Badmove, do you work at a bank?

Regarding the article about banc of america being sued for lying to recruits - I hear more recruits are starting to come forward. Has anyone else heard this?  It’s very hush hush…

[quote=ezmoney]

With literally no access to deposits because the premier gets penalized if they lose deposits. Their managers are telling the CM to not invest deposits in their book. Great isn’t?? The perfect and most easiest place to convert deposits to investments, and we can’t get to the big dollars(premier clients existing deposits) 

I don't think this place is the perfect combination of anything. It's a complete and utter mess! I would much rather be indy having to bring in half the assets to make a good living and not having to deal with premier than to put up with these pompous bankers. 

 The premiers can't find new money. Most of them don't have the skills. We'll starve waiting for them to find new money. May as well be indy and prospect on my own. At least I would get paid well for bringing in new assets.

but how do find the money now with the dnc? networking is hit or miss. 

With literally no access to deposits because the premier gets penalized if they lose deposits. Their managers are telling the CM to not invest deposits in their book. Great isn't?? The perfect and most easiest place to convert deposits to investments, and we can't get to the big dollars(premier clients existing deposits) 

This is not accurate.  Premier takes a snapshot once a month.  If their deposits decline for the month, they are penalized.  On the flip side, if their deposits go up, they gain.  It is a net-new situation and they have the banking centers feeding them to keep the deposits coming.  As FA's, we have always been paid this way. Those deposits in Premier are also different dollars than the ones you want as an FA.  If a client has deposits with BOA, chances are they have investments elsewhere.  This is where the FA can make a killing.  BAI reps (or any FA) who sit around trying to convert CD buyers into investors are doomed.   

banking centers hate them (CM)…they are not even on the same planet let alone company

joebroker how do u make a living on a 40% payout max!!! 30% trail payout…thats at a MM production level!!! try 20-28% for the avg stiff

Overhead,

I dissagree. Bank brokers have made a very good living and built sizable books converting deposits/cds into investmetns for the last 20 years. It's easier converting than trying to move investments from elsewhere. Sure I'll work on thier outside investments after converting their deposits, but the deposits are an easy relationship starter. You're being brainwashed by your manager if you believe the other. Come on, don't keel over like that !

The branches hate premier and premier is now not even referring to the fa. (IF they are its very rare).  You might as well go independent or back to a wirehouse.  The only, and I mean only, reason to go to a bank is for the referrals.  Lower payout, meetings 24 hours a day, politics like there is no tomorrow… And at BAC compliance says you are guility before even looking into it.  Stay away from BAC!

Referrals are very rare because these amature premiers don’t know how to prospect. Before, they would just look at their maturing cd list and refer to us to make the call, and they would get incentive. Now they must make the call and do the questioning to find the outside $$, and it isn’t happening.

[quote=overhead]

Those deposits in Premier are also different dollars than the ones you want as an FA. [/quote]

That's not true. Massive MM balances or CDs is exactly what you want. Why pretend otherwise?

[quote=overhead]

 If a client has deposits with BOA, chances are they have investments elsewhere.  This is where the FA can make a killing. [/quote]

If the premier guy is afraid that the client's BoA balances might convert to BAISI assets if the client talks to you, (and thereby mean a pay cut for the PB) why would a PB ever take that chance and even tell you of this new client and his brokerage account elsewhere?

There's a risk to the PB and zero upside for him. No, sorry, he's not going to take that chance.

Exactly Mike. Overhead must be a new recruit trying to cover up his lack of due dilligence, Or a desperate vet trying to paint everything rose colored. Either way what he is being told is crap!!

EZ it sounds like you should get out of there. I would talk with some of the folks on here who’ve been in the banks (Indy, Babs, Butler, rightway) and plot your escape.

I reiterate, the job now is NOT to convert deposits, it is to PROFILE, find other assets and bring them in-house. CM’s are being comped on organic growth, the easiest way for a CM to get organic growth is to bring you along to find other assets. If this is not happening get a new CM. Or go back to a wirehouse and cold call.

what about their trade stock for free offer? what are the paramaters?

Silly badmove. The cm isn’t going to bring the FA if they think they can put the outside funds into deposits or cds (comp credit 2 1/2 times) vs investments (comp credit 1x). If you were a cm where would you put the money? The last option or unless the outside funds were already in investments would be to call the FA in and put the money in investments. Less pay for the cm. It’s all very simple. It’s all about the cm comp and deposits and what the FA can do to benefit the cm and deposits. End of story.

[quote=aldo63]what about their trade stock for free offer? what are the paramaters?[/quote]

That's the other thing, aldo. The PB doesn't have to risk bringing in the rep and losing deposits, he can be a real hero and send the client to the FREE TRADING ACCOUNT and get paid for organic growth with ZERO RISK.

BoA has just decided that reps should be as low paid as any other bank employee.

You are right.  You should all leave.  This doesn’t work - go.

$$$$$-your a dope, what person would move their outside funds @ Fido and put them in a CD. Most people w/serious money are looking for guidance and you need to teach your CM to find those people. Your CM must be crap or you are looking for a free lunch.

$0 trades are not a threat to my biz, in fact i am encouraging most clients to put their "play" money into self-direct.

Peace be with you.

The most troubling part of this thread seems to be the lack of mentioning doing what's best for the client/customer.

It seems to be focusing on us vs them instead.

scrim