Where do the failed ML trainees go?

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Dec 12, 2008 1:57 pm

Fortunately I made it through ML’s POA program before the market took its biggest hits.  If my hurdle was a few months later, it might not have happened.  Unfortunately, most of the POA trainees in my complex have not been as lucky.  Sure, some just aren’t good at this, but others are at least partially victims of the market.  What are some of better options for these failed trainees (who are not complete morons)?  <?: prefix = o ns = "urn:schemas-microsoft-com:office:office" />


 


Are companies like <?: prefix = st1 ns = "urn:schemas-microsoft-com:office:smarttags" />UBS and MS willing to take them on since their training budgets have been slashed?  What about independents?


 


What about the ones who can’t sell but are good at managing client relationships?  Don’t the banks (including BoA) have a position where they need licensed people but they don’t have to build their own books?


 


What about the ones who have a very strong financial background but can’t sell?  Couldn’t they move into something like an investment advisor?  What about private banking or family offices?


 


--WM

Dec 12, 2008 2:39 pm
WealthManager:

Fortunately I made it through ML’s POA program before the market took its biggest hits.  If my hurdle was a few months later, it might not have happened.  Unfortunately, most of the POA trainees in my complex have not been as lucky.  Sure, some just aren’t good at this, but others are at least partially victims of the market.  What are some of better options for these failed trainees (who are not complete morons)? 


 


Are companies like UBS and MS willing to take them on since their training budgets have been slashed?  What about independents?


 


What about the ones who can’t sell but are good at managing client relationships?  Don’t the banks (including BoA) have a position where they need licensed people but they don’t have to build their own books?


 


What about the ones who have a very strong financial background but can’t sell?  Couldn’t they move into something like an investment advisor?  What about private banking or family offices?


 


--WM



You're about to fail, aren't you?

Dec 12, 2008 2:44 pm

That's what it sounds like... Or he has a "friend" who has that problem

Dec 12, 2008 2:54 pm
Hank Moody:

You're about to fail, aren't you?

 
chief123:

That's what it sounds like... Or he has a "friend" who has that problem


 

You guys figured me out! <?: prefix = o ns = "urn:schemas-microsoft-com:office:office" />


 


No, I graduated POA.  Of course I am still concerned if I will make it since my production does not pay me much right now.  Fortunately I am able to hang in there for at least six-months to a year until I have to worry about my finances.


 


I don’t know of any other POAers in my complex who will graduate in this mess of a market.  They need real options.


 


--WM


 
 
 
Dec 12, 2008 10:05 pm

So tired of cocky jerks with attitudes. Large brokers with annuitized books frequently have a superiority complex. Some of these cronies need to be put in the ring.

Dec 12, 2008 10:06 pm

To elaborate on this point, this foolish smug arrogance is a big part of our industries problem. these smug jerks clients are down 30 to 40% juts like everyone elses. The cockiness of their replies indicates they don't give a rats arse about anyone else besides themselves. They can flame me if they want to. I don't give a darn. Just punks in my opinion.

Dec 13, 2008 9:52 am
glass man:

To elaborate on this point, this foolish smug arrogance is a big part of our industries problem. these smug jerks clients are down 30 to 40% juts like everyone elses. The cockiness of their replies indicates they don't give a rats arse about anyone else besides themselves. They can flame me if they want to. I don't give a darn. Just punks in my opinion.

 
I would never flame you. I have nothing but respect for your opinion. You have (after a long period of research) figured out "a big part of our industries problem". The whole churning issue, short sales, market volitility, sub-prime lending, and poorly run companies mean nothing compared to the fact that new FA's don't get support and a hug on this website.
 
Thank you for your valued opinion.
 
(BTW...rats arse is not near as tasty as crow, let us know when you have your first taste.)
Dec 13, 2008 1:54 pm

All the ones I have seen that stay in the business have gone to banks.  Some are doing better and others are just keeping pace.

Dec 15, 2008 5:27 pm

Well it looks like 400 more will be needing to find a place to go.  Is this the first time that ML laid off trainees?  I wonder if they will go after low-producing newbies just out of the program. 

--WM

Dec 15, 2008 5:32 pm

Merrill's laying off trainees?

Dec 15, 2008 5:34 pm
Borker Boy:

Merrill's laying off trainees?



Yes, it went out on the wires shortly after 4:00 today.

--WM

Dec 15, 2008 5:37 pm

Wow, Borker.  Aren't you glad you work for Jones where they don't lay off trainees? 

Dec 15, 2008 5:37 pm

How do they determine who'll be let go? Is there a LOS cutoff?

Dec 15, 2008 5:40 pm
Borker Boy:

How do they determine who'll be let go? Is there a LOS cutoff?



No clue.  One guy transferred out of my office to an NYC office.  In the NYC office he was the #1 trainee.  I heard that he got cut.

--WM

Dec 15, 2008 5:48 pm
Spaceman Spiff:

Wow, Borker.  Aren't you glad you work for Jones where they don't lay off trainees? 

 
Thrilled
Dec 15, 2008 6:45 pm

We won't lay off either of ours...they are both safe.

Dec 15, 2008 8:45 pm

Hey guys, Is there a good way to leave this business????

Dec 15, 2008 9:09 pm

I was in the old Merill PDP program. Got within a fart of making it. Was there about two and a half years. Then we hit Summer of 02. They put all of us on "probation" with an email.



I jumped ship for a chop shop that offered me a paycheck. That was a bad decision but I wal also getting divorced and going broke at the same time.



LOL - Gotta luv this business.

Dec 15, 2008 9:14 pm
Swordoftruth:

Hey guys, Is there a good way to leave this business????



Start entertaining hookers in your conference room.


Dec 15, 2008 9:35 pm

That's an idea.