[quote=ezmoney]Some of them came from Dean Witter, which is even worse. The talent of that management pool is at the bottom rung.[/quote]

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?

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

[quote=meme]Tim Maloney needs to go - for BAI to have any chance of getting better. He is a puppet with no brain.[/quote]

"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.

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.

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

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

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

A nice size FA is leaving tomorrow!

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.

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.

[quote=ezmoney]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. [/quote]

They don’t make jack because they don’t DO jack!!!

Amen brother!!

another FA left bofa! More are leaving!!! Soon they will be left with what they really want - Bankers!

600k producer left in western mass, went to citizens bank, not sure of the thinking there?

[quote=badmove?]600k producer left in western mass, went to citizens bank, not sure of the thinking there?[/quote]

Probably heard that B of A was going to acquire Citizens, jumped for a compensation package, wait a year or so and end up back at B of A.

A guy could make a career out of that.

I hope many more leave. I could use the accounts!

Street Maven:

Probably heard that B of A was going to acquire Citizens, jumped for a compensation package, wait a year or so and end up back at B of A.

A guy could make a career out of that.

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I almost did. Before becoming an FA, I was a banker. I worked at 2 banks that were bought out by (Bank of America - f/k/a NCNB & Nationsbank). I applied to a third bank, didn't get the job, but they were bought out 12 months later by (you guessed it BoA). Went to work for Dean Witter and a few months later DW announced some kind of strategic partnership with BoA. DW brokers could leave DW and go to work for BoA without incurring contractual wrath. Yes, this was announced by DW and, in fact, an official sign-up period was enacted for those who wanted to make the switch. I didn't sign-up, to say the least.

I haven't posted here in a long time. I just thought I'd put my two cents in since I have a few minutes here at the end of the day. I came over from EDJ about 6 months ago. Here's my thoughts 6 months into the business here:

CON

The whole FA-CM relationship they promoted when hiring me was almost a complete waste in my OWN situation. For OTHER guys they actually did get referrals. All I got was 1 referral in 3 months, passed around to 3 CM's and helped GIVE THEM about 3 million in referrals for their investment credit from my own book I had at Jones. I've basically given up on this partnering, because I've never seen any referrals.

PRO

I moved into banking centers a few months ago. My experience has genuinely been pretty good. I have a great banking center manager that lets me utilize cd lists and I still have the migration reports. Basically for all of you that aren't familiar with BAI, this equates to about 4 doorknocks/ or cold calls of information without ever having asked for it. This was one of the reasons I came over, and knock on wood, has happened just like I thought it would in a bank setting. So I'm spending a lot of time prospecting and getting referrals from the personal bankers (they'd rather open up checking accounts and credit cards) for their bonuses.) They also get referral points for referring me these leads, and to them it does mean something. The cd list access is totally up to the manager, so I can't say it would happen in another center or if he left.I think this is the most important distinction to make based on reading previous posts. Everyone's CM is different, and everyone's banking center mgrs and personal bankers are different.

I don't see why people have to have such a negative attitude towards "bank brokers". I think at one time it is where washouts might have headed towards. BAI in my region only wanted "green" ir's and were willing to give a lot of money up front to get them. I don't think this has always been the case. I think that was the main selling point to me and has panned out, "They are willing to give me a lot of up front money AND I don't have to COLD call". I have nothing but respect for people who are independent, and going to another wirehouse is a lateral move.

Other thoughts

1) Sucks having no BOA (knew that when I came in though), would rather do paperwork though than cold call.

2) Love working around other people, instead of feeling like I'm locked in a dungeon, or surrounded by other brokers.

3) Payout is low. I don't agree with the trailer payout structure (seems like enticement to do fee based). The 31% seems to be more fair, didn't have to cold call again to get them.

4) I love having the option of managed accounts (most everybody has this option already, except where I came from).

5) I just don't get the Premier role. Seems like glorified personal bankers who are happy with their 50k salaries (guessing) since that was quite a raise for most of them from their previous careers. 50k is a good salary where I live. Hence, most of them don't work, and don't seem to have any pressure to get numbers. Nobody ever gets fired they end up leaving voluntarily to get up front money elsewhere?

That's all I can think of for now. Again, I've had absolutely no regrets about leaving Jones, but BAI has had some surprises good and bad, but I'd say I'm generally happy with where I decided to go. The main to remember is take everything with a grain of salt when people are hiring you and at the same time realize that in this setting there is more than one way to skin a cat(FA-Premier) or be a (Bank Broker).

At some point if you don't start sending referrals to your CM they will take your bank branches away. Be ready for that.

Anohter thing: At some point I’m gonna get sick of trying to work with CMs, when this happens I’ll gladly give up my worthless CM, and bank branches to be left alone in my office to maket my services under the BOA name with no bank BS. This is an option.