Morgan Stanley or Mother Merrill
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THEIR THEIR THEIR… I didn’t take the time to look over my post. oh well.
BTW. The ML offer I got was 15k higher base salary then Morgan. Plus there training seems to be going on pace.
Lets hope they don’t change it on me or have some bank rep come in and tell me to sell annuities.
Any advice? I start next week.
Akkulla and others that have been in THEIR training program what are your thoughts? I’m in the middle tier.
It's okay. THERE is a national call and local coaching. The local coaches always seemed totally out of sync with the national curriculum. Don't be surprised if you seem to be the only person who knows what is happening with your program at the local level. For me things were very disjointed but that may be because they just rolled out PMDP when I started. They teach you a lot of product focused things and how to present to clients. Unless you get it locally, they don't really teach you how to PROSPECT as a new advisor (which is different than selling to clients). I am not 100% convinced that folks in my office really have prospected and grown their business the old fashioned way so I am not sure they really know how to teach these techniques. THEIR product training is probably better for someone who is totally "green" with regard to investing...I was a bit bored. Another thing that the local ML people still haven't seemed to grasp is the new PMDP program versus the old POA program. The POA program was more focused on asset goals to meet hurdles while the PMDP program is more focused PC goals to meet hurdles. So, instead of worrying about selling wrapped programs, you may want to learn a bit more about A shares, C shares, structured products, and annuities. Since your first hard hurdle is most likely about 5000 PCs and only $200,000 in assets in PMDP, you would actually have to have $2,000,000 annuitized at 1% to by your first hurdle to make the PC goal since 1% annual rate is only .25% per quarter. Drop some A-share tickets and annuities and your PCs can jump up quite fast. We've got a lot of guys in my office who came to ML from MS. My impression of MS is probably worse. The one thing I will say about EJ is that they do teach you how to prospect for THEIR target market. Not sure, however, if THEIR type of prospecting would work in the ML target. They know how to sell A-Shares, though.THEIR THEIR THEIR… I didn’t take the time to look over my post. oh well.
BTW. The ML offer I got was 15k higher base salary then Morgan. Plus there training seems to be going on pace.
Lets hope they don’t change it on me or have some bank rep come in and tell me to sell annuities.
Any advice? I start next week.
Akkulla and others that have been in THEIR training program what are your thoughts? I’m in the middle tier.
Merrill is trying to go back to A and C shares?
I got a phone call from a guy at Merrill the other day who said I should go work for them so I could enjoy the benefits of "annuitizing" my business so I wouldn't have to chase new money every month. Are they getting nervous about the fiduciary liability associated with fees?I think the fee-based phenomenon has run it’s course. Not that it will go away (I like fees anyway), but I don’t think you will see the whole world going to fees, as some may try to suggest. There is a large contingent of invetors out there that are not too happy to see 1.0-1.5% coming off the top in a down market. Think about it…$1mm account, and you see $1,000 per month coming out of your account while it is dropping precipitously. This is when some investors start to 2nd guess the fee model.
Yep. Just when the fee-based bonanza began building momentum and myraid brokers started seeing the potential to make mucho $$ with little effort, the market completely tanked and firms are having to re-think the way they’ll charge for their services.
Dang it. We were all so close to being filthy rich.Often times when Firm ‘A’ purchases Firm ‘B’ – they publicly state “no changes are planned…” — YES, until after the Honeymoon Period is OVER and watch the heads roll.
To answer the original subject of this thread: Morgan Stanley or Mother Merrill...I choose 'D" -- None of the above.Thanks Akkula,
My impression is much the same. Although we seem to have a great local training program since I’m in a large complex in a highly populated area.
The prospecting is always going to be the hard part. The way I figure it there is no “magic bullet” for prospecting.
“SEE OR FIGHT TO SEE AS MANY QUALIFED PEOPLE”
It doesn’t matter if its cold calling, cold walking (edward jones), networking, or whatever great plan you have. At the end of the day they can tell us to do x and we will get x amount of assets, but we still have to do the activity.
The name of the game is activity. or so I hope it is, because in this environment the only thing I can do is work my arse off and hope to get a few lucky breaks. As I do not have a huge network and an extensive center of influence with the $250,000 of assets lying around.
Warren Buffet said that we are going to have a great bull run for 10 - 15 years after the dust settles.
Hope we are still around to enjoy that
Young Gunz, I just applied to the Financial Advisor position with Morgan Stanley. What should I expect for a base salary in the KY area? Also, any advice about going through the interview process? Thanks!THEIR THEIR THEIR… I didn’t take the time to look over my post. oh well.
BTW. The ML offer I got was 15k higher base salary then Morgan. Plus there training seems to be going on pace.
Lets hope they don’t change it on me or have some bank rep come in and tell me to sell annuities.
Any advice? I start next week.
Akkulla and others that have been in THEIR training program what are your thoughts? I’m in the middle tier.
Young Gunz, I just applied for the Financial Advisor position with Morgan Stanley. What should I expect for a base salary in the KY area? Also, any advice about the interview process? Thanks!THEIR THEIR THEIR… I didn’t take the time to look over my post. oh well.
BTW. The ML offer I got was 15k higher base salary then Morgan. Plus there training seems to be going on pace.
Lets hope they don’t change it on me or have some bank rep come in and tell me to sell annuities.
Any advice? I start next week.
Akkulla and others that have been in THEIR training program what are your thoughts? I’m in the middle tier.
[quote=bullinachinashop]ms=45,000
ml=60,000[/quote] That sounds pretty good for just a base. You earn commissions on top of that during the training too, though, right? Also, are those hard set figures or negotiable? Does it vary by geography?You can earn more but it's rare. These numbers include your benchmarks, which are high.
These amounts are very negotiable. I just posted averages. Somebody that's starting on a second career with good networking potential will make more than someody just graduating from college, but will be held to a higher standard too.[quote=bullinachinashop]
You can earn more but it's rare. These numbers include your benchmarks, which are high.
These amounts are very negotiable. I just posted averages. Somebody that's starting on a second career with good networking potential will make more than someody just graduating from college, but will be held to a higher standard too.[/quote] I'm on my second career. Was with previous employer for about 2 years out of college, and including bonus after I left, I was making about $65k. I feel sort of dumb asking this, but am I in position to negotiate given my short professional level experience and the current economy? I guess most would say the economy is irrelevant and it's all about how much value you bring to the company. What do you think? Also, what do you mean these numbers include your benchmarks?