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Jun 1, 2005 11:37 pm

Okay-- tomorrow is the big day.  Interview at Mother Merrill.  I've asked my questions done my research any other last minute advice???

Jun 2, 2005 2:44 am

be honest.

Jun 2, 2005 6:32 am

won't matter, you'll be out the door in 12 mths

Jun 2, 2005 9:08 am

ez... why do you say that???  did it happen to you?

Jun 2, 2005 9:17 am

Be prepared to answer,



"What do you want to have written on your tombstone?"



"Why is a man hole cover round?"



"If I were to give you five minutes to tell me how many blue cars are in America, what would you do?"



And other more normal questions like 'how do you get clients', 'why do
you want to be a FA' 'how do you deal with rejection' 'describe a
situation where you have been faced with opposition and overcome it'
etc...

Jun 2, 2005 9:47 am

Thanks all

Jun 2, 2005 10:55 am

Ask why the average age of their advisors keeps going up.  Can a new guy starting from zero really make it in this business anymore.  You know, the '90s (19% annual returns compounded) are not going to happen again in your lifetime.  Also ask, are there any top producers in the office who have a hot daughter of marrying age.

Jun 2, 2005 12:39 pm

Why are you pursuing Merrill.  They might be the biggest, but are they the best firm for the people you hope to be your customers?  The people that are in your business plan?  ML wants only HIGH transactions and they charge high commissions.  Do you have a customer base that fits ML??

Jun 2, 2005 1:07 pm

"won't matter, you'll be out the door in 12 mths"


EZ, thats great advice. No matter where your negativity stems from, it is unneccessary. The guy is excited and positive about his interview and you try to beat him down? Pathetic. Understanding that the business is ridiuclously tough and that the PERCENTAGES are against him, there is no need to squash his hopes in the industry. Sure, someone will reply back that 'if we dont want to hear a form of reality thats too bad', but the fact that you offered that golden nugget and nothing else most likely speaks to your attitude in your business as well..

Jun 2, 2005 5:12 pm
blarmston:

"won't matter, you'll be out the door in 12 mths"

EZ, thats great advice. No matter where your negativity stems from, it is unneccessary.


Unnecessary???


Perhaps you haven't noticed, there are a number of Merrill Lynch
folks "being fed to the wolves" on this very board.  They are
being fired because their production doesn't make the grade at ML, even
though it would make the grade at most other places.


You don't think a $200k producer can still be profitable?  ML tosses them out like yesterday's garbage.


I wouldn't go near ML with a 10ft. pole.


How long until ML starts cutting or taking away production generated from those clients pushed off to the call center???



Jun 2, 2005 5:24 pm

why am I applying to Merrill?  Here's two simple reasons.


1)  I believe it's a great place to learn the business.


2)  I believe I'm in the 5% that makes it...  Hence the quote..


Somebody said it couldn't be done...


I know it's a hard industry, but if folks like myself and other aspiring to get nto the industry  don't take a shot, will be like-- I could have did that but-- some D$#head from this fourm told me I was gonna fail. 

Jun 2, 2005 5:55 pm

Unnecessary???


Perhaps you haven't noticed, there are a number of Merrill Lynch folks "being fed to the wolves" on this very board.  They are being fired because their production doesn't make the grade at ML, even though it would make the grade at most other places.


You don't think a $200k producer can still be profitable?  ML tosses them out like yesterday's garbage.


I wouldn't go near ML with a 10ft. pole.


How long until ML starts cutting or taking away production generated from those clients pushed off to the call center???


I agree that unfortunately that may be a reality. There have been a number of posts expressing negativity towards ML ( and every other firm out there). My point was that EZ's reply contributed NOTHING to the initial post, other than a smart a$$ answer. Youre answer, while being negative towards ML, at least had some substance and some examples as to why you feel that way. That was my point

Jun 2, 2005 6:31 pm

Understood....  Merrill was just the first interview.  I also have a interview with New York life and a phone interview with UBS...


Thoughts???

Jun 2, 2005 7:36 pm
maybeeeeeeee:

Why are you pursuing Merrill.  They might be
the biggest, but are they the best firm for the people you hope to be
your customers?  The people that are in your business plan? 
ML wants only HIGH transactions and they charge high commissions. 
Do you have a customer base that fits ML??





What are you talking about? Ohhh man this could not be more
wrong.  ML focus is on comprehensive planning ("Total Merrill")
and fee based advise.  You will need to get your CFP and build a
planning based business...period.  If you want to trade alot and
do commission business DO NOT GO TO MERRILL.

Jun 2, 2005 7:44 pm
inquisitive:
blarmston:

"won't matter, you'll be out the door in 12 mths"

EZ, thats great advice. No matter where your negativity stems from, it is unneccessary.


Unnecessary???


Perhaps you haven't noticed, there are a number of Merrill Lynch
folks "being fed to the wolves" on this very board.  They are
being fired because their production doesn't make the grade at ML, even
though it would make the grade at most other places.


You don't think a $200k producer can still be profitable?  ML tosses them out like yesterday's garbage.


I wouldn't go near ML with a 10ft. pole.


How long until ML starts cutting or taking away production generated from those clients pushed off to the call center???







Inquititive- if you are going to make comments about the ML call center then get it right.  You are just lying here.



As for the $200K producer- you would not be tossed out, as long as the
$200K mark is just a passing point.  If your aspirations are to be
a 200K producer, and/or you do not have the business acumen to take
yourself past that point then stay away from Merrill- YES-  They
want winners.



If you want to do $200K and make a $buck-70 than yeah- follow the the Inquis advise, ML is not for you.

Jun 2, 2005 8:21 pm

I'm the one who made the "fed to the wolves" comment so I feel I should
chime in here.  I made that remark sarcasically b/c someone's post
made me think of a back up plan just in case.  Just because I have
a back up plan does not mean I plan to fail - its like buying life
insurance.  You don't plan to die tomorrow do you?  No but
I'm sure most of you have an insurance policy.



If this guy gets offered a job by ML then that means they believe he
can make it.  They wouldn't hire someone who they think doesn't
stand a chance.  When I was hired they interviewed 97 people and
hired 6, so if they pick you that means they believe you are a
winner.  But for the sake of argument, lets say he doesn't make it
there.   He is a young guy so they will pay him around
30k/year + another $38,000 to train and license him.   If he
only sticks around for one year that is $68,000 that ML wasted.  I
know that's beans to ML but they still wouldn't put it at risk if they
thought he didn't have a good chance.



Instead, lets say after a year or two he is doing ok, not great, not up
to "Merrill standards", but shows a lot of promise and potential. 
He is doing ok now but in five years he will be running on all
cylinders.  Merrill knows this.  Merrill did not become the
biggest wirehouse by letting young talent slip away to the
competition.  Since he is young and will be working for another 40
years they may let him stick around longer because they know a couple
years from now he will be killing it.  Firing him after one year
would be like trading LeBron James after his rookie season because he
didn't put up Jordan's numbers.  But LeBron will be putting up
Jordan's numbers in 2 years and will be doing it for many many many
years because he is so young.



So where do you suggest Mr Magnificent goes?  Smith Barney? 
Same hurdles.  Morgan Stanley?  Basically same hurdles. 
Even AGE wants 4-5MM per year out of new brokers.  What's
left?  AXA? AMEX?  Thanks, but no thanks.     





Jun 2, 2005 10:59 pm

Mr Magnificent,


Try:


http://www.edwardjonesopportunity.com/ir/en_US/index.html


 

Jun 2, 2005 11:09 pm
The Answer:

Mr Magnificent,


Try:


http://www.edwardjonesopportunity.com/ir/en_US/index.html


 




The Answer?  Must not have been much of a question if that's "The Answer".

Jun 2, 2005 11:13 pm

Starka,



There you go again. Sounding like the Democrats. All complaints and no answers. At least The Answer was trying to help.



BPD

Jun 2, 2005 11:15 pm

thanks