MSSB vs Merrill
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[quote=san fran broker] The branch (firm) that you want to train in is one that’s going to encourage you to develop your business. If they’re ANY good, the manager should be very receptive to aggressively cold calling and showing up at the office. Quite simply, anything that wouldn’t get you arrested should be acceptable to a manager and will, if that manager is not an idiot, probably get you a trainee position. If you don’t have a college degree, that should be the only impediment - and, even then, probably not. Don’t stalk, but go as far as possible. Don’t worry about your dignity. Losing it is part of making it in this business. They should be ok, and even amused by your efforts. You probably will end up getting a better base salary offer if you really work hard at getting through the door, anyway.As for training - IMHO, you should pick whatever branch offices you would most like to work in and then try to get a job at one of those. There are people who would disagree with me, but I think the training programs for all of the firms are worthless. Instead, take the investments class at a local university extension’s CFP program and I’d also recommend entering into a sales training program, if you can afford it, during your 4 months of training. Make sure the sales training is held in your area, by people in your area. Your firm’s will be a joke. The sales training you buy won’t be much better.
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san fran broker, thanks for the advice. Based upon my knowledge and the experience I’ve gleaned off others (including this forum), I agree with your first paragraph. I don’t really care about base salary either, just about being in the right environment that will facilitate my success in the long term (I plan on splitting my clients the first year or 2 with senior FA’s). I’m just not sure how I would identify a BOM who is supportive of cold calling (which is the main part of my plan), aside from applying to multiple branches and getting a feel of the BOM in the interview? And applying to multiple branches at once can be looked upon negatively, right?
P.S. Sorry if I’m pulling this topic OT.
[quote=san fran broker] Ok. How many successful trainees does this ML BOM have to his credit?
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I don’t know. But he has been in the business for 30+ years, and seems to know what he is talking about. I basically agreed with everything he said, till he said no scripts and cold calling like a boiler room.I will have to wait and see what his methodology is, but he said to use a more refined list with people that you have an affinity to. I know there are many ways to skin the cat, but I guess I will give him the benefit of the doubt.
The other Merrill guy I talked to said that it would be cold calling for 5 years, 12 hours a day, to build a really good book. That is what I thought it would be, but I don’t know what he has in assets. This guy was higher up the food chain, but only been in the business for 10 years - I think he was more interested in being in management.
After I get licensed, I have 3 months to make tracks. So, while I study for my test, I will have the time to compile what others did to get where they are. I hope they are straight forward with it though.
My BOM thinks that the recipie for success (at least for his last 4 successful trainees still working with the girm is:
3 hours on the phones per day, with the rest of the day either networking/doing seminars and attending appointments. Maybe it's just my demographic area? I fully expected to be on the phone more, but that is what he requests to start. He said some do more, some do less, and whatever mix works is fine. Only requirements are two nights per week (phone and/or networking event) and 2 Saturdays a month. Sure makes me curious as to whether he really knows what he is talking about or if he wants to paint a REALLY pretty picture about what I'm walking into? Either way, I'm ready...Wow, first sentence should read…
My BOM thinks that the recipie for success (at least for his last 4 successful trainees still working with the firm) is:3 hours on the phones per day, with the rest of the day either networking/doing seminars and attending appointments. Maybe it’s just my demographic area? I fully expected to be on the phone more, but that is what he requests to start.
Seems to me, that I have to get people anyway I can in the beginning. Doing seminars takes up time and doesn't guarantee anything except using a lot of time. Appointments takes too much time as well.
My guts tells me to be on the phone 10 hours a day.
I have heard households under $100K don’t count. So do you not get paid if you sell $25K muni bond to a new client?
Yeah, it seems they have something like a 250k hurdle, but don’t quote me on that.
I am of the school that I would rather sell a lot of Caesar Pizza’s for $5 then Gourmet ones for $20. I am a more of a volume person, but I know that it is more work.
I don’t know how many households have 250k plus in assets, but I am sure there are a crap load of 100k levels that are not being serviced.
At ML you don't get paid on accounts over 100k either. You're a trainee with a salary, but all revenue goes toward your goals which can provide you bonuses. For what its worth, i had offers from from MS (pre MSSB) and ML. I called an FA friend at MS and he told me to go to ML for training and I'm glad I did.I have heard households under $100K don’t count. So do you not get paid if you sell $25K muni bond to a new client?
You get paid on EVERY account when you are an FAA (trainee). Once you are on a strictly commission basis and salary is gone, you do not get paid on accounts <75K. That’s how it is at MSSB.
And I get the idea of being on the phone ten hours per day and that it can be much more efficient... I may want to give this guys way a shot though. We'll see, I won't get an actual production number until the middle of December anyway.[quote=chief123]I have heard households under $100K don’t count. So do you not get paid if you sell $25K muni bond to a new client?
At ML you don’t get paid on accounts over 100k either. You’re a trainee with a salary, but all revenue goes toward your goals which can provide you bonuses.
For what its worth, i had offers from from MS (pre MSSB) and ML. I called an FA friend at MS and he told me to go to ML for training and I’m glad I did.
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Thanks for your reply.
They seem more structured from the beginning. The guys at MSSB think I can pull in my buddies when I worked for hedge funds, but I would also like to learn from knowing no one. It seems at Merrill they have a plan in place. I would like to hear others on the comparison.
At ML you don't get paid on accounts over 100k either. You're a trainee with a salary, but all revenue goes toward your goals which can provide you bonuses. For what its worth, i had offers from from MS (pre MSSB) and ML. I called an FA friend at MS and he told me to go to ML for training and I'm glad I did. [/quote] How long have you been with ML? Where you licensed when you joined them.[quote=chief123]I have heard households under $100K don’t count. So do you not get paid if you sell $25K muni bond to a new client?
[quote=bullinachinashop][quote=chief123]I have heard households under $100K don’t count. So do you not get paid if you sell $25K muni bond to a new client?
At ML you don’t get paid on accounts over 100k either. You’re a trainee with a salary, but all revenue goes toward your goals which can provide you bonuses.
For what its worth, i had offers from from MS (pre MSSB) and ML. I called an FA friend at MS and he told me to go to ML for training and I’m glad I did.
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How long have you been with ML? Where you licensed when you joined them. [/quote]
No, I took the s7 with ML. I’ve been there for 18 months so I’ve seen the worst of it.
Well, I probably have an offer at MSSB coming, but I accepted at Merrill (pending background check). I already went through the background with MSSB, so the offer they are giving me is final. Problem is…they were d***ing around with me, and probably was due to the recent SB merger.
Funny…they give you an offer, then say they have to wait for the green light after the background check.
In theory, I don’t have a firm offer from Merrill (since they said they are waiting for the green light)
What would you guys do?
[quote=bullinachinashop] [quote=chief123] [quote=bullinachinashop][quote=chief123]I have heard households under $100K don’t count. So do you not get paid if you sell $25K muni bond to a new client?[/quote]
At ML you don't get paid on accounts over 100k either. You're a trainee with a salary, but all revenue goes toward your goals which can provide you bonuses.
For what its worth, i had offers from from MS (pre MSSB) and ML. I called an FA friend at MS and he told me to go to ML for training and I'm glad I did.
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How long have you been with ML? Where you licensed when you joined them. [/quote]
No, I took the s7 with ML. I've been there for 18 months so I've seen the worst of it.[/quote] So you are brand new? So do you not take client relationships less than $100K? What are ML goals these days?
Don’t really follow the goals anymore, but i know i’m in the top quintile and yes i do take <100k relationships, but don’t fee base money that small. I’ll just A or C share them and move on.
If you're really concerned about not getting paid on <100k clients then just get two separate sub 100k cleints and household them. You now have a >100k relationship and problem solved.Yes it does.
No, fee and commisssion is the same. I just would prefer to get paid on an A share and move on instead of trying to cultivate a relationship on sub 100's.Can firms when they do a background check, see that I have been getting unemployment?
[quote=Otane]What is the performance hurdles at MSSB?
Also, what is the training program at MSSB like? At Merrill, it is 36 months. [/quote]
Not that they’re in the best of shape right now, but is anyone considering a “training program” or is a new hire with UBS?
Last I knew, back in 1/1/09, they’re FAA program was cut, however, all the programs were cut, included was was SB and ML.
Looks to me like ML and MSSB are hiring again, wondered why UBS wasn’t. Besides the fact that they owe our government a crap load of money.
Please don’t listen to bullinachinashop about householding <100K accounts. That will get you fired. For real. Respect the rules and you can have a nice long career in this industry.
ML why did you leave(force or choice) and where did you go? Do you think it is a good place to start? A friend of mine has interviewed there twice and absolutely loves it, is he missing something?