Merrill Lynch or Wachovia Securities?

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Mar 28, 2005 6:58 pm

Youre getting started:  Do you start with ML and take the 18-24 months salary and start birddogging it?  or do you head to the bank and work their leads?

Mar 28, 2005 10:09 pm

I'd head for the bank.  I know a lot a people in this biz.  I know 1 new/new guy who has made it at ML.  And, he had a rather impressive insurance background and loads of contacts before joining.  No one else has been able to bring in enough "high net worth" clients to feed their family.

Mar 28, 2005 11:15 pm

Sooth is dead right. Make sure the bank will put enough prospects before you.

Mar 29, 2005 7:14 am

Most banks are looking for seasoned reps.

Mar 29, 2005 8:55 am

I think you have to head to the bank and work their leads.  At the very least you have a steady stream of customers (don't kid yourself, at a bank that is what they are) walking in the door.  At Merrill, you will be banging your head against the DNC list forever.

Mar 29, 2005 12:40 pm

5 posts and nobody has bad mouthed the bank or "bank brokers".  This has to be a forum record.

Mar 29, 2005 3:41 pm

Wachovia Securities is NOT a bank brokerage.

Mar 29, 2005 3:49 pm
RLYesq:

Wachovia Securities is NOT a bank brokerage.




Depending on where you work within Wachovia Securities it is.  They have an independent channel as well.


I should know.  I used to work IN the bank with Wachovia Securities.


Note the tag line.

Mar 29, 2005 6:43 pm

Lets say you are good at gathering assets..  Leads are great from the bank but you could live without them.  Are you still saying the bank is better?

Mar 29, 2005 10:30 pm

bank is a good place to start and learn.....you can take off the training wheels later when you want to be a REAL financial advisor and not just a captive sales rep...

Mar 30, 2005 9:00 am

Which channel is the starter of this thread looking at working at?  Tradional wirehouse,independent or the bank side.

Mar 30, 2005 9:47 am

Wow where is Stanbrown?


Doesn't he want to tell you how bad it is.  I read a post somewhere that an office of 30 wirehouse guys brought in a total of 19 high net worth accounts last year, I am pretty sure it said it was a ML office (HNW 250K+)  Pretty sad since I did better than that by myself.  Go to the bank, just make sure it is a good one.


PS


Stan I haven't sold a fixed annuity in 1.5 years


Mar 30, 2005 11:56 am

bankrep1


LOL, haven't sold one in 1.5 years? You're a constant contradiction, pal.


I've been silent on this one for two reasons;


1) The conversation has been about where a new guy (w/o connections) should start, not the standard "I'm at a bank and I'm a 100% real broker doing the same job as the wirehouse guys" nonsense. Given that situation starting at a bank isn't the end of the world.


2) Joedabroker already hit the ball out of the park with his "captured sales rep" post.



Mar 30, 2005 5:08 pm

Stan


I would argue I do a better job than a typical wirehouse rep.  I look at the clients insurance needs, (Disability, life and LTC), help them with estate planning (ILIT's and CRT's) and with their everyday investments.  I also provide advice on employee stock options exercise, restricted stock and alot of other things.  How many wirehouses brokers know 2 things about any of these subjects? 


I was jerking your chain a bit before.  Although I would still recommend a fixed annuity to a saver any minute of any day.


Mar 30, 2005 8:23 pm
bankrep1:

Wow where is Stanbrown?



Doesn't he want to tell you how bad it is. I read a post somewhere that an office of 30 wirehouse guys brought in a total of 19 high net worth accounts last year, I am pretty sure it said it was a ML office (HNW 250K+) Pretty sad since I did better than that by myself. Go to the bank, just make sure it is a good one.



PS




That was my former ML branch, 20 brokers only opened 17 250k+ Accounts in 2004.

Mar 30, 2005 8:32 pm

BankRep1,

But the branch did produce $8 Million+ from existing Assets and new smaller accounts.

Like it or not, the biggest Producers in this game mostly hang out at the wires, especially Merrill.

Sonny

Mar 30, 2005 9:26 pm

Sonny that only approx 400k/ broker, that is not all that impressive, especially since on another thread someone was saying how great ML is and they average 712k/yr and in NYC over 1mm.  Sorry just being a little sarcastic about ML not a huge fan of their brokers around me.

Mar 30, 2005 10:29 pm

I don't care what you have to say about ML, I resigned last week.

Mar 30, 2005 11:25 pm

Sonny -



What is next for you after your experience at ML? Are you looking for a
bank, or something like ML where the requirements are not as steep.
Thanks and good luck.

Mar 31, 2005 12:09 am
SonnyTheBull:

BankRep1,
But the branch did produce $8 Million+ from existing Assets and new smaller accounts.
Like it or not, the biggest Producers in this game mostly hang out at the wires, especially Merrill.
Sonny


Sonny....8 mil per year for an entire wirehouse branch in NYC?  They're pikers in the NYC wire market.  Google "Ron Carson".  He and his employees did 5 mil in friggin Omaha Neb!!!!