Bac
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They will acat in kind. a lcient of mine went to a jones broker and didn’t know what he was signing. turned out i was an acat form. all fund strat positions went over in kind. I then brought them back into the same acct. and continued the wrap program.
I was curious how reps who have left BAC are doing. Not in production but what tips you would give someone who was about to make the jump to indy. Did they file a TRO. Did they say bad things to your clients. How did you work to move over assets the first weeks. If you could do it all over again what would you do?
Confirmed today with CSG that the accounts are ACATable without any problems.
From what I've seen, TRO's and injunctions are at the discretion of the Market Director. There doesn't seem to be a consistent method when going after brokers. I saw a $500k broker leave without any problems but then when a Pathways (junior-trainee) broker left, they tried to go after him. He was leaving the business, not taking any clients, and they wanted to go after him for the training costs. The kid obviously didn't have the $50k they wanted so I think Bank of America was doing it to scare the other Pathways brokers.
The brokers that I talk to that departed (about ten of them) are all happier. I haven't made the move myself, yet, but I am looking forward to that day.
As of today (May 15 payday of the quarterly fee-based check), two brokers left our group. I have my feelers out there to see who else left. Anyone know anything?
3 quit here in the southern area in the last week, sure there is more to follow
I think most people on this forum are from the Northeast market where the Fleet merger has just occured. The new comp plan is actually a pay raise for some Legacy Bank of America brokers (non Fleet/Quick and Reilly).
I love BAI...Been there over a year and have had an awesome experience! With over 10 years at Morgan, I had had enough and moved to the "bank." Absolutley no regrets!
Sure, there is always something to bitch about wherever you are at but the bank has introduced me to so many new clients, it's been great!
Never got a referal while sitting at a desk at Merrill or Morgan.
Fleet had it's problems long before Bank of America came along!
"The grass is always greener."
Prior to the merger, Fleet/Quick & Reilly generated the same amount of revenue as Bank of America. Except Fleet had fewer brokers and less than half as many branches (ie., fewer branches per broker but still generating as much revenue). So unless making money is a “problem”, I’m not sure what you mean.
Go back and look. What I "mean" about "problems" is over 1/3 of Fleet FA's and 1/3 of Q&R FA's left between late 97-99 (right after the merger). That was not my point, my point was, everywhere there are problems. EDJ makes money, but I have a problem with them, I don't want to work there. MWD makes money but I have a problem with them and I don't want to work there. Merrill makes a lot of money, but they have problems and I don't want to work there. Things are never perfect, quit waiting for them to be that way. BAI makes money and I am fine working here. Sure, there I have things to bitch about but who doesn't. Show me posts from anybody on this board that is PERFECTLY happy with their situation, when you do, go get a job!
I wasn't going to make this personal but you said "I am not sure what you mean." Here is what I mean.
Everybody has problems!!! Stop bitching, griping, and crying and go get a few more clients, or better yet, go get another job. I am sure you will be just as miserable whether it is indy or another bank.
Instead of spending so much time bitching and posting about your job at BAI, take this same energy and make lemonaide. "If you aren't bitching, you aren't happy."
comp plan is the problem. BAC uses a 6 month avg to determine gid payout level. Just like dollar cost avg it will reduce your payout. In previous years you had 12 months to hit your numbers and then it would retro for the year day 1. not so on the 6 month avg, have 2 ok/bad months and your screwed. here are some things others have wrote
not very happy with the changes at boa. They turn the screw on their reps every year. haircuts everywhere 4$ max annuities.
A 10 % commision reduction on all biz referred from Premier bank. (goes to fund banker comp)by the way most bankers want ref credit on things you don out of your book ie 10% reduction. a trailer grid that is 7% less than transaction grid. We have a chance to get it back if we do everything they ask of us (at end of year)oh and its cliff vested stock options. next year they will turn the screw again until they see a lot of brokers leave. They really dont care what kind of production they get from brokers. They investment area has always lost money but the premier bank makes piles of cash. We are there only to provide advice so they dont lose the biz to a wirehouse. This used to be a great bank program but it is being run by bankers now. we have been joined with premeir bank and are no longer on our own . I sat through a 1 hour long confrence call on how I need to partipate in a full call day to help my my bankers meet their loan goals.
Do i get paid on any of that… nope (they paid us last yr on loan biz but you guessed it…it was cut) sorry for the rant. And about getting tons of biz from the bank its better than the wirehouse. In a large metro office only 40% of 70 fa’s will make over 55k
[quote=ezmoney]I think it will only get worse for the FA. When I can't stand it any more. I'll move on to indy. [/quote]
Are you at a bank now? I have heard it is especially difficult to move bank customers.
[quote=bankfa10]comp plan is the problem. BAC uses a 6 month avg to determine gid payout level. Just like dollar cost avg it will reduce your payout. In previous years you had 12 months to hit your numbers and then it would retro for the year day 1. not so on the 6 month avg, have 2 ok/bad months and your screwed. here are some things others have wrote
not very happy with the changes at boa. They turn the screw on their reps every year. haircuts everywhere 4$ max annuities.
A 10 % commision reduction on all biz referred from Premier bank. (goes to fund banker comp)by the way most bankers want ref credit on things you don out of your book ie 10% reduction. a trailer grid that is 7% less than transaction grid. We have a chance to get it back if we do everything they ask of us (at end of year)oh and its cliff vested stock options. next year they will turn the screw again until they see a lot of brokers leave. They really dont care what kind of production they get from brokers. They investment area has always lost money but the premier bank makes piles of cash. We are there only to provide advice so they dont lose the biz to a wirehouse. This used to be a great bank program but it is being run by bankers now. we have been joined with premeir bank and are no longer on our own . I sat through a 1 hour long confrence call on how I need to partipate in a full call day to help my my bankers meet their loan goals.
Do i get paid on any of that... nope (they paid us last yr on loan biz but you guessed it...it was cut) sorry for the rant. And about getting tons of biz from the bank its better than the wirehouse. In a large metro office only 40% of 70 fa's will make over 55k[/quote]
Ouch! Will you move to another bank? Have you heard of any banks with decent programs? Thanks.
The industry is getting smaller not bigger in terms of players. The retails banks are too far behind at this stage to catch up to big brokerage firms. They can't compete on platform, client acquisition, management, etc.
If you've got a decent book, take it elsewhere and get paid a boat-load of $$$. Then, once you're there, leverage all the resources to grow you biz. Key is to find the right firm...culture, payout, product...depends on your biz model. Talk to someone who knows all the players. If you want direction, I worked with a great guy who was very helpful cutting through all the BS. He got me an extra couple hundred K to boot!!
Go back and look. What I "mean" about "problems" is over 1/3 of Fleet FA's and 1/3 of Q&R FA's left between late 97-99 (right after the merger).
You're going back nine years to compare Fleet and B of A's program? Why not talk about S & L's from the '80's? I've been through three bank mergers (within the last nine years) and most people, including Northeast management, would agree that this is the worst one.
That was not my point, my point was, everywhere there are problems. EDJ makes money, but I have a problem with them, I don't want to work there. MWD makes money but I have a problem with them and I don't want to work there. Merrill makes a lot of money, but they have problems and I don't want to work there. Things are never perfect, quit waiting for them to be that way. BAI makes money and I am fine working here. Sure, there I have things to bitch about but who doesn't. Show me posts from anybody on this board that is PERFECTLY happy with their situation, when you do, go get a job!
Your situation is different than the other posters here. You went to B of A from Morgan Stanley as opposed to enduring the Fleet merger. So your frame of reference is not the same. If I walked into Bear Stearns and they handed me 50 family accounts with $10 million each, I'd be heckling the whining brokers, too.
I wasn't going to make this personal but you said "I am not sure what you mean." Here is what I mean. Everybody has problems!!! Stop bitching, griping, and crying and go get a few more clients, or better yet, go get another job. I am sure you will be just as miserable whether it is indy or another bank. Instead of spending so much time bitching and posting about your job at BAI, take this same energy and make lemonaide. "If you aren't bitching, you aren't happy."
If people didn't complain on this site, it would be pretty boring to read. If you're so happy, what's your name and how are you doing at B of A?
ILMJ says
Never got a referal while sitting at a desk at Merrill or Morgan.
Thats not the problem...As stated many times,Let the broker keep what he/she earns. Dont have me input 3 contacts a day into the system and tell me I may get my commissions next Feb when they were earned this Jan.The whole idea of keeping the contacts updated is simply ,when you walk out the door the new broker will have a point of reference when trying to retain the relationship.Dont tell me the contact system was designed to help me,We all know we need to stay in contact with our clients if we want to retain them.Its just another way for mgt to not pay you what you deserve.
DONT PEE ON MY LEG AND TELL ME IT`S RAINING