New Suitors for GS and MS?
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Now that I look back, whatever firm you work for Nestegg, I just transferred 6 accts, 6mm…not to shabby.
Eye-
You are offically the first guy to make that "I-told-you-so" statement. I know it may feel like sense of relief for us, but keep in mind, wealth management at all of the major firms is doing well. Had those units been independant, or spun off, they would be just fine. It's the fact that they are associated with their parents right now that is hurting them. So do us a favor, don't dig a hole for us right now. Nobody needs to hear it. And by the way, most clients don't care about who bought Merrill or Morgan, but more importantly, what does MY account look like? I don't know about you, but the Capital Income Builder in my portfolios is doing just as poorly as the one's inside Merrill accounts. We're all in this together....It's so good to see that "Mr. Sunshine" has crawled out from under his rock to make his always positive outlook available for all to see.......Great to see all the regular dozen or so wirehouse guys still here after all this time and water under the bridge (or over-topping, soon to be breached levee, as the case may be)! Still posting a dozen times a day while producing $800k/yr. Impressive! Sorry to hear that literally all your firms will be either bankrupt or absorbed by banks before this autumn is out. God, I love LPL!!! Making money hand over fist by harvesting your former clients. Here’s to all you big talking wirehouse pikers out there! I love you, I really, really do!
The only thing good at Jones right now is that our stock price isn’t tumbling. I’m still getting lots of Chicken Little phone calls. Our brilliant analysts just moved AIG to a sell on, what, Tuesday. How much CIT Group, LEH bonds, or GMAC Stupidnotes do you still have on your books that are worth pennies on the dollar? The best call they’ve made since I’ve been here has been to sell BUD NOW!!!
I agree with B24. Let's not kick the guys while they're down. An AGE/WB/MS combo would be a powerful competitor.I was doing okay today until you brought up Capital Income Builder…
It was just an example. After all, Merrill IS the largest holder of American Funds (yes, even more than the Green Machine).
I have Cap Inc Bldr too, just like you guys, and I work for MER. I have to say, I just don’t get too excited over all this. It’s not that I’m stupid. I just have to focus, and my clients are my focus. I’m not one of those MER guys that don’t call, and I see everyone calling around here, so I don’t know where those brokers are that aren’t on the phones.
Although I have made it plainly clear I am not sorry about leaving EDJ nor do I like them much (still am not and do not), I do feel a certain connection to all brokers with the market movements. It's hard wherever you are. I'm sure EDJ guys are calling their clients too. I am a "wait see" person. What I have told my clients is that if we are not being told the truth, we are moving. I have had no negatives in any of my converstations when I told them that. I'll take my last bonus which was close to 1/8th a million dollars all in (I spent a little), put it with my EDJ settlement check (don't have yet), and add my retention bonus to it (hope it's good). Should help me through the rainy days ahead if they pop up. If I have to move, I'll take a big check and go to a firm that can compete in the years ahead. ttfn,[quote=B24]Eye-
You are offically the first guy to make that "I-told-you-so" statement. I know it may feel like sense of relief for us, but keep in mind, wealth management at all of the major firms is doing well. Had those units been independant, or spun off, they would be just fine. It's the fact that they are associated with their parents right now that is hurting them. So do us a favor, don't dig a hole for us right now. Nobody needs to hear it. And by the way, most clients don't care about who bought Merrill or Morgan, but more importantly, what does MY account look like? I don't know about you, but the Capital Income Builder in my portfolios is doing just as poorly as the one's inside Merrill accounts. We're all in this together....[/quote] +1. At times like this, these forums get very testy when we should be pulling together and supporting one another because no one else is going to. There is my nice post for the year.[quote=bspears]Now that I look back, whatever firm you work for Nestegg, I just transferred 6 accts, 6mm…not to shabby. ;)[/quote]
Ummm so that made sense…