Roll Call- Who's Walking from MER
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Besides, when i did a review of my book, 19 of my top 20 HH have been w/me over 20 years. I just figure, that everyone should monetize they’re book at least once in a career. My thinking at the moment is, i’ll get paid now, and in 8 - 10 years, paid again as i make my retirement plans and sell the book to someone.
Admittedly, i NEVER thought i’d ever leave. Thank you Stanley.
"I am hoping ML gets back to normal after the merger is done. I think it will be more normal than most people think. "
I only wish the above statement was true, but let's be honest, there is no way this firm will ever be the same. Even though i will leave, I harbor no resentment. I prefer to look at this positively: "Mother Merrill" gave us a lot of good years and an experience of a lifetime. She is now dead. All ML employees stood by and watched as the "cancer" of Stan O'Neal slowly took down what was a great institution. I prefer to look back on the good years and open a new door for the rest of my career. With the right firm (not Merrill) I think the years in front of us can be just as good as the years behind us- but they will be different.For thos eof you have left in the last few years and those thinking of leaving soon, I would appreciate your thoughts on the relative postives and negatives of UBS and SMith Barney relative to ML and to each other. I’d particularly be interested to hear your opinions on comparisons of these firms’ platforms, technology (reporting, desktop, financial planning, etc), quality of FAs/management(branch and divisional), culture, focus and future direction. We are about a $1.5 million team in the NY area mostly annuitized with sophisticated clients. Thanks.
I was at ML and am now at UBS. I am a planner and I think the planning platform is a lot better. (I am a CFP so I have direct access to a very high level program - otherwise they have to do it for you). The technology is different but works fine. I guess my thinkg is if I notice the technology from a standpoint of why it won’t do this or that, then it is a problem. If I don’t notice anything then it works fine. They have all kinds of ways to analyze and slice and dice, some that I use, some I don’t. The culture in the back office is supportive. People take ownership of issues that need to be resolved. There are always exceptions though. My view of senior management is that they sure are quiet during this mess. I guess if I look at it - quiet versus a lie from the captain of Titanic. Anyway, there does not seem to be this constant push to do it “their way”. It seems to me their way is to help if you need it, stay out of the way if you do not.
As far as focus and future direction; as I mentioned above, the silence is weird. The times we do hear from them has been consistently positive and that we are trying to do the best we can for our clients and our firm. We have certainly been hurt through this mess, but we dealt with the problems much earlier than our peers, to our benefit. We just moved all of our mortgage related derivitives off the books in return for a similar "help" from the Swiss government. Incidently, UBS and CS are the two largests banks/firms in Switzerland. Financial Services represents over 70% of their GDP. I like my branch, but recognize that that will be different in each town.[quote=cubfan1404]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.[/quote]
If I were you, I would question whether or not “back to normal” is a good thing, given Mother’s history over the last 2-3 years.
{Personally, I hope ya’ll stay and don’t change anything…makes for easy hunting for guys like me. }
On UBS
Offering highest deal 265% (165% upfront) If you are in 1st Quintile for your LOS assets or Revenues. Otherwise 240% (140% upfront)
From a major wealth management full service stand point UBS is repairing the fastest as they dealt with Sub Prime early. Also they are largest wealth manager in world with 3 Trillion in AUM and have one of the highest tier 1 ratios. No plans to be a US commercial bank or merge / buy one so will look the most like the former large sacle firms (MER, MS) You will see UBS snag a lot of MER teams.
UBS also just increased comp plan, one great feature for teams is that all team members are paid at highest producers grid point (500k guy is paid at his 1MM partners breakpoint).
From a culture standpoint, i wonder if every place has the “us versus them” mentality that MER has adopted when it comes to compliance issues. My first sales manager told me (about 25 years ago) that at Merrill, “you’re brought up with severe toilet training”. It’s gotten to the point of ridiculous when they have client and employee data compromised (several times), but you can’t deposit a check for $10 made out to my infant son into my own CMA account.
Your “easy hunting” is not from my book. My team manages about 1 Billion and have not seen a single ACATs form in six months. I know you guys hate Merrill but you’re crazy to think the firm is dead. When the dust settles we’ll still be the home to more $1 Million producers than any place else, although admittedly fewer than before.
Back to normal, to me, means that I can go back to prospecting and managing my clients' finances without concern about the brand name. That will occur, just a matter of time. Everyone has taken their licks. Our brand name was bigger than most which is why we're in the news more than most now. And that is why this forum is focusing and Merrill and not Lehman, Bear, or Wachovia."Loved, hated, but never ignored".
your brand name is worthless. that’s wy bac got you for 50 bil. it should have been 2 bil.
Anyone else have any more thoughts on ML vs UBS vs Smith Barney as the best place, platform, management, and focus for continuing to build a good and growing practice into a a much larger one over the next 10 years? We’re weighing whether we’re better staying at ML where we will maintain all of our clients and where we can keeping growing quickly as we know the platform, people, etc and leaving to either UBS or smith Barney where we’ll get more $ up front but will need to get familiar with all we’d be leaving behind. Seems to us the key is not the $ up front, but where can you grow a high quality business the fastest. We appreciate your feedback.
EZ, they got them for .8595 shares of BAC (per MER share) on deal closing date. When the deal was announced, BAC was trading such that it meant about $29 per share. Chargeoffs, loan loss provisions, shareholder dillution (with more to come) and a little thing about a 50% dividend cut puts the deal on Friday’s close at (BAC = 20.49 * .8595 = $17.611. MER outstanding = 1.6 Billion shares (per Google Finance). 1.6 Billion * 17.611 = $28,177,848,000) $28.2 Billion.
One positive for moving is that MER has such a dominating presence of affluent households in my area that all these prospects that were off limits will now be fair game.
Gentlemen and Gentlewomen:
You need to take off the beer or whineCooler glasses and listen up and listen up Good. IF YOU DO NOT SIGN THE AGREEMENT YOU WILL BE TORCHED. IF YOU SIGN THE AGREEMENT AND THINK ITS ALL A MATTER OF RETURNING YOUR RETENTION BONUS AND YOU ARE FREE TO GO YOU ARE D.E.L.U.S.I.O.N.A.L. LEWIS paid handsomely for those assets(many think too much)...So you really think BAISI is going to bake you a tin full of cupcakes when you want to take those assets he now owns? BAISI WILL SKIN YOU AND TAKE YOUR BOOK. WE ARE IN UNCERTAIN TIMES....THAIN RAN TO BAC FOR SAFETY. YOUR LEAVING IS GOING TO CHALLENGE THE CLIENTS NOTION THAT THEY ARE IN A SAFE PLACE. THE LONGER YOU STAY THE MORE ASSETS YOU WILL LEAVE AT BAC.Daytradah:
Why do you think we can't sign the transition agreement, then leave and return the un-amortized balance? If we are covered by protocol, seems that we could do just that. My competition now is other ML guys in the office trying to keep our accounts; my competition then will be other ML guys in the office trying to keep our accounts. What's the difference? Explain.[quote=daytradah]Gentlemen and Gentlewomen:
You need to take off the beer or whineCooler glasses and listen up and listen up Good. IF YOU DO NOT SIGN THE AGREEMENT YOU WILL BE TORCHED. IF YOU SIGN THE AGREEMENT AND THINK ITS ALL A MATTER OF RETURNING YOUR RETENTION BONUS AND YOU ARE FREE TO GO YOU ARE D.E.L.U.S.I.O.N.A.L. LEWIS paid handsomely for those assets(many think too much)...So you really think BAISI is going to bake you a tin full of cupcakes when you want to take those assets he now owns? BAISI WILL SKIN YOU AND TAKE YOUR BOOK. WE ARE IN UNCERTAIN TIMES....THAIN RAN TO BAC FOR SAFETY. YOUR LEAVING IS GOING TO CHALLENGE THE CLIENTS NOTION THAT THEY ARE IN A SAFE PLACE. THE LONGER YOU STAY THE MORE ASSETS YOU WILL LEAVE AT BAC.[/quote]Other than screaming and contradicting yourself, do you have a point to make, and anything other than your screaming to back it up?
For the record - I left BAI and took a goodly piece of my book when the were a non-protocol signer. I got a letter that hurt my feelings but that was it. Of the clients I did not keep - The bank had them convinced that their loans would be looked at (illegal but it happens) or the new guy said some caca which wasn’t true and I did not bother to correct it since the client appeared lemmingish. The bank has a hold of some clients but not all. I had a successful transition with no TRO or any other problems.
I still think working for BofA is a mistake, but I do not agree with Daytradah that they have you by the shorties. Unless of course you are a day trader.
Bancofamigo-
Great point, I recently had a prospect who was a small business owner with an account at BAI. The prospect was ready to move his brokerage account and after submitting the paperwork the client called me upset because BAC was going to pull his lines of credit if he moved his brokerage accounts.
"Great point, I recently had a prospect who was a small business owner
with an account at BAI. The prospect was ready to move his brokerage
account and after submitting the paperwork the client called me upset
because BAC was going to pull his lines of credit if he moved his
brokerage accounts"
I’ve heard this story more than once lately. I have a very large potential client I’ve been working on for months. He’s been stalling me for weeks now. I just found out he’s probably out for good after his partner told me about some issues on business lines of credit with BofA last year. Word is they won’t do business with any entity related to the bank.