Considering BAC
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When there are 9 people saying one thing, and 1 person saying another, it might mean something. Maybe it is you that should be ignored.A friend of mine switched to BAC 1.5 years ago. He has extensive industry experience with a regional and a wirehouse. He loves it there. I ignore everything I read on this forum.
I ignore everything I read on this forum.
You should look up the definition of the word "ignore". Responding is not ignoring.
I want to amend my earlier post on this part: “I ignore everything I read on this forum” to " “I don’t believe anything I read on this forum.” I’ve seen too many items stated as facts that I knew to be incorrect.
Stockguy,
If you are truly a stock guy, BAC is not the place to be. The systems are not geared towards daily trade activity. I think BAC is one of the better places to grow your practice as you have access to a lot of clients. Keep in mind, I said "ACCESS TO", as clients don't just show up. Compliance is pretty strict, but manageable. The most significant thing you will need to assess is whether your immediate manager is a brokerage person or bank person. If you don't know the difference, find out.The person I am speaking with is in the premier investments side. I would be reporting to him directly. I know of a Jones person who went to BAC and now is producing close to a million. I just want to know from those of you who are with BAC or were with them, how is the business there. I have heard that it is a great place to grow your book. I have a heard from many “haters” but I take them with a grain of salt. I have heard from many haters of my current firm. I cant imagine that it can be as bad as you haters have been saying. I have a client who has had the same FA from BAC for almost 15 years. Why would anyone stay that long if they hated it?
I would really like to hear from someone who likes BAC and for them to tell me why they do.I left after three years there. The comp plan was a moving target, rewarding different activities each year, and gradually declining. Remember, the upfront check is just a loan, that’s all, not a gift or reward.
I know a few guys that went there and nobody is presently a fan of BAC. They tried real hard to get me there, I was close but thank goodness backed off. It seems like 10% of the brokers love it and most don’t.
poggin, did you fullfill your contract requirements and were able to not pay back any of the so called loan? For everyone: how much is a standard offer from them for the upfront money?
I think mine was alittle low. Do most get 1 1/2 times ttm?In my case the loan had to be repaid. I don’t know what you are referring to when you say “contract requirements”. The loan was a forgivable loan, just that, nothing else. I was naive at the time and was very proud of what they offered. Now I realize that they didn’t really offer me anything but a loan. Unless they’ve changed things I’d say please don’t refer to the money as “upfront” money.
I hear your point. By contract requirements, I meant that they say you have to gross a certain level each year to have that portion of your loan forgiven, or that you must stay 3 years before you can leave. Since you said your loan was repaid, you must not have met those.
OK, now I understand what you were saying. You still have to write a check to pay a payment on the loan each year…then BAC will pay you that amount less taxes back. I had to pay the balance of the loan to leave. Sorry for any misunderstanding…just a little bitter here, but very glad to be independent.
how does that loan deal benefit you as a broker then? Also, how hard was it to go indy? I am considering that to. I am just getting frustrated with my current firm (sure you can figure out which one it is, but I will leave it blank for now). I want a little more availability in what I can offer my clients, and other issues as well.
Do you think it would be wise to go to a bank and then after a few years go indy?Here is what you will learn about BAISI:
1. In theory, their value proposition is great (a premier partner/banker will mine the client database for high net worth clients and make the introductions for you basically making you a partner of the client and the premier banker). However, in reality, the premier bankers are a revolving door as they come and go like illegal immigrants. It is completely confusing to the client to hear from new premier partners every 6 months or so. The big brokers have an ally in the few long term premier partners that have been there. Ask what location you will be stationed at and how long the "bank team" (premier bankers AND branch managers) have been there. Ask about the turnover. Not all regions have high turnover. If you are not a large producer where you are now, you will be assigned a sh!thole branch and will be responsible for producing your own leads. 2. Their comp is aimed at fee based business. If you are transactional (stock OR bond), you will be penalized. 3. If you go to BAI and build a book, it ain't yours and they will come after you. 4. The incentives for the referral system change annually for both the bankers and you. So do the freakin ridiculous metrics on what you are referring back to the bank. Here is an idea: why don't you move over there and do a reality show on it so we can be entertained?That is not the story I got from the vp I was speaking to.
Are you a disgruntled BAC broker? By the way, what does BAISI stand for?They also penalize if you do a lot of c-share business instead of their auto pilot fee programs. I seems to recall a mid to low 20 % payout on trails. I don’t know where you work now or if you do mutual fund/annuity business but you get hammered at BAC.
This smells like a little PR for the bank. The haters are haters because they legitimately hate people who screw them or lie to them.
IF stockguy hasnt seen dollar amounts, terms etc then you really arent talking to them past the first recruiting call. The first conversation I had when BAC came calling they were throwing out numbers and offering paperwork. The second meeting I showed them my W2’s ( I was still a Kool Aid Drinker) and the VP wet himself. Why? Because they are desperate for FA’s.
They will lead with 1. Promise of shooting fish in a barrell because of the bank feeding you referals. 2. They will talk a lot of crap about business bankers and wealth managers working with you - wont happen. 3. They will talk about a big check. And that is the problem. You’ll get there as many others have done and then they wont get the referals. Then you will have to pay back and be tainted for any serious financial institution.
Go talk to a bank branch manager and the people that are supposed to refer to you they will look like an Arkansas Hillbilly staring at a flushable toilet. What do you mean - refer? Aren’t you supposed to build our bank ‘bizness’? Then you will realize that Banc of America Investments is to the Banks what Edward Jones Investment is to the wirehouse community; a joke.
If your numbers are worth them looking at then go Indy. If you need it, and you shouldnt if you have been successful and followed your own advice, then get some assist money from someone. The only reason people look at the bank is they are afraid to create their own business and have not learned to get referals and work with other professionals. Sorry but that is the plain truth. Otherwise you wouldnt give up the money in the cut payout that you get.
Oh, by the way, knowing about a dozen BAI guys from Dallas, Denver, KC, St Louis, Phoenix, they will tell you they only stay because they were bought in by M&A and have big books and dont want to move. Otherwise they joke about their own bank. They wait for you to bring the top 25 - 50 clients you have and then they will strip you of them as you go out the door. That is why I never went there, their own employees testimonials.
Congrats, Freeman, for telling it like it is.
It does smell like a PR campaign... or just complete ignorance and gullibility on behalf of stockguy. Desperate for FA's is an understatement. The bank channel in general has a whole bunch of skeletons in the closet just awaiting to rise and they are named auction rate...A little ironic, a South Georgia boy laughing at an Arkansas joke. Good one, though! Of course, we also make fun of people in Alabama.
Go talk to a bank branch manager and the people that are supposed to refer to you they will look like an Arkansas Hillbilly staring at a flushable toilet.