Merrill and New Brokers

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Jun 1, 2007 9:33 am

Looking at joining Merrill.  Have an offer to come on as a new trainee.  Also have an offer from a bank.  I currently have about 11 Mil aum and 1 1/2 years in the biz at a smaller firm.  Average producer.  What's the opinion?  Go with the Merrill offer, go with the bank or stay put?  I know what to expect at the bank.  What can I expect at Merrill?


Thanks

Jun 1, 2007 11:24 am

If you start in the Merrill POA program (training program) expect a salary in the mid-40s for 2 years and bonuses along the way. You get trained by a mentor. However, given the fact that you have 11 million AUM, you might not be put in the training program because of the fact that in the POA program you are expected to have 10 million AUM in the first 2 years, so you would need to talk more about that with the assocaite director/branch office manager type guy.

Jun 1, 2007 11:54 am
wismallbusiness:

Looking at joining Merrill.  Have an offer to come on as a new trainee.  Also have an offer from a bank.  I currently have about 11 Mil aum and 1 1/2 years in the biz at a smaller firm.  Average producer.  What's the opinion?  Go with the Merrill offer, go with the bank or stay put?  I know what to expect at the bank.  What can I expect at Merrill?


Thanks




How about telling what's wrong about where you are and why you'd have to take either offer?

Jun 1, 2007 8:37 pm
BigRed:

If you start in the Merrill POA program (training program) expect a salary in the mid-40s for 2 years and bonuses along the way. You get trained by a mentor. However, given the fact that you have 11 million AUM, you might not be put in the training program because of the fact that in the POA program you are expected to have 10 million AUM in the first 2 years, so you would need to talk more about that with the assocaite director/branch office manager type guy.


If they are offering POA push for the highest salary above $40k.  Everything 40 and over puts you on an 18 month salary schedule.  The target to graduate POA is $15 million as a minimum with $10 of it annuitized.


You probably should be in POA even with your assets as you will need to learn all the products and platforms.  If you can hit the PC targets you will also get bonuses while in the program.

Jun 1, 2007 8:39 pm

Also, expect much better training than at most banks (I cannot speak for all banks).  You will be in an environment at ML that will push you to succeed or head for the door.  There is a reason why the average production at ML is over 800,000.

Jun 1, 2007 10:57 pm
bondo:

Also, expect much better training than at most banks (I cannot speak for all banks).  You will be in an environment at ML that will push you to succeed or head for the door.  There is a reason why the average production at ML is over 800,000.


WOW....What the approx. AUM level (annuitized book) gets you @ 800k production at MER?

Jun 1, 2007 11:04 pm
Rugby:
bondo:

Also, expect much better training than at most banks (I cannot speak for all banks).  You will be in an environment at ML that will push you to succeed or head for the door.  There is a reason why the average production at ML is over 800,000.


WOW....What the approx. AUM level (annuitized book) gets you @ 800k production at MER?



The guy I trained under has a book of 125 million and is doing nearly 1 million in production.