I went through it this year & it is a joke. They give you a max $500-$1000 kicker for anytning you send over to Edge under $250k & over you split with a team of older FAs that they mandate a 50/50 split on production. There is no one who will make it through that program with the production hurdles asked of you when you are also opening up checking accounts & issuing temporary debit cards. Then having to track all that to get paid on it.

Man are you ever wrong. Comments like this are why you will never be successful. I was doing great prior to the BFA program, and then i started in the program in August and have tripled my business. I am number one in my complex in almost every metric. I dont graduate from the program until late 2015, but by the end of this year i will be at around 300K pcs cumulative with 18mm in fee based. Easiest job i have ever had.

smoko you are exactly right… They want bank products as part of the trade for the bank leads. Essentially you become a glorified personal banker with limited abilities to really do any banking (no biz accounts) as you got to also make referrals to your bank partners, do random bank tasks & feed the Edge machine. While you send your referrals to your senior team to close. Who’s client is that going to be at the end of the day? Hmm… The complex director made the PMD I knew take that deal.

Why do you guys let people dictate what you do. I own my branch. The bankers work for me. they literally send every preferred client to me, because i close bank and investment business every time. The BC’s entire comp structure is centered around sending ref to Merrill. This seems like a board for folks that want to feel better about not being able to make it.

[quote=ZwingDing][quote=BACFA]1. If there aren’t any BofA branches in the market, then there will not be any BFA’s.
2. There are very few large prospects that will show up in the bank and want to do an appointment. An IBM executive is not going to wander into the bank branch midday and do any banking business.
3. However, it is a great place for PMD’s to learn how to do appointments. The amount of traffic you will see is exponentially larger than sitting in your ML Complex and cold calling all day.
4. They just changed the BFA goals. There is no longer the $500-$1,000 bank bonus. It is now converted into PCs and used to hit your PMD hurdles.
5. You will still need help from a team to hit your PMD hurdles. The bank referrals will not generate enough revenue to do it.[/quote]

Are they making any changes to the PMD program where BofA has no presence?[/quote]

[quote=ZwingDing][quote=BACFA]1. If there aren’t any BofA branches in the market, then there will not be any BFA’s.
2. There are very few large prospects that will show up in the bank and want to do an appointment. An IBM executive is not going to wander into the bank branch midday and do any banking business.
3. However, it is a great place for PMD’s to learn how to do appointments. The amount of traffic you will see is exponentially larger than sitting in your ML Complex and cold calling all day.
4. They just changed the BFA goals. There is no longer the $500-$1,000 bank bonus. It is now converted into PCs and used to hit your PMD hurdles.
5. You will still need help from a team to hit your PMD hurdles. The bank referrals will not generate enough revenue to do it.[/quote]

Are they making any changes to the PMD program where BofA has no presence?[/quote]

[quote=Jk0015]I went through it this year & it is a joke. They give you a max $500-$1000 kicker for anytning you send over to Edge under $250k & over you split with a team of older FAs that they mandate a 50/50 split on production. There is no one who will make it through that program with the production hurdles asked of you when you are also opening up checking accounts & issuing temporary debit cards. Then having to track all that to get paid on it.

Man are you ever wrong. Comments like this are why you will never be successful. I was doing great prior to the BFA program, and then i started in the program in August and have tripled my business. I am number one in my complex in almost every metric. I dont graduate from the program until late 2015, but by the end of this year i will be at around 300K pcs cumulative with 18mm in fee based. Easiest job i have ever had.[/quote]

Good luck to you when BAC eventually spins off ML.

[quote=Killin-it][quote=Jk0015]I went through it this year & it is a joke. They give you a max $500-$1000 kicker for anytning you send over to Edge under $250k & over you split with a team of older FAs that they mandate a 50/50 split on production. There is no one who will make it through that program with the production hurdles asked of you when you are also opening up checking accounts & issuing temporary debit cards. Then having to track all that to get paid on it.

Man are you ever wrong. Comments like this are why you will never be successful. I was doing great prior to the BFA program, and then i started in the program in August and have tripled my business. I am number one in my complex in almost every metric. I dont graduate from the program until late 2015, but by the end of this year i will be at around 300K pcs cumulative with 18mm in fee based. Easiest job i have ever had.[/quote]

Good luck to you when BAC eventually spins off ML.[/quote]
spoken (typed?) like a true victim…

Ive just got an offer into ML’s PMD program and will be joining a team (which I interviewed with prior). They told me that they will help me through LOS 9, and then have me do the BFA program.

I think being at a bank of america branch is a great place to get referrals.

Any updates on how the BFA program is going or went for you guys? I’ve just accepted an offer and will Start in May. Also got an offer from Edward Jones and I’m weighing my options.