More Merrill layoffs?

I can’t confirm but it is logical.  They have been looking to get the “expenses” off the books in the first quarter so that things look better for the remainder of the year.

What is your source for hearing more layoffs in the PMD program are coming?

A PMDer that got laid off last week found out from people still within…you know, he said, she said…that’s why I posted my question to find out if it’s fact or rumor. I did call another friend who confirmed that this person can be taken for their word. I guess we’ll know more tomorrow.

Any more word on this?  This is extremely scary.  Any other firms w/ reputable training programs hiring out there?

The word in our complex is nothing immediate, but you need to stay on goal and not give the slightest reason to be let go.

I’ve heard the same thing in my office. As long as you hit all your hurdles you should be fine. I would strongly recommend trying to team up with a senior FA. In this market, unless you know a ton of people with lots of money, that looks like the only way to make it through the POA/PMD program.

I keep hearing this is a great market to be new in…folks aren’t happy with their FA so their mving assets. I’m not finding that. I believe many people are dissatisfied but with the current market climate, they’re too scared to do anything. Plus, if I were to keep assets in I don’t get credit unless they’re invested in the market. But I don’t have confidence in the market now. Maybe DCA younger clients. Anyone finding it tough to gather assets out there?

I have had zero success cold calling in this environment. There is so much fear and distrust that people just don’t really want to talk to someone new right now over the phone. I have had some success with my networking efforts with local CPA’s. If you can get someone a prospect trusts, like their CPA, to refer them to you, those conversations go much better.

I keep hearing this is a great market to be new in…folks aren’t happy with their FA so their mving assets. I’m not finding that. I believe many people are dissatisfied but with the current market climate, they’re too scared to do anything. Plus, if I were to keep assets in I don’t get credit unless they’re invested in the market. But I don’t have confidence in the market now. Maybe DCA younger clients. Anyone finding it tough to gather assets out there?

7 out of 10 people may hate their advisor but that doesn’t mean 7 out of 10 people with leave that advisor in this market. That sounds like a bunch of smoke that management tries to tell people to convince them that clients are banging down the door to leave their advisor. Its not true. I think people are smart enough in this market to know that the advisor isn’t 100% to blame, probably more like 10% to blame.

FYI -

I also think that “7 out of 10” number is a bunch of kaka.

It also doesn’t mean that all 7 people will find someone they are suitably comfortable to move to.



The Devil you know versus the Devil you don’t know.

They are laying off some CAs according to some news reports I read yesterday.  It was only a matter of time before support staff was cut.

CA’s will be next. Then move on to more overlap within management. Also, branch consolidation may be the next thing to come. All I know is that Merrill is no longer what it used to be.

I was also meeting all of my hurdles and was recently cut. Incredibly discouraging but no need to dwell on it. If this is the industry that you picture yourself being in for years to come then work quickly to get in the door somewhere else and bring your clients over asap.

We are hearing it and seeing it. There has been an influx of Merrill’s trainees joining WR and we’re more than happy to accomodate them.

It is my understanding that you cannot transition the Merrill wrap account MLPA to Waddell as the WR advisors cannot solicit or recommend individual stocks bonds etc. Correct me if I am wrong, but what happens to the accounts which hold a Treasury bond, munis, no load funds, and XOM, JNJ stock etc.??

MBrink, does WR stand for Waddel & Reed or does it stand for the British version of Wachovia, known over the pond as Wachovier.

It is Waddell & Reed.

Your question really has more than answer because we operate on 2 different platforms. So basically it depends on what platform you are on. We have the Classic channel; which is probably more like what you are describing, and we also have the CHOICE platform which allows a full-service b/d. There are details that would take forever to cover on here, but give us a call or shoot an e-mail. I would be happy to discuss it with you. I would be surprised if you were enjoying a higher payout than what we have to offer.

Rumor is CA layoffs will happen this Friday.

oops… my post above should have said more than ONE answer…

Great…I’d rather get laid off than our CAs. They’re awesome and have been here a very long time. I can find something else.

I assume CAs that are paid by a team would be immune from the layoffs?

That would make sense.  I don’t imagine the huge teams with 10-15 employees are going to be forced to cut staff.  Now, I assume the firm absorbs a certain % of the CA salaries, but above that the teams pays.  Just like at Jones - you get one BOA, and then the firm will pay for additional one’s based on branch production.  But if you don’t meet those production requriements, and still want additional staff, you can pay for it out of your production.

By the way…I haven’t seen anymore FA/PMD layoffs over the past couple of weeks like I heard. You got to think it’s coming looking at the value of BAC.

We are definitely still seeing Merrill trainees looking to move. We had 3 just today.

Would you say that folks in the PMDP that are newer or older hires have more to worry about?  I’ve heard some say that even though they’re hitting their hurdles in the PMDP, they’ve been let go.  This doesn’t make sense to me if ML is still throwing money after new PMDs who haven’t even acquired their licenses yet.  Maybe it’s a geographical thing?

According to my boss it is a geographical thing. But not to take anything away from her I had a friend in NJ who was told by her boss on Thursday she was safe and then she was let go on the next Monday…and it was a surprise to her boss as well.

Cautiously Opt, I am pretty much in the same boat you are. I have met my hurdles and survived the big layoff, but I know people who had more assets than me who were let go. I’m not sure why I was spared but I have more than a few toes testing the waters right now. I would like to stay at Merrill and grow my book here but the future is much darker than when I started here 2 years ago.

I have never seen such loyalty to any brokerage firm like Merrill brokers have for their firm.

WHen I came here 5 months ago I was so proud. I’ve been a bit embarassed since. I’m under a contract though that I don’t think will hold much in this climate…5 kids, deep recession, fear of layoffs. I don’t think any arbitrator with a beating heart would side with a firm that passed out millions to rich execs over someone just trying to take care of a family. Funnier things have happened, though.

I wouldn’t worry about your contract. Your contract was signed with Merrill but you are now a part of BofA and the Merrill name is all that is left. Unless you have signed a new contract with BofA/Merrill I would think you should be in the clear.

Good point. But isn’t it written somewhere in the crystal-clear jurisprudence venacular buried in some file on the 1,000,000th floor of BoA HQ that any obligations employees had to Merrill are still enforceable? I ain’t no law-yer,  but that just don’t make no sense, nope, none.

It may be there but Ken Lewis wouldn’t understand it if it were there anayway

It may be there but Ken Lewis wouldn’t understand it if it were there anayway

At least Merrill is honest and calls a layoff a layoff.



Jones tries to make it out like it’s something else. There surprised that production

is down this year? Like I’m surprised that a rat turd falls when I drop it to the ground.



I’ve worked at both Merrill and Jones. Merrill is better at calling a spade a spade. A

layoff is a layoff and a pion is a pion. I always appreciated the honesty while I was at

Merrill. You knew clearly where you stood.



At Jones they’re laying people off too but they’re calling it something else. They’re

taking a stinky little piece of poop, spraying it pink, and saying it’s good for you.



It’s tough to drink the kool aid these days.

A few CA's were laid off in my branch today at ML.

[quote=Swordoftruth] At least Merrill is honest and calls a layoff a layoff.



Jones tries to make it out like it’s something else. There surprised that production

is down this year? Like I’m surprised that a rat turd falls when I drop it to the ground.



I’ve worked at both Merrill and Jones. Merrill is better at calling a spade a spade. A

layoff is a layoff and a pion is a pion. I always appreciated the honesty while I was at

Merrill. You knew clearly where you stood.



At Jones they’re laying people off too but they’re calling it something else. They’re

taking a stinky little piece of poop, spraying it pink, and saying it’s good for you.



It’s tough to drink the kool aid these days.[/quote]







Do all of your analogies involve fecal matter?

we had a CA who workef for the POA/PMD’s fired today.  also a team who recently came over from ms brought over 2 CA’s and one of them got dinged.  i have heard about CA staff cuts on this forum but did not think it was going to affect my office being that we are one of the top three producing in the firm but it is becoming more real.  all the huge producers and talking amongst each other.  just wanted to add to this thread and pass this news along… good luck.

Please give me a call. 415.956.9990. I am a former MD with ML and now
recruit the best advisors in the US. I know most everything that is
going on out there for the <$500k producers. 

You do know that’s a “less than” symbol, right?

Of course he knows that is a “less than” symbol. Everyone knows those producers are the most negatively impacted by all that has transpired.

So the top advisors in the country are the ones under 500m, or he focuses on the big dogs but knows more about the avg advisor? He has confused me.

Ah haaaaa! Good point!