The comp plan is what it is. You need to adjust to it.

More importantly, reps need to pay attention to the tactics and strategies being used.

I was excited when BAI took over Q&R. I figured it would mean more products, better reputation etc. Then they told us some fund families were not longer available, they took away the Managed assets program (MAP) with no replacement for 9 months, starting capping certains payouts. etc.

In the Northeast 2 years ago, they gave retention bonuses to qualifying reps then changed the business model for referrals. I saw some producers lose 100-200k+ of production. They spent their bonuses because they had to. If they moved firms, they would have to pay back money they might not have. Net result, reps feel trapped.

They recruit new brokers, pay them upfront money, change the grid. Net result, reps feel trapped.

It is correct that they have a special arrangement with at least one insurer that if you change firms, the commissions will continue to go to BAI. One of my brokers is dealing with numerous cases. All VUL's that are funded every year. BAI managers were touting managed money supplemented by insurance business. If it is true that this arrangement applies to more carriers, what does that mean to your business. Hartford even said BAI is the only one with this arrangement.

As more and more money goes into managed accounts, how difficult will that be to move? Anyone know the fine print? Some reps on this space have said it can be time consuming.

As you cross refer business and bring the CM's into yours, you are creating somewhat of a team approach. However, if you want to switch firms, there are no CM's anywhere else which means you may have competition for your clients and not just from another registered rep.

Rumor is that come spring, trail annuities will not be sold anymore.

I left over a year ago not because of the comp plan but because I didn't want anyone controlling my business. You can have much more freedom at a wirehouse or independent. I felt they were trying to get control of my clients and my business in such a manner as to make it very difficult or possible to leave. Your business is worth something.

BAC realized that they are a bank and not a brokerage firm and therefore changed their model.  If you want to be in the brokerage business do not join them.  If you are already there - leave.

Just so you don't think I have hatred towards BAc - Bac the bank is awesome.  BAI - sucks.

Here is the only way I can see this comp plan working for people under 350k.

Refer all of your cash reserve balances into cd's to appease the 2.4 mill refferral(unless your lucky enough to refer big home loans). Go straight back to only transactional business in order to get up to 250 to 300k as fast as possible (hopefully you get referrals).

This of course is what is best for the client, going into cd's instead of completely liquid cash reserves at about the same rate and A  and B shares and annuities are always better for the client. This is ridiculous.

[quote=southcampus]

Here is the only way I can see this comp plan

working for people under 350k.

Refer all of your cash reserve balances into cd’s to appease the 2.4 mill

refferral(unless your lucky enough to refer big home loans). Go straight back

to only transactional business in order to get up to 250 to 300k as fast as

possible (hopefully you get referrals).

This of course is what is best for the client, going into cd’s instead of

completely liquid cash reserves at about the same rate and A and B shares

and annuities are always better for the client. This is ridiculous.

If anyone is looking for a job at a bank, there will be lots of positions opening up at BAC in the next couple quarters due to mass exodus.