Merrill

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Feb 27, 2008 10:54 pm

How much do FA's at Merrill make in the first year? And what is the easiest way to get in? Thank you

Feb 27, 2008 11:25 pm

1.7 Zillion dollars

Feb 27, 2008 11:31 pm

very funny

Feb 28, 2008 9:01 am

I have no idea specifically about UBS -- but generally the compensation for those type of positions depends on the location.  Someone in NYC would be paid more than someone in Back Woods, Arkansas.  

Feb 29, 2008 11:47 pm

Actually  that's incorrect. Most of these wire houses have the same compensation packages across the board. There's a pay out grid. People in NYC usually make more money just because there's wealthier people here. Merrill is knowm for their high base salries, however you only get to keep 50 % of your commissions your first year in the training program. You want to know a secret and you want to get your foot in the door? Pay a courrier to deliver your resume directly to the sales manager ( do your homework). Seperate yourself.

Mar 1, 2008 8:55 am
jtx25:

Merrill is knowm for their high base salries, however you only get to keep 50 % of your commissions your first year in the training program.


Only get to keep 50% your first year?  What percentage do you suppose those with experience "get to keep"? 

Mar 1, 2008 9:59 am

I didn't mean their pay out was 50%. My close friend interviewed with them ( NYC) and he said wherever they are on the pay out grid their first year, they only get half of that while training. ( I.E 27% pay out....and they can take 50% of that )

Mar 1, 2008 3:08 pm
jtx25:

I didn't mean their pay out was 50%. My close friend interviewed with them ( NYC) and he said wherever they are on the pay out grid their first year, they only get half of that while training. ( I.E 27% pay out....and they can take 50% of that )

 
I'm confused. They can only take 50% of their 27% payout?
Mar 2, 2008 10:25 pm
doberman:
jtx25:

I didn't mean their pay out was 50%. My close friend interviewed with them ( NYC) and he said wherever they are on the pay out grid their first year, they only get half of that while training. ( I.E 27% pay out....and they can take 50% of that )

 
I'm confused. They can only take 50% of their 27% payout?



Where did 27% come from?

12b-1's are 25bps. AUM would be 1%. Certainly ML doesn't take a whole 73bps off the top of your AUM fees.

Mar 8, 2008 3:57 pm
stocksandbonds:

How much do FA's at Merrill make in the first year? And what is the easiest way to get in? Thank you

 
You will make your salary your first year.  Don't think about making anything more unless you are an all-star or get very lucky.  They say you will have a chance to make the quarterly bonuses, but even successful advisors don't hit those bonuses.
 
The easiest way to get in is to bring a book a business with you.  Granted, that might not be an option for you.  In that case, I would put a resume together, leave off the summer job at Burger King, and have some sales experience you can tell in an interview.  If you know people in your community, I would create a list of all the people you would spread the word to once you're an FA (it would help if these people were somewhat qualified, not recent college grads).  NOTE:  These people will NOT just give you their money and say, "Thank god you're in this business now...here's my life's savings!!!".  You can also excite the manager by telling him that you understand two things:  CLIENT ACQUISITION and CLIENT RETENTION.  I would also create a business plan that shows who you want to target and how you will target them.  Kinko's can bind it for you. 
 
Mar 9, 2008 1:31 pm

Stick to a salary less then $40k.  This gives you two years in the POA program.  The best way to get hired is to have some sales experience and hopefully have a contact. 

 
I know one guy who worked at a high-end retail store for a few years.  He was very good at what he did.  A couple came in to pick up an item they had bought and he managed to sell them on more stuff that ended up being double the cost of what they paid for the item they were just picking up.  The couple happened to run a local ML office and offered him a job immediately.  The timing was perfect for him as he was just finishing up his BBA and was interviewing with other firms and never thought about ML.