I f you look at MSSB be sure to get clarification on which program/side you will be on.   The training programs aren't merged yet and Smith Barney goals are 50% less acrooss all metrics(manged money,gross,AUM)

If you are looking for any training at all do not go to MSSB, here is your desk good luck.  I was let go a month ago along with along with 2 others after a year and a half even though I was exceeding expectations, one was exceeding on two of the three and the other was exceeding on one of the three. Once the MS side completely takes over the who knows what will happen.  We were told we would be able to pick which program we wanted to go in, but obviously since I was hired on the MS side that turned out not to be the case.

Looks like in reality they did me a big favor, going indy.

Feebasedrep, I'm a relationship manager for a bank.  So I handle all relationship with clients with over 250k in balances with us.  I have salary in the 80s at the moment, plus annual bonus in the growth of my book as well as quarterly bonuses for the products and investments(limited) I offer to my clients.  If I stay this route, I'll likely go into private banking..I'm also taking my CFP in march of 2011.

I wanted to get into the FA role due to my limited products I can offer and not being to provide a true solution to clients.  Plus, I do not agree at all with bank business model of shoving accounts, cards, and useless annuities down people's throats.  Having worked at a bank, I still cannot believe they are even in business...I do all my transactions at a credit union.

My goal is to first succeed as a FA, and become indy years down the road and have equity in my business.  This cannot be achieved by staying at a bank for the rest of my life. 

[quote=newregrep]

Feebasedrep, I'm a relationship manager for a bank.  So I handle all relationship with clients with over 250k in balances with us.  I have salary in the 80s at the moment, plus annual bonus in the growth of my book as well as quarterly bonuses for the products and investments(limited) I offer to my clients.  If I stay this route, I'll likely go into private banking..I'm also taking my CFP in march of 2011.

I wanted to get into the FA role due to my limited products I can offer and not being to provide a true solution to clients.  Plus, I do not agree at all with bank business model of shoving accounts, cards, and useless annuities down people's throats.  Having worked at a bank, I still cannot believe they are even in business...I do all my transactions at a credit union.

My goal is to first succeed as a FA, and become indy years down the road and have equity in my business.  This cannot be achieved by staying at a bank for the rest of my life. 

[/quote]

Makes alot of sense and is well thought out. I was hoping that maybe you were in a ban program which was fairly "ope". Some bank FAs (I think maybe Wells and smaller regionals) allow FAs to function. No relly salary, but they can offer managed programs, funds, and solutions similar to a wirehouse....won't be pitching options, but a base hopefuly big enough that you can look yourself in the mirror knowing you were doing the right thing.

Anyone have any bank experience not just pitching annuities...I actually think the old BAC model let you function as a "real" FA.

[quote=newregrep]

Feebasedrep, I'm a relationship manager for a bank.  So I handle all relationship with clients with over 250k in balances with us.  I have salary in the 80s at the moment, plus annual bonus in the growth of my book as well as quarterly bonuses for the products and investments(limited) I offer to my clients.  If I stay this route, I'll likely go into private banking..I'm also taking my CFP in march of 2011.

I wanted to get into the FA role due to my limited products I can offer and not being to provide a true solution to clients.  Plus, I do not agree at all with bank business model of shoving accounts, cards, and useless annuities down people's throats.  Having worked at a bank, I still cannot believe they are even in business...I do all my transactions at a credit union.

My goal is to first succeed as a FA, and become indy years down the road and have equity in my business.  This cannot be achieved by staying at a bank for the rest of my life. 

[/quote]

You are better off in private banking. Keep building the book at the bank while they are paying you. Don't bother with Merrill - you will be pushing BOA products in totality in a few years anyway.

[quote=Otane]

[quote=newregrep]

Feebasedrep, I'm a relationship manager for a bank.  So I handle all relationship with clients with over 250k in balances with us.  I have salary in the 80s at the moment, plus annual bonus in the growth of my book as well as quarterly bonuses for the products and investments(limited) I offer to my clients.  If I stay this route, I'll likely go into private banking..I'm also taking my CFP in march of 2011.

I wanted to get into the FA role due to my limited products I can offer and not being to provide a true solution to clients.  Plus, I do not agree at all with bank business model of shoving accounts, cards, and useless annuities down people's throats.  Having worked at a bank, I still cannot believe they are even in business...I do all my transactions at a credit union.

My goal is to first succeed as a FA, and become indy years down the road and have equity in my business.  This cannot be achieved by staying at a bank for the rest of my life. 

[/quote]

You are better off in private banking. Keep building the book at the bank while they are paying you. Don't bother with Merrill - you will be pushing BOA products in totality in a few years anyway.

[/quote]

I'm still waiting for EJ...I'll goto ML tomorrow just to not burn bridges.  I'm waiting to see what EJ can offer, so far I've heard nothing but positive things about EJ. 

Merrill will offer you a much higher base salary and solid benefits....and unlimited solutions, you just need to hit the hurdles. There are many on this board that work for EJ and can answer better than me, but I think salary is very low, no office space initially, and I am not sure when benefits kick in....aand although I am no expert, I don't think they have a totally open fee based program where you can ptich stocks, bonds, ETFs, all funds, or options if necessary. Many fail at Merrill, but you can get a salary of 50K+ while trying.

Having started at EJ, then moving to Merrill, I can easily breakdown all the differences:

EJ

- Small salary (20-25K Maybe) which decreases during the first year of production, then there are bonuses that you can watch all the assbags that got handed an office get I did get a couple of them on my own.  After the first year of production salary is gone, and then move to all commissions.  First 4 months selling goal of 5600 gross.  You will only be selling up-front A share mutual funds and bonds, or the ONLY fee based program they have Advisory Solutions.  If you like the thought of running your own office, having very unpredicatible income, being stuck in one area, and knocking on doors this is the best option for you.

ML

-Average Salary about 50-75k which if you make it through the program will last 3 years. you get a 15% quarterly bonus as long as you hit your all qualifications after 12 months 30,000 PCs 1.25MM NNA (fee based), and 2 households of 250k or more.  You can also get monthly bonuses as well, just have to do around 10,000 PCs in a month.  You can sell any share of any mutual fund and there are a few hundred different fee based platforms, larger inventory of bonds and other fixed income securities.   If you like being able to sell whatever you want, are investment savy, and know how to sell you could be fine here.

I do have mixed feelings when it comes to Jones, and most would side with me if i told the story but, i'm a very much hands on type of advisor so Merrill is a better fit.  Jones gave me the sales training, Merrill has given me much more industry knowledge.  I tried to spell it out best I could without writing a dissertation.

[quote=BudFoxofML]

Having started at EJ, then moving to Merrill, I can easily breakdown all the differences:

EJ

- Small salary (20-25K Maybe) which decreases during the first year of production, then there are bonuses that you can watch all the assbags that got handed an office get I did get a couple of them on my own.  After the first year of production salary is gone, and then move to all commissions.  First 4 months selling goal of 5600 gross.  You will only be selling up-front A share mutual funds and bonds, or the ONLY fee based program they have Advisory Solutions.  If you like the thought of running your own office, having very unpredicatible income, being stuck in one area, and knocking on doors this is the best option for you.

ML

-Average Salary about 50-75k which if you make it through the program will last 3 years. you get a 15% quarterly bonus as long as you hit your all qualifications after 12 months 30,000 PCs 1.25MM NNA (fee based), and 2 households of 250k or more.  You can also get monthly bonuses as well, just have to do around 10,000 PCs in a month.  You can sell any share of any mutual fund and there are a few hundred different fee based platforms, larger inventory of bonds and other fixed income securities.   If you like being able to sell whatever you want, are investment savy, and know how to sell you could be fine here.

I do have mixed feelings when it comes to Jones, and most would side with me if i told the story but, i'm a very much hands on type of advisor so Merrill is a better fit.  Jones gave me the sales training, Merrill has given me much more industry knowledge.  I tried to spell it out best I could without writing a dissertation.

[/quote]

Fantastic Post!

Just finished ML meeting today.  Met with two associate directors and everything went very well.  They were very pleased with me.  I have to come up with a business plan next week and present it to the directors. 

The associate directors said if the goals are not met for 1 month, they don't hound or fire anyone, but if they are consistently not being met, they will show you the door.

The goals were 30MM assets after 3 1/2 years.  There's 180 advisors working out of the office, it is the biggest ML branch in the country right now.

The ML model prevents you from building a sustained business IMHO. If they went back to their old model of NNA then I think they have a chance, but as I stated before, if you are selling annuities or front end product you are better off with an insurance company at almost twice the payout. 

I know this is a late post but I have an interview with ML and need to show them a business plan. Any help with this would be greatly appreciated. I'm not asking for a copy and paste just ideas on structuring. I'm very new to this so any help would be aprreciated. 

Nothing wrong with a late post, at least you're on topic and I'm assuming you've read this thread.

I would show a business plan that is 90% about how you'll acquire new clients: cold calls, networking, seminars, etc. Google the topic and I'm sure there are a dozen hits on marketing ideas.  

Don't even bother talking about investment "strategies" or technical analysis.  Between Merrill, US Trust, and Bank of America, there are enough stock analysts to open fifty mutual funds.

Good luck.

[quote=joshsp87]

I know this is a late post but I have an interview with ML and need to show them a business plan. Any help with this would be greatly appreciated. I'm not asking for a copy and paste just ideas on structuring. I'm very new to this so any help would be aprreciated. 

[/quote]

Try and think back on the interview process and ask yourself if the hiring manager has talked about the value that the relationship with BofA brings to Merrill FA's. If you remember hearing it then consider working the BofA partnership into your plan. Check these out:

http://www.totalmerrill.com/TotalMerrill/pages/ArticleViewer.aspx?TITLE=loanmanagementaccount

https://www.fs.ml.com/publish/new_articles/LMA_03092009.html?cpao=LMAML&cpca=Logout

http://www.mlcc.com/MLHL/TopNavigation/OptionalFeatures/LoanProcess.htm

Obviously, if you got a negative feeling about BofA from your hiring manager stay away from the subject.

The main thing the hiring manager wants to know is how you are going to meet your hurdles and that you are 100% sold-out to doing so.

There has to be an easier way. 

A few questions on ML PMD--

Are PC's/NNH/NNA cumulative or Trailing 12 numbers?

NNA = Net New Annuitized (ie: fee based only counts) or Net New Assets?  Also, do annuities/C shares/ etc count towards Annutized?

How long is pre-production?

FB:
I would check out the Rookies Forum on this site, there are some good threads about ML PMD.

I don’t have the Plan in front of me but I believe the following answers are correct:

[quote=FB 41]

A few questions on ML PMD--

Are PC's/NNH/NNA cumulative or Trailing 12 numbers?

NNA = Net New Annuitized (ie: fee based only counts) or Net New Assets?  Also, do annuities/C shares/ etc count towards Annutized?

How long is pre-production?

[/quote]

NNAA - Net New Annuitized Assets
NNH - Net New Households >=$250k (exempting some account types)

currently thinking of career change...

Does ML have minimum PC after PMD, like year 4, 5? or once you graduate PMD, you are safe?

[quote=BullRunt]

My bad, I copied from excel thinking it would work:

Los Month 3 = 4k PCs, $150k NNA, 0 NNHH: Month 6 = 10k PCs, $350k NNA, 0 NNHH: Month 9 = 18k PCs, $750k NNA, 1 NNHH: Month 12 = 30k PCs, $1.25m NNA, 2 NNHH

Month 15 = 50k PCs, $1.75m NNA, 2 NNHH: Month 18 = 70k PCs, $2.25m NNA, 2 NNHH: Month 21 = 90k PCs, $2.75m NNA, 3 NNHH: Month 24 = 115K PCs, $3.25m NNA, 4 NNHH

Month 27 = 145k PCs, $4m NNA, 4 NNHH: Month 30 = 175k PCs, $4.75m NNA, 4 NNHH: Month 33 = 210k PCs, $5.6m NNA, 5 NNHH: Month 36 = $250k PCs, $6m NNA, 6 NNHH

[/quote]

You're never really "safe" at Merrill or any other wire. You will work in a perpetually charging environment and never really own your book. Great career if you can survive though...

At major wires (MSSB, ML, etc.), if you are out of the training program, rarely do they lay off people in production (unless you are really underperforming), basically they just cut your payout so low that you can't afford to live (commonly referred to the "Penalty Box")-- ie: if you are producing under 200k after being in production for 5 years, your payout gets cut to 20% or some ridiculous number like that.  From this point, I have seen advisors in this situation either go to an Independent, smaller local firm, or an Ameriprise, etc. so they can produce at the same level and get a more realistic payout, or just get out of the business.  Anyone who has ever spoken to our training class has basically said if you're not making 100k per year (about 250k in Gross) by the time you are 3-5 years in the business, it's not worth the stress -- way too many other jobs out there that are much easier for that income level.