I'm going POA at ML, any advice?

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Jun 8, 2007 3:01 am

 Ok boys, I'm going POA at Merrill, giving up my one man kingdom at Eddie Jones.  I'm tired of trying to convince people to drive past McDonald's (ticker: MCD) to eat MCD burgers at my place. 


The BM at ML is offering 40K a year, a cubicle, and plenty of pain.  I'm looking for FA's advice who know the ends and outs of the POA program. 


 I know the requirements:  15mil total: 10mil annuitized and 5 mil transactional in 24 months?  Is this  really the case? 


 I'm tired of seeing hand outs of 35+mil offices and seeing the regional leader suck them off like they were sucking a big pecker, and i'm looking for a change. 


 Personally, I think the cost of senior leadership at Eddie Jones just went up with the the recent BUY-OUT of AG Edwards (AGE) by Wachovia (WB).  Yeah, they will soon be calling the chickens to roost in ST. Louis again when  WB buys out  the ED Jones experience.


40K sounds good in this era of consolidation, and i'm consolidating at Merrill! 


 I want to hear from POA people at Merrill.


 PLEASE...No sucking off Jones here.  I'm done w/ Eddie.  Read my past posts:  Suck...suck....gulp.


 My damn feet hurt,


 ED

Jun 8, 2007 6:54 am

Congrats.  My first tip for you is to take a salary of either 39,900 or push for well above 40k.  If you are below 40k you have 24 months of salary.  Feel free to PM me as I am one year into POA.

Jun 8, 2007 9:22 am

If you can't make it at EJ, you'll be hard pressed to make it at Merrill in the POA program. Odds are you'll fail there too. Truth hurts I know. Sorry.

Jun 8, 2007 11:11 am
ezmoney:

If you can't make it at EJ, you'll be hard pressed to make it at Merrill in the POA program. Odds are you'll fail there too. Truth hurts I know. Sorry.


He didn't say he was failing at Jones, and I'm sure if he was, ML sure as crap wouldn't take him.


POA is great.  It's tough, but it is the best.  How big is the office that you'll work in...culture from office to office is the biggest factor, make sure it's a group you like.  Talk to as many old timers as you can before taking the job. 

Jun 8, 2007 1:35 pm

No experience with the POA but congrats anyway, maybe you ccan soak those bunions now.



Jun 8, 2007 6:32 pm

Agree, w/bondo. Negotiate on salary, expecially if you have assets to bring over. I left EDJ to go into the POA program and it is hard work - but the training is amazing and the resources endless. Culture is also very important..I am in a small office with 6 brokers and the manager does everything he can to support and help. Good luck.

Jun 8, 2007 6:54 pm

It depends if you think you can hit the $million mark in 18 months ask for higher than $40K, but if you want the full 24 months on salary push for $39,999.  My mistake is that I settled for $38,000 because I really wanted to work for the best firm in the business I didn't want to push for more.  Since, you already have a book and have client interaction experience you will probably be on the fast track and get to skip all the assessments.  Good luck it's going to be rough, but if you can make it to $million you get a $20,000+ bonus and you have a career.  I can't think of a better place to be (the board indies will disagree) congrats!

Jun 8, 2007 7:32 pm
BullBroker:

It depends if you think you can hit the $million mark in 18 months ask for higher than $40K, but if you want the full 24 months on salary push for $39,999.  My mistake is that I settled for $38,000 because I really wanted to work for the best firm in the business I didn't want to push for more.  Since, you already have a book and have client interaction experience you will probably be on the fast track and get to skip all the assessments.  Good luck it's going to be rough, but if you can make it to $million you get a $20,000+ bonus and you have a career.  I can't think of a better place to be (the board indies will disagree) congrats!



I think it's really sweet how much you love Mother.

Jun 8, 2007 8:50 pm

I too am in the interview process at Merrill. My only question is if one can transfer offices after they finish the POA program. The office where I am to start is good in that it is the top branch of AUM/advisor, but i don't want to live in Michigan my entire life, I want to leave for NYC. What should i do?

Jun 8, 2007 9:17 pm
BigRed:

I too am in the interview process at Merrill. My only question is if one can transfer offices after they finish the POA program. The office where I am to start is good in that it is the top branch of AUM/advisor, but i don't want to live in Michigan my entire life, I want to leave for NYC. What should i do?


I would suggest starting where you want to end up.  Moving offices a few miles apart is one thing.  100s of miles apart is totally different.  I had the opportunity to start with an office in the state where I used to live, but went with the office where I wanted to live. 


If it is an exceptional place to start it may be hard to pass up, but will you be able to move your book to your final destination?  Build your business now like you want it to be ten years from now.  If that includes frequent trips to MI to work with clients, so be it.

Jun 8, 2007 11:54 pm

ED- Another failure...............

Jun 16, 2007 2:45 am

 Noggin, i'll have you know, I ain't failed at Jones.  Damn sight from it.  I was thrown against the slippery slopes of an uphill battle, and have withstood far longer than any of my fellow peers.  Keep sucking it off too.


 I'm off to enjoy the fruits of a fighting chance: 40K a year/salary for two years, and the prospects of putting Merrill Lynch behind my name.  I even bet their Money Market fund is FDIC insured....I didn't even ask, but I bet it is.  Man, I can't wait until I meet Eddie clients.  You can stick a fork in them, because their ass is done at Eddie Jones.


 My damn feet hurt,


 ED

Jun 16, 2007 10:58 am

oh yea merrill has a great reputation., and 40k/yr for 2 years? now that's heaven on earth if you ask me.

Jun 16, 2007 11:59 am

I suggest seeking out the specialists and leveringing them: 
Insurance, Lending, Private Banking, Portfolio Managers (WDP),
Etc...  Do not let yourself get stuck into the rut of working only
with 300K clients in mutual fund portfolios.  These specialists
will help you to uncover ideas, prospects, and business you otherwise
would not have seen.  Be smart...don't chase long term business
all day long (you have quarterly hurdles to meet), but dedicate some
time to learning more product and services.