Wired, you are getting very good replies from PMDs (Zwing, tke) that are actually in the Merrill trenches.  There are usually some corny, testosterone-filled responses on this forum ("Just believe in yourself and work harder than everyone else!") but they detract from the conversation.

1. You ask, "I know it's easier said than done but will someone sit here and tell me that if I do make those dials every day that there is still a good chance I will fail?"   You can double all those calls that you think you'll be making and there will still be a phenomenal chance that you won't hit the hurdles.  For the many reasons described by others above, there is not a close correlation between number of calls and success.

2.  We are both bank brokers and I am familiar with all your gripes about the bank.  I was with smaller banks that eventually merged into Bank of America so I completely understand your frustration.  Our skill set at a bank brokerage do not translate well into the wirehouse.  Calling a bank CD list barely qualifies as a "cold" call  It was more like me calling my grandmother.  However, cold calling the Merck directory is like calling your wife and telling her that you got your mistress pregnant.  And then trying to get her to meet for a financial plan.  

3.  Age makes a difference.  It's a proven, statistical fact in our industry.  Bank customers are CAPTIVE.  They don't care about your age because they don't have a choice.  

4.  Bank customers love appointments.  They are usually retired and have nothing better to do.  Going to an appointment with a bank "Vice President" is their only other chance (besides church) to dress up.

5.  My suggestion would be to find a larger bank that has a full service brokerage.  Based on what you've written, you will do well there and make better money than if you went to Merrill Lynch.  I'm not picking on you for being a bank broker, I was one for over ten years and I wouldn't trade that experience for anything else.

After reading these posts (BAFCA, Tke, Zwing) I am less inclined to beat myself over taking a new offer at Chase as a banker.

Coming from a foreign country retail bank FA background, I had the choice of going in Chase as a banker (not FA, I am not licensed yet) or going to ML as PMD. I ended up accepting the offer at Chase last week but was constantly doubtful about my seemingly downward career move.

I figured it would be better off as a banker to (a) learn the American products and consumers (b) get my licenses and (c) get promoted to FA after a year and build a book from retail referrals.

I know about the corporate BS, lack of freedom  and lack of product choices of working in retail branches. I was on that boat. So I thought...hmmm....maybe I can become a ML PMD, and finally have FREEDOM and better payout. All I needed to do was to cold call like crazy and I can control success.

After reading these posts I realized I've overrated freedom. Nothing is better than building a large book through warm bank referrals. I read somewhere here that a Chase FA accumulated 100MM in 10 years and jumped to ML. Maybe that's a less risky way to enter a wirehouse.

Perhaps the corporate BS, lesser payout and lack of freedom is a small price to pay compared to a 80-90% failure rate of entering as a ML PMD without an existing book and connections.

Let's see how my banker stint at Chase goes.

[quote=u94e4]

After reading these posts (BAFCA, Tke, Zwing) I am less inclined to beat myself over taking a new offer at Chase as a banker.

Coming from a foreign country retail bank FA background, I had the choice of going in Chase as a banker (not FA, I am not licensed yet) or going to ML as PMD. I ended up accepting the offer at Chase last week but was constantly doubtful about my seemingly downward career move.

I figured it would be better off as a banker to (a) learn the American products and consumers (b) get my licenses and (c) get promoted to FA after a year and build a book from retail referrals.

I know about the corporate BS, lack of freedom  and lack of product choices of working in retail branches. I was on that boat. So I thought...hmmm....maybe I can become a ML PMD, and finally have FREEDOM and better payout. All I needed to do was to cold call like crazy and I can control success.

After reading these posts I realized I've overrated freedom. Nothing is better than building a large book through warm bank referrals. I read somewhere here that a Chase FA accumulated 100MM in 10 years and jumped to ML. Maybe that's a less risky way to enter a wirehouse.

Perhaps the corporate BS, lesser payout and lack of freedom is a small price to pay compared to a 80-90% failure rate of entering as a ML PMD without an existing book and connections.

Let's see how my banker stint at Chase goes.

[/quote]

IMHO you made the right choice. Your odds of growing into success are increased with this path.

Keep us posted.

ML like all wires is looking for annuitized fee based business which is far more predictable than transactional model. Most of big dogs were indeed transactional brokers in the past.