Bac
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NOFX: In a bank branch environment, the manager and the compliance guy (who, in my case, usually makes the calls) reside at the OSJ so they are not available to sit in on appts. Fear of a lawsuit is never the reason I write or don't write certain types of business. If it was, why don't we videotape all of our appts? I don't mean to be cheeky but trades are constantly held up because the OSJ "wasn't able to contact the client."
badmove: B share limits are $50K and the SEC has lost a case where the brokers were able to prove that B sh. were cheaper than A sh if a client was taking a systematic withdrawal. My point is that the B of A compliance makes business inefficient. These are not wirehouse trained people but rather people that are overwhelmed with the new codes and regulations. In fact, one of the OSJ's has been approving New Account Applications even though the applications were officially removed from circulation and they were told not to use them any more (for over two months). I guess they missed the email.
BACFA: If you are in the branch - Tell the manager ahead of time that you have an appointment that may involve a 1035 and ask that he be available around that time. Call the manager from the branch with the client sitting there and let the call / review happen right then. Of course I assumed “fear of a lawsuit” is not what drives your business. It IS what drives all of this over the top compliance we have to deal with!!!
That’s actually a pretty good idea. I think I’ll give that a shot. Of course, the OSJ isn’t going to be happy about waiting for my call but they DO collect an override.
I hear the Tampa market is a real mess, guys are leaving every Friday. Must be fun to be the manager. Not!!
Tell the mgr ahead of time? If someone walks in looking for advice lets see how this plays out…" Well Mr and Mrs client,Ive seen many people in my long and illustrious career that have similiar needs, this is what I would recomend… YOU LIKE THE IDEA?..OH WAIT , I CANT HAVE YOU HAND ME A CHECK …MY MGR IS NOT AROUND TO APPROVE .
Hey Waterboy - first of all, every transaction doesn't need approval - just a 1035 or a VA for someone over 65 - situations that in your "long and illustrious carreer" you would agree, should be done with more than one meeting (therefore you would have a pretty strong idea before the meeting where you were presenting the 1035 or 65+ VA)
Second, I don't share a desk with a customer service rep. in the corner of a bank and take widow walk ins that get spun into 1035 exchanges in one meeting. I work by appointment only - that way I have fully qualified a prospect and am prepared. If you have a "walk in " practice where you are doing 1035 exchanges - good luck, maybe you can be a mortgage broker next year.
Third, you don't need PRE approval - It's just smartest to work it so that you are controlloing the process from the beginning. You can do the business now and wait for the approval if that is the only way. In my experience, a manager is going to do whatever they can to facilitate you doing business - it's how he gets paid.
If you focus on the obstacles you are a victim (Dunwoody)
BAC needs approval and needs to talk to the client on ALL annuity trades!! They almost seem to try to talk them out of it.
NOFX
Who was talking about 1035.If you want to purchase A shares for over 100k ...approval needed. If you try to open a brokerage account and you indicate source of funds for trade will be coming from their savings acct or maturing c.d( after all it is a bank and large balances are kept on deposit).No good!!! Where did they originate from? So what the customer has had their acct at the bank for years,they will refuse to allow you to open the acct till you let them know the full details.after working for 25 years at so and so company they happened to accumulate some sheckels throughout the years...Oh and dont forget to list the address and phone # from company they retired from ..#murryhill555
[quote=bankfa10]BAC needs approval and needs to talk to the client on ALL annuity trades!! They almost seem to try to talk them out of it.[/quote]
That's because BoA has an employment model that calls for young, lower paid and lower skilled brokers in BAISI (thus requiring "super supervision") and "real" brokers working with clients with "real money" in the PB. That's not intended to be an insult to the BAISI guys here, it's just how BoA thinks.
I think you may be right about that. While all the other firms are cutting back on their training programs, B of A has expanded theirs (they're accepting more Pathways brokers and adding more classes in Charlotte).
mike / ez$
It's a lot cheaper to build a farm system than to keep signing free agents. Isn't that how the life insurance companies do it?
It will blow up when clients start to feel that the bank is ramming a revolving door of young cowboys down their throat. It would take years for BAC to recover from something like that.
Why buy the cow when the milk is FREE!
BAC just introduced FREE online trades.
Free for Self Directed ONLY ! Another example of the bank not concerned with the financial consultant. Sounds like Quick and Reilly model is appealing to the powers that be
Okay okay I get it BofA is bad. What about the others? Opinions on Chase? Wells Fargo? Washington Mutual? Compass? etc...
I’m done talking about this firm. Nothing seems to go in favor of the FA, and that’s the bottom line. No more to say, goodbye!