When your being recruited you hear "what they want you to hear"...but is the money really?

15 replies [Last post]
Fing Fang Foom's picture
Offline
Joined: 2011-08-03

Money related question.A lot of people who "like/love" their job as an RR always told me "that they made a really good living" at it.  Now that I have my foot in the door, is the future really that bright and full of sunshine?  Or.... Will I be buying my suits at the Goodwill soon?  LOLSeriously though...(For the RR's that have worked in the business for 5 yrs or more):1. What has your best month been? (as far as money in YOUR pocket)2. What has been your best year? (again, I just mean your personal income..not what you made for clients or your firm)3. Is it all "that you'd thought it be"..... or less...Or more?4. I am willing to work my butt off to keep my income in the 6 figures (do I have a chance)?5. and lastly... do younger woman really find older, balding, fat guys sexy if you tell them your a RR?jk 

ZwingDing's picture
Offline
Joined: 2010-09-15

Fing Fang Foom wrote:Money related question.A lot of people who "like/love" their job as an RR always told me "that they made a really good living" at it.  Now that I have my foot in the door, is the future really that bright and full of sunshine?  Or.... Will I be buying my suits at the Goodwill soon?  LOLSeriously though...(For the RR's that have worked in the business for 5 yrs or more):1. What has your best month been? (as far as money in YOUR pocket)2. What has been your best year? (again, I just mean your personal income..not what you made for clients or your firm)3. Is it all "that you'd thought it be"..... or less...Or more?4. I am willing to work my butt off to keep my income in the 6 figures (do I have a chance)?5. and lastly... do younger woman really find older, balding, fat guys sexy if you tell them your a RR?jk If you ask the wrong question you will get the wrong answer. Yes, you are getting sunshine blown up your skirt, and everyone you get introduced to knows that it is their job to do that. If you are one of the ~80% of people who fail out - YES - You will be buying your suits at Goodwill. In fact, you might be working at Goodwill.I'm a noob at ML and I can tell you that the people involved in my hiring process are so completely disconnected from present day reality that they do not, cannot, and do not want to understand how it is different today from 1990 or whatever. I've also discovered since I've been hired that the people who told me what wonderful cold callers they were "back in the day" have actually built a good portion of their book through inheriting accounts. In fact, two of them inherited accounts from Daddy.I too am older but I'm the first one in in the morning, the last to leave at night, and I actually prospect vs. staring at my screen hoping someone will call me. I too used to make a six figure income. Not anymore.It doesn't matter what others made. This is not like anything you've experienced, unless you've experienced this exact job. If you have an option that allows you to go on making six figures you should take it. While my office has some heavy hitters in it I've been surprised by people who wear fancy clothes but, when you compare their production against the grid, make $65K - $80K/yr.

Fing Fang Foom's picture
Offline
Joined: 2011-08-03

ZwingDing wrote:If you ask the wrong question you will get the wrong answer. Yes, you are getting sunshine blown up your skirt, and everyone you get introduced to knows that it is their job to do that. If you are one of the ~80% of people who fail out - YES - You will be buying your suits at Goodwill. In fact, you might be working at Goodwill.I'm a noob at ML and I can tell you that the people involved in my hiring process are so completely disconnected from present day reality that they do not, cannot, and do not want to understand how it is different today from 1990 or whatever. I've also discovered since I've been hired that the people who told me what wonderful cold callers they were "back in the day" have actually built a good portion of their book through inheriting accounts. In fact, two of them inherited accounts from Daddy.I too am older but I'm the first one in in the morning, the last to leave at night, and I actually prospect vs. staring at my screen hoping someone will call me. I too used to make a six figure income. Not anymore.It doesn't matter what others made. This is not like anything you've experienced, unless you've experienced this exact job. If you have an option that allows you to go on making six figures you should take it. While my office has some heavy hitters in it I've been surprised by people who wear fancy clothes but, when you compare their production against the grid, make $65K - $80K/yr. Thanks for being open about your experiences.. (I am also glad you at least responded to my post lol).I am 'older' too as you mentioned and I really don't need to make 6 figures, but wouldn't turn it down either.  I am hoping there is at least a chance of making close to that (it will give me something to strive for).  I will be a lot like you I believe...first in, last out type of person. I have always been that way for the last 25 yrs with my previous career.   I just wanted a chance to have a 'white collar' job for once in my life. I have always made really decent money in the past, but that was always with blue collar jobs.The people you mentioned that were 'one heck of a cold caller back in the day' are a dime a dozen.  I have met those types all my life in numerous jobs... I always enjoy having them around because the less 'real work' they do, makes more business left for me;)A lot of RR's I have met though did seem happy (at least they 'acted' that way), and for me that is all I really want.  I am about a week away from taking my series 7 and 'doing the dance' with the rest of you Bud Foxs...btw, I will let you know if my last question is true or not when I find out for myself LOL

weierhaus's picture
Offline
Joined: 2011-08-04

ZwingDing wrote: If you have an option that allows you to go on making six figures you should take it. While my office has some heavy hitters in it I've been surprised by people who wear fancy clothes but, when you compare their production against the grid, make $65K - $80K/yr.  Zwing- I was under the impression that those taking home sub 6 figures after 5 yrs would be shown the door at places like ML.  Not so?

FADavo's picture
Offline
Joined: 2011-06-27

ZwingDing wrote: 

ZwingDing's picture
Offline
Joined: 2010-09-15

FADavo wrote:ZwingDing wrote:weierhaus wrote:ZwingDing wrote: If you have an option that allows you to go on making six figures you should take it. While my office has some heavy hitters in it I've been surprised by people who wear fancy clothes but, when you compare their production against the grid, make $65K - $80K/yr.  Zwing- I was under the impression that those taking home sub 6 figures after 5 yrs would be shown the door at places like ML.  Not so?

That is not the case in my office. There are an amazing number of people who have an office that have sub-200K production.

I was told I was joining a meritocracy. That is not the case in my office. It's more like a union. If you have an office or have been around awhile you can maintain status-quo.Sub 200K production gets you in the penalty box and a 20% payout after 6 years at ML.  After 10 years, if you are not doing 300K + you get knocked into 25% payout.  That literally makes it almost impossible to not make 100K.  Take a look at the grid again.  I think you are over exaggerating what they tolerate across the board.  Maybe at your place, but not across the board.  Hell, you can't even graduate the PMD program with those numbers (or barely can).  For the middle bracket you need to be putting back 190K in your third year just to graduate.  Weird that they keep them on at your place.  The specifically purged these people about 2 years ago (09 I think).  Here is a link to the grid as I understand it:GRID PENALTY BOX I can't explain why it is this way in my office. It just is.

Fing Fang Foom's picture
Offline
Joined: 2011-08-03

Any one else wanna say what their personal income is after 4-5 years? mmmm  Maybe the guys (gals) that make that kinda money don't come on forums LOL

FADavo's picture
Offline
Joined: 2011-06-27

ZwingDing wrote: 

BACFA's picture
Offline
Joined: 2006-03-26

Not all existing advisors are there from the PMD progarm so the hurdles don't apply them  As Zwing said, there is quite a bit of "status quo" tolerance. You would think the penalty box would chase out most sub-par brokers but that is not the case.  There are also a few recruited advisors in my office that won't/can't leave because they own ML a large sum from the transition bonus. There is a rumour that Merrill will be forcing out FA's (non-PMDs) producing under a certain threshold next year.  Not sure whether it will be $200k or $300k in production.

ZwingDing's picture
Offline
Joined: 2010-09-15

BACFA wrote:Not all existing advisors are there from the PMD progarm so the hurdles don't apply them  As Zwing said, there is quite a bit of "status quo" tolerance. You would think the penalty box would chase out most sub-par brokers but that is not the case.  There are also a few recruited advisors in my office that won't/can't leave because they own ML a large sum from the transition bonus. There is a rumour that Merrill will be forcing out FA's (non-PMDs) producing under a certain threshold next year.  Not sure whether it will be $200k or $300k in production.Pretty sure it's 200K.

maybeeeeeeee's picture
Offline
Joined: 2005-02-24

ZwingDing wrote:Fing Fang Foom wrote:Money related question.A lot of people who "like/love" their job as an RR always told me "that they made a really good living" at it.  Now that I have my foot in the door, is the future really that bright and full of sunshine?  Or.... Will I be buying my suits at the Goodwill soon?  LOLSeriously though...(For the RR's that have worked in the business for 5 yrs or more):1. What has your best month been? (as far as money in YOUR pocket)2. What has been your best year? (again, I just mean your personal income..not what you made for clients or your firm)3. Is it all "that you'd thought it be"..... or less...Or more?4. I am willing to work my butt off to keep my income in the 6 figures (do I have a chance)?5. and lastly... do younger woman really find older, balding, fat guys sexy if you tell them your a RR?jk If you ask the wrong question you will get the wrong answer. Yes, you are getting sunshine blown up your skirt, and everyone you get introduced to knows that it is their job to do that. If you are one of the ~80% of people who fail out - YES - You will be buying your suits at Goodwill. In fact, you might be working at Goodwill.I'm a noob at ML and I can tell you that the people involved in my hiring process are so completely disconnected from present day reality that they do not, cannot, and do not want to understand how it is different today from 1990 or whatever. I've also discovered since I've been hired that the people who told me what wonderful cold callers they were "back in the day" have actually built a good portion of their book through inheriting accounts. In fact, two of them inherited accounts from Daddy.I too am older but I'm the first one in in the morning, the last to leave at night, and I actually prospect vs. staring at my screen hoping someone will call me. I too used to make a six figure income. Not anymore.It doesn't matter what others made. This is not like anything you've experienced, unless you've experienced this exact job. If you have an option that allows you to go on making six figures you should take it. While my office has some heavy hitters in it I've been surprised by people who wear fancy clothes but, when you compare their production against the grid, make $65K - $80K/yr.  Listen to this guy.  UJNLESS YOU COME FROM A VERY RICH FAMILY AND/OR INHERIT DADDY'S BOOK, YOU have a better chance hitting the lottery than making it in this business.   SOOOOOOOOOOOOOOOO glad I have other skills.  I am making one more run at this and then I am out.

maybeeeeeeee's picture
Offline
Joined: 2005-02-24

ZwingDing wrote:weierhaus wrote:ZwingDing wrote: If you have an option that allows you to go on making six figures you should take it. While my office has some heavy hitters in it I've been surprised by people who wear fancy clothes but, when you compare their production against the grid, make $65K - $80K/yr.  Zwing- I was under the impression that those taking home sub 6 figures after 5 yrs would be shown the door at places like ML.  Not so?That is not the case in my office. There are an amazing number of people who have an office that have sub-200K production. I was told I was joining a meritocracy. That is not the case in my office. It's more like a union. If you have an office or have been around awhile you can maintain status-quo. THEY JUST USE YOU, to prospect for the bigger lazy producers.  When you leave, there will be about 5 good accounts they can pass on.  You really mean nothing to the firm or to the big producers who are too STUPID to realize they got lucky, OR WERE BORN RICH.

maybeeeeeeee's picture
Offline
Joined: 2005-02-24

Fing Fang Foom wrote:Any one else wanna say what their personal income is after 4-5 years? mmmm  Maybe the guys (gals) that make that kinda money don't come on forums LOL They are too embarrassed to put it in numbers.  Ask something like---who is taking home $100k after 5 years in the business?  VERY VERY few if they started from scratch.  Not me--and I was a super duper trainee award winner two years in a row.  Whopee.

zhaoyipeng's picture
Offline
Joined: 2011-08-22

New York Asian Escort Service New York Escort Directory includes letting you to choose your favorite female entertainers, New York Asian Escort Directory booking appointments and arranging you New York Oriental Escort to meet up with our female entertainers. We promise you that you will get the total erotic New York Escorts enjoyment from our New York Asian Escorts.

FADavo's picture
Offline
Joined: 2011-06-27

/

teddybeaver's picture
Offline
Joined: 2011-09-06

Can you give some reference. So that we can take their guidance and will have some trust regarding this.Florida permit test 

Please or Register to post comments.

Industry Newsletters
Careers Category Sponsor Links

Sponsored Introduction Continue on to (or wait seconds) ×