Ml?
Is anyone on here with Merrill Lynch or considering them as a potential employer? How do they stack up to other firms like MSSB and EJ in terms of rookie training, compesation, expectations, etc.
I considered them for a short while. I was getting my resume doctored up to submit to them, Smith Barney and Ameriprise before I met a young man who was a leader with Primerica. That is the company who I signed on with and it has been a match made in heaven since day one. Here is there website if you would like to take a look at them:
http://www.primerica.com/public/ PM me if you have any specific questions, or just look at my past posts, which have been PRIMERIly (Haha!) about my experiences with Primerica.DAYUM! That’s the first time I’ve seen someone speedball kool-aid.
Just make sure if you sign on with Primerica that you learn this one term that is the basis on which your career with them will be built - downline.
You can also apply that term to other great companies like Amway, Arbonne, Pampered Chef, Mary Kay, and a host of others.[quote=Spaceman Spiff] Just make sure if you sign on with Primerica that you learn this one term that is the basis on which your career with them will be built - downline.
You can also apply that term to other great companies like Amway, Arbonne, Pampered Chef, Mary Kay, and a host of others. [/quote]
Aside from the (great) slams on Primerica, does anyone have any insight to the original question? I am nearly 100% sold that the RIA route is the one for me (plus fee based planning) but I am curious about some of the bigger wires and what they have to offer. I know ML has had their image tarnished (to say the least) but I do like thier increased focused on building an annuitized, fee based business and I am interested to hear from anyone who is/has worked for them in that model. Thanks!
[quote=Curious1]Aside from the (great) slams on Primerica, does anyone have any insight to the original question? I am nearly 100% sold that the RIA route is the one for me (plus fee based planning) but I am curious about some of the bigger wires and what they have to offer. I know ML has had their image tarnished (to say the least) but I do like thier increased focused on building an annuitized, fee based business and I am interested to hear from anyone who is/has worked for them in that model. Thanks![/quote]
Fair disclosures before I answer:
1) I don’t and never have worked at ML.
2) Everything I know is second hand from friends at the firm.
With that said, I think everyone is focusing on more fee based business. The big draw previously at ML was the name. While tarnished, I think you will still get an audience with some investors when prospecting. Their “model” seems to be “prospect, sleep, prospect”. Most new people fail.
If you are just looking at the ability to do fee based business, find a firm that that you feel comfortable working at (find a culture that you fit into), and go there, even if it means teaming up with the local Mary Kay wholesaler for a dual-marketing party with Primerica. Most decent firms (and some indecent ones) will allow you to do fee based business.
ROOGLE
[quote=Squash1]ROOGLE[/quote]
The big wirehouses are pretty much all the same. Same platforms, same culture (more or less), same neighborhood when it comes to payouts.
The difference is the branch, and the branch manager. You will get more support at some branches than others. Also, look for a branch with a large group of people in the training program, not just one or two.ML is dead. It is now Bank of America. They are not a wirehouse if they are owned by a company in Charlotte, NC … home of NASCAR.
says the guy who works for a firm that can’t be defined, so it gets looped in with primerica,ameriprise and scotttrade
says the guy who works for (owns?) a firm with one employee. Does not change the fact ML is no longer a wirehouse.says the guy who works for a firm that can’t be defined, so it gets looped in with primerica,ameriprise and scotttrade
[quote=voltmoie] ML is dead. It is now Bank of America. They are not a wirehouse if they are owned by a company in Charlotte, NC … home of NASCAR.
[/quote]
Volt - seriously? You think St. Louis is better than Charlotte?
I know you didn’t say it, but I believe that is what you implied. If I’m off, I apologize.
But you are correct, ML certainly is no longer a wirehouse. No matter what Krawcheck says, they are a bank brokerage.
Not that there’s anything wrong with that.
No, I love Charlotte. Would live there over St. Louis anyday of the week but ML is owned by a bank.
I'd say for banks, Charlotte is better. For retail brokerage firms, St. Louis. The proof would be in the companies that came out of those towns.[quote=Sportsfreakbob]The big wirehouses are pretty much all the same. Same platforms, same culture (more or less), same neighborhood when it comes to payouts.
The difference is the branch, and the branch manager. You will get more support at some branches than others. Also, look for a branch with a large group of people in the training program, not just one or two.[/quote] I concur with sfb. The difference in the wires is not so much national as local. Individual branches have their own identity. Some are fee oriented cutlures, other transactional, some have a history of growing succesful new FAs, some are populated by tenured FAs who look at trainees as their source of next years' new revenue. The branch manager is the critical component. You should be interviewing them as much as they you. How long have they been BM, how many new trainees do they hire each year, what's their retention rate, is there a structured mentor program, is teaming with seasoned FAs encouraged, can you sit with one of the branches current trainees to pick their brain. Also, if your ultimate goal is to be an independent RIA, there is, in my opinion, no faster route to building the critical mass needed to launch on your own than by starting at a wire. Hope this helps.[quote=Squash1]says the guy who works for a firm that can’t be defined, so it gets looped in with primerica,ameriprise and scotttrade
says the guy who works for (owns?) a firm with one employee.
Does not change the fact ML is no longer a wirehouse. [/quote]
Hey Koolaid drinker… i don’t work for anyone except myself… I was at Jones once, you will get it eventually…
[quote=voltmoie]
No, I love Charlotte. Would live there over St. Louis anyday of the week but ML is owned by a bank.
I’d say for banks, Charlotte is better. For retail brokerage firms, St. Louis. The proof would be in the companies that came out of those towns.
[/quote]
What???
Hmmm. Bank of America vs?? Edward Jones and Stifel… You are right St Louis definitely has more clout
lol - like I said, a 1 man firm - oh and while you can fire your B/D, you're still a slave to them. So don't get all high and mighty about your "independance" kool-aid drinker .. Who said anything about clout? Don't change the argument to suit your weak agenda. St. Louis has a rich history of retail brokerage .. EDJ, AG Edwards, Stifel Charlotte has a rich history of buying brokerage firms .. AG Edward, Wheat, ML, US Trust, Prudential Securities If anything EDJ is signifigantly more similar to BOAs delivery method of services than any other brokerage firm in America. It's a cookie cutter approach.
What???
Hmmm. Bank of America vs?? Edward Jones and Stifel… You are right St Louis definitely has more clout
[quote=voltmoie]
I’ll fire Jones as my b/d when I choose. Until then, I’ll take their salary, training, office, and branding. In return I’ll bust my arse but with the end in mind. They are simply the platform I utilize to deliver services. EDJ works for me, not me for them. Right now it’s a mutually beneficial relationship.Your mind creates your slave mentality, not the company you are affiliated with. It’s too bad for you that you couldn’t see that but your situation is VASTLY different from mine.[/quote]
Tell me you didn’t use platform and EDJ in the same sentence?? If you consider the wage they pay you salary(peanuts is more like it) then ok. Training? seriously… Ok i will give you the office and secretary(but they take 60% for that) and branding is not really an issue.
You are an employee(w-2), you are required to do things, IR meetings(miss the free pizza, but not that bad advice), Call sessions(only attended once) Glorification of FAs(hated this one because it was always someone who took over a $30MM office) and regional/summer meetings(shoot me now if I have to hang out with Jones people and talk about Jones stuff)…
Quote of the week. Nice job.DAYUM! That’s the first time I’ve seen someone speedball kool-aid.
Maybe when we all ready to leave larger firms and go indy, bigmoneyhoney can get us into primerica. I hope they hire us not that we have a contact at the firm. Sorry Stiefel and others Im going to sell Amway, I mean Primerica. What 300% of t-12, not if I dont have a downline
Of course I did. I had no training. No license. In a brand new very small place where no one knew who I was. All of that was very important to me. Now I'm doing between 7-10 gross a month out of my car less than a year later. I would not be at this point had it not been for the tools Jones has given me. Jone's won't be able to give me anything else going forward, I do the rest on my own - but again, they are just a platform. I'm not required to do sh*t. Don't go to call sessions. Don't go to IR meetings. No glorification in my region (that I've been able to see). I do go to the regional meetings because I choose. The summer was terrible but my son enjoyed the pool. The fall was one day and really good. You were a slave because you thought this company was something that it was not. You thought you were an owner. You didn't pay a franchise fee. You were not an owner. You want a cookie for being foolish?
Tell me you didn’t use platform and EDJ in the same sentence?? If you consider the wage they pay you salary(peanuts is more like it) then ok. Training? seriously… Ok i will give you the office and secretary(but they take 60% for that) and branding is not really an issue.
You are an employee(w-2), you are required to do things, IR meetings(miss the free pizza, but not that bad advice), Call sessions(only attended once) Glorification of FAs(hated this one because it was always someone who took over a $30MM office) and regional/summer meetings(shoot me now if I have to hang out with Jones people and talk about Jones stuff)…
Of course I did. I had no training. No license. In a brand new very small place where no one knew who I was. All of that was very important to me. Now I'm doing between 7-10 a month out of my car less than a year later. I would not be at this point had it not been for the tools Jones has given me. Jone's won't be able to give me anything else going forward, I do the rest on my own - but again, they are just a platform. I'm not required to do sh*t. Don't go to call sessions. Don't go to IR meetings. No glorification in my region (that I've been able to see). I do go to the regional meetings because I choose. The summer was terrible but my son enjoyed the pool. The fall was one day and really good. You were a slave because you thought this company was something that it was not. You thought you were an owner. You didn't pay a franchise fee. You were not an owner. You want a cookie for being foolish?[/quote] Damn dude...game on![quote=Squash1]
Tell me you didn’t use platform and EDJ in the same sentence?? If you consider the wage they pay you salary(peanuts is more like it) then ok. Training? seriously… Ok i will give you the office and secretary(but they take 60% for that) and branding is not really an issue.
You are an employee(w-2), you are required to do things, IR meetings(miss the free pizza, but not that bad advice), Call sessions(only attended once) Glorification of FAs(hated this one because it was always someone who took over a $30MM office) and regional/summer meetings(shoot me now if I have to hang out with Jones people and talk about Jones stuff)…
Of course I did. I had no training. No license. In a brand new very small place where no one knew who I was. All of that was very important to me. Now I'm doing between 7-10 a month out of my car less than a year later. I would not be at this point had it not been for the tools Jones has given me. Jone's won't be able to give me anything else going forward, I do the rest on my own - but again, they are just a platform. I'm not required to do sh*t. Don't go to call sessions. Don't go to IR meetings. No glorification in my region (that I've been able to see). I do go to the regional meetings because I choose. The summer was terrible but my son enjoyed the pool. The fall was one day and really good. You were a slave because you thought this company was something that it was not. You thought you were an owner. You didn't pay a franchise fee. You were not an owner. You want a cookie for being foolish?[/quote] Great argument on both sides. Well done.[quote=Squash1]
Tell me you didn’t use platform and EDJ in the same sentence?? If you consider the wage they pay you salary(peanuts is more like it) then ok. Training? seriously… Ok i will give you the office and secretary(but they take 60% for that) and branding is not really an issue.
You are an employee(w-2), you are required to do things, IR meetings(miss the free pizza, but not that bad advice), Call sessions(only attended once) Glorification of FAs(hated this one because it was always someone who took over a $30MM office) and regional/summer meetings(shoot me now if I have to hang out with Jones people and talk about Jones stuff)…
Volt - miss a couple of summer regionals and fall regionals and see if you don’t “have” to go.
Why would I miss something that I’d like to attend? If I get to the point where I don’t want to participate and dislike the people I work with… I’ll leave.
You can't choose your family, you can choose who you work with/for.I was just saying that you are “required” to do some things.
You are required to sell only what Jones will allow you to sell. You are required to paint your office green (maybe not still - but you used to be). You are required to go to summer regionals. You are required to only use Jones-approved marketing materials. You are required to not buy a stock under $2 ($4?). You are required to sell your clients only bonds on BondNET.
So, you can tell yourself all day that you WANT to do those things (and maybe you do). They are still Jones requirements.
I had the same mindset as you up until right about one year after can-sell.
[quote=Moraen] I was just saying that you are “required” to do some things.
You are required to sell only what Jones will allow you to sell. You are required to paint your office green (maybe not still - but you used to be). You are required to go to summer regionals. You are required to only use Jones-approved marketing materials. You are required to not buy a stock under $2 ($4?). You are required to sell your clients only bonds on BondNET.
So, you can tell yourself all day that you WANT to do those things (and maybe you do). They are still Jones requirements.
I had the same mindset as you up until right about one year after can-sell.[/quote]
I think I’ve stated my position pretty well but if you feel the need to make a point unrelated to my argument, knock yourself out. I realize the limitations with the platform and quite frankly its not cost me a dime. I can’t drive my Jeep 150 mph either but it always gets me home.
Sorry that you also bought into the idea you owned a business you personally put no capital into.
I put plenty of capital into Jones. I told I needed to if I was going to make it. And I don’t know what you were told, but when I was with Jones, they TOLD us it was our business.
The only difference then versus now: I see a return on the capital I put in here.
Your analogy of the Jeep is great, by the way and makes a good point. However, this what I was told. “You can do anything you want as long as it’s legal, ethical and profitable”. “There are NO required meetings”. “You can use whatever investment strategy you see fit”.
You know when you buy your Jeep that you cannot drive it 150 miles per hour. There are laws against it (Can a Jeep even got 150 miles per hour).
That is the difference. Maybe you weren’t sold the same ball of wax I was, in which case, good for you. But don’t say you aren’t REQUIRED to do anything when in fact you are.
I don't understand how you Jones guys can claim that certain expectations aren't presented to new guys when they start there when so many of us have had similar negative experiences.
There are three levels of training programs at ML.
No experience they pay 40k-50k
Some experience they pay 50k -60k
Experience with no book 60k-75k.
What ever level you are at you more than likely will not survive unless you team up. If you go on ian interview i would tell the RD that your interests are working with a succesful group that you can help build their business while building yours in hopes of being a partner. More than likely the team will use you than crap on you but hey thats a wirehouse. I would use the firm for a salary and benefits, get your feet wet, study for the CFA and go get a job internally as a portfolio manager or analysts.
Any info on training at ML? Series7/66 course? Outline of first 6 months?
Ask Ron14, he’s a banker. heehee
Is ML still hiring? I have heard that they froze all new hires as well as freezing the bringing in of established brokers in as of 11/9 and will not bring anyone new in until 1/1/10. Any FA's that were in talks to go to ML, need to come over by 12/1.Any info on training at ML? Series7/66 course? Outline of first 6 months?
They are still hiring as far as I know, but those that are coming in that I know of are coming in before 12/1 so maybe what you’re hearing is correct. We’ve had several new PMDs in the past few months.
As for the training, it all really depends on your management (which is the same I hear from people I know elsewhere - MSSB, especially). The 7/66 study material here is Fire Solutions and self-paced. The first several months are spent simply studying for the exams and in your "spare" time, pulling together your ideas of prospecting, which you should have been thinking about long before deciding to enter into this industry.I’m proud of you mlgone…you actually posted a comment without mentioning the word gay. By the way, did you tell your family yet
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