You need it for 401ks, profit sharing plans, corporate accounts, NRAs (oops! I forgot B of A screwed all the FAs with NRA business because the sold it to competitors)…

KYC - It takes about an hour to do the paperwork and the only one that can approve an account that requires kyc - is the market director - and they review it with a fine tooth comb because they can get fired for it.



Also, I hope you do not have any C share business…

I’ll be bringing a few 401-k’s. From what I understand I wouldn’t need a new account form for a 401-k, just a change of BD LOA. Also, whats an NRA.

Non registered alien

lost 20k gross cuz I can’t bring a client from Europe. i believe thats the same @ Morgan as well.

You don’t get it! You made a mistake going to b of a! All I can wish for you is good luck and I hope, for you, it changes for the better!

It’s Non RESIDENT Alien.

and B/D change form is all you will need if the 401(k) is held direct.

They giving you a book?  branches?

20 mil, 3 good branches

any thoughts? need to do over 350 for it to make sense.

ill bring anywhere from 100-200 in gdc.

badmove, did you read these boards before making your move?  B of A has been consistently butchered by everybody.  There are exceptions, of course, but they are few and far between.  And even fewer, now that the CM comp (which changed in July) has very little to do with investments. 

[quote=BACFA]badmove, did you read these boards before making your move?  B of A has been consistently butchered by everybody.  There are exceptions, of course, but they are few and far between.  And even fewer, now that the CM comp (which changed in July) has very little to do with investments.  [/quote]

What is CM comp?

Anyone even thinking of going to B of A should ask to see the employee agreement upfront. Make sure if you bring assets along it does not become part of B of A’s mentality of “what’s ours is ours and what’s yours is ours”. This should be negotiated.

CM’s are Client Managers.  They are the people that are supposed to work with you on new leads from the bank. 

Having to cold call at a bank to bring in clients. What an oximoron!!

Good luck getting trades approved. Yes thats right, you need mgrs permission to do A shares over 100k, all B shares and C shares over 100 k.  V.A business? Again...good luck.

Drink the Kool -aid, do managed money and everything thing will be o.k.....except your bank acct.

Oh yea ...I hope yor trail business doesnt consist of C shares ( read previous posts)

B shares need approval at $50K.  VA’s that are switched (including those out of surrender) or sold to someone over 70 years old require a call from Compliance to the client.

It’s Edward Jones all over again but worse.

[quote=BACFA]B shares need approval at $50K.  VA's that are switched (including those out of surrender) or sold to someone over 70 years old require a call from Compliance to the client.[/quote]

Just what is so onerous about those requirements?

Hate to agree w/Nasdy but I do. Why would you do 100k into one family B-share. Also most 1035’s are reviewed and called @ most wirehouses.

It's a manager that makes the calls.  I bring the manager into the tail end of the meeting (whenever possible) to review CDSC , fees etc.  If I'm going to do a 1035 - or an annuity for anyone over 65, I dont want it coming back to bite me. 

 Ever have someone write a letter and both you and your manager have documentation showing full disclosure?  You'll win every time.  I tell my manager this is how he can EARN that overide.  Give it a try, not only will it keep your business clean, clients love it.

NOFX, I like your thinking, no bitching or complaining.