Ml trainee with 10mil aum?

16 replies [Last post]
airisthere's picture
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Joined: 2008-12-13

Hey guys. I had another interview with ml today and the manager showed me to benchmarks and it said that you needed to bring in 40k production and 10mil aum at year one!!? Is that right? When I interviewed at MSSB, the highest tier was 50k production and 3.6 mil aum

notnotmay's picture
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Joined: 2012-06-17

welcome to the pmd program!

airisthere's picture
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Joined: 2008-12-13

So that's for real? I had some other guys from ml reply to the post saying that's for three years and not one

Ulairi's picture
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Joined: 2011-11-17

IT depends on your pay level. It's either 30k or 40k and they don't care about AUM. IT's all production. To get to the desired level you'll need some AUM.

airisthere's picture
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Joined: 2008-12-13

So how much would I have to bring in to get to 40k? I'm new so sorry if this is a obvious question

Ulairi's picture
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Joined: 2011-11-17

airisthere wrote:
So how much would I have to bring in to get to 40k? I'm new so sorry if this is a obvious question

Depends on what you do and what you charge. If you had $4,000,000 in fee based assets at 1% you'd generate 40,000 PCs. That will only work if you have that $4,000,000 on day 1 of actual production. You're going to want about $6,000,000 to $8,000,000 in new assets each year in a fee based on top of some transaction business to keep you going.

airisthere's picture
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Joined: 2008-12-13

Ok thanks. I'm still going through the interview process. Just had another interview and the guy has a great poker face because I have no idea how it went. I followed up today and he said he will speak with the recruiter this week and let me know. That doesn't sound good. Plus due know if they care about your credit history? I've heard some companies want bk to be discharged at least 7 years and some companies don't care at all

joeman335td's picture
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Joined: 2011-06-28

BS...my warning letter said they expected 3 mil AUM at 90 days. I didn't have it, so I'm gone. Don't fall for it.

joeman335td's picture
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Joined: 2011-06-28

BS...my warning letter said they expected 3 mil AUM at 90 days. I didn't have it, so I'm gone. Don't fall for it.

CashMonger9000's picture
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Joined: 2012-04-06

They sacked you after 90 days?! Wow...

Belem148's picture
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Joined: 2012-07-13

notnotmay wrote:
welcome to the pmd program!

Too funny.

And don't forgot the brainwashing they do in their training sessions like stressing value proposition. I'm worth a 1 1/2% fee because I am different from my competitors. Yeah, right! Keep drinking the koolaid.

jooson82's picture
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Joined: 2012-11-27

LOL.. This is too funny reading all of these posts. I am going throught the PMD program now, but doesn't seem that bad. It's tough, but what are you expecting. You have to put in your time. Give it 5 years and you will be easy sailing. at least that is what all the senior FAs would tell me. I am not too worried, I have a lot of affluent friends and many connections. Lets just see if this all works out the way I am planning to. LOL... things never go as planned. Good luck to you all

joeman335td's picture
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Joined: 2011-06-28

jooson82, just make sure you've got the money flowing in at day 1 and you'll be ok. Otherwise, have fun!

Belem148's picture
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Joined: 2012-07-13

jooson82 wrote:
LOL.. This is too funny reading all of these posts. I am going throught the PMD program now, but doesn't seem that bad. It's tough, but what are you expecting. You have to put in your time. Give it 5 years and you will be easy sailing. at least that is what all the senior FAs would tell me. I am not too worried, I have a lot of affluent friends and many connections. Lets just see if this all works out the way I am planning to. LOL... things never go as planned. Good luck to you all

Check back here in six months, and we'll see if you still feel the same way.

jooson82's picture
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Joined: 2012-11-27

I will check back to let you guys know how I am doing in 6 months. Hopefully I am crushing it!

joeman335td's picture
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Joined: 2011-06-28

Not trying to burst your bubble, jooson, but "hopefully" ain't gonna cut it in PMD...produce or pack it in.

jooson82's picture
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Joined: 2012-11-27

so Joe are you in the PMD now, or did you graduate already? If you are still involved in PMD, what stage are you at?

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