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.

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.

[quote=$$$$$]

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.

[/quote]

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? 

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. 

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.

[quote=xbanker]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. 
[/quote]

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.

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

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.

not our bank program.

Sorry to hear it.

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.

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.

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

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

Median is about 300K

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.

How do you see the #'s?

I could be a manager?

AMD

neither, just kidding around w/you.

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