Remember - they see this as a victory, and to the victor go the spoils. Look at every single acquisition they have done. Nothing changes.

Jesus, dude. And I thought I did a lot of complaining.

I am not there (anymore) - I am not complaining.  I just understand the gig and current events.

I just wanted to take this time to personally thank Merrill Lynch for loading my pipeline with fresh, warm bodies looking for a big fat check that ML couldn’t give them.


Kudos, ML! You’ve made my job easier.

I would like to take time and second you Super Recruiter, Merrill has been very good to my pipeline.

If you didn’t get a “love pkg.” from ML/BIA guess what? They still want you to come aboard (they will give you a lollypop and a pat on the back) its not YOU they want its your clients! So you get your clients moved and signedup with BIA in about 1 yr. BIA /ML will come to all the brokers that did not get the ‘love pkg.’ and tell you that your not doing enough in production and we (BIA)are going to put you on a SALARY + commision. AFTER you do a certian amount of production your commision will kick in, and it will probably work out to be close to the same net income you are now making, or not!

Interesting theory.  But makes sense.  Moving towards the “European” model. 

Comp plan will be announced via DBS at 4:15 Thursday.  Stay tuned.

Rumor has it the managers back from the meeting in NY are now calling meetings with all FA’s who will be put on the 17% payout. They need to meet with them before tomorrows 4:15 CC. I still don’t know what the grid looks like. Wishing someone would post the numbers, we know you know…Whoever you are…

kappa 17% payout? Holly $hit I sure hope your wrong for those poor SOB’s that will be bent over on that deal.

17% is waaaay.

More details please. Why don’t you just post it???

it’s on the wire. not near as bad as you fools thought it would be. if you’re doing under $200,000-$300,000 and your LOS is 6 and over, you’re screwed…

  NEW YORK (Dow Jones)--Merrill Lynch & Co. (MER) is likely to push out many of
its lower-producing brokers with its 2009 broker compensation plan, according
to people familiar with the new grid.
  Executives at Merrill released the payout plan to branch managers Wednesday
afternoon and are set to announce it to the 16,000-plus brokers on a conference
call Thursday.
  A Merrill spokeswoman could not confirm the plan because it has not been
released to employees.
  The plan cuts the payout for brokers who have been in business six years or
longer to 20% of production if they generate less than $200,000 in production,
and 25% of production if they generate $200,000-$299,999.
  The "penalty box," as some brokers call this category, also includes brokers
who have been in the business for 10 or more years and produce
$300,000-$399,999. They will receive a 35% payout.
  "This is a huge cut for these people. Anyone who's in this penalty box is
going to leave," one Merrill broker said. "But I guess we're all bankers now."
  Some brokers blame the major changes in the pay plan on Bank of America
Corp.'s (BAC) acquisition of Merrill, which was approved by shareholders this
month.
  But the changes also come at a time when other firms are cutting pay for
similar categories of low-producing brokers. Brokerage analysts say that
overall, the industry is trending toward high producers.
  The 2009 Merrill compensation grid is also a big change in that it includes
one payout rate regardless of product type or ticket size. For example, it used
to offer different percentage payouts for insurance sales or managed accounts.
  The basic cash payout for brokers not included in the categories mentioned
above will be as follows:
  $0-199,000 will receive 36% of production.
  $200,000-299,000=37%
  $300,000-399,000=38%
  $400,000-599,000=40%
  $600,000-799,000=41%
  $800,000-999,000=42%
  $1-1.49 million=43%
  $1.5-1.99 million=46%
  $2-2.99 million=47%
  $3-4.99 million=48%
  $5 million and more=50%
  This new pay plan will be a step up for the high-end brokers bringing in $1.5
million or more in production.
  With additional bonus opportunities, it could mean a pay increase for other
brokers, too.
  There is also longevity award that provides brokers who have been with the
firm for five or six years and have at least $500,000 in production a bonus of
1% of production.
  For seven-, eight- and nine-year brokers there is a 1.25% bonus if they bring
in at least $750,000.
  For brokers with 10 to 14 years at Merrill doing at least $1 million in
production, the award is 1.5%. And for those with 15 years or more and $1.75
million in production, there is a 2% bonus.
  Other bonus opportunities on the new plan include an award for bringing in new
clients with at least $250,000 in household assets.
  It also offers brokers awards for doing more fee-based business as opposed to
commission-based business.
  Similar new-client and fee-based account bonus opportunities were offered on
this year.
  Households in the U.S. must reach $100,000 in assets for a broker to receive
to get paid for business done with the client.
  The new plan goes into effect at the start of 2009.

And the flood gates have been opened! Guess it’s time to set up shop.

I have some preemptive answers to anticipated questions:

Q: So, I’m under $500k in production at ML and I’m looking at a pay cut, can I market myself to another wirehouse?

A: Probably not at this time, however I’m fairly confident that some of the other wires will introduce new recruiting plans to accommodate the exodus from ML.

Q: I don’t want to wait a few months, let alone a few weeks to start looking around. What do you suggest?

A: I suggest you get a hold of a recruiter asap. You will need all the extra man power you can get to successfully market yourself to a prospective firm. You may want to focus on smaller regional and boutique type firms. Better yet, how about a big pay increase? Start looking at independent platforms (with the assistance of a recruiter) and you could actually see a healthy pay INCREASE if you are disciplined to run your own practice.

Q: I’ve only been in the business for (1-4) years and I’ve spent that entire time at ML. Should I stick it out here and try to build my business to meet a certain payout range?

A: Sure, as long as you can secure households with assets OVER $100k, since ML won’t pay on anything under that level. Then there’s always the question of what 2010’s payout plan is going to look like…

Q: I work at ML, am I a broker or a banker now?

A: You, my friend, are a broker stuck in a banker’s mold.

A broker stuck in a banker’s mold… great example…the writing’s on the wall my friends…well put SuperRecruiter

Zero pay on assets under $100k?

Does anyone remember only a few months back… all kinds of talk from managers, etc about how great BAC would be for ML and how comp would be “just fine” if not great, etc?  Retention was moderate at best, comp plan is good or bad for many depending on the FA but not the “win” folks have been waiting for.  Now, what’s freakin’ next???  ML’s being castrated slowly but surely! Mother just married a real sob.  

What happens when you marry a seriel killer? What sympathy do you get when you break down the door to marry a seriel killer?

Zero pay on assets under $100k?