Merrill Fighting Against Recent Defection

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Aug 25, 2006 3:56 pm

Did you guys see this.  These guys hit with a TRO for going to MS.  I thought there was an agreement in place between the major wires?


http://registeredrep.com/news/merrill-tro-case/


Does ML not participate?  Who are the firms that signed the agreement?

Aug 25, 2006 4:18 pm

wasn't there some post recently about major firms NOT seeking legal action against migrating reps as it was to cost prohibitive?

Aug 25, 2006 6:14 pm
xej1984:

wasn't there some post recently about major firms NOT seeking legal action against migrating reps as it was to cost prohibitive?


It is, and it's terrible press.


That said you have to remember that Merrill is angry about Gorman and they've got their backs up like a cat.


Think of the message being sent to the client--you just think you have the right to move your assets to Morgan Stanley!


If I was one of those brothers I'd be all over the place "bumping" into my clients--like at their front door when I stopped by to collect for the Boy Scouts.

Aug 25, 2006 6:22 pm
NASD Newbie:
xej1984:

wasn't there some post recently about major firms NOT seeking legal action against migrating reps as it was to cost prohibitive?


It is, and it's terrible press.


That said you have to remember that Merrill is angry about Gorman and they've got their backs up like a cat.


Think of the message being sent to the client--you just think you have the right to move your assets to Morgan Stanley!


If I was one of those brothers I'd be all over the place "bumping" into my clients--like at their front door when I stopped by to collect for the Boy Scouts.



NASD Newbie,


your post reads as if you are celebrating your retirement and the weekend ... as all I can say is WTF are you trying to say?????

Aug 25, 2006 6:27 pm
eddjones654:

NASD Newbie,


your post reads as if you are celebrating your retirement and the weekend ... as all I can say is WTF are you trying to say?????



See if you can phrase that without the pale attempt to insult me, what I am saying is clear to me.

Aug 26, 2006 10:53 am

nasd oldster,


oh oh yet another flameout!


                                                                                   

Aug 26, 2006 12:09 pm

Didn't someone here say that top producers are treated so well at their respective firms that they almost never leave?


I suppose that all of these defectors are abject failures at Merrill.  I wonder why Merrill is so upset about their leaving? 

Aug 26, 2006 12:16 pm
Starka:

Didn't someone here say that top producers are treated so well at their respective firms that they almost never leave?


I suppose that all of these defectors are abject failures at Merrill.  I wonder why Merrill is so upset about their leaving? 



What has been said is that big hitters rarely leave the wirehouses--I don't recall anybody ever saying that movement within the wirehouse community is not common.


In fact, it can become an entire career strategy.

Aug 26, 2006 12:18 pm

I see.  So no one ever said that top brokers never leave for the money, that it's just the failures who are about to be canned for non-production or compliance issues?

Aug 27, 2006 1:15 am

This whole thing is hipocritical.  The local ML branch manager has been hounding my team for months to make the jump.  Do you think they want me to bring my clients with me?  Of Course.




Aug 27, 2006 9:46 am
Hipocritical?  Is that somebody who has a distaste for Hippopotamus?
 
Perhaps it's some variation of hatred for people with large hips?
Aug 27, 2006 2:40 pm

Maybe it is about someone who takes the Hippocratic Oath, in which case I

don't see what doctors have to do with this and he still misspelled it.

Aug 27, 2006 3:07 pm

Gee.. looks like you two have absolutely nothing of substance to add to this discussion..... imagine that.