Roll Call- Who's Walking from MER
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Some friends of mine from the Quick & Reilly merger refused or stalled in signing a new non-compete (tied in with a pretty bad retention bonus) with B of A. They were never explicitly threatened but they were harrassed endlessly (phone calls, visit by management). End result was that they signed. No one that I knew actually pushed it to the point of getting fired or left alone.
So, if BAC signs the protocol or MER states that it still appliers to MER brokers how much does that change the landscape? If you are a MER rep, does it change your feelings about whether to stay or go?
In other words, what is the protocol worth to you as a rep?
My thought, and I am just a rookie, is this is more about BAC and MER telling the MER advisors we will be left alone. Everything management said once the merger was announced was we will keep the name, the brand, our management will stay in place, and we will be allowed to do what we do best. It seems this is already not holding true and I don't know anyone who really thought it would. To me this is more about the business is changing, MER is never going to be like it was, and do you want to be with an organization where the expectations are unknown and possibly beyond your control or do you want to go elsewhere where there is a better sense of what your future holds.So, if BAC signs the protocol or MER states that it still appliers to MER brokers how much does that change the landscape? If you are a MER rep, does it change your feelings about whether to stay or go?
In other words, what is the protocol worth to you as a rep?
So far no one has left from my branch or complex. I originally thought that today would be the exit day for some. Now that BoA in joining protocol I don’t think that there will be that large of an exodus today. Any exits from other branches yet?<?: prefix = o ns = "urn:schemas-microsoft-com:office:office" />
--WM
Update: It’s Friday and we just saw our first departure. 2 man team, took their admin as well. $1.3M t-12. I hear they got 140% up, 100+ back end. Who’s next??
[quote=WealthManager]
Any exits from other branches yet?<?: prefix = o ns = "urn:schemas-microsoft-com:office:office" />
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We actually gained a team today.Just confirmed a rumor I heard earlier today.
Oakland CA- largest team in the office left today. I don’t know details about where they went, but it’s shocked folks. I heard from a guy in another Bay Area office, and I’m nowhere near there. He’s telling me he hears everyone he knows in his office is in negotiations.
The biggest team in our branch left yesterday for UBS. Total of 4 members. One member with 20+ LOS.
UBS could go under they are no different then any other poorly run crap house!
What is wrong with people if you leave go indy and move your book once!Still no movement in our office. My director told me yesterday that they were amending the agreement to include protocol language and define other terms- then he asked me why I hadn’t signed yet. I told him I’ve just been too busy with clients to focus. He pressed me and said “most people have already signed he agreement.” I KNOW this is bulls$*t in my office. Does anyone else have a sense how many people have signed the agreement. No one is signing and they are going to start pressuring for signatures.
I am in a decent size office (over 60 FAs) and while everyone is talking, I know 12 that have negotiated their deal. Time will tell. Management has no idea how bad things are "on the ground."Large team in Nashville ($3 + MM) left for UBS. ATL is losing some to UBS. I heard the top 400 Banc of Merrillika producers are being hosted in Orlando to be shown some love.
UBS is being aggressive becasue they dealt with their issues early on in this mess. Juxtapose that with Fuld or Steel, etc. as they sat in the middle of denile river. They are further along in the repair mode.In the last 2 months, our complex #1 ($2MYN) to Morgan, a 2 man team, about 1.2 combined leaving next fri. I’m gone after FCAAP in Jan. More to come.
I am over 25 yrs here, it’s not Merrill Lynch anymore. Figure i’d go before the deals start to come down, still got over 200%.
So you’re getting 200 to leave, versus 50 to stay (25 upfront plus the 25% growth award)? That’s a tough decision. If your book is portable and you don’t have loyalty to ML, go and good luck to you. I am hoping ML gets back to normal after the merger is done. I think it will be more normal than most people think. Most of my office, which is among the top 5 highest producing offices in the firm, is staying.
I just dont feel like it’s the same firm that hired me. I also think that they die is cast for the new comp plan favoring along the same lines as the retention deal. As far as loyalty, i used to feel that it went both ways, but it’s no longer the case.