[quote=ML for Life]I met my WM from BOA and he’s a great guy. He’s smart, hardworking, and knows how to play the game. We’ve referred about 4 mortgages and approx. 1mil in CD assets to him already. I’ve completely embraced this new option for our business. The ML world as we know it isn’t changing…it has changed. So either jump on board or get left behind. My WM knows he’s part of my team now and I know he will help me navigate through the BOA system from the inside. My Branch Manager actually tapped me today to speak to the our local BAI advisors in June and give them some insight on how a ML rep operates. This could be a real good thing if its handled right.

Bonehead:  Sorry you couldn’t make it in the POA/PMD training program. 

ML,



I’m happy your new partnership is working out and you have a positive attitude (I’m not being sarcastic).



Beware, however of referring mortgages to your partner. I have 6 mortgages from my clients that have been the biggest disaster. Most of them were applied for before March and still have not yet closed. For your own good (to keep your investment relationships), I would tread lightly and wait to see if those mortgages go through smoothly.



I can’t tell you how bad B of A is right now with underwriting mortgages. I’ve had to tell some of my clients to refinance elsewhere.

I think the new title is WMB (Wealth Management Banker) not WM's.  My old CM is still around and his attitude has completely changed.  For the ones that made the cut I can say they are very happy now that they do not have to deal with all the service calls.  I believe some of them will get the new roll.  I can confirm they did not manage any investable assets unless you consider CD and investment.......<?: prefix = o ns = "urn:schemas-microsoft-com:office:office" />

The one thing I am seeing and hearing is that the ML FA's are excited about having that WMB’s in their office to help them close loans and to navigate the bank.  The BAI folks are happy to get the technology and (crossing fingers) the comp plan.  The more I look at this the more it seems to be a good deal for all.  The ML guys never needed referrals so it's business as usual.  For us BAI folks this is a major upgrade and oh well if I need to source my own business I never got DIRT from my CM anyways so it business as usaual for me.  Also, I opened up tons of those crappy MRA accounts and guess what...I'm now getting all the maturing CD's emailed to me with a BIG red bow on them.  We never had it so good.

Bonehead: Sorry you couldn’t make it in the POA/PMD training program.

Oh boy, a maturing CD list? How much do you get paid on the roll?

Walehunter- Your not the sharpest tool in shed are you.  Can someone please educate this guy on why you would want access to a maturing CD list.........?  I can't even answer his question because it's so retarded.

Yeah, all those CD buyers are lineing up for CSG!

Bonehead:  I’m not going to get into a pissing contest with you, but making comments like “Thundering Turd” is just ridiculous.  I’ve been in this business for quite a long time, and have been with an IBD, Regional, and now ML.  This notion that you can’t be an entrepreneur at a wire and that you’re treated like a robot is simply nonsense.  And as far as doing what’s right for your clients…who do you think has the best investment platform, technology, research, and breadth of services?  Wirehouses do. 

The only argument an IAR or RIA could make is that they keep more of the money they bring in.  They may have great customer service models, but that can be duplicated and then some at a wire.  You can’t honestly tell me they bring better products, services, reporting/technology, and research to their clients, especially higher net worth clients?  Why do you think the vast majority of the wealthiest people in the world do business with the big wires?  I can tell you it’s not just b/c they can get you a credit card or a mortgage. 

Looks like more sh*t will be hitting the fan shortly.   Insiders saying Sontag is being ousted at ML. Anyone hearing this.





Bank Of America Denies Our Merrill Shakeup Story (BAC)

http://shar.es/bfQ4

Sellout a few points to your wirehouses are the best way for the HNW segment.  First you are correct in that the overwhelming vast majority of the UHNW as in 10$ milliion investable assets and up is served by old line Trust companies like Northern, Bessemer.  Investment banks like Goldman, CS, ML PBIG, UBS PB etc.  As well as established RIA’s, and on a much smaller scale the top of the top independents.  However you stated HNW which to most means on a low end 1$ milliion or 3$ million in investable assets.  This market is most certainly not where wirehouses are the best.  They are good no doubt but tons of adviosrs whether they are RIA, IBD Wirehouse, Regional, etc. do well in this segment.  If the wirehouses were so great then why is there a record number of “breakaway” brokers going to established RIA’s, or starting their own or leaving the wirehouse?  Like most wirehouse reps you erroneously think that the name on your card is what a client cares about, ignoring the relationship, which is what this business has and will always be about it?  To quote Chris Gardner"  This business is all about relationships and those can’t be bought"  Next time you make a blanket statement do several things:  First review what you are about to write and make sure it is what you want to say.  Two have detailed, exact information that supports your argument.  Saying things like the vast majority of the wealthiest people in the world do business with big wires really doesn’t validate your argument at all.  Saying something like forty percent of the Forbes 400 is served by ML would actually help you in your argument.   Third understand that most advisors on this forum are not in the UHNW market.  PW advisors are typically paid a salary with a bonus on large teams, and have leads either fed to them by a bank or have a couple of senior team leaders that brought in the business.  It is great that you love the wire but don’t insult those of us who are successfull with your HNW marketplace and act like we are naive to think we can compete with ML etc. Fourth please keep your attitude because wirehouse advisors like you who continue to think that if your not at a wirehouse and can’t do what you do are great for my business!

Last

Sell I like your sports analogy and you are correct in that a lot of the small Indy shops, insurance shops etc.  wouldn’t be able to compete with an experienced wirehouse broker for a high end HNW client.  But advisors at those places will have clients like that at every shop because they have a relationship with them.  I think a better sports analogy would be to look at the wires as the conferences like the Pac 10, ACC, Big 12.  Etc.  Indy, Regionals play at the same level but in a conference like the WAC or Mtn. West.  Can a top WAC team beat a powerhouse?  Absolutely look at BSU in the fiesta bowl a few years back!  The point is there are successfull advisors at every firm with high end clients they just might not have as many with a two milion dollar account.

Well sports fans.

Whoops should read World Wrestling  Federation.

I’ve always said that there are some very solid individual independents out there, and they can run a very strong business working with clients < $500k - $1M.  To use the college conference analogy…it’s like pulling for the 13-16 seeds in March Madness.  Everyone wants to see the upset, and they do occasionally happen, but the odds are not in their favor.  We may be seeing more parody amongst the college programs, much like the brokerage world, but there is not some seismic shift taking place.  Oklahoma would beat Boise State 9 out of 10 times they play, but everyone remembers the upsets…ala David vs. Goliath.

[quote=Borker Boy] Why don’t BAI and Merrill guys just move to Edward Jones?

Wildcat,