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.

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.

EZ

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

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

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.

100k at 23% payout. You’ll starve.

gotta go, like to continue this manana.

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

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.

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

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

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!!

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.

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.

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.

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

[quote=banknomore]I did that just to see if you were paying attention.[/quote]

I no that.

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.

[quote=doneMS]

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.

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