I'm a bai guy and I haven't herd anything about the grid changing. The only thing I gathered from the all hands call this Tuesday was that the comp plan would not change until late 09. How did you get your info??
BAI, they are talking about the ML side. Y'all will be merge in sometime next year. It will likely be bloody for your managers, etc and then you will have to move your clients to the ML platform complete with new account numbers, statements. I am guessing they will have to do something through DTC to move the assets from Fidelity to ML.
I got my info from well placed ML reps. We know the managers have the grid. ML was supposed to release the new grid prior to Thanksgiving. It was delayed until supposedly the 15th of December.
We are screwed at ML. Maybe not today, maybe not tomorrow but soon and for the rest of the time we are at Merrill/BofA.
The 2009 grid might not be bad, but I guarantee the 2010 grid will be.
I think we will get "worked" gradually down. A few percentage points here, a few there. If you fell asleep and woke up in five years, i'm afraid you would look at the new grid and say, "huh?"
It will be a slow and tortuous death....unless you pull the plug NOW!
I forgot to mention that our complex director stopped in my office today to chew the fat (not unusual). He seemed very down. Looked tired. Looked like all the fire was gone. Wonder if he got a sneak peek of the comp plan?
Phan2om wrote:I forgot to mention that our complex director stopped in my office today to chew the fat (not unusual). He seemed very down. Looked tired. Looked like all the fire was gone. Wonder if he got a sneak peek of the comp plan?
More than likely, he got a sneak peek of his/mgr new comp plan...
Nobody has seen the new comp plan on either side. You are falling victim to rumors again...
The managers will arrive in New Brunswick on the evening of the 15th and be in meetings on the 16th until 2pm. We should get the details on the 16th or 17th. Everything you hear right now is just rumor...
you will look worse.
Again - BofA will leave ML alone for almost 2 years. Then, as they have done every single time with every other M or A it will be BofA running the show. Look what happened with US Trust, the closest example and the most recent.
I can't believe no one has leaked this. I see MS is raising payouts accross the board anounced today. UBS did the same last month. Early discussions were that ML was to do the same but we are now really worried that BAC has locked half the firms FA's with the buy out award. Basically they can cut pay in half and nobody who signed can walk. Good luck on recruiting new FA's with garbage payouts. When the market rebounds i am going to MS.
That is not what I heard about the MS grid. It will increase 2% for those doing $3mm (how many of those are left) and 1% for those doing a $1mm and 20 years of service. Everthing else is the same on the grid. I believe there are some cuts for those doing less than $200m or $250m.
Think we will get our new comp plan before Xmas? I don't get the (multiple) delays...probably not a good sign.
Think we will get our new comp plan before Xmas? I don't get the (multiple) delays...probably not a good sign.
Seriously, is there another delay? Everything we have been told is it will be revealed before Christmas.
There are no more delays. Your manager's will know by tomorrow afternoon. They are all in NJ tonight and they will get it from Sontag on Tuesday.
Word is bad news for $350k or less.. basically a motivator to leave. Also hearing that nobody is going to be enthused. I've heard a lot of my friends at ML who were not enthralled with the retention deal say they're waiting for good news in the comp plan. Probably going to go over like a lead balloon. We shall see.
Have the ML Mgrs said anything why they are taking so long? This is abnormal for Mama but not abnormal for banc of amigo. They usually put out the plan on the 17th with clarification sometime in mid march into the plan year.
Alright lets hear the new grid, it was announced at 2:00 today.
I'd love to hear it as there was no mention of it in my office. I'm sure that is good news.
No news today for us either- anyone?
Looks like ML is doing a DBS on Thursday at 4:15. We did get an email today that told us to stay off of the chat boards and don't talk about firm policy....Ha!
DBS is a satellite feed to everyone's workstations.
Digital Broadcast System - ML TV
not to be confused with MTV.
Ok we have the same thing just with a different name. They always have great actors who are so excited about the combined companies. Can I get some chips with the cheese..... Ra Fa gooo BofA/ML
Talked to FA at a different branch around 5:30 today, his Director told him that the new comp plan will be "very unkind".
Well of course it will. The retention was unkind in the mind of many as well. Why would the comp plan be any different at all? Does anyone really think that BofA needs all 16,000 FA's? They are a carrot and stick company. Stick it to the under the "line" folks" and offer the carrot to the folks they want to keep. It is the same way in every single line of business they operate. They do not look at the securities business any differently than they do any other business line. There has never been anything to tell them otherwise, according to them.
Remember - they see this as a victory, and to the victor go the spoils. Look at every single acquisition they have done. Nothing changes.
Jesus, dude. And I thought I did a lot of complaining.
I am not there (anymore) - I am not complaining. I just understand the gig and current events.
I just wanted to take this time to personally thank Merrill Lynch for loading my pipeline with fresh, warm bodies looking for a big fat check that ML couldn't give them.Kudos, ML! You've made my job easier.
I would like to take time and second you Super Recruiter, Merrill has been very good to my pipeline.
If you didn't get a "love pkg." from ML/BIA guess what? They still want you to come aboard (they will give you a lollypop and a pat on the back) its not YOU they want its your clients! So you get your clients moved and signedup with BIA in about 1 yr. BIA /ML will come to all the brokers that did not get the 'love pkg.' and tell you that your not doing enough in production and we (BIA)are going to put you on a SALARY + commision. AFTER you do a certian amount of production your commision will kick in, and it will probably work out to be close to the same net income you are now making, or not!
This is not going to happen at JUST ML/BIA it will hit all brokerage firms that are connected to a Bank; C, Wacho/WF, UBS, BIA/ML, JPM ect... I'll eat my best Stetson if I'm wrong!
Interesting theory. But makes sense. Moving towards the "European" model.
Comp plan will be announced via DBS at 4:15 Thursday. Stay tuned.
Rumor has it the managers back from the meeting in NY are now calling meetings with all FA's who will be put on the 17% payout. They need to meet with them before tomorrows 4:15 CC. I still don't know what the grid looks like. Wishing someone would post the numbers, we know you know.....Whoever you are.....
kappa 17% payout? Holly $hit I sure hope your wrong for those poor SOB's that will be bent over on that deal.
17% is waaaay.
More details to follow but grid is lowest under 200k production and it starts at 36%.
More details please. Why don't you just post it?????
it's on the wire. not near as bad as you fools thought it would be. if you're doing under $200,000-$300,000 and your LOS is 6 and over, you're screwed...
Here's the newswire- Annie has nailed changes at ML on the head on prior occaisionsBy Annie Gasparro A DOW JONES NEWSWIRES COLUMN
NEW YORK (Dow Jones)--Merrill Lynch & Co. (MER) is likely to push out many ofits lower-producing brokers with its 2009 broker compensation plan, accordingto people familiar with the new grid. Executives at Merrill released the payout plan to branch managers Wednesdayafternoon and are set to announce it to the 16,000-plus brokers on a conferencecall Thursday. A Merrill spokeswoman could not confirm the plan because it has not beenreleased to employees. The plan cuts the payout for brokers who have been in business six years orlonger to 20% of production if they generate less than $200,000 in production,and 25% of production if they generate $200,000-$299,999. The "penalty box," as some brokers call this category, also includes brokerswho have been in the business for 10 or more years and produce$300,000-$399,999. They will receive a 35% payout. "This is a huge cut for these people. Anyone who's in this penalty box isgoing to leave," one Merrill broker said. "But I guess we're all bankers now." Some brokers blame the major changes in the pay plan on Bank of AmericaCorp.'s (BAC) acquisition of Merrill, which was approved by shareholders thismonth. But the changes also come at a time when other firms are cutting pay forsimilar categories of low-producing brokers. Brokerage analysts say thatoverall, the industry is trending toward high producers. The 2009 Merrill compensation grid is also a big change in that it includesone payout rate regardless of product type or ticket size. For example, it usedto offer different percentage payouts for insurance sales or managed accounts. The basic cash payout for brokers not included in the categories mentionedabove will be as follows: $0-199,000 will receive 36% of production. $200,000-299,000=37% $300,000-399,000=38% $400,000-599,000=40% $600,000-799,000=41% $800,000-999,000=42% $1-1.49 million=43% $1.5-1.99 million=46% $2-2.99 million=47% $3-4.99 million=48% $5 million and more=50% This new pay plan will be a step up for the high-end brokers bringing in $1.5million or more in production. With additional bonus opportunities, it could mean a pay increase for otherbrokers, too. There is also longevity award that provides brokers who have been with thefirm for five or six years and have at least $500,000 in production a bonus of1% of production. For seven-, eight- and nine-year brokers there is a 1.25% bonus if they bringin at least $750,000. For brokers with 10 to 14 years at Merrill doing at least $1 million inproduction, the award is 1.5%. And for those with 15 years or more and $1.75million in production, there is a 2% bonus. Other bonus opportunities on the new plan include an award for bringing in newclients with at least $250,000 in household assets. It also offers brokers awards for doing more fee-based business as opposed tocommission-based business. Similar new-client and fee-based account bonus opportunities were offered onthis year. Households in the U.S. must reach $100,000 in assets for a broker to receiveto get paid for business done with the client. The new plan goes into effect at the start of 2009.
And the flood gates have been opened! Guess it's time to set up shop.I have some preemptive answers to anticipated questions:Q: So, I'm under $500k in production at ML and I'm looking at a pay cut, can I market myself to another wirehouse?A: Probably not at this time, however I'm fairly confident that some of the other wires will introduce new recruiting plans to accommodate the exodus from ML.Q: I don't want to wait a few months, let alone a few weeks to start looking around. What do you suggest?A: I suggest you get a hold of a recruiter asap. You will need all the extra man power you can get to successfully market yourself to a prospective firm. You may want to focus on smaller regional and boutique type firms. Better yet, how about a big pay increase? Start looking at independent platforms (with the assistance of a recruiter) and you could actually see a healthy pay INCREASE if you are disciplined to run your own practice.Q: I've only been in the business for (1-4) years and I've spent that entire time at ML. Should I stick it out here and try to build my business to meet a certain payout range? A: Sure, as long as you can secure households with assets OVER $100k, since ML won't pay on anything under that level. Then there's always the question of what 2010's payout plan is going to look like....Q: I work at ML, am I a broker or a banker now?A: You, my friend, are a broker stuck in a banker's mold.
A broker stuck in a banker's mold... great example.....the writing's on the wall my friends...well put SuperRecruiter
Zero pay on assets under $100k?
Does anyone remember only a few months back.... all kinds of talk from managers, etc about how great BAC would be for ML and how comp would be "just fine" if not great, etc? Retention was moderate at best, comp plan is good or bad for many depending on the FA but not the "win" folks have been waiting for. Now, what's freakin' next??? ML's being castrated slowly but surely! Mother just married a real sob.
What happens when you marry a seriel killer? What sympathy do you get when you break down the door to marry a seriel killer?
Borker Boy wrote: Zero pay on assets under $100k?
Thats's not new...
bspears wrote:What happens when you marry a seriel killer? What sympathy do you get when you break down the door to marry a seriel killer?
Actually, many serial killers that were married appeared very normal to their spouses. A few that come to mind are: Ted Bundy, the BTK Strangler and Gary Ridgeway (the Green River Killer) to name a few.
Usually, these types of killers fulfill some secret fantasy which they keep separate from their "normal" lives, which is why most of them have families and jobs and seem just like everyone else.
So, to answer you question Spears, most wives are shocked when their serial killer husbands are arrested, as they were utterly clueless.
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