A couple of my own thoughts:

1. It really depends on what your business style is.  If you are primarily going after corporate execs and HNW business owners with complex situation, then ML is probably a very good bet.  If you specialize in $500K 401K rollovers and retirees, then pretty much any firm will be fine.  Those people neither need all the "specialized" services of a ML, nor do they really care.  They really just need someone that will help them, give them attention, and someone they can trust. 2. As far as the thiefs you came across at one branch....we all know that this has happened at pretty much every firm at one time or another.  And whether they get caught or not, every firm hires a few scheisters here and there that move from slimy to criminal once they taste wealth. 3. If you are younger, and have many years ahead of you in this business, it often makes sense to nurture some less-wealthy/younger clients that have potential down the road.  I actually have several 50-something clients that have 7 figure 401K balances, but only a few hundred grand (or less) with me, since ALL their money is tied into their 401K.  Some of them also have high 6 figure defined benefit balances that they can take lumps sums from once they retire.  I certainly wouldn't want to turn those people away simply because they don't have much right now.  I will stick with someone for 10 years to get a $2mm rollover when they retire.  Also, think of the referral potential they may represent. 4. Business dress: I find that most of the indy guys in my area are business casual.  I notice two things about them; they are either wirehouse castoffs that couldn't produce so they went indy (and still aren't producing much), or they are very well established with good reputations, so people aren't concerned with business casual dress.  There are two "ensemble" firms in my area that are VERY large (as in $700mm+ books), and they are ALL in suits.  So I think it comes down to style, time in position, client base, etc.  Personally, I always wear suits.  I feel awkward if a client is more formally dressed than me.  I also look on the younger side, so I need every "edge" I can get. 5. It is true that many people have negative opinions of ML (not sure exactly why).  In my specific area, that opinion is shared VERY strongly by the prominent CPA's in town.  Not good.  But I think at one time our ML office had a few guys that used a lot of alternative and aggressive investments with very middle of the road clients, and they ended up losing a lot.  But then, more recently, a couple of guys came over to ML from UBS that are very good, ethical, above-board guys.  And the CPA's respect them, so voila!  Now the ML office has their reputation back.  My opinion - it all comes down to individual experiences with specific branches and specific reps.

Sedona:

Regarding prospects with account at ML:

That seems true on the surface, but ML demographic intelligence in my area (large suburban/metro) shows less than 20% market share in HH over $250K in many zip codes. They list zip codes we should focus on. Does you firm provides you with that research?

  I work at EDJ, and they provide HH and investible assets by zip code, along with our market share.  I am certain all firms have that data (they probably all buy it from the same place), it's just a matter of whether they share it with reps.