BAI/ML FA's shared info
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BAI just raised payouts for the lower producers. They must value them at some level. Well that’s assuming they value any of us. I’ve never heard of an FA leaving on a Wednesday…
Walehunter- Yeah sorry what was I thinking. Maybe I should'nt post reply's while driving
BONEHEAD- They did raise the payout but was it because they value those FA's or was it cause so many are jumping over board and they want to stop the bleeding? That article on the front page is wild. Who writes this crap? We are down atleast five FA's YTD in our old OSJ (RIP W- **)i know for a fact bai is losing people left and right. i personally know about a half dozen people that recently left and have heard of many more than that in the last few months. the attrition seems to people increasing in the last 30 days though so i think many more will leave shortly. ken lewis just doesnt want to admit it. wait until the 2nd quarter attrition numbers come out.
Yup, we are losing 1 to 2 FAs a week in my region…not all on Fridays either. Wait until May 15th, I think a bunch of FAs will take their fee-based month check and blast out of here.
I left BAI six weeks ago to go independent. Three other FAs have left the OSJ since. That out of an OSJ with 36 FAs is a wee bit more than the 5% reported in the article. I can’t imagine this OSJ is any different than any other.
That 95% number must be very low. BAI/ML is loosing a large number of the $500,000-$999,000 producers which are the bread and butter of the firm and the future million dollar producers.
There are many offices where 30%-40% of the advisors have left and these are that level or more.
The June 2009 numbers should show a different story. You can see the asset numbers going down at ML and going up at Morgan Stanley this is somewhat attributable to the flow of advisors leaving B of A/ML.
Investment news Today just reported that BAIML has now been passed as far as number of brokers by Wells Fargo/Wachovia. How sad. Brokers at BAI can leave when they want. No one is around to call the clients. HA HA HA HA.
Oddly enough, we’ve only lost one FA this year. I am more than a little surprised by this. I think we have a lot of lazy brokers who are just sitting around waiting for other FAs to leave, so they can “build” their books. As for waiting around till May 15th, wouldn’t the bank claw back the payout? They will have to credit the client back if they ACAT out since they charge in advance.
Three big producers from ML South Florida offices move to MS. And the hits keep coming.
Attrition is going to spike when ML side FA realize that BofA leads are lame as a duck. That the whole pitch about the ‘Million Dollar Leads’ is going to crumble like a deck of cards.
Heard through the grapevine today that C canned it’s FAs in the bank program regardless of LOS or production. All got cut just like that. Let’s hope B of A isn’t next but I would be prepared!
What?Heard through the grapevine today that C canned it’s FAs in the bank program regardless of LOS or production. All got cut just like that. Let’s hope B of A isn’t next but I would be prepared!
Nova,
Citibank/SB reps who work in branches were all canned! Nothing more to say than that.
armycolors-
we had a meeting with our new bank specialists yesterday. our director spoke about how many 'leads' all the fa's are going to get. at ml we have heard about how great it is getting all bac wealthy banking clients,etc. yesterday was the first time in which our director spun the meeting and said its great for ba bank specialists to sell ml clients banking products. we our going to have 6 banking specialists in our officce.tmoney-
the WMB will get your mortgage referrals and in return you will get some lame leads that are not even scrubbed. it's the old pfg game in bofa. the fact is, wmb's have nothing to refer. they dont even have a book anymore. what is left of their books have been split by BAi FAs a month ago. i look forward to ML. BAI has been a bad trip for the last 7 years. The #1 complain at BAi has always been ' why the heck do i get a haircut when i self sourced my clients' and 'leads? what leads??'So having been at Merrill without having a referral source is now worse than being at Merrill with the potential of having an in-house referral source?