, keep building those assets, and also keep strengthening those relationships, because once you have enough, you can go indy or whatever and take a good portion with you.  

[/quote]

The other side of that coin is the branches you cover and/or your referral source at preimer banking can be taken from you at the whim of management. At least at one point BoA had a goal of one broker per branch and one assigned to premier. You can spend a lot of time building "your book" and taking less pay only to have management slice it in to three pieces to distribute to two new guys. The bank doesn't see it as "your book" any more than than they see the drive-up window as "belonging" to a specific teller.

[quote=Indyone]

Giff, come on in...ther water's warm!!!

BTW, what indy firm you end up associating with?

[/quote]

I am hoping the water is warm and damn excited too!!!

LPL is the new place for me. I looked at RayJa also, but LPL was quicker to action and has been very good about getting me ready for the transition. LPL also put me in touch with a local firm that is established, I think that will make things much easier for the first few years. I just pay my expenses and override and go on my merry way. I cant tell you how happy I am at the prospect of no sales manager.

Giff74

LPL is a good firm! But after a couple of years in that office you cannot just leave to start your own LPL office. It will be up to the OSJ he has to sign off on your clients before they can be moved!

Also he/she will need to write a letter to LPL before you can take the 24 ! If they do not do this you will have to stay in that office or change BD's 

[quote=giff74][quote=Indyone]

Giff, come on in...ther water's warm!!!

BTW, what indy firm you end up associating with?

[/quote]

I am hoping the water is warm and damn excited too!!!

LPL is the new place for me. I looked at RayJa also, but LPL was quicker to action and has been very good about getting me ready for the transition. LPL also put me in touch with a local firm that is established, I think that will make things much easier for the first few years. I just pay my expenses and override and go on my merry way. I cant tell you how happy I am at the prospect of no sales manager.

[/quote]

Welcome aboard, giff!  I also established at LPL and am really pleased with the set-up.  If it ever does get crappy, though, I'll probably migrate to RayJay as they were a close second.

Let us know how things go for you...there may be a few glitches along the way, but I'm confident that you are headed for a better place...

[quote=mikebutler222][quote=BankFC]

EZMoney,

As long as the referrals keep coming, keep building those assets, and also keep strengthening those relationships, because once you have enough, you can go indy or whatever and take a good portion with you.  

[/quote]

The other side of that coin is the branches you cover and/or your referral source at preimer banking can be taken from you at the whim of management. At least at one point BoA had a goal of one broker per branch and one assigned to premier. You can spend a lot of time building "your book" and taking less pay only to have management slice it in to three pieces to distribute to two new guys. The bank doesn't see it as "your book" any more than than they see the drive-up window as "belonging" to a specific teller.

[/quote]

Geez Mike...just because YOU got branches taken away, assets taken away, etc etc at all the banks you worked for doesn't mean that is how it is for EVERYONE.

Honestly I am amazed you're still in the business considering all the transitions you've been through.  I don't mean that derogatory.  I'm just saying, you've had a rough go of it, but it's not that bad for everyone...as a matter of fact it's a pretty sweet deal some places, especially smaller sized banks like mine!

It's ok, I understand you're a little jaded.

[quote=BankFC][quote=mikebutler222][quote=BankFC]

EZMoney,

As long as the referrals keep coming, keep building those assets, and also keep strengthening those relationships, because once you have enough, you can go indy or whatever and take a good portion with you.

[/quote]

The other side of that coin is the branches you cover and/or your referral source at preimer banking can be taken from you at the whim of management. At least at one point BoA had a goal of one broker per branch and one assigned to premier. You can spend a lot of time building "your book" and taking less pay only to have management slice it in to three pieces to distribute to two new guys. The bank doesn't see it as "your book" any more than than they see the drive-up window as "belonging" to a specific teller.

[/quote]

Geez Mike...just because YOU got branches taken away, assets taken away, etc etc at all the banks you worked for doesn't mean that is how it is for EVERYONE.

[/quote]

Show of hands, FC, which one of us has personal experience at BoA? Is your hand up? Mine is. I know the facts and the policies there, you don’t. Why did you have to try to turn that into a personal attack? Feeling a tad uncomfortable?

BTW, I didn't have any branches taken from me (had they been able to hire in my area, I would have), but I saw it happen a number of times. It had nothing to do with the FC effected, it had to do with BoA policy to have A SINGLE broker in each branch. Whenever they could hire, they shifted coverage of branches.

Look, I wasn't being personal with you, I was simply stating BoA policy. If that gets under your collar, sorry.

[quote=BankFC]

Honestly I am amazed you're still in the business considering all the transitions you've been through.

[/quote]

I'll take that under advisement, given your vast experience in the business.

[quote=BankFC]

I don't mean that derogatory.

[/quote]

Why, of course you don't.

[quote=BankFC]

I'm just saying, you've had a rough go of it, but it's not that bad for everyone...as a matter of fact it's a pretty sweet deal some places, especially smaller sized banks like mine!

It's ok, I understand you're a little jaded.

[/quote]

FC, I’m trying to be easy-going with you, but you insist on injecting yourself into conversations where you have no idea what you’re talking about. The topic was specifically BoA, not your bank. I hope life is just dandy for you there, but your experience, such as it is, means nothing when the topic is a place where you’ve never hung your hat.

Now, was that clear enough and gentle enough for you? BTW, I'm anything but jaded and I certainly don't feel I've had a "rough go" of anything. Every transition I've made has been my own choice, each was worth something and each led me to where I am now, loving life and trying to cut my handicap. I'm doing just fine, thanks.

[quote=SonnyClips]Paranoia is a heightened sense of awareness.[/quote]

[quote=mikebutler222]

[quote=thebanker]

Not sure if this is true or not, but anything over 3-5 million has to be referred to BAC’s private banking.
[/quote]

Try $500k or above. Better still, the incentive for the premier banker to bring business to the PB is greater than the incentive they have to bring it to you.

[quote=BankFC]

EZMoney,

I feel you...but I think you (and I at times) are a little too focused on the "instant gratification" part, and not focusing on the long term.

Do as much fee based as you can get by with while still putting up good numbers month to month.  Build up your AUM.  Take less money upfront.

As long as the referrals keep coming, keep building those assets, and also keep strengthening those relationships, because once you have enough, you can go indy or whatever and take a good portion with you. 

The trade off for a little lower payout for me is the rapid pace at which I am building a business. 

[/quote]

You mean the rapid pace at which you are building the BANK's business(not your own)......