Career night @ Merrill Lynch

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22urbo's picture
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Joined: 2011-07-06

Good Afternoon everyone!I'm new to this forum but have been lurking for a while. I picked up on a lot of useful information which has helped prepare me for a position in financial advising. I'm a newb, recent college graduate with a passion for investments. Currently write my own newsletter that I circulate and have developed a business plan using David J. Mullen Million Dollar Practice as a guide. I received an email from a recruiter in California asking to attend a career night event. I'm nervous as this is my first interview and for a difficult position in a difficult company. I've prepared a portfolio with a copy of my resume, business plan and a copy of my weekly newsletter. I'm thinking of bringing in a few copies to hand out at the event. I know this is just the beginning stages of interviewing but I want them to know that I'm not just looking for a job but for a career in an industry i'm passionate about. Could anyone give me more insight as to what goes on durring the career night event? What I should expect? any preparation tips? Do you think I'm over prepared? Please get back to me as the event is July 12 at 6pm. Thank you and I look forward to reading your responses! Marco

theyouthahead's picture
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Joined: 2011-05-12

All thats going to go on is they start off with refreshments and they expect you to pretty much just introduce yourself to everyone.  There will be generally one manager there who is prospecting for someone and when he finds someone he likes you will know it.  They then get into a presentation on the company and what the program entails and after you have the option to stick around and ask questions.  Just be friendly and try to speak to the people working the event as much as possible.  Their looking for people with big wealthy networks thats about it.

22urbo's picture
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Joined: 2011-07-06

thanks for your response. so you think because someone doesn't have big wealthy connects, your chances of beginning a career @ ML are essentially slim to none? 

theyouthahead's picture
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I dont want to discourage you but Merrill is known as a company that if you dont have a big network of wealthy prospects, you wont make it there.  I'm a firm believer in hard work and if you work hard enough you can make it, but the hurdles their are very hard and I believe they make you get 30 million in 3 years.  Every company has their own little way of doing things you will figure it out.  But definitely go see how it is and just try to be as personable as possible.  Lets just say the guy who pretty much got the job over everyone else at career night when i went was a ex NFL player  who had just gotten hurt and released from the Giants with no job experience that graduated from Princeton, once they heard that they didnt care to talk to anyone else.  He was apart of the NFLPA so right their hes got contacts with very wealthy people.

willywonka's picture
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22urbo, Here's another secret of success when interviewing with the wires. I conversation casually mention that you want to make alot of money. Just casually pepper it in the conversation a few times. Let me give you an example: MLguy: So why do you want to become a FA with ML? You: I have always loved the stock market, even as a kid I always used to follow the market. Now that I am grown, I really want to use my good communication skills to help people manage their money. In line with my helping my clients reach their goals, I want to make alot of money so I can do things with my family like take a vacation to europe, etc. yada, yada, yada. MLguy: Why do you want to work for ML? Why not MS or UBS?You: Isn't the answer obvious? ML is the best and I only want to work for the best. ML is the biggest and best firm on the street and there is no other place I would rather work! I hope ML decides to take me because no one will work harder to build a business than me, and make alot of money for both me and the firm. If ML doesn't recognize my talent then some other firm will and will reap the rewards of my hard work. Be bold, be confident, Praise the firm up and down and tell them you want to work no where else. Those corporate types at any of the major wires are all a bunch of ass kissing blowhards so they will eat that shit up like filet mingnon,,,lol! Having come from a wire I know what will sell those types.  

ZwingDing's picture
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Joined: 2010-09-15

willywonka wrote:22urbo, Here's another secret of success when interviewing with the wires. I conversation casually mention that you want to make alot of money. Just casually pepper it in the conversation a few times. Let me give you an example: MLguy: So why do you want to become a FA with ML? You: I have always loved the stock market, even as a kid I always used to follow the market. Now that I am grown, I really want to use my good communication skills to help people manage their money. In line with my helping my clients reach their goals, I want to make alot of money so I can do things with my family like take a vacation to europe, etc. yada, yada, yada. MLguy: Why do you want to work for ML? Why not MS or UBS?You: Isn't the answer obvious? ML is the best and I only want to work for the best. ML is the biggest and best firm on the street and there is no other place I would rather work! I hope ML decides to take me because no one will work harder to build a business than me, and make alot of money for both me and the firm. If ML doesn't recognize my talent then some other firm will and will reap the rewards of my hard work. Be bold, be confident, Praise the firm up and down and tell them you want to work no where else. Those corporate types at any of the major wires are all a bunch of ass kissing blowhards so they will eat that shit up like filet mingnon,,,lol! Having come from a wire I know what will sell those types.  You may think that Willy Wonka is being overly sarcastic. He is not. I am in the PMD program at Merrill and he hits the nail on the head. Read it again and know that it is the way it actually works. ML is highly bureaucratic. If you like multiple layers of middle managment, all justifying their income then you'll love it here. Again, this is reality.Here is my two cents: Don't bother with your investment newsletter. No one is going to care and it is in fact a contra indicator of success. I have PMD colleagues who sit in their space everyday watching the numbers and reading about investments. I'm sure that they could write a newsletter too, but nobody cares at ML. The reality is that until you have a big enough book of business, somewhere between $500K and $1MM, IMO, you are a salesperson. If that causes you to think twice then save yourself the heartache. You are going into sales. Period.You are fresh out of college. Do you really think that people who have spent their entire lives making money are going to give it to you? Well, they might, but it's because you have sold them on the idea that the money mangers you represent can get the job done for them. Or, you get in front of them with just the right idea at just the right time.No one in the hiring process is going to care one bit if  you are an investment savant. They are going to care whether or not you can bring enough assets into the right kinds of platforms (advisory much preferred) fast enough for you to become profitable forthwith. If they think you cannot do that your name goes to the bottom of the list. If, after hiring you, they conclude that you cannot do that they are going to wait for an excuse to can you and put someone else in your chair who might be able to do it.You will be a slab of meat. You are the next person in a long of people who have occupied that exact same space. If you don't get the job done you are out and someone else will sit in your space. That is also truth.The marketing idea is great. I would also suggest that you search for "500 day war" on this forum and consider putting some of what you'll read into your plan.Even if you do not put any of it into your plan try and pick up the urgency and communicate that.If you do not have ready and immediate access to a couple million dollars in investable assets that will place them into your care this job is about super-long hours finding the needle in the haystack. It can be done and it is done by people of any age. But, it is tough - tough work. You are basically on your own. Now, if  you can get recruited onto a team you will have a different experience. The team, if it is a good one, will feed you the ball under the basket for layups. You will survive and prosper.If someone tells you that you are going to get awesome training don't believe it. You will be abandoned soon after you start. The people who are already in the office are going to smile and welcome you but hope you fail. The exceptions to that are the people with sizable books who are secure in themselves. Unfortunately, they won't likely give you the time of day. You have "little producers disease" and they don't want to catch it.I can speak with authority about  hoping someone fails because I've experience the same thoughts. I'm not proud of myself for them. I've never experienced it before in my professional life, but I'm experiencing it now. My office is jamming PMD's in every corner and all that means to me is less resources for myself. It is ultra-competitive. You think you are prepared, but you are not. But, that doesn't mean you can't make it and make it big...Enough with the bad news bears.The good news, and I'm not even remotely close to experiencing this yet, is that IF you are the rare exception and make a career you will have one of the the best jobs in the world, IMO. I see experienced people roll in between 8:30 and 10:00 and start to clear out by 2:00... or 1:00 if it's a nice Friday like today. The big tuna in our office pulls down a cool million a year. Several people make $400-$600K. And yes, these are the people who won't give you much of their time and who have great lives.Everyone thinks THEY are the exception. That they will be the one who makes out of a hiring class. You might be. You might not be.If you think I am overly negative that is because I am living the PMD experience right this second. I speak from experience.All that said, I wish you well. I hope you get your shot and you get it at Merrill. Even though I get my hair blown back regularly about how ML sucks, it is still a great brand, and I know, because I've asked, that I've opened accounts and brought in assets because people trust the ML brand. Others have told me to perform unnatural physical acts on myself because I work at ML/BAC.Let us know how it turns out for you. 

hedgemybets's picture
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Joined: 2011-06-06

Zwing,what part of the country are you in?  where are you in the program?

ZwingDing's picture
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Joined: 2010-09-15

hedgemybets wrote:Zwing,what part of the country are you in?  where are you in the program?Fly-over country. <1 Yr.

22urbo's picture
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ZwingDing wrote:willywonka wrote:Let us know how it turns out for you.Thank you for the detailed explanation. Any help is help. On that note, I am very well aware that this is a sales position. Attracting affluent investors will be the number 1 priority if I am offered a position. Having to grind out the next several years monday through friday does not scare me. When I get to know a product intimately I don't have a problem selling it. Now that coupled with a passion for what it is you're selling can be an equation for success in my opinion. How would one go about trying to get recruited onto a team? I'm not looking to get thrown into a wildfire here and I definitely don't want to be set up for failure. No matter what though, my attitude will remain as "any setback is a setup for a comeback." I'll try to remain positive even though people in the program may want me to fail.Another thing, people talk about long strenous hours and how this job requires dedication and wise time management. People spend copious amount of time in hobbys and never think twice about how many hours they're putting into having a good time. This is how I feel about financial advising, It's not a job that will lead me to a lucrative lifestyle (added benefits IMO), it's a hobby I love and enjoy spending time in. 

22urbo's picture
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by the way...is this the correct 500 day war thread you're referring to?  http://forums.registeredrep.com/forums/prospecting-marketing-and-selling/500-day-war-rookies

ZwingDing's picture
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22urbo wrote:ZwingDing wrote:willywonka wrote:Let us know how it turns out for you.Thank you for the detailed explanation. Any help is help. On that note, I am very well aware that this is a sales position. Attracting affluent investors will be the number 1 priority if I am offered a position. Having to grind out the next several years monday through friday does not scare me. When I get to know a product intimately I don't have a problem selling it. Now that coupled with a passion for what it is you're selling can be an equation for success in my opinion. How would one go about trying to get recruited onto a team? I'm not looking to get thrown into a wildfire here and I definitely don't want to be set up for failure. No matter what though, my attitude will remain as "any setback is a setup for a comeback." I'll try to remain positive even though people in the program may want me to fail.Another thing, people talk about long strenous hours and how this job requires dedication and wise time management. People spend copious amount of time in hobbys and never think twice about how many hours they're putting into having a good time. This is how I feel about financial advising, It's not a job that will lead me to a lucrative lifestyle (added benefits IMO), it's a hobby I love and enjoy spending time in. If your hobby is cold calling, cold walking, and prospecting in general, then I'm with you. If your hobby is investing then you are off base because the tough work is the prospecting behaviors. It is true that doing actual advising with people is fulfilling, etc. I totally agree. It's something I love to do. But, you will in fact spend very little of your day doing that. If you analyze how much of your time is spent doing prospecting work, assuming you want to be successful, you will find that 70%+ of your time is spent in an activity that isn't anyone's hobby: prospecting. I see PMD's in our office who are your age and they all tell me the same thing. EVERY single person asks them how old they are within the first five minutes of a face to face meeting. Ask yourself if you would give your money to a 15 year old to invest. Would you do that? Why would a 55 year old executive or business owner give invest money with a 23 or 24 year old when they are getting approached by people with 20 years in the business.You have to have a compelling answer to that issue. None of this says that you cannot be successful, in fact, wildly succcessful. But you should know that you are going to be spending very little time in your hobby and lots of time in activities that you will either want to avoid or will make yourself do in spite of wanting to avoid. As for getting on a team, here are the ways I've seen it done:1. You have contacts with serious investable assets that will flow to the team if they recruit you.2. Start on your own (solo) and show that you have the ability to bring in assets on your own.3. Develop a specialty that the team wants such as 401K, insurance, or something else they need.You would be much better served by getting a job in sales with a company that will teach you how to prospect senior managers in corporations. You can use this time to hone your skills, get some age on you, and save some money. Once you hit your early 30's and have some bucks saved up, and have pre-existing contacts to which you can market you can still go after the FA dream.Just my two cents.Whatever you do I wish you well.

ZwingDing's picture
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22urbo wrote:by the way...is this the correct 500 day war thread you're referring to?  http://forums.registeredrep.com/forums/prospecting-marketing-and-selling/500-day-war-rookiesYup. I think I read somewhere that someone copied this into Word, did some editing and formatting and said to the hiring recruiter, here is my marketing plan. They got the job.I will tell you that the monster producer in our office started when he was in his mid-20's.So, it definitely can be done.I just see people your age in our office who majored in finance, and I see them spending 80% of their time sitting staring at their screens with their telephone headsets on... talking to no one...ever. They too consider finance their hobby but they didn't accurately reckon that they are actually leaving their hobby behind - for a time -  when they become an FA. I used to read the WSJ everyday, but I just don't have time anymore. New FA's, unless they have assets from friends/family/acquaintences they can bring in need to understand that they are taking a position as a full-time lead generation/lead-development person. It's nobody's idea of a good time, but if you win at that role you can become a serious adviser to people for their wealth and make a great life for yourself and your loved ones.I'm a noob too. I'm going through all of this myself.Best wishes...

22urbo's picture
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ZwingDing wrote:22urbo wrote:by the way...is this the correct 500 day war thread you're referring to?  http://forums.registeredrep.com/forums/prospecting-marketing-and-selling/500-day-war-rookiesYup. I think I read somewhere that someone copied this into Word, did some editing and formatting and said to the hiring recruiter, here is my marketing plan. They got the job.I will tell you that the monster producer in our office started when he was in his mid-20's.So, it definitely can be done.I just see people your age in our office who majored in finance, and I see them spending 80% of their time sitting staring at their screens with their telephone headsets on... talking to no one...ever. They too consider finance their hobby but they didn't accurately reckon that they are actually leaving their hobby behind - for a time -  when they become an FA. I used to read the WSJ everyday, but I just don't have time anymore. New FA's, unless they have assets from friends/family/acquaintences they can bring in need to understand that they are taking a position as a full-time lead generation/lead-development person. It's nobody's idea of a good time, but if you win at that role you can become a serious adviser to people for their wealth and make a great life for yourself and your loved ones.I'm a noob too. I'm going through all of this myself.Best wishes...Thank you for your response once again. What stage are you currently in? Have you taken the financial aptitude test yet? If i were to get to that stage do you have any recommendations how to prepare for that? 

willywonka's picture
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Joined: 2011-06-07

Wow!  zwingding knocked the cover off the ball and it's still burning. Zwings post below is the best and most honest look into what you are at the wires...a salesperson. Whoever is the mod of this board, please take zwings post and lock it at the top of the list  of topics as required reading for aspiring FA's. Best post ever on this board!  ZwingDing wrote:You may think that Willy Wonka is being overly sarcastic. He is not. I am in the PMD program at Merrill and he hits the nail on the head. Read it again and know that it is the way it actually works. ML is highly bureaucratic. If you like multiple layers of middle managment, all justifying their income then you'll love it here. Again, this is reality.Here is my two cents: Don't bother with your investment newsletter. No one is going to care and it is in fact a contra indicator of success. I have PMD colleagues who sit in their space everyday watching the numbers and reading about investments. I'm sure that they could write a newsletter too, but nobody cares at ML. The reality is that until you have a big enough book of business, somewhere between $500K and $1MM, IMO, you are a salesperson. If that causes you to think twice then save yourself the heartache. You are going into sales. Period.You are fresh out of college. Do you really think that people who have spent their entire lives making money are going to give it to you? Well, they might, but it's because you have sold them on the idea that the money mangers you represent can get the job done for them. Or, you get in front of them with just the right idea at just the right time.No one in the hiring process is going to care one bit if  you are an investment savant. They are going to care whether or not you can bring enough assets into the right kinds of platforms (advisory much preferred) fast enough for you to become profitable forthwith. If they think you cannot do that your name goes to the bottom of the list. If, after hiring you, they conclude that you cannot do that they are going to wait for an excuse to can you and put someone else in your chair who might be able to do it.You will be a slab of meat. You are the next person in a long of people who have occupied that exact same space. If you don't get the job done you are out and someone else will sit in your space. That is also truth.The marketing idea is great. I would also suggest that you search for "500 day war" on this forum and consider putting some of what you'll read into your plan.Even if you do not put any of it into your plan try and pick up the urgency and communicate that.If you do not have ready and immediate access to a couple million dollars in investable assets that will place them into your care this job is about super-long hours finding the needle in the haystack. It can be done and it is done by people of any age. But, it is tough - tough work. You are basically on your own. Now, if  you can get recruited onto a team you will have a different experience. The team, if it is a good one, will feed you the ball under the basket for layups. You will survive and prosper.If someone tells you that you are going to get awesome training don't believe it. You will be abandoned soon after you start. The people who are already in the office are going to smile and welcome you but hope you fail. The exceptions to that are the people with sizable books who are secure in themselves. Unfortunately, they won't likely give you the time of day. You have "little producers disease" and they don't want to catch it.I can speak with authority about  hoping someone fails because I've experience the same thoughts. I'm not proud of myself for them. I've never experienced it before in my professional life, but I'm experiencing it now. My office is jamming PMD's in every corner and all that means to me is less resources for myself. It is ultra-competitive. You think you are prepared, but you are not. But, that doesn't mean you can't make it and make it big...Enough with the bad news bears.The good news, and I'm not even remotely close to experiencing this yet, is that IF you are the rare exception and make a career you will have one of the the best jobs in the world, IMO. I see experienced people roll in between 8:30 and 10:00 and start to clear out by 2:00... or 1:00 if it's a nice Friday like today. The big tuna in our office pulls down a cool million a year. Several people make $400-$600K. And yes, these are the people who won't give you much of their time and who have great lives.Everyone thinks THEY are the exception. That they will be the one who makes out of a hiring class. You might be. You might not be.If you think I am overly negative that is because I am living the PMD experience right this second. I speak from experience.All that said, I wish you well. I hope you get your shot and you get it at Merrill. Even though I get my hair blown back regularly about how ML sucks, it is still a great brand, and I know, because I've asked, that I've opened accounts and brought in assets because people trust the ML brand. Others have told me to perform unnatural physical acts on myself because I work at ML/BAC.Let us know how it turns out for you. 

JustDoIt's picture
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Joined: 2011-07-10

LOS >29 PMD from Top 10 ML market here.  Most, if not all, comments on this topic ring true.1. Career night is as much for you to feel out complex management as they are there to feel you out.  If you don't get a good vibe, look at another complex if one is in your market as you might gel better with that manager.  The complex management is a critical factor in a PMD's success.  If management's plan to get their "green star" is to churn the PMD's then you are in trouble. Ask about how many >20 LOS PMD's remain in their program, why those individuals made it, and allow them to explain their response.2. If you are just out of college and do not have a wealthy family connection  who will get you kick-started over the performance hurdles, your likely only hope is to work your butt off for 12 months and catch the eye of a producer or former BAI broker with a huge book who will hook you up with PC's and access to NNA. I'm not saying it is impossible - you just have to be very lucky AND work your butt off. Last, have a PLAN, STICK TO IT, and EXECUTE.3. Don't listen to these jokers who talk about going directly to a chop shop, etc.  Get hired at ML then work your butt off and see if something sticks.  If not, then you can look to take your freshly minted licenses and momentum elsewhere.4. If you don't get offered immediately, check out Jones - There have been a few recruits (Segment 3? from Jones) who have come to ML and received great packages after only a few years @ Jones.Overall, ML is a great opportunity and, frankly, now is a great time to enter the industry for many reasons. The main reason being that ML has worked most of the major bugs out of the PMD program. It still has issues but is vastly different from when I started in 2008.  I wish I had this opportunity at your age. Where else will you get paid a decent amount, receive training/resources and be able to build your own business with access to so many successful people who are looking to retire their book in 5-10 years?Good luck.

Stonewall's picture
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Here is my ML story.  I had gotten licensed on my own with a small b/d.  However, I really didn't have any experience to speak of - didn't know much.  I thought it would be cool to work at ML.  I walked in one day and met the manager unannounced.  He liked me and hired me on the spot (no tests - nothing).  I moved my family to a new city, bought a house.  When I arrived I was given a stack of books to read for a 6 week period.  That was it - show up every day in a suit and tie and read books.  The glorious day arrived that I received my number.  I was told good luck - no training, no mentoring, nothing.  I was stunned by what I was facing and the clock starting ticking.  They also told me after I received my number that if I left I would have to pay them thousands of dollars to reimburse them for my "training" (paging through some books).  I was naive about working at Merrill Lynch.  Obviously didn't last long.  Probably works for many people, but no one can tell me they provide great training and they are the best firm on the street to work for.  I was like many - throw some mud on the wall and see if it sticks.

JustDoIt's picture
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LOS = Length of Service.  When you are a PMD, it represents the months you are "on the clock" within the PMD program. You use LOS to measure against the performance hurdles. When you graduate the program LOS = # of years you are with the firm.  LOS is then used to track things like vesting, awards, etc.Management should explain all in greater detail when you meet one on one.  Just be yourself and listen to the what the complex manager says.Being yourself will avoid you being a round peg in a square hole. You want to be the right fit with the management team.  Ask whatever comes to your mind at the time but allow them to present first. Good luck.

willywonka's picture
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Guys, This is how the system works. Commissions trump all even assets. All firms get paid on the revenue you produce. As long as you have the appearance of doing it legitimately they don't care. In the world of the wires commissions trump all! At my old wire a guy was producing $450,000 per year in commish on $ 30,000,000 in assets doing mostly unit trusts. I am not saying he was doing anything wrong but the current ROR on Assets is somewhere between .75 Bps and 100 Bps This guy was significantly above that and he was hardly bringing in new money. With that said, While commissions trump assets; your commissions are a function on how many assets you have under management. So, you have to have commissions to meet the hurdles but you also need AUM to meet your future hurdles and production goals. In my opinion a newly starting out broker would be wise to do two things. 1) meet the commission hurdles 2) meet the assets hurdles. As I said above, all firms exist for revenue and profit therefore that will always trump assets. A new FA should consider right at the beginning of putting 2/3 of any new money into investments that will pay you a hefty commission today to help you meet your hurdles. Put 1/3 into managed money of some sort for your tomorrows. I have seen many a good FA get caught in the managed money trap of putting most of their new money into managed money only to get blown out of the training program because they missed the commission hurdle by a wide margin even though they did a good job of bringing in assets. I remember one guy at MSSB who was an older guy, I am guessing around 45. He did a really good job of bringing in assets but put everytihing into managed money. Three years into the training program they blew him out because he met the asset hurdle but missed the revenue hurdle by a wide margin and for whatever reasons the BM did not like the guy and blew him out. His assets went to two of the big brokers in the branch. Never Forget: Commissions trump assets!

ZwingDing's picture
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I have been trending towards the misalignment you point out below. I have realized it and am going build the business as you reco. willywonka wrote:Guys, This is how the system works. Commissions trump all even assets. All firms get paid on the revenue you produce. As long as you have the appearance of doing it legitimately they don't care. In the world of the wires commissions trump all! At my old wire a guy was producing $450,000 per year in commish on $ 30,000,000 in assets doing mostly unit trusts. I am not saying he was doing anything wrong but the current ROR on Assets is somewhere between .75 Bps and 100 Bps This guy was significantly above that and he was hardly bringing in new money. With that said, While commissions trump assets; your commissions are a function on how many assets you have under management. So, you have to have commissions to meet the hurdles but you also need AUM to meet your future hurdles and production goals. In my opinion a newly starting out broker would be wise to do two things. 1) meet the commission hurdles 2) meet the assets hurdles. As I said above, all firms exist for revenue and profit therefore that will always trump assets. A new FA should consider right at the beginning of putting 2/3 of any new money into investments that will pay you a hefty commission today to help you meet your hurdles. Put 1/3 into managed money of some sort for your tomorrows. I have seen many a good FA get caught in the managed money trap of putting most of their new money into managed money only to get blown out of the training program because they missed the commission hurdle by a wide margin even though they did a good job of bringing in assets. I remember one guy at MSSB who was an older guy, I am guessing around 45. He did a really good job of bringing in assets but put everytihing into managed money. Three years into the training program they blew him out because he met the asset hurdle but missed the revenue hurdle by a wide margin and for whatever reasons the BM did not like the guy and blew him out. His assets went to two of the big brokers in the branch. Never Forget: Commissions trump assets!

willywonka's picture
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Zwing, You only need to meet your hurdles. After the hurdles are met you can devote more money to managed money. Also assets you put into front load funds, annuities, stocks,etc. whatever pays you a nice upfront commission can be moved a few years down the road to managed money. BTW, Managed money is not all it is cracked up to be. I got burned on managed money. What is the effect on your managed money products when the market goes down by 50+ %? What is the effect on your fee's? What is the effect on your income? When the market went down 50% in 2008-2009 my income went down by a commensurate amount. The same will happen to you if you put all your eggs in the managed money basket.

willywonka's picture
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Zwing, You only need to meet your hurdles. After the hurdles are met you can devote more money to managed money. Also assets you put into front load funds, annuities, stocks,etc. whatever pays you a nice upfront commission can be moved a few years down the road to managed money. BTW, Managed money is not all it is cracked up to be. I got burned on managed money. What is the effect on your managed money products when the market goes down by 50+ %? What is the effect on your fee's? What is the effect on your income? When the market went down 50% in 2008-2009 my income went down by a commensurate amount. The same will happen to you if you put all your eggs in the managed money basket.

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Joined: 2010-09-15

Willy, that is seriously interesting feedback. Had someone asked me what would happen to my income in a 50% market drop I would have had the correct answer, but asking myself the question never crossed my mind. That is a smart comment. Thanks. willywonka wrote:Zwing, You only need to meet your hurdles. After the hurdles are met you can devote more money to managed money. Also assets you put into front load funds, annuities, stocks,etc. whatever pays you a nice upfront commission can be moved a few years down the road to managed money. BTW, Managed money is not all it is cracked up to be. I got burned on managed money. What is the effect on your managed money products when the market goes down by 50+ %? What is the effect on your fee's? What is the effect on your income? When the market went down 50% in 2008-2009 my income went down by a commensurate amount. The same will happen to you if you put all your eggs in the managed money basket.

22urbo's picture
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Joined: 2011-07-06

 They gave a presentation and then the forum was open for Q&A. I asked a lot of questions to try and get noticed. Following that I handed my portfolio to the FA's assistant and was given a piece of paper with her contact informatuon. There are two FIAT exams and then it's on to four interviews. I'm supposed to email her to set up an appointment to take the exams, Since 2008 there's only been 3 PMD's that have been hired. A tell tale sign of the how competitive it is.  anyone take FIAT tests? no calcs apparently

22urbo's picture
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Joined: 2011-07-06

 They gave a presentation and then the forum was open for Q&A. I asked a lot of questions to try and get noticed. Following that I handed my portfolio to the FA's assistant and was given a piece of paper with her contact informatuon. There are two FIAT exams and then it's on to four interviews. I'm supposed to email her to set up an appointment to take the exams, Since 2008 there's only been 3 PMD's that have been hired. A tell tale sign of the how competitive it is.  anyone take FIAT tests? no calcs apparently

JustDoIt's picture
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Joined: 2011-07-10

That's a really competitive complex. Our complex seems to hire 3 PMDs a month. Wondering if they only hired 3 or are only 3 LEFT? If correct,  I would suggest that to be a very good sign for you if you can get on board since I would guess the OMT sets those select PMD's are provided with a great deal of  resources and access to senior FA's to push you through the program.Also, confused about your terminology - Did you mean the RD or Director's assistant?  I have not heard of an FA hiring  PMDs.Google "basic math  fractions decimal calculations" and there are a few pages that will help refresh. My understanding is that Series 7 math is most of the test.  They want to see if you have the basic competencies to pass the 7/66.Good luck!

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