Which firm would be good to work?
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Ex-Merrill - Break down your business for us, assets/production/%annuitized and that should help provide you with better advice.
[quote=pghkid]Ex-Merrill - Break down your business for us, assets/production/%annuitized and that should help provide you with better advice.[/quote]
He is starting over. He doesn’t have any of that stuff.
wait a minute, truly starting over? None of the clients he had will go with him? The first clients I had are still my most loyal. on the other hand, this is a brutal business, especially in this environment. Ex-Merrill, I would look up every firm in your area, and go with the one with the fewest headlines that make you sick to your stomach! Also consider what part of this career you truly love - the prospecting, the client contact and service, investment management or whatever. If you love vetting mutual funds but hate asking for business, this is the wrong career path.[quote=pghkid]Ex-Merrill - Break down your business for us, assets/production/%annuitized and that should help provide you with better advice.[/quote]
He is starting over. He doesn’t have any of that stuff.
Most of my clients will be going with me, depending which firm I go to. My book is around 2million with 80% annuitized. I have approximately 2 million more scheduled to sign. I actually postponed an appointment with one client who was bringing the $1 million. account.
Any feedback on which companies to consider? I think I'll have an offer from one regional and one of the big guys. My concern is that I don't want to be in the same boat, laid off and looking for a job in the next year or two. Who would you think would be the safer bet? Both branch managers are awesome.[quote=EXMerrillFA]Most of my clients will be going with me, depending which firm I go to. My book is around 2million with 80% annuitized. I have approximately 2 million more scheduled to sign. I actually postponed an appointment with one client who was bringing the $1 million. account.
Any feedback on which companies to consider? I think I'll have an offer from one regional and one of the big guys. My concern is that I don't want to be in the same boat, laid off and looking for a job in the next year or two. Who would you think would be the safer bet? Both branch managers are awesome. [/quote]I’m sorry to hear that you’ve been laid off. I know of a number of ex-ML FAs who are in the same boat.<?: prefix = o ns = "urn:schemas-microsoft-com:office:office" />
What was your LOS? Would you have made it at ML if it were not for the market? If given a few more months, would you have made it? How much of your book did you bring in and how much was through distributions? I’m not trying to be rude but I’m trying to help you assess if you should be in the client acquisition business or not. If the answer is no, then the banks may be the best option.
What will show up on a released POAs U4?
Has ML or <?: prefix = st1 ns = "urn:schemas-microsoft-com:office:smarttags" />BAC talked about putting failed advisors in BAC branches?
--WM
As another ExMerrill FA, I’ll jump in with my #s. (I’m still with ML for another month, so I’m not being specific on numbers)
LOS 2 AUM - $5 - 10MM Annuitized $4 - $5MM I too turned away a new account this week, after learning of my impending departure. The client has one account here already, but he wanted to ACAT over two new $2MM accounts for SMA (Consults). I asked him to hold off until I know where I'm landing. I've been getting strong advice to look at the banks -- both national and regional, rather than another wirehouse or franchise (like LPL or EDJ). After grinding it out for three years at ML, I'm realizing that while I'm great at customer service and decent at portfolio management, I'm just not cut out for banging on the phones all day. As Dirty Harry said, "A man's got to know his limitations." Any sage advice???Having spent 3 years as an indie early in my career, then 20 years at AGE (10 as a Branch Mgr.), then the past two in the hybrid model, given the numbers you have I would seriously look to one of the high quality regionals (Stifel, DA Davidson, perhaps even RBC). Just my two cents.
[quote=Fundrzr]As another ExMerrill FA, I’ll jump in with my #s. (I’m still with ML for another month, so I’m not being specific on numbers)
LOS 2 AUM - $5 - 10MM Annuitized $4 - $5MM I too turned away a new account this week, after learning of my impending departure. The client has one account here already, but he wanted to ACAT over two new $2MM accounts for SMA (Consults). I asked him to hold off until I know where I'm landing. I've been getting strong advice to look at the banks -- both national and regional, rather than another wirehouse or franchise (like LPL or EDJ). After grinding it out for three years at ML, I'm realizing that while I'm great at customer service and decent at portfolio management, I'm just not cut out for banging on the phones all day. As Dirty Harry said, "A man's got to know his limitations." Any sage advice???[/quote]Being vague is a very nice touch.
Every local bank and credit union around here is looking to put FA’s in the major branches. Look for a small bank and you can at least see if that is in the plans for them. I have been very happy that I left EJ. Working at the credit union with thousands of members to call on is great.