Exodus Date(s) at Merrill/BAC?

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bondo's picture
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Let's assume the advisors at Merrill now fully understand the retention package and compensation plan.  Some are happy, some are pissed, and many are not sure what the hell they are going to do.  For those who are leaving, what is everyone's best guesses as to any kind of mass exodus date?  Although I have never had any advisors leave my office I am guessing either Jan 2nd (first Friday of the year) or the Friday before Martin Luther King Day (three day weekend to make a hard run at transitioning clients).
 
Any good guesses out there?

gadoggie's picture
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Not to hijack this...same for AGE/WS brokers as NO deal out yet and if it is similar to ML/BAC deal

YTB's picture
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ojoijp

bondo's picture
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YTB wrote:I have a friend who is a manager at a firm where I used to live who is bringing over a team from ML the second week in January. Just ask the city and I'll tell.They're a decent producing team relative to the area and the largest producers in that ML office. That will be a blow to ML when they leave.
 
What's the city?

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ihbiuyolhbi

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I've heard that it will be in February after the Merrill Lynch pays its bonus FCAAP.  I also heard that Morgan Stanley is overwhelmed by the number of Merrill brokers trying to jump ship.

fritz's picture
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One thing have noticed over the years, is the ML recruits have their gross drop sharply at the new firm.  Most do have a drop off intially no matter where they come from, but have seen and heard numerous stories of ML guys who have the gross drop 75% from their t-12..Dont know why, but my guess is that many clients refuse to leave, would think their loyalty to the firm would be less now.

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fritz wrote:One thing have noticed over the years, is the ML recruits have their gross drop sharply at the new firm.  Most do have a drop off intially no matter where they come from, but have seen and heard numerous stories of ML guys who have the gross drop 75% from their t-12..Dont know why, but my guess is that many clients refuse to leave, would think their loyalty to the firm would be less now.Does that have anything to do with the pain in the ass process it is to ACAT a managed or any fee based account?My attempts to move managed/fee based accounts from both ML and MS have been a pain because at least in the cases I've seen, the client has to sign a liquidation authorization to move a managed account. By the time the client recognizes the work needed to move the account and the time the new ML/MS assigned FA has to call/talk to the client its too late to move.That's been my experience anyhow.

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YTB wrote:I lived in SoCal a few years ago before moving to the Bronx this past summer.
 
anyhow the ML guys are in the Wasilla, Alaska branch and are moving to one of the larger regional firms. Think CanadaYou do realize that this is a board that can be viewed by ANYONE?

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HymanRoth wrote: YTB wrote:I lived in Bob's basement a few years ago before moving to Ryan's house this past summer. (In his bed to be precise)
 
anyhow the ML guys are in the big branch and are moving to one of the larger regional firms. Think Islamabad.You do realize that this is a board that can be viewed by ANYONE?
 
You mean like someone who might know the largest producing team in the Merrill Lynch office?
 
I wonder if anyone tipped off the ML manager that this team was leaving, what they would do?  I would bet they would try to find this InBev real-man-of-genius who leaked it.  Oddly enough, YTB said he lived in the Bob's basement before moving to Ryan's house this past summer.
 
Man, this YTB guy would be a criminal detective's wet dream!

Sam Houston's picture
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Might be a little quicker if he just posted his name, address and SSN.

2wheeledbeemer's picture
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Unless.....he's really the manager of the the ML Santa Clara office, and he's having an affair with the wife of a broker who recently moved in from Rohnert Park, and this wife is the only daughter and living heir to a new, ground-breaking, high tech dental floss manufacturing fortune, and this genius ML manager already knows the team is moving, but he doesn't care, because he's hosed either way, and his ticket to ride will be golden if he can get this team that now thinks they're outed to catch this recently relocated broker from Rohnert Park in the parking garage, where he will mysteriously explode in his Acura after eating an entire roll of Mentos (The Freshmaker!) and shotgunning an entire 2 liter Diet Coke, afterwhich the ML manager and the grieving widow will be free at last, free at last, because he just loves it when a plan comes together.
 
Or maybe that was an episode of Rockford.

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2wheeledbeemer wrote:Unless.....he's really the manager of the the ML, and he's having an affair with the wife of a broker who recently moved in from , and this wife is the only daughter and living heir to a new, ground-breaking, high tech dental floss manufacturing fortune, and this genius ML manager already knows the team is moving, but he doesn't care, because he's hosed either way, and his ticket to ride will be golden if he can get this team that now thinks they're outed to catch this recently relocated broker from  in the parking garage, where he will mysteriously explode in his Acura after eating an entire roll of Mentos (The Freshmaker!) and shotgunning an entire 2 liter Diet Coke, afterwhich the ML manager and the grieving widow will be free at last, free at last, because he just loves it when a plan comes together.
 
Or maybe that was an episode of Rockford.
 
I can't believe they let you out of your cage today...

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Step 1: Reduce compensation 20 - 40%Step 2: Eliminate inefficiencies; i.e. - force households to FAC under $100kStep 3: Modify compensation plan to include household penetration of BAI products/servicesStep 4: Make FA's self-evaluate and identify market niche; i.e "Less is More" - fewer households=deeper relationships, more time to concentrate on A level clients only, niche opportunities means specialized services=more tightly defined compensationThis process will take 9-12 months, the question is, when do you jump?  When your director's pay is cut 50+% or eliminated all together be they do not have enough FA's to justify $600 k plus in compensation.  Or is it the day you find out that your pay is determined by BAI debit cards, HELOC's and direct deposit accounts?  How about the day when you have to explain to your director why your business model is more effective than the team down the hall and come up with a plan to get more clients BAI checking accounts?For those of you who think Thursday was as bad as it can get, just wait, the "merger" isn't even official yet...

WealthManager's picture
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bondo wrote:
Any good guesses out there?

 

Why are you so concerned?  Hoping to get a few distributions?<?: prefix = o ns = "urn:schemas-microsoft-com:office:office" />
 
I’m curious as well.  I’m in a small office so even if one advisor leaves, the distributions should be pretty nice.
 
It doesn’t make much sense to hold out for FCAAP.  It’s not that much money compared to the payout they’d get from the acquiring firm.  I think that we’ll see a few jump ship in the next few weeks but I don’t think that it will be the mass exodus that some have predicted.  The new pay scale isn’t all that bad.  The shorter vesting and open investment options for some of the long-term comp is really nice.
 
--WM

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snaggletooth wrote:HymanRoth wrote: YTB wrote:Edited to protect the poor schlubs who work with this guyYou do realize that this is a board that can be viewed by ANYONE?
 
You mean like someone who might know the largest producing team in the Santa Rosa, CA Merrill Lynch office?
 
I wonder if anyone tipped off the ML manager that this team was leaving, what they would do?  I would bet they would try to find this InBev real-man-of-genius who leaked it.  Oddly enough, YTB said he lived in the Rohnert Park, CA area before moving to the San Jose area this past summer.
 
Man, this YTB guy would be a criminal detective's wet dream!
 

 
Thanks for a good laugh, that guy is hilarious. I especially love how he tried to delete the posts by editing them with gibberish, but both of them have already been quoted in other posts!

bondo's picture
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WealthManager wrote:bondo wrote:
Any good guesses out there?

 

Why are you so concerned?  Hoping to get a few distributions?<?: prefix = o ns = "urn:schemas-microsoft-com:office:office" />
 

--WM
 
That is it.  I am actually moving to a bigger office just to take advantage of any departures.  My plot also involves pushing out any senior advisors ahead of me in the distribution order.  Hopefully they are okay with that;-)
 
Seriously, I wouldn't mind a few distributions.  I'm just more curious since my office has not had any departures in my tenure.  Everyone has always told me people leave on a Friday of a long weekend and usually around the end/start of the month.  There are still lots of closed door meetings in my office and I am just wondering if there will soon be a day when some of the guys head out.
 
As to the poster who identified the office where he said the big team is leaving, I had to call him out as I did not think there was anyway in hell he would list it.  Just when I think I have seen it all.
 
 
 
 

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YTB deserve nomination into the RR forums poster of the year.  What an asset to our field.  When he is not sticking it to some poor bastard and maximizing his "YTB" he is throwing an old co-worker under the bus.  What a guy.  I'll bet the guys at Chase love having you on their team.

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now_indy wrote:snaggletooth wrote:HymanRoth wrote: YTB wrote:I lived in redondo beach, ca a few years ago before moving to Dallas, TX this past summer. (Plano to be precise)
 
anyhow the MS guys are in the San Francisco branch and are moving to one of the larger regional firms. Think Florida.You do realize that this is a board that can be viewed by ANYONE?
 
You mean like someone who might know the largest producing team in the Wasilla, Alaska Merrill Lynch office?
 
I wonder if anyone tipped off the ML manager that this team was leaving, what they would do?  I would bet they would try to find this InBev real-man-of-genius who leaked it.  Oddly enough, YTB said he lived in the Plano, TX area before moving to the Pflugerville area this past summer.
 
Man, this YTB guy would be a criminal detective's wet dream!
 

 
Thanks for a good laugh, that guy is hilarious. I especially love how he tried to delete the posts by editing them with gibberish, but both of them have already been quoted in other posts! Yah but now that we've had our chuckle and this guy has figured out what an idiot he is, maybe the rest of us should edit our posts to obscure the information just in case it is accurate.  After all, how would you like if this happened to you?

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HymanRoth wrote: now_indy wrote:snaggletooth wrote:HymanRoth wrote: YTB wrote:I lived in redondo beach, ca a few years ago before moving to Dallas, TX this past summer. (Plano to be precise)
 
anyhow the MS guys are in the San Francisco branch and are moving to one of the larger regional firms. Think Florida.You do realize that this is a board that can be viewed by ANYONE?
 
You mean like someone who might know the largest producing team in the Wasilla, Alaska Merrill Lynch office?
 
I wonder if anyone tipped off the ML manager that this team was leaving, what they would do?  I would bet they would try to find this InBev real-man-of-genius who leaked it.  Oddly enough, YTB said he lived in the Rohnert Park, CA area before moving to the San Jose area this past summer.
 
Man, this YTB guy would be a criminal detective's wet dream!
 

 
Thanks for a good laugh, that guy is hilarious. I especially love how he tried to delete the posts by editing them with gibberish, but both of them have already been quoted in other posts! Yah but now that we've had our chuckle and this guy has figured out what an idiot he is, maybe the rest of us should edit our posts to obscure the information just in case it is accurate.  After all, how would you like if this happened to you?
 
I feel bad about this and I'd appreciate it if everyone did clear up my quotes or delete them

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YTB wrote: 
I feel bad about this and I'd appreciate it if everyone did clear up my quotes or delete them
 
I changed what I could not to help you out, but in case it helps the ML guys or your RBC manager friend.  You could've F'd all of them over, including your friend...big time.
 
By the way, what is the deal with you and Bob and Ryan?

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snaggletooth wrote:YTB wrote: 
I feel bad about this and I'd appreciate it if everyone did clear up my quotes or delete them
 
I changed what I could not to help you out, but in case it helps the ML guys or your RBC manager friend.  You could've F'd all of them over, including your friend...big time.
 
By the way, what is the deal with you and Bob and Ryan?
 
ryan and I get along pretty well. bob is a Dbag who holds a grudge with the best of them. Both me and his wife apologized more than once to him but he won't let it go

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YTB should be banned from the forums here IMO.  Where is the brotherhood?  Oh, I have a better idea, YTB should go into management- he has the "skill set" necessary to be successful.

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YTB, are you screwing with us?  You ask us to change our posts (which I did) to hide your mistake, but in asking us you POST IT AGAIN!
 
Then, you mentioned that you and some guy's wife apologized to him, but he still holds a grudge.  I'm going to have to guess that something inappropriate happened between you two. If that's the case, you're lucky the only thing he is holding is a grudge.  Most guys would be holding a .357!

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now_indy wrote:YTB, are you screwing with us?  You ask us to change our posts (which I did) to hide your mistake, but in asking us you POST IT AGAIN!
 
And to think at one time Merrill was the home of the best and the brightest.....

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YTB wrote:snaggletooth wrote:YTB wrote: 
I feel bad about this and I'd appreciate it if everyone did clear up my quotes or delete them
 
I changed what I could not to help you out, but in case it helps the ML guys or your RBC manager friend.  You could've F'd all of them over, including your friend...big time.
 
By the way, what is the deal with you and Bob and Ryan?
 
ryan and I get along pretty well. bob is a Dbag who holds a grudge with the best of them. Both me and his wife apologized more than once to him but he won't let it goWho is bob?

bondo's picture
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Hank Moody wrote: YTB wrote:snaggletooth wrote:YTB wrote: 
I feel bad about this and I'd appreciate it if everyone did clear up my quotes or delete them
 
I changed what I could not to help you out, but in case it helps the ML guys or your RBC manager friend.  You could've F'd all of them over, including your friend...big time.
 
By the way, what is the deal with you and Bob and Ryan?
 
ryan and I get along pretty well. bob is a Dbag who holds a grudge with the best of them. Both me and his wife apologized more than once to him but he won't let it goWho is bob?
 
Friend of Neal.  At least that is what I remember from the Andrew Dice Clay joke.

ABOM's picture
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No Mass Exodus-

With the protocol there is not a big reason to move on Fridays anymore.

I have recruited guys every day but FRIDAY this year. I think the best time to leave is 8:30am Monday. trust me as a BOM im in no condition to deal with a book re-assignment first thing on a Monday morning (Neither are FA's getting the re-assigns)

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I can't imagine you would want to do it anymore on a late Fri afternoon...

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Update - the move occured today. I guess those guys are going to be working through the holidayzzzzzzzzzzzzzzzzzzzzz to get setup for the post christmas retention callz.Evidently someone from here (I assume) emailed the ML BOM with a link to this thread.That prompted the ML team to call the new firms BOM to bump up the move date.Who's the screw ball on this site that would pull that one?

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YTB wrote:Update - the move occured today. I guess those guys are going to be working through the holidayzzzzzzzzzzzzzzzzzzzzz to get setup for the post christmas retention callz.
 
So, you're ok?  No Mentos (The Freshmaker!) and slammed Diet Coke in the Acura?

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2wheeledbeemer wrote:YTB wrote:Update - the move occured today. I guess those guys are going to be working through the holidayzzzzzzzzzzzzzzzzzzzzz to get setup for the post christmas retention callz.
 
So, you're ok?  No Mentos (The Freshmaker!) and slammed Diet Coke in the Acura?No but check this out - The manager printed the email and link leading to this site and held a branch meeting.He assigned each adviser the top 50 clients of another adviser in the office and had them call each others clients - introducing themselves and letting the client know how much the firm appreciates their relationship, and if they ever find their assigned advisor to be negligent in communicating with them to know that they are there to work with them.Well needless to say the departing team didn't want their clients called so as soon as the meeting was over they started packing up their belongings to leave right away.LOL - The fricking manager printed out the email and this thread! Way to go to the genius' who sent the manager the post. That was a greater disservice than anything I could have said accidentally or otherwise.

YTB's picture
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i didn't drop names shit stain

bondo's picture
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I never expected this original question to become such a clusterf#!*.

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I actually have a hard time believing they would leave now. I have always heard that FINRA basically shuts down over the Christmas/New Years holiday, and trying to switch your BD registration is almost impossible.
 
Is that not the case?

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YTB, you are blaming the manager?  Look jerkoff, you caused this.  Heck if someone in that office tipped the manager so they could look good, or get some accounts they are jerks too.  But you deserve some blame for coming on here and gossiping about your old coworkers.  Way to go douchebag.

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DB Cooper wrote:YTB, you are blaming the manager?  Look jerkoff, you caused this.  Heck if someone in that office tipped the manager so they could look good, or get some accounts they are jerks too.  But you deserve some blame for coming on here and gossiping about your old coworkers.  Way to go douchebag.
 
 
I second that.

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YTB wrote:

2wheeledbeemer wrote:YTB wrote:Update - the move occured today. I guess those guys are going to be working through the holidayzzzzzzzzzzzzzzzzzzzzz to get setup for the post christmas retention callz.
 
So, you're ok?  No Mentos (The Freshmaker!) and slammed Diet Coke in the Acura?No but check this out - The manager printed the email and link leading to this site and held a branch meeting.He assigned each adviser the top 50 clients of another adviser in the office and had them call each others clients - introducing themselves and letting the client know how much the firm appreciates their relationship, and if they ever find their assigned advisor to be negligent in communicating with them to know that they are there to work with them.Well needless to say the departing team didn't want their clients called so as soon as the meeting was over they started packing up their belongings to leave right away.LOL - The fricking manager printed out the email and this thread! Way to go to the genius' who sent the manager the post. That was a greater disservice than anything I could have said accidentally or otherwise.Gee I guess at ML they Own the client At WS you wouldn't get anyone in the office to do it, they would tell the manager to F^&K off

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DB Cooper wrote:YTB, you are blaming the manager?  Look jerkoff, you caused this.  Heck if someone in that office tipped the manager so they could look good, or get some accounts they are jerks too.  But you deserve some blame for coming on here and gossiping about your old coworkers.  Way to go douchebag.+1

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DB Cooper wrote:YTB, you are blaming the manager?  Look jerkoff, you caused this.  Heck if someone in that office tipped the manager so they could look good, or get some accounts they are jerks too.  But you deserve some blame for coming on here and gossiping about your old coworkers.  Way to go douchebag.You're not just a loser, you're also an idiot. An idiot for not even realizing the facts.These are not former co-workers.In fact - I don't know these guys at all. So to you, Douchebag, before you get on your soapbox to wax self righteous indigination, learn the facts, comprehend them and then form an opinion you useless Clown.

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YTB wrote:
DB Cooper wrote:YTB, you are blaming the manager?  Look jerkoff, you caused this.  Heck if someone in that office tipped the manager so they could look good, or get some accounts they are jerks too.  But you deserve some blame for coming on here and gossiping about your old coworkers.  Way to go douchebag.You're not just a loser, you're also an idiot. An idiot for not even realizing the facts.These are not former co-workers.In fact - I don't know these guys at all. So to you, Douchebag, before you get on your soapbox to wax self righteous indigination, learn the facts, comprehend them and then form an opinion you useless Clown.Young lady, have you forgotten that you were a secretary for 4 years and that you have to sign out to go to lunch? If I had to pick out a loser around here, you'd be at the top of the list.

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Hank Moody wrote:
YTB wrote:
DB Cooper wrote:YTB, you are blaming the manager?  Look jerkoff, you caused this.  Heck if someone in that office tipped the manager so they could look good, or get some accounts they are jerks too.  But you deserve some blame for coming on here and gossiping about your old coworkers.  Way to go douchebag.You're not just a loser, you're also an idiot. An idiot for not even realizing the facts.These are not former co-workers.In fact - I don't know these guys at all. So to you, Douchebag, before you get on your soapbox to wax self righteous indigination, learn the facts, comprehend them and then form an opinion you useless Clown.Young lady, have you forgotten that you were a secretary for 4 years and that you have to sign out to go to lunch? If I had to pick out a loser around here, you'd be at the top of the list. What?

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YTB, if I'm such an idiot, why don't you fill me in on the way it really went down.  But let me take a crack at it first.  Since you claim they are not old coworkers, but you obviously have inside knowledge of what is going on up in Santa Rosa.  My guess is while you were living up in Rhonert Park, probably hanging out in Guernville at the "Rainbow Room" or the "White Swallow" you met a new alternative lifestyle partner who happens to be a ML FA.  You two hit it off for a while until you decide to move in closer to San Fran to take advantage of the gay friendly environment.  You two still like to gossip with each other while on weekend getaways in the wine country.   This is where he feeds you with this info about his co workers.   You then "drop" this tidbit onto this forum,  realize it was bad form, and edit your original comments to gibberish to protect the innocent FAs who were only trying to better their situations.  Alas it was too late, so you came back on and asked others to edit their comments.  In doing so you only gave greater credibility to your original post.
Along comes your gossip queen friend, happily informing the manager of this thread.  Doing so gets brownie points with the manager and some new accounts along with it. 
 
Own up to your mistake and be a man for God's sake.  You were the catalyst for this one.  Not the informant, or the manager.  
 
 

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It's definitely weak sauce that YTB posted that stuff and came to blame others.  I think he heard it from the recruiting manager, his friend.  Oddly enough, he could have really F'd his friend over in addition to the poor ML advisors that didn't leak it to anyone.

Greenbacks's picture
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WOW
Somethings never change in a wire house office. One rep would screw another rep any time he gets a chance, why so he can keep his job at least for another month!  If you do not call those clients the rep in the next cube will any way! There is no friendship in a wire house office! Get real! If you think it will be any different at the new wire house you transfer to you  are a complete idiot!
Happy new year.

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Hey YTB, is that Youre the Bitch?  Are you going to let DBCopper wipe your ass like that or are you going to fight back?  Are you a man or a mouse?  You need to let the world know you are not responsible for Fu*&ing the career of innocent FA's.  All I can say is I hope you dont ever move firms, because if you do, the world will know way before you want them to.  If you would have learned to keep your mouth shut, you would still be in the closet.  Come on man, fight back.
PS.  Your boyfriend says Texas is not far enough for you to be away from him.
 

bondo's picture
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Back on topic.  I still think this Friday is a good day to go.  Market is closed the following Monday, so it gives a nice three day weekend to start the transition.

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I think it will be Presidents day weekend.  That will be 6 weeks from the 1st of the year, plenty of time to get office space, furniture, etc and move.  Plus all the year end bonus stuff (if there is any) is paid and out of the way, by then.

WealthManager's picture
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Today is not 1/2 over and  a few have already left our complex.  How are things elsewhere?  Rumors are today will be a fairly large exodus day.

Hank Moody's picture
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WealthManager wrote:Today is not 1/2 over and  a few have already left our complex.  How are things elsewhere?  Rumors are today will be a fairly large exodus day.Things are good at my complex. 90% payout on securities and 100% on insurance. I've been training a new cold caller for the last couple of hours. I don't think anyone will be leaving today.

burtonfinancial1's picture
Joined: 2008-09-30

It's the tail end of those ML advisors in the UBS "big boy" pipeline left over from the November-Dec. push.  

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