Professional Alliance Program @ ML

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Dec 29, 2005 11:12 pm

Anyone had any success with this program or any program similar ? I was in talks to start up an "investment center" at a local community bank before I moved to ML instead. I see where it is an option to work with a bank, cpa, attorney etc. and give them a cut. I am hearing CPA's, attorney's want to keep things seperate, so they have been cool to the idea.  Anyone had any experience at the bank level? The old community bank I was talking to still has not done anything and I have a pretty good relationship with the bank president. Thoughts?  


GO BEARS !!!!!!!!!!

Dec 30, 2005 12:06 am

Speaking from the bank side, which I am leaving next week, all banks need to offer brokerage services. Although bank customers arent always the sharpest knife, if they get the itch for an annuity or wrap account they will take their money to where they can find it, another bank, indy firm or wire. The indy firm I am going to works with a very small, private bank and the firm keeps the lions share of the GDC, but the bank knows it must offer the service to be competitive. Not to mention the bank does make a quicker pop off say the annuity than it does old, dead cd money.


Dont know if this helps, just my two cents.

Dec 30, 2005 7:27 am

It works.  It is difficult to get firms to sign up because of the
contract and element of full disclosure.  Get a copy of the
contract package and read it, then be prepared to provide and discuss
it before you run out talking about it to potential referral firms.

Dec 30, 2005 9:51 am

We have a team in our complex that markets primarily using this program. They have said that it took a while to gain traction, but once a few mid size firms got on board, that the referrals to other CPA's and estate planning attorneys quickly followed. Like anything, it takes time to develop these relationships. But, it definately is a good market to go after. This team doubled their gross this year from around 450K to about $975K YTD....