ML PMDs??

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pursuing happyness's picture
Joined: 2008-07-17

I heard in my office today that approximately 800 PMDs were going to be laid off shortly.  Has anyone else heard this?

flipper's picture
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Joined: 2008-10-24

What's a PMD?

Squash1's picture
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Joined: 2008-11-19

I think it's ML version of a trainee..

pursuing happyness's picture
Joined: 2008-07-17

Merrill's advisor training program.  (Those that entered the new program from 3/08 to the present).

daytradah's picture
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Joined: 2006-11-05

Pretty Much Dead

tmoney47's picture
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Joined: 2008-09-17

i'm poa in one of the top offices in ml.  my manager nor director has mentioned anything of that sort.  they do however stress being on target.  if anyone thinks for a second that they are safe because they are in a training program or just graduated then you are wrong.
bac will cutt across the board.  good luck.

ABOM's picture
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bullgator's picture
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Joined: 2009-01-21

Heard the same thing through the grapevine yesterday. It looks like my complex will be dumping over half of our PMD class, unless the numbers also include POAs. Then we would be around a quarter of the training program. Pretty big drop for a complex that faired well during the last culling of POAs. Anyone know if it is just PMDs or if the numbers also include POAs?

Vin Diesel's picture
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Joined: 2007-04-18

 maybe trainees could become licensed bankers at bofa, build a book, then go indy or morgan stanley

mothermerrill's picture
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Joined: 2009-01-21

I heard the same from an FA in South Florida. Are you in that region?I think this is just the second wave of many. $7-10 billion in expenses to be cut over the next 3 years?  You have to produce 125k+ PCs before you are even breaking even for the firm. I don't know too many POAs or PMDs that are doing that.... Guess who's an expense.

pursuing happyness's picture
Joined: 2008-07-17

mothermerrill wrote:I heard the same from an FA in South Florida. Are you in that region?
 
Yes, I'm in the Southest Division.  According to my manager, we should know something by Monday at the latest.

bull21's picture
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Joined: 2009-01-21

75% of the Poa's and PMD will be let go on Friday

bondo's picture
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bull21 wrote:
75% of the Poa's and PMD will be let go on Friday
 
Fact or guess?

tmoney47's picture
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Joined: 2008-09-17

we had an fa meeting with our director today after the close.  he discussed about all the layoffs in senior management and really did not get into fa or office staff cuts. usually when he has little info on that topic, that some big news is around the corner.
again the focus is to bring in assets. if the senior guys do not get thier retention this friday, morgan stanley will be the big winner of 25 -million + producers.
this forum is great. it gives all the info that we never hear.  im poa on a big team and do not hear much about poa/pmd so any info is appreciated.  if i hear anything on my end, i will pass it along.

bull21's picture
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Joined: 2009-01-21

Fact,  Management had 3 calls yesterday afternoon to discuss the PMD cuts and how they are to be handled on Friday.  The next cut will be Ca's followed by 20% of the Directors

bondo's picture
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bull21 wrote:Fact,  Management had 3 calls yesterday afternoon to discuss the PMD cuts and how they are to be handled on Friday.  The next cut will be Ca's followed by 20% of the Directors
 
Kind of follows what I saw in the office today.

Jahlive's picture
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Joined: 2009-01-21

I also get the vibe that this is the end of the road. I have met every hurdle, but there are signs that that is not good enough anymore.

Merrill has never lived up to their end of the bargain, and recently the environment has become extremely difficult. What blows is how the rules have changed midstream. Their reputation has crumbled to the point of becoming a laughing stock.

It seems like yesterday when I wondered if I could live up to the terms of the contract. I never visualized that it would be the other way around.

buildingwealth's picture
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Joined: 2008-07-15

bull21 wrote:Fact,  Management had 3 calls yesterday afternoon to discuss the PMD cuts and how they are to be handled on Friday.  The next cut will be Ca's followed by 20% of the DirectorsAny criteria for who they keep of those in the training program?  You think they are pretty much axing anyone who is not close to graduating the program? 

Akkula's picture
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Joined: 2008-02-17

Man, do I have bad timing

bullgator's picture
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Joined: 2009-01-21

I received indication from my resident manager this afternoon that I will be spared the axe; for now at least. Most of my colleagues will not be so lucky. My understanding was that it was strictly a management decision between our MD, coach and local RMs. I know most of the guys had better numbers than I did (also were up a couple months on me), but they indicated it was based on long term potential. Who's to say. For PMDPers, I would recomend taking out personal belongings tomorrow afternoon, no matter how good your numbers are. 

nyhavn17's picture
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Jahlive-
 
Your post is spot on...it is exactly how I feel. I have also met all my goals and do not believe or trust anything that is being said to me at ML.
I have been recognized on multiple occasions as a top POA not only in my branch, but region and nationally relative to my peers. Now I am left wondering which firm I should reach out to. Ideally, I would like to go the Indy route working with a senior FA.
 
If anyone has any suggestions it would be appreciated.

FAinFLA's picture
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Joined: 2009-01-09

I know if you are 2 years into the ML training program and have brought in $10mm in assets, Morgan Stanley will take a look at you, and from what I hear, make a pretty sizable offer.  

Mucho de Tejas's picture
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FAinFLA wrote:I know if you are 2 years into the ML training program and have brought in $10mm in assets, Morgan Stanley will take a look at you, and from what I hear, make a pretty sizable offer.  
 
Yeah, and from what I hear deals are collapsing... big time.
 
Everywhere.

DixieDog's picture
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Joined: 2009-01-12

Keep going. Don't give up.  If you get the axe, you can find a shop that will take you.  I bought into a small Indy firm 18 months ago.  What great timing.  I have been in the business several years.  When the model requires that young guys almost have to join a big team, the model is broken, not you.
 
I contend that as a saleforce, you guys are the best in the world.  Don't let someone hoodoo you into thinking you're not worth a damn.  It may just be that the people telling you that are the ones that aren't worth a damn.   

bondo's picture
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Joined: 2007-04-15

I heard from a few senior FAs that the axe will be swinging.  Good luck to everyone.

Financiallady's picture
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Joined: 2008-04-07

In our complex POA's/PMD's got laid off earlier in the week...does this mean more layoffs are coming tomorrow or did some places start earlier?

kappa1997's picture
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Joined: 2006-08-14

ML is to trim 75% of the POA force today. I don't know the criteria for the cuts but managers, admin, ect will also be cut today. Today is a great day not to go to work, make it a three day week!

Ready2Jump's picture
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Joined: 2006-05-30

What happened to "A Breed Apart"...
 
Good luck guys... who would want to work for Bank of Amerilynch anyway?
 

WealthManager's picture
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Joined: 2006-05-16

If you are one of the POAs/PMDs who get the axe, don't forget that there are options for you....especially if you are making your hurdles.  Even in this market, a licensed advisor who went through the "best" training in the industryhas places that want them.With everything happening at ML, I don't think that it will be too difficult to bring most of your clients with you.--WM

burtonfinancial1's picture
Joined: 2008-09-30

I heard about PMD cuts late yesterday afternoon- one of my local friends who runs the POA/PMD program at his branch called me to see if we had any seats. He's got some promising folks and wanted to have some good news to counter the bad when they deal the cards. Top POA/PMD guys who've built at least $10M+,can sell themselves well and have a solid business plan have a decent shot at getting into the "Rising Star" program over at Morgan. I don't know all the details, but I know a guy who was LOS 3, $250k pcs at ML in a very small market office who just got in that door. Rising Star is a pretty nice deal as I understand it. 

younggunz's picture
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Joined: 2006-01-16

I got cut today and I was 2 months into production and I brought in 2.5 million in assets and my first hurdle not untill 4 months but already passed that. They said we have two weeks to get another job and februRy 6th is the last day. B of a is tearing the firm apart. The senior guys were upset that they didn't give us a warning and I was hitting my hurdles. A. Big team of 3 doing almost 2 million in production left today. The morale is so low with the office and it's depressing to be there. I don't know what I'm doing now considering hiring got cut

CDO Squared's picture
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Joined: 2009-01-20

sorry brother

things happen for a reason

all will work out

pursuing happyness's picture
Joined: 2008-07-17

Younggunz,
 
I'm sorry to hear that.  I expect to get the same news on Monday.  For some reason my manager said no news was being released in our complex until then.  What do you mean about having two weeks to get a job?
 

HymanRoth's picture
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Joined: 2008-08-25

younggunz wrote:I got cut today and I was 2 months into production and I brought in 2.5 million in assets and my first hurdle not untill 4 months but already passed that. They said we have two weeks to get another job and februRy 6th is the last day. B of a is tearing the firm apart. The senior guys were upset that they didn't give us a warning and I was hitting my hurdles. A. Big team of 3 doing almost 2 million in production left today. The morale is so low with the office and it's depressing to be there. I don't know what I'm doing now considering hiring got cutDude - I feel your pain.  But seriously, if you've been able to bring in 2.5 mil in 2 months(and it isn't just your Dad's rollover), then you should GTFO to a regional or a good indy OSJ and keep pluggin' away at whatever you've been doing.  You'll be fine, and be thankful they gave you a desk and a phone that you could say you are still employed for 2 weeks while you interview.  It definitely sucks...but right now a lot of things suck.

younggunz's picture
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Joined: 2006-01-16

6 out of the 7 trainees in my branch got laid off.  The only one that stays was a recruit from Morgan stanley that brought over 5 million, but is in the same program as I am and started 2 weeks before me.  We have until February 6th to get a job or we can resign before that.  We cannot call any of our clients, but we can still come in to the office or not... its our choice.  Obviously I will not come in as I will be looking for other jobs.  Maybe a team to work with or independents to work with.  Out of the 2.5 million 400k is family and friends money but the rest was 401ks and cold calls that I got.  Honestly though its so hard to open accounts at merrill.  People almost laugh on the phone when I tell them I'm from Merrill.  Honestly no brand anymore.  I'm almost relieved that I got pushed out because now I can get in a firm where I can build a career, not at Bank of America where I knew things were getting bad and not turning around anytime soon.  You can just feel it. 

HymanRoth's picture
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younggunz wrote:6 out of the 7 trainees in my branch got laid off.  The only one that stays was a recruit from Morgan stanley that brought over 5 million, but is in the same program as I am and started 2 weeks before me.  We have until February 6th to get a job or we can resign before that.  We cannot call any of our clients, but we can still come in to the office or not... its our choice.  Obviously I will not come in as I will be looking for other jobs.  Maybe a team to work with or independents to work with.  Out of the 2.5 million 400k is family and friends money but the rest was 401ks and cold calls that I got.  Honestly though its so hard to open accounts at merrill.  People almost laugh on the phone when I tell them I'm from Merrill.  Honestly no brand anymore.  I'm almost relieved that I got pushed out because now I can get in a firm where I can build a career, not at Bank of America where I knew things were getting bad and not turning around anytime soon.  You can just feel it. 
Buy a prepaid celphone and use it to call your clients just to 'say hi and see how you're doing'...maybe have lunch with them just to enjoy their company.

ThatGuyML's picture
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Joined: 2008-12-17

It is certainly ugly out here.  People are being cut, not based on what they've brought in thus far but because of what they are "talking" about brining in.  Some cut in my complex have met all hurdles.  There isn't much rhyme or reason to it.  Along with the POA/PMDs being cut, there are a few CAs and from what I hear, they're dipping into the management next due to the reconfiguration of the regions/complexes.
 
My office is basically empty and we're a large city office.

bondo's picture
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younggunz wrote:6 out of the 7 trainees in my branch got laid off.  The only one that stays was a recruit from Morgan stanley that brought over 5 million, but is in the same program as I am and started 2 weeks before me.  We have until February 6th to get a job or we can resign before that.  We cannot call any of our clients, but we can still come in to the office or not... its our choice.  Obviously I will not come in as I will be looking for other jobs.  Maybe a team to work with or independents to work with.  
 
That is harsh.  How can they tell you that you cannot call your clients?  I'm assuming that means if you come into the office.  I heard no word in my complex yesterday, but expect to hear something come Monday.  Our next regularly scheduled PMD meeting should be interesting.

bigboy's picture
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Joined: 2009-01-14

I am BM for ML. PMD are being let go.  Anyone who did not meet their goals 50% of the time last year will be let go...even if you started two months ago.  They are also letting CA's go and putting a hiring freeze on new PMD's.

HymanRoth's picture
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bigboy wrote:I am BM for ML. PMD are being let go.  Anyone who did not meet their goals 50% of the time last year will be let go...even if you started two months ago.  They are also letting CA's go and putting a hiring freeze on new PMD's.I think you're lying.  One of your recent posts you were talking about how your manager was fired and you were asking if anyone heard rumors about layoffs........

bigboy's picture
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Joined: 2009-01-14

the most disappointing thing about this forum is people like you.  Listen, I have a family and would not be wasting my time spreading lies.  Get a life. 
 
My regional director who was also a director of an office was let go, not demoted.  I am a RD who also produces and I reported to him.
 
Any other questions smart ass.

Hank Moody's picture
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Joined: 2008-11-10

bigboy wrote:the most disappointing thing about this forum is people like you.  Listen, I have a family and would not be wasting my time spreading lies.  Get a life. 
 
My regional director who was also a director of an office was let go, not demoted.  I am a RD who also produces and I reported to him.
 
Any other questions smart ass. I have a question....Would you like to buy some XXX pictures of your wife?

Sam Houston's picture
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Joined: 2008-12-01

Just because your wife is size XXX doesn't mean everyone else's wife is large.

HymanRoth's picture
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bigboy wrote:the most disappointing thing about this forum is people like you.  Listen, I have a family and would not be wasting my time spreading lies.  Get a life. 
 
My regional director who was also a director of an office was let go, not demoted.  I am a RD who also produces and I reported to him.
 
Any other questions smart ass. Nope.  I just thinks it's cool how on teh interweb you can be whatever you want to be.  For example...today I'm a retired pro football player, on my way to pick up my new Bentley convertible. 

wirehire's picture
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Joined: 2008-11-30

You gonna let him talk about your wife like that bigboy?I think someone should put their tootsie roll in a keyhole (i'm sure it will fit) and let some EIA annuity wholesalers play with it.

RookieWrapper's picture
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Joined: 2007-03-23

The truth is they ML is firing 1000 POA/PMDs.  My branch told all but one  of us on Friday that we are offically gone on Feb. 6th and to go home and look for a new job and get paid untill then.  A medium broker left Thurday night and forced managment to tell us early becuse they could not reasign us any accounts.  The official day for all the firings is Feb 6th.  After we left they had a second meeting explaing why they had to send us out early.  They should not distibute our accounts untill Feb 6th.  I dont know what they would be able to tell my clients before then.  I am not fired and I have not resigned yet.  My e-mail, mobile terminal and voice mail still work.
 
I am not sure if I should resign before Feb 6th. 

Jahlive's picture
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Joined: 2009-01-21

We have a POA/PMD meeting this week. At this point, I have convinced myself that it is time to move on, regardless of their decision. Prospecting for this firm has become tedious, and that's putting it nicely.

Merrill's reputation is beyond the point of repair, especially in the short term. For POA's, timing is everything. Now I don't care when or if they are able to rebuild that reputation. I will choose to grow my business elsewhere.

Thanks for all the training, ML. Hopefully I won't have to reveal where I was trained as I gather assets somewhere else.....LOL

Premiere wealth management business? I think not.

MacPhisto's picture
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Joined: 2005-06-09

I am a PMD for ML as well. I heard that you can get the axe at any time between now and Feb. 6. It's disappointing to know that I am well ahead of my goals and they are putting me on the street anyway. My manager has basically stopped speaking to me over the last week. If that's not a slap in the face, then I don't know what is. I was also told by one of my coaches at the beginning of the week that they are not going to use anymore resources or put anymore energy into PMD/POA's.
This is the first of many cuts across the board-operations, CA's, and resident managers are coming as well.
 
Ya think BAC is pissed about this deal?! These cuts came furiously.

Hank Moody's picture
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Joined: 2008-11-10

MacPhisto wrote:I am a PMD for ML as well. I heard that you can get the axe at any time between now and Feb. 6. It's disappointing to know that I am well ahead of my goals and they are putting me on the street anyway. My manager has basically stopped speaking to me over the last week. If that's not a slap in the face, then I don't know what is. I was also told by one of my coaches at the beginning of the week that they are not going to use anymore resources or put anymore energy into PMD/POA's.
This is the first of many cuts across the board-operations, CA's, and resident managers are coming as well.
 
Ya think BAC is pissed about this deal?! These cuts came furiously.You've been a member here for 3.5 years and you're still in a rookie program?

WealthManager's picture
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Joined: 2006-05-16

Good luck to all of those ML POA/PMDers who are getting their walking papers.  View this as an opportunity.  If you were bringing in assets and those assets will follow you, find another company or go indy.--WM

MacPhisto's picture
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Joined: 2005-06-09

No I was an assistant at SB for 3 years and have been in ML's program for 6 mos.

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