[quote=stanwbrown]

bankrep1

LOL, haven't sold one in 1.5 years? You're a constant contradiction, pal.

I've been silent on this one for two reasons;

1) The conversation has been about where a new guy (w/o connections) should start, not the standard "I'm at a bank and I'm a 100% real broker doing the same job as the wirehouse guys" nonsense. Given that situation starting at a bank isn't the end of the world.

2) Joedabroker already hit the ball out of the park with his "captured sales rep" post.

[/quote]

thx stan.  many props to ya buddy! ;-)  *bows*

[quote=bankrep1]

Stan

I would argue I do a better job than a typical wirehouse rep.  I look at the clients insurance needs, (Disability, life and LTC), help them with estate planning (ILIT's and CRT's) and with their everyday investments.  I also provide advice on employee stock options exercise, restricted stock and alot of other things.  How many wirehouses brokers know 2 things about any of these subjects? 

I was jerking your chain a bit before.  Although I would still recommend a fixed annuity to a saver any minute of any day.

[/quote]

Dude-

If that's really how you do things, you do a bit better than the average wire rep, and WAY better than the average bank rep.  I've seen the crap that I've transferred from bank brokers over the years, and the other stuff that they BURIED and I couldn't transfer without killing the client with surrendur charges and such.

If in fact that is how you run your business, props to ya.  But, compared to the normal bank rep, you are the exception that proves the rule! 

[quote=Nomba] Sonny -

What is next for you after your experience at ML? Are you looking for a

bank, or something like ML where the requirements are not as steep.

Thanks and good luck.

[/quote]

I am starting at AXA this Monday. Sell Some Insurance along with the usual.

Thanks

Sonny

[quote=SonnyTheBull] [quote=Nomba] Sonny -
What is next for you after your experience at ML? Are you looking for a
bank, or something like ML where the requirements are not as steep.
Thanks and good luck.
[/quote]
I am starting at AXA this Monday. Sell Some Insurance along with the usual.
Thanks
Sonny[/quote]

go to bed you crazy mofo....gotta get your rest to be a future tgp!

[quote=bankrep1]

Stan

I would argue I do a better job than a typical wirehouse rep. 

[/quote]

Of course you would. That's why I enjoy laughing at you 

"I look at the clients insurance needs, (Disability, life and LTC), help them with estate planning (ILIT's and CRT's) and with their everyday investments.  I also provide advice on employee stock options exercise, restricted stock and alot of other things.  How many wirehouses brokers know 2 things about any of these subjects? "

You're joking, right? Any wirehouse broker with any time in the biz can do anything you mentioned and with better tools than any credit union sales rep can.

"I was jerking your chain a bit before.  Although I would still recommend a fixed annuity to a saver any minute of any day."

Of course. Just another reason I find you so enjoyable 

"You're joking, right? Any wirehouse broker with any time in the biz can do anything you mentioned and with better tools than any credit union sales rep can. "

Stan you know that the majority of wirehouse reps aren't doing any of that, when I took the CFP, I was talking to a couple wirehouse reps who thought a VA death benefit was tax free because it was insurance.  Just to show you how ignorant some people are this was team a team of 3 from Smith Barney all 3 thought it true.  I was sitting back laughing at them. 

Definatley ML.  You always have a choice to transfer out to a bank.  But they do provide some of the best sales and investment training in the industry.  It’s really hard to transfer out of a bank…

"Stan you know that the majority of wirehouse reps aren't doing any of that...."

I couldn't tell if the majority are or are not. I DO know wirehouse reps with any real experience ARE, and they have better training and products available to them than any credit union sales reps does.

[quote=ABCD]Youre getting started:  Do you start with ML and take
the 18-24 months salary and start birddogging it?  or do you head
to the bank and work their leads?[/quote]



I wouldn’t go with the bank, but certainly wouldn’t go with Merrill Lynch.



Your income will be limited at a bank, and you usually can’t take clients with you when you leave.



Merrill Lynch is pure EVIL.  Not Merrill Lynch brokers, but the
company itself–especially the evil investment banking sided that
fcked their brokerage division by issuing bogus research reports.



Imagine that, the investment banking side totally fcks the brokerage
side of the business so they can make a few bucks.  Shameful.



How many of Merrill’s “buy” recommendations went bankrupt?



Enough said.

The comments regarding Merrill are ridiculous.



First, it is true that the firm got caught up in a bad research
scandal, but the American public has the attention span of a tse-tse
fly so that scandal has virtually no repurcussions.



As for Wachovia Securities.  It has NOTHING to do with the bank,
other than corporate governance.  The firm is a combination of
half a dozen great firms–merged into a mega force in this
business.  It is NOT a bank based B/D it’s an old line,
traditional wirehouse, owned by a bank just like PaineWebber is owned
by UBS, Solly is owned by Citibank, Alex Brown by Deutsche Bank, and so
forth.  One of  these days Merrill may become a division of a
European bank–AG Edwards almost certainly will–and when that happens
they will still be the great firms they are now…

"First, it is true that the firm got caught up in a bad research scandal..."

It's that the scandal that most every firm had to chip into the settle and then had to provide outside research? As I recall they called it the "Global Settlement" in recogintion of the fact that it was industry wide?

"As for Wachovia Securities.  It has NOTHING to do with the bank, other than corporate governance."

Well, there is an element of Wachovia Securities that does work inside the bank branches...

[quote=Put Trader]The comments regarding Merrill are ridiculous.

[/quote]



Not in the least.  Everything said about Merrill has been true.

[quote=Put Trader]

First, it is true that the firm got caught up in a bad research
scandal, but the American public has the attention span of a tse-tse
fly so that scandal has virtually no repurcussions.

[/quote]



That much is true, luckily for the Merrill reps who’ve built their
careers at Merrill.  Fortunately, they’ve suffered little damage,
if any, to their production from this heinous crime.



Would you eat at a restaurant that knowingly and purposely served customers spoiled, tainted food?



It boggles the mind that anyone would invest with Merrill Lynch, given their track record of fraud and self-dealing behavior.



I’m also surprised that there wasn’t a mass exodus of brokers from
Merrill Lynch.  None of the fraud that occurred came from the
private client group, but from crooks on the banking side.



All’s well that ends well, at least for Merrill reps.

[quote=stanwbrown]

“First, it is true that the firm got caught up in a bad research scandal…”

It's that the scandal that most every firm had to chip into the settle and then had to provide outside research? As I recall they called it the "Global Settlement" in recogintion of the fact that it was industry wide?
[/quote]

Not every investment firm had to pay in to that "global settlement".

And just because everybody else is a crook, it doesn't mean it's right for you to be one.

Regardless of what this Inquisitive soul has to say the fact is that
"Mother Merrill" is the premier brokerage firm in the world.



Every day several hundred people wander into their branches across the
world and open accounts–the only reason that individual chose Merrill
was because they had heard of it and they have an office nearby.



It is the one wirehouse that brokers find leaving to be a challenge
because clients have some odd idea that they have some sort of status
symbol because they have an account at Merrill.  In other words,
Merrill brokers find their customers often say, “Thanks for letting me
know you’re moving to UBS…I"m going to stay at Merrill” far more
often than happens anywhere else.



The reality is if a broker from (say) UBS phoned a client to say, “I’m
going to move my practice to Merrill Lynch I hope you’ll transfer your
account to them…” that call will be met with great enthusiasm.



A sad reality to a lot of guys who plan to move to Merrill is that they
find that their clients also have an account there–and intend to
continue to do business with their longtime Merrill broker. This 
means that the guy who left (say) Wachovia because he got a deal at
Merrill often finds that some of their better clients have a loyalty to
a Merrill broker already.



People sneer about the biggest player on the field–but sneering does little to win the game.

"Not every investment firm had to pay in to that "global settlement"."

Name a wirehouse that didn't. You throw the term "crook" around too loosely. Obviously Mother Merrill gave you your walking papers at some point.

"Every day several hundred people wander into their branches across the world and open accounts--the only reason that individual chose Merrill was because they had heard of it and they have an office nearby."

Yes...and every day millions of people say "Yes" when asked "Would you like to supersize that?", and yet it doesn't mean that McDonalds is the world's finest restaurant chain, just one of the biggest.

"It is the one wirehouse that brokers find leaving to be a challenge because clients have some odd idea that they have some sort of status symbol because they have an account at Merrill.  In other words, Merrill brokers find their customers often say, "Thanks for letting me know you're moving to UBS......I"m going to stay at Merrill" far more often than happens anywhere else."

Of course, and broad usage of proprietary products such as MLAM funds and your newly incarnated "Hedge Access" wouldn't have anything to do with that, right?  And the fact that brokers comp packages include a generous portion of 'deferred com', which others know as 'golden handcuffs'?  I wonder how great their payout looks if you boil it down to CASH ON THE BARRELLHEAD!

[quote=Put Trader]The comments regarding Merrill are ridiculous.

First, it is true that the firm got caught up in a bad research scandal, but the American public has the attention span of a tse-tse fly so that scandal has virtually no repurcussions.

As for Wachovia Securities.  It has NOTHING to do with the bank, other than corporate governance.  The firm is a combination of half a dozen great firms--merged into a mega force in this business.  It is NOT a bank based B/D it's an old line, traditional wirehouse, owned by a bank just like PaineWebber is owned by UBS, Solly is owned by Citibank, Alex Brown by Deutsche Bank, and so forth.  One of  these days Merrill may become a division of a European bank--AG Edwards almost certainly will--and when that happens they will still be the great firms they are now..
[/quote]

Wow....I've been watching your 'know-it-all' posts for a few days now whilst biting my tongue, but I guess I've just had enough of your lording your opinions over us like we're just a bunch of mere peasants.  Glad to hear that you have it all figured out.

I would, however, like to hear you explain exactly how you figure AGE will become a divisiion of a European bank when

1.  None of their advisors are under contract, with the exception of trainess.  They could all walk out the day after a takeover closes.

2.  Large portion of stock held by family and employees.

3.  Another large(long time) friendly shareholder in Mass Mutual.

Don't you wonder why they've not been in play before?

Inquisitive,

Wow, you are really running your mouth on Mother… Are you mad
because you got booted out of PDP after 9 months??? Or you keep losing
your best clients to Mother?? Or are you upset because you know that
the average Merrill broker is probably more intelligent and successful
than you… Theres a reason Merrill’s brokers on average produce around
750K a year, while the 2nd place team is Solly, coming in near 500K…
Stop waiting outside ML’s office on bended knee looking for a job…
I will send you a big red lollipop instead… with a bow on it…

[quote=joedabrkr]

Of course, and broad usage of proprietary
products such as MLAM funds and your newly incarnated “Hedge Access"
wouldn’t have anything to do with that, right?  And the fact that
brokers comp packages include a generous portion of ‘deferred
com’, which others know as ‘golden handcuffs’?  I wonder how great
their payout looks if you boil it down to CASH ON THE BARRELLHEAD!

[quote=joedabrkr]

Wow....I've been watching your 'know-it-all' posts for a few days now whilst biting my tongue, but I guess I've just had enough of your lording your opinions over us like we're just a bunch of mere peasants.  Glad to hear that you have it all figured out.

I would, however, like to hear you explain exactly how you figure AGE will become a divisiion of a European bank when

1.  None of their advisors are under contract, with the exception of trainess.  They could all walk out the day after a takeover closes.

2.  Large portion of stock held by family and employees.

3.  Another large(long time) friendly shareholder in Mass Mutual.

Don't you wonder why they've not been in play before?