No vacation as ml poa

You kidding me? What you just completed was the EASY part. Now, you need to work 60 hours per week for the next 3 years, keep your head down, prospect you $ss off, get a little lucky, etc, and MAYBE you will make it.

I hear you bro, sometimes I feel like taking a week off, but I know that basically three weeks are shot. I am probably pathetic, but I feel guilty when I take a day off ( my thinking is that that same attitude will increase my likelihood of graduating early with a nice annuitized book to fall back on when salary goes away).

Sometimes I look at our goals and I want to puke on my WMW.

I did not take a day off for the first 5 years I was in the business.  Truthfully.  I still rarely ever take time off however, I do manage to take several vacations usually centered around a holiday for example memorial day is monday/  I take my Vaca leaving Wed. evening.  THurs/Fri off return Tuesday to work- 5 nights/ 6 days.  The life...

This is kind of off topic, but I feel like I might as well be on
vacation these past few weeks because no one wants to sit down during
this time of year to talk about their finances.  My numbers for
this month are pathetic.  Granted I’ve got some people lined up
for after the first of the year, but that doesn’t do anything for me
this month.  Do you think management takes this seasonal effect
into consideration?   

Ahh yes... the life....

Monday -Thursday:

In by 7am, going strong until 1pm, lunch till 2-2:30pm, back at it until 4-4:30pm, quick power nap in the office till 5-5:30pm, calling from 5:30pm- 7:30-8pm.

Friday: In by 7am, going strong until 2ish, depending on workload I leave to enjoy my life.

Every other Saturday:

In by 9am, paperwork, analysis, callbacks, etc until about 1pm, then leave to enjoy my life.

Sunday:

Watch my beloved New York Jets get their $sses kicked.

Monday:

Back at it.

Ahhhh... the life.... You know what though??? I LOVE IT.....

Go JETS

ML paid you to sit 8 hours a day and do nothing but learn.  That
was your job.  You were not digging holes in frozen ground,
putting up miles of fences, or slinging iron in an iron mill.  You
sat and did practice tests, read, and studied.  Vacation?  If
you take one get another job while you are off. 



Do yourself a favor and do not mention that to anyone in your office.

Go Jets. Starting at quarterback- Matt Leinart???

Those idiots will probably decide to actually PLAY HARD the rest of the year, win a few games, and miss out on drafting either Leinart or Young. Pathetic.

Go Falcons!

Wow!  Currently, I am applying into this career, I finished my MBA at Darthmouth.  My sister is in her 3rd year of residency; and shares the same workday of 8 hours that morph into 14 hours.  We both think highly of Merrill, since our parents have utilized them.  However, I believe I see various different stories here.  Rightway says 8 hours; however, bankrep and blarstorm vibrantly testified otherwise.  Who is correct about what Skipper was asking.  Rightway sounds like a manager; are you.  When is a vacation appropriate?  I suspect that most in the field have families. 

Next,



ML pays a salary to Skipper, and receives nothing in return in the
immediate future.  I was speaking of the first 17 weeks Skipper
just went through.  The real work does begin in week 18, and to
expect a vacation at that point is just plain silly…just a couple of
months passed.



Blarm is a top POA and people should PM him on how to get through the
program in a way where they can graduate with an amazing paid education
of the business coupled with the hard core realities of its
difficulties early on…all the while enjoying it.  In a year or
two Blarm will post how he took a month off and did a tour of baseball
parks around the US (Someone out here did that a few years ago-I
thought that was cool).  That will be the shortest vacation of his
career from that point on.



Merrill Lynch is an excellent firm for both clients and
professionals.  I am not a manager, but one step up, a Financial
Advisor.

Next,

At ML, from what I hear (second hand information): Once you've brought in $20million in assets and are well on your way to success.

For someone who is not in the business yet, I'd be asking questions about what makes a successful advisor or how I should spend my 12 hours a day?  Not, "when can I take a vacation"? 

I do not work at Merrill Lynch, but it is common knowledge that they are the most demanding among the wirehouses.  My favorite analogy is that Morgan Stanley is like the Coast Guard, Merrill Lynch is like the Marines (this came from a Morgan Stanley broker!).

Next, settle on doing whatever it takes to be successful: MBA's mean nothing in this business, they do not bring in assets or persuade people to trust you with their $$$$.  You will most likely work your @ss off for at least 5 years and with a little luck, make it in this business.  If you have contacts with $$$, then the story may be different.

Most likely you'll be cold calling strangers who will be irritated at your intrusion and you'll be challenged to convince them in 10 seconds that they should at least listen to what you have to say, from there you'll set about one appointment for every 100 to 200 people you talk to and follow up with a whole bunch of peole who will waste your time.  You will have pressure coming at you from every direction as you try to prove that you're worth the God awful amounts of $$$ ML throws at your training.  You will have to do this every-single-day without letting it get you down.  Also, every body already has a broker and are extremely happy with the crappy service they've been getting.

There's a reason only 1 in 10 make it.  Good luck!!

"Most likely you'll be cold calling strangers who will be irritated at your intrusion and you'll be challenged to convince them in 10 seconds that they should at least listen to what you have to say, from there you'll set about one appointment for every 100 to 200 people you talk to and follow up with a whole bunch of peole who will waste your time.  You will have pressure coming at you from every direction as you try to prove that you're worth the God awful amounts of $$$ ML throws at your training.  You will have to do this every-single-day without letting it get you down.  Also, every body already has a broker and are extremely happy with the crappy service they've been getting."

Haha.. Truly accurate. You know what gets me going thought? When I have doctors faxing me statements after a 30 minute conversation over the phone ( happened Wednesday evening- saw 600K in statments sitting on my desk Thursday morning). When you watch a 60 year old prospect sign paperwork to become a client ( happened Tuesday) and entrust his entire asset management to you ( about 400K, and nearly 900K coming in 1.5 years when he retires and the 401K rolls to me). When you have the freedom and luxury of working your $ss off on a friday morning ( after wokring 50 hours from Mon-Thurs), then be able to leave at 1pm to enjoy some bar food and 4 beers with a buddy.

It doesnt suck....

"Blarm is a top POA and people should PM him on how to get through the program in a way where they can graduate with an amazing paid education of the business coupled with the hard core realities of its difficulties early on...all the while enjoying it.  In a year or two Blarm will post how he took a month off and did a tour of baseball parks around the US (Someone out here did that a few years ago-I thought that was cool).  That will be the shortest vacation of his career from that point on."

Thanks for the kind words bud... As things are going well right now, it definately feels good. But I know that all could change with an ACAT's out notice or those top 2 or 3 prospects deciding to stay at their current firm or decide to go with another broker ( or worse, a bank....). That's what keeps me going ( also the fact that million dollar producers are starting to realize that I am not some hack but someone who is expected to do very well in the next few years- feels good ).

As for that country wide tour of ballparks, I am thinking while I am still young I will tour the world, hiting the best clubs in the land (Shadow Lounge in MIami, followerd by a flight to London for Gatecrasher and Cream , then off to Ibiza to experience Space, Manumission, etc).....

I figure when I have the little man around in a few years that he can take the MLB trip with me...

Transferred two accounts from Merrill this week one for 1.3 Mil 67 yr old retiree and the other for 150K (exec), the nice thing about the 150K account is she has 600K in cash, she never trusted ML to do the right thing.

Did you lose an account this week?  I haven't lost one since I started (death being the exception).

When is a vacation appropriate?  I suspect that most in the field have families. 

If you define a vacation as a week or more off, I have never had a vacation in the last 8 years since going Indy.  Even now I only take off maybe on a Friday through Monday if there is a holiday attached to the weekend.   I usually work half a day most Saturdays to get caught up on paperwork and prepare for upcoming appointments.   Since I only have a part time employee now (yay!) who is mainly a clerk/receptionist and not licensed, I can't leave my clients dangling for too long.  Yes, they can call the home office or I can refer to another broker temporarily, but that isn't really a good solution.  So I don't know when it would be appropriate to take off for over a few days at a time.   Maybe next year I can take a vacation during the Christmas season because it is so slow.

My situation is that I have no children at home now and my husband is also self employed and a workaholic, so, this schedule isn't a problem for me.  I have seen many marriages break up because the stay at home spouse (wife) couldn't handle the stress.

Bankrep 1,

When did you start?  A month ago. You haven't ever lost an account?  I would say that you are lieing or you have been in the business for about two months.

Help,

This is my 5th year, thank you very much.  I did switch firms about two years ago and basically left all but 15- 20 clients due to a non-compete and a substantial distance relo. 

I did have one woman leave me to go to Smith Barney about a year ago, she transferred her account back a couple of months ago because the guy handling her stuff left the business.  I didn't ask to many questions I assume it was a friends son/daughter etc etc.

If you take care of people the right way you should not lose very many if any clients.

Blarm,

It is lovely isn't it?  I wouldn't have it any other way mi amigo.  BUT, it's not for most people that's for sure.  I love hearing from people who think this job is all about kicking it  in a nice air conditioned building with people walking in handing you all their $$$ and begging you to graciously manage it for them. 

Vacation is a 4 letter word in this business until you've "made it" (whatever the hell that means).  I pity Next if he asks the interviewing manager about v%c&ti*n.  Unless of course he is lucky enough to have a ready made market excited to funnel their $'s his way. 

Vacation?  Is this question a joke?  In order to succeed, you absolutely need to think like a business owner.  Name one successful business owner in any field that closed their office for vacation before they became successful.  I certainly don't know of any.

P.S. Once you are successful, no one will care how much time off you take.  You get paid to produce and not to put in time. 

Come on.  I get so sick of people saying how hard this business is.  What kind of jobs have you people worked in?  Successful brokers work 9 to 4 and take tons of vacation and time off.  In my office, as long as you are making your numbers, you manage your time.  No army boot camp.  What good is it to work 12 hours if you don't get a damn thing done?

Working smart is the key.

Curious, how long did ML give you to pass the 7, 66, Life and Health.  And BIG congrats to you.  You have accomplished a great deal and you should have a bright future in front of you.

I agree maybeee, people try to make it in this job because brokers are known for taking tons of time off and working nice hours. Yes, you do have to work your tail off for sometime to build a nice practice, but even then your not sleeping at the office! Stop watching Wall Street....

Here's the difference. I work my a$$ off because I know how difficult this business is. I could have gone to a Morgan Stanley or AG where the expectations are lower. I chose to go to 'bootcamp' to fully commit to 3-5 years or tiring hours. Yeah, the hurdles are ridiculous, but I am making my numbers and my pipeline for 1Q06 is enough to graduate me one year early from my program.

So I dont mind working in a 'bootcamp'. I dont mind working for a demanding firm. I dont mind working 60 hours /per week ( I sued to work that at my other firm for 4 years). I dont care if I need to catch a half hour nap in my office. I take pride in my work ethic. I take pride that I am making it at the most demanding firm out there....

Blarm, see there is this other thing called a LIFE you might want to check out.  How much money do you need to be happy?  I truly hope you live long enough to enjoy it.

"Blarm, see there is this other thing called a LIFE you might want to check out.  How much money do you need to be happy?  I truly hope you live long enough to enjoy it"

Maybeeee- Please dont worry about me bud. I live a balanced life. When I am working, I'm going hard. When I am not in the office, I am enjoying my life. Whether its partying with my friends, surfing, playing ball, traveling to Vegas/ Scottsdale/ NY, whatever- it's all good.... Living in Southern Cali has its perks....

Blarm...you have an office?  Why aren't you in the pen with the rest of the POA's huh???

You think you're special or something?!?     Just messin with ya!

"Blarm...you have an office?  Why aren't you in the pen with the rest of the POA's huh?"

Because I am balling BankFC....

I was in the pen, but after about 3 months I was 'upgraded' to the office... It's not the fancy corner office with the couch yet, but I will get there soon enough.... I cant wait- I can take my half hour power naps in luxury....

I’m a fan of the power nap as well.  Problem is that I’ve got young kids and with little sleep at home (5 or 6 hours a night) my power naps sometimes runaway on me.  That’s why I work those 70 hour weeks, I need the extra 10 hours for naps.

blarmston:

Here's the difference. I work my a$$ off because I know how difficult this business is. I could have gone to a Morgan Stanley or AG where the expectations are lower. I chose to go to 'bootcamp' to fully commit to 3-5 years or tiring hours. Yeah, the hurdles are ridiculous, but I am making my numbers and my pipeline for 1Q06 is enough to graduate me one year early from my program.

So I dont mind working in a 'bootcamp'. I dont mind working for a demanding firm. I dont mind working 60 hours /per week ( I sued to work that at my other firm for 4 years). I dont care if I need to catch a half hour nap in my office. I take pride in my work ethic. I take pride that I am making it at the most demanding firm out there....

-----------------------------------

Great attitude, Blarm!

[quote=blarmston]

Here's the difference. I work my a$$ off because I know how difficult this business is. I could have gone to a Morgan Stanley or AG where the expectations are lower. I chose to go to 'bootcamp' to fully commit to 3-5 years or tiring hours. Yeah, the hurdles are ridiculous, but I am making my numbers and my pipeline for 1Q06 is enough to graduate me one year early from my program.

So I dont mind working in a 'bootcamp'. I dont mind working for a demanding firm. I dont mind working 60 hours /per week ( I sued to work that at my other firm for 4 years). I dont care if I need to catch a half hour nap in my office. I take pride in my work ethic. I take pride that I am making it at the most demanding firm out there....

[/quote]

Ya know, sometimes I feel jaded, cynical, and frustrated.  Then I read stuff like this, and I realize why I love this business.

Keep it up man!  I'm going to print this and post it by my phone!

[quote=dude]

I do not work at Merrill Lynch, but it is common knowledge that they are the most demanding among the wirehouses.  My favorite analogy is that Morgan Stanley is like the Coast Guard, Merrill Lynch is like the Marines (this came from a Morgan Stanley broker!).

[/quote]

With all the crossing of personnel (Gorman from ML to MS) and dramatic changes from the top in corporate "culture" I'm not so sure about that. Seems to me the majors are becoming more and more alike. At MS the guys that loved the "Coast Guard" usually DW holdovers who were massive B share guys getting paid more to sell DW funds than others, have jumped ship. They're probably infesting ML, SB and Wachovia as we speak. 

Coast Guard observation is a hold over from old Dean Witter Days.  When socks and stocks (dean witter/sears) joined the 9 inch c*cks (just joking here, I’m not ready for anyone’s crap today)it made for an interesting combo.  It was blue collar mixing with blue blood.  Maybe like Goldman merging with, oh let’s say Ed Jones.  .  Sorry Mike, I’m just having a little fun, I used to work for Morgan so it’s easy.  Mack and Gorman are a DEFINITE plus for Morgan, my predictions is good things from here. 

Guys this is a frickin awesome thread!!!! I am actually on vacation this week and I want to go to work. Blarm is exactly right, I should have my wife read this thread so she understand why I am going to work all those hours next year when I go indy.

Great job guys, keep it up! Inspiring!

[quote=giff74]

Guys this is a frickin awesome thread!!!! I am actually on vacation this week and I want to go to work. Blarm is exactly right, I should have my wife read this thread so she understand why I am going to work all those hours next year when I go indy.

Great job guys, keep it up! Inspiring!

[/quote]

next year?

oh I guess it's not that far away any more!

Tell your wife it will be worth it both financially and emotionally when you get to the other side!

Throughout these posts, members have been saying how FAs wanting a vacation are lazy and unproductive, but they still haven't answered whether or not Merrill Lynch POAs receive any vacation. Do they get any official time off even if they choose not to take it?

Yeah, officially you do. But you better be killing your numbers to even think about taking more than a Monday off for a long weekend. If you are barely hitting your goals and there isnt much activity, dont think about asking for time off… Even though your director may say yes, do you really want him/her to store in the old memory banks that you have been taking time off??? When push comes to shove down the road, I would want to do as much as possible to convey to them that you are the hardest working FA in the office…

So since the director always takes notice of one's work ethic, does this come into consideration once the 2 year deadline rolls around? For example, if it is evident that I am busting my butt getting clients that will definitely give me more money in the future, and yet I am a bit shy of the 15 MM benchmark, will I still be fired due to Merrill Lynch policy? Or is it all up to the director's discretion?

Don’t be on the line, and it won’t be a problem.  Blarmy has PMed
me several times about awsome long weekends, Fridays and Mondays off,
recharging along the way.  I tell the POA’s in my region, if you
are having a bad Friday, leave.  If you are having a bad Teusday,
take a walk around the building and work until 7.  ML goals are
high, and tough, but if you get through it, you have an expectation of
you that will cary your far.  Embrace it, don’t shun it.

So since the director always takes notice of one's work ethic, does this come into consideration once the 2 year deadline rolls around? For example, if it is evident that I am busting my butt getting clients that will definitely give me more money in the future, and yet I am a bit shy of the 15 MM benchmark, will I still be fired due to Merrill Lynch policy? Or is it all up to the director's discretion? "

I dont believe you will be straight fired. If you come in at 12M and have 80% annuitized and your pipeline is decent, then you will have a good probability of staying... If you can present that of the 12M clients have with you, that they have 5-10M more outside and that you have a great relationship and chance that you will be getting that, then you are fine. However, if you have 12M and 80% is in cash or dead assets, and the pipeline isnt full enough, then you will prboably fire yourself- knowing that once you come off the salary that you will starve...

[quote=blarmston]

Here’s the difference. I work my a$$ off because I know how difficult this business is. I could have gone to a Morgan Stanley or AG where the expectations are lower. I chose to go to ‘bootcamp’ to fully commit to 3-5 years or tiring hours. Yeah, the hurdles are ridiculous, but I am making my numbers and my pipeline for 1Q06 is enough to graduate me one year early from my program.

So I dont mind working in a 'bootcamp'. I dont mind working for a demanding firm. I dont mind working 60 hours /per week ( I sued to work that at my other firm for 4 years). I dont care if I need to catch a half hour nap in my office. I take pride in my work ethic. I take pride that I am making it at the most demanding firm out there....

[quote=bankrep1]

Transferred two accounts from Merrill this week one for 1.3 Mil 67 yr old retiree and the other for 150K (exec), the nice thing about the 150K account is she has 600K in cash, she never trusted ML to do the right thing.

Did you lose an account this week?  I haven't lost one since I started (death being the exception).

[/quote]

Stealing accounts from ML is a piece of cake. Same with MS.

[quote=remotecontrol][quote=bankrep1]

Transferred two accounts from Merrill this week one for 1.3 Mil 67 yr old retiree and the other for 150K (exec), the nice thing about the 150K account is she has 600K in cash, she never trusted ML to do the right thing.

Did you lose an account this week?  I haven't lost one since I started (death being the exception).

[/quote]

Stealing accounts from ML is a piece of cake. Same with MS.

[/quote]

Sure it is, everybody wants to work with someone like you. That way they can leave your office and get a meatball sandwich right next door.  

Seeing as how my first day @ Merrill is on Monday I don’t have any real knowledge of the vacation structure at Merrill.  I completely agree with Blarm, and I know how hard it is going to be to get to that 15m mark.  But, also how great it is going to feel when I do hit it.  When I signed on I did talk to my BM about my upcoming wedding in July and he said that it would be no problem to take a honeymoon.  He said if I didn’t want to take a honeymoon then he would have to reconsider me for the position.  I am excited about Merrill, I know it will be an incredibly tough ride, but it’ll be worth it 5 years from now.  Here I go!

[quote=remotecontrol][quote=bankrep1]

Transferred two accounts from Merrill this week one for 1.3 Mil 67 yr old retiree and the other for 150K (exec), the nice thing about the 150K account is she has 600K in cash, she never trusted ML to do the right thing.

Did you lose an account this week?  I haven't lost one since I started (death being the exception).

[/quote]

Stealing accounts from ML is a piece of cake. Same with MS.

[/quote]

I actually agree with this completely.  I absolutely love it when a prospect already has a relationship with ML.  If they have an account with ML that is between 50-100K I have a 100% chance of getting the account, for accounts 100K and higher, I would say I have about a 85% chance of getting the account.  I don't know what it is about local ML brokers, but they are apparently not keeping their clients happy. 

Chris

[quote=ChrisB]

I actually agree with this completely.  I
absolutely love it when a prospect already has a relationship with
ML.  If they have an account with ML that is between 50-100K I
have a 100% chance of getting the account, for accounts 100K and
higher, I would say I have about a 85% chance of getting the
account.  I don’t know what it is about local ML brokers, but they
are apparently not keeping their clients happy. 

Chris

[quote=BullBroker]Seeing as how my first day @ Merrill is on Monday I don't have any real knowledge of the vacation structure at Merrill.  I completely agree with Blarm, and I know how hard it is going to be to get to that 15m mark.  But, also how great it is going to feel when I do hit it.  When I signed on I did talk to my BM about my upcoming wedding in July and he said that it would be no problem to take a honeymoon.  He said if I didn't want to take a honeymoon then he would have to reconsider me for the position.  I am excited about Merrill, I know it will be an incredibly tough ride, but it'll be worth it 5 years from now.  Here I go![/quote]

I’ve been at ML for just over 8-months and entered production 2-weeks ago.  While it may differ at other branches, my general feeling is that they don’t care how often you are in the office so long as you get everything done that you need and bring in assets.  Keep in mind that time you take off for your wedding and honeymoon will not extend the time you have to meet you goals.  It will only eat away your time.<?:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" />

Most of my more successful POA colleagues are rarely in the office.  Others that were spending 60+ hours a week were already let go because they didn’t produce.  This goes to show that unless you are on the phone with clients or prospects then you should be out of the office getting in front of them.

--WM

 It's actually very simple, ML brokers are too busy chasing the next account to waste time on existing accounts. The small accounts get handed over to a call center etc

Smart comment. At a high payout rate, even smaller accounts are profitable (50k+). If you are busy responding and proactively contacting everyone, you naturally get referalls, making you more professional and successful.

A high payout rate structure environment is better for the client and advisor.

[quote=silouette]

 It’s actually very simple, ML brokers
are too busy chasing the next account to waste time on existing
accounts. The small accounts get handed over to a call center etc

Smart comment. At a high payout rate, even smaller accounts are profitable (50k+). If you are busy responding and proactively contacting everyone, you naturally get referalls, making you more professional and successful.

A high payout rate structure environment is better for the client and advisor.

Yes, mon. The industry is really a diaspora, and focus, or specialization pays. My impression of what ML and AMP have in common is, like a fishing net, they troll a lot of water and whatever does not jump out of the net stays - clients buy Mother's big name and office decor, or implement a Mcplan with a VUL side ( for newbies).

Of course, there are good planners at both, and these professionals are an important part of the (branded) marketing mix. In both cases, a successful niche is carved out of a confused market.

In this business, consistency is everything. As those models are profitable, so is the partnership model at Jones, in terms of consistency, driven by training, which is of course expensive in the short term, but we know as business owners it is long term revenues that matter, in light of taxes.

Anyway, I like the term dysfunctional, as that is yet another economic niche that can be exploited ( through people).

I think all models want the RR to succeed, for selfish reasons, but the waste of human capital is insignificant compared to the long term efficiencies of revenue generated by money under management, and the propensity of clients toward inaction, after being incited to take action after overcoming uncertainty. ( Caught in the net.)

What phoenomenal opportunity exists in the marketplace for rationalization of the business of providing consistent personal service. This is the the real implication of "going independent", and alluded to by others - often in non-monetary terms - but, in more subtle manifestations, such as the "fiduciary debate", with regards to CFP personal practitioner platforms, as this debate has gigantic economic implications, along with the ethical implications.

Too bad  it is so easy to make a good living as an ethical independent and be easily distracted by non empire building pursuits. That self opiating aspect of success opens the door wide to corporate expoitation ( unlike dentistry, for example.)

Not an invalid point.  I’m a newbie (three weeks of production) and I don’t open anything up that’s less than $250k unless there is a real opportunity for more in the future.  Maybe it’s out payout structure but the small accounts are just not really worth any of our time.  However, it’s the fault of the FA if they can’t realize that there are opportunities for  significant amounts of assets even if the accounts they setup are small.

–WM


[quote=silouette]

 It’s actually very simple, ML brokers are too busy chasing the next account to waste time on existing accounts. The small accounts get handed over to a call center etc

Smart comment. At a high payout rate, even smaller accounts are profitable (50k+). If you are busy responding and proactively contacting everyone, you naturally get referalls, making you more professional and successful.

A high payout rate structure environment is better for the client and advisor.

[quote=WealthManager]Not an invalid point.  I’m a newbie (three
weeks of production) and I don’t open anything up that’s less than
$250k unless there is a real opportunity for more in the future. 
Maybe it’s out payout structure but the small accounts are just not
really worth any of our time.  However, it’s the fault of the FA
if they can’t realize that there are opportunities for 
significant amounts of assets even if the accounts they setup are small.

–WM
[/quote]


As an ML trainee you are in no position to turn down any monies.

Who cares if you can service them, just open them.



Fact is that converting customers from ML is most easy, since the
assets at any cost culture means that smaller accounts get shoved
aside. In fact the same is true at all the national wires. It’s very
easy to explain that “Your broker doesn’t care about small accounts, he
is too busy chasing after the next whale”.



With regionals a simple “You’re broker is an A-share pusher who doesn’t
care about your investments” will do. If you see newish closed end
funds, a quick explanation of how CEF’s work (i.e don’t work) can be
like battery acid on the relationship.



It’s like having a whole sardine key chain.

It is all about the business you want to build.  If you want to
feast on $50k to $300k accounts that are not being serviced properly at
Merrill Lynch you can hang a shingle, or whatever, and do very very
well.  All the while serving a segment of the market that needs
help and appreciates your attention.



This is not the business model Merrill Lynch wants to prosper in, and
that is OK isn’t it?  Over the last 8 years I have migrated my
business from the $200k profile to the $2,000,000 profile.  This
change of focus more than tripled my production and cut my stress and
time spent at work down significantly. 



When I decided to FOCUS on this market seriously, I found the that
these families just like everyone else…just with more zero’s at the
end of their statement…with two big exceptions: they expect to pay
fee’s and don’t call me every month about market swings and requests
for distributions.  There are piles and piles and piles and piles
and piles of these families out there and they are easier to close,
easier to service, and far, far more profitable.  They are just
harder to get in front of.



The typical POA needs to embrace the tools they have, partner up with
specialists and Sr. FA’s, and get after the larger clients.  
It is not a social statement about investors, just a business model
decision. 

Well said.

Rightway,

This is exactly why I went to Merrill Lynch right out of the gate.  As far as I am concerned if brokers like Allreit and the like want to make a living off of the scraps of the Merrill table be my guest.  I went to ML because they have the best training and no one can argue with the fact that they know how to land the big clients.  I realize starting out I will have to service all levels of accounts, but I really want to build my book the right way.  I have saved up enough money and am not tied down with kids yet where I can afford to do this career the right way.  Build a book off of quality clients and in 10 years be able to be completely secure.  So to all those that want to make a living off of scraps, go steal the $50K Merrill accounts and I will see you in 10 years, see how all that pans out for ya!

Right- good to hear from you buddy. I thought you had given up on this forum…

There is a lot of truth to the statement that HNW are easier to close.  I have definitely found that to be true.

[quote=blarmston]Right- good to hear from you buddy. I thought you had given up on this forum…[/quote]



Its nice when my absence is noticed…only if my presence had the same effect!!

Help! Does anyone out there still have a 2006, 2007, and/or 2008 POA Handbook? I lost mine and desperately need a copy. I’ll pay for copying and FedEx.

Help! Does anyone out there still have a 2006, 2007, and/or 2008 POA Handbook? I lost mine and desperately need a copy. I’ll pay for copying and FedEx.