[quote=DTA]

The clearing house thing came up only 2 times. My main problem is that I am going to run out of money. I understand I am in a good position within this Indy firm and its way better than a wire. Unfortunately, I am not making any cash.

[/quote]

DTA, the separate clearing function as an Indy is a GOOD THING.  You need to PROMOTE that with prospective clients and don't be afraid to use our friend, Bernie as an example of someone who housed every function within his own firm.  The major wires are self-clearing, but they custody assets away from them as part of SEC guidelines relating to segregation of assets.  That in itself is a good thing, but most clients never realize this.  In many respects, the checks and balances and operations functions between your Indy firm/bd and a major wire are almost identical, they're just not transparent to the client.  Make them transparent!!

I was with ML myself and trust me, it ain't all it's cracked up to be.  The pressure to bring in assets and production is overwhelming and your friendly branch manager who whispers sweet nothings in your ear during the honeymoon phase can easily become your worst enemy at the turn of a switch because they think you're not going to "cut it."  The new training program there is a B*tch and I woudn't wish it on my worst enemy.  The goals are absurd - literally.  Unless you're a former corporate executive with an extensive network of affluent friends, graduating from PMD is very unlikely.  The production and asset goals are severely off-kilter and while they encourage a fee-based business, you HAVE to stuff VAs and structured products down clients' throats just to meet the lavish production goals to avoid being fired.

The salary is nice, but so is not having a branch manager threatening you with a pink slip every day. 

[quote=ZwingDing]

[quote=Nova02]

[quote=DTA]

The clearing house thing came up only 2 times. My main problem is that I am going to run out of money. I understand I am in a good position within this Indy firm and its way better than a wire. Unfortunately, I am not making any cash.

[/quote]

DTA, the separate clearing function as an Indy is a GOOD THING.  You need to PROMOTE that with prospective clients and don't be afraid to use our friend, Bernie as an example of someone who housed every function within his own firm.  The major wires are self-clearing, but they custody assets away from them as part of SEC guidelines relating to segregation of assets.  That in itself is a good thing, but most clients never realize this.  In many respects, the checks and balances and operations functions between your Indy firm/bd and a major wire are almost identical, they're just not transparent to the client.  Make them transparent!!

I was with ML myself and trust me, it ain't all it's cracked up to be. 

I am with ML as a PMD and you are correct.

The pressure to bring in assets and production is overwhelming and your friendly branch manager who whispers sweet nothings in your ear during the honeymoon phase can easily become your worst enemy at the turn of a switch because they think you're not going to "cut it." 

Correct again.

The new training program there is a B*tch and I woudn't wish it on my worst enemy. 

Wait, there's a training program?

The goals are absurd - literally. 

Earlier this year I spoke with a 30 year ML vet from the mid-west who called the present goal/hurdle matrix an "atroticy." His tone was very emotional. We have a 30+ year ML on our office who says that they way they do it now is just plain wrong.

Unless you're a former corporate executive with an extensive network of affluent friends, graduating from PMD is very unlikely.  The production and asset goals are severely off-kilter and while they encourage a fee-based business, you HAVE to stuff VAs and structured products down clients' throats just to meet the lavish production goals to avoid being fired.

I've never sold a VA but this is a product that can be attractive to certain people.

The salary is nice, but so is not having a branch manager threatening you with a pink slip every day. 

[/quote]

[/quote]

Agree as well on many of the vets at ML feeling that way.  I encountered quite a few of the "older guys" who really were empathetic for the rookies trying to make it under these programs.  Clearly, the "training programs" are meant to steal all the trainees' friends and family's business, which is a shame.  I know that's not unique to ML, but it seems like they've made it almost obvious they want people to fail with PMD. 

I don’t think they want people to fail.

I think they prefer people to succeed but it’s just a preference. I think that they are 100% OK with attrition. They have develoled a system where it is heads they win tails you lose. They win either way.

If you make it they have a new producer. If you fail they just plug the next person into “your” desk and they start gathering assets.

Look at it this way. They have a bullpen desk, chair, phone,etc. That desk has a cost that includes salary benefits,etc. All they really need is someone in that chair gathering assets. If a PMD fails they just put person “B” in that chair. And BTW you were person “B” to whoever sat in that desk before you.

ML just keeps that desk gathering assets. Heads they win tails you lose.

They win either way.

[quote=ZwingDing]I don't think they want people to fail.

I think they prefer people to succeed but it’s just a preference. I think that they are 100% OK with attrition. They have develoled a system where it is heads they win tails you lose. They win either way.

If you make it they have a new producer. If you fail they just plug the next person into “your” desk and they start gathering assets.

Look at it this way. They have a bullpen desk, chair, phone,etc. That desk has a cost that includes salary benefits,etc. All they really need is someone in that chair gathering assets. If a PMD fails they just put person “B” in that chair. And BTW you were person “B” to whoever sat in that desk before you.

ML just keeps that desk gathering assets. Heads they win tails you lose.

They win either way.[/quote]