Skip navigation

Merrill Lynch Training

or Register to post new content in the forum

40 RepliesJump to last post

 

Comments

  • Allowed HTML tags: <em> <strong> <blockquote> <br> <p>

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.
Aug 27, 2009 5:30 pm

I work for a subsidiary of BoA, yes.  My check still comes from ML.  I have no ego to speak of.  As soon as my logo changes, I will consider saying I work for BoA.

  That's neither here nor there.  Not the topic at hand.
Aug 27, 2009 5:35 pm

At Morgan Stanley, they say that to really succeed, you need $30M in assets by month 36.

  What is with the huge discrepancy?  A good living at Merrill on $16M, is that realistic?  Why not just work there?
Aug 27, 2009 5:39 pm

Please don’t confuse AUM and Annuitized assets.  The ML programs end around $15MM in assets which, in most cases, will be a similar pay to what you were getting in the program.  You are then on your own (on a draw) and as you continue to build your book, the more you make.

Aug 27, 2009 5:42 pm

Sorry for newbie questions.  What is the difference between AUM and Annuitized Assets?

Aug 27, 2009 5:45 pm

AUM = Total assets under management (and depending on the firm, this number might include liabilities).

  Annuitized assets are those that will generate revenue more than just once (non-transactional).  Fee-based account, C-shares, LOC etc.
Aug 27, 2009 5:47 pm

Got.  Appreciate the help!

Aug 27, 2009 6:13 pm
tqspygame:

Bull can you give us some background? what firm are you with?

      I'm a sales assistant at Radio Shack.
Aug 27, 2009 6:15 pm
ThatGuyML:

I agree with you, but my point was that 8mm annuitized does not account for transactional business, which you can assume might be as much as 40% of your book.  Say you’ve got 8mm annuitized with 12.25mm (which is an actual montly hurdle number) total AUM, there is potential to supplement that number and increase PCs depending on what product that might be (equity commissions can pile up if a client isn’t annuitized).

  Were on the same page i just didn't get into transactional biz.   If you wanted to, i guess you could have 8.5MM fee based in bonds at 30bps and just peddle A shares on another 4.5MM and get there too, but who would want to do that.
Aug 28, 2009 2:31 am

I’ll clear something up. In the PMD program, that $8MM NNA is “net new annuitized” assets as opposed to just “new annuitized” assets. The difference is that the former means you have to bring those new annuitized assets to the firm. In the old program (POA), you needed $10MM annuitized assets after two years and it didn’t matter how you got them (i.e. you could have inherited a book of business, hit your goals and graduated).   In PMD, you have to bring in and annuitize at least that many assets on your own.



Now in addition to that, you will have stuff you inherit, your non-annuitized transactional stuff, etc. which will also help you in your business. Regardless of what the program hurdles are, if you focus on growing your own business by $10MM per year and get fairly close to that, you have a good chance of being successful. I hope this helps.

Aug 28, 2009 2:32 am

As for a move to PBIG, very very rare. Can you land multiple $10MM+ clients in your first 12 months? If not, PBIG is not for you. I know I can’t…

Aug 31, 2009 1:57 am

Appreciate the help guys.

Aug 31, 2009 3:57 am

[quote=ThatGuyML]

I work for a subsidiary of BoA, yes. My check still comes from ML. I have no ego to speak of. As soon as my logo changes, I will consider saying I work for BoA.





That’s neither here nor there. Not the topic at hand.[/quote]



Is it true that boa is starting to take off the bull logo on the ml biz cards. I read it in an article a couple weeks back.
Aug 31, 2009 4:53 pm

[quote=younggunz] [quote=ThatGuyML]

I work for a subsidiary of BoA, yes.  My check still comes from ML.  I have no ego to speak of.  As soon as my logo changes, I will consider saying I work for BoA.


 
That's neither here nor there.  Not the topic at hand.[/quote]

Is it true that boa is starting to take off the bull logo on the ml biz cards. I read it in an article a couple weeks back. [/quote]     I haven't seen or heard of that in WM.  I would assume that may be the case in some of the banking channels as they're being rolled into the BoA side, while BoA WM is being rolled into ML side.
Sep 7, 2009 2:14 pm

Was told in my interview with ML, that the failed broker assets go to the new trainees.

May 8, 2012 10:12 am

So I have an offer and am starting the PMD program in a few weeks.  However, I am concerned with the "agreement to repay costs of training"...Yeah, they want me to pay back the SALARY they provide. If employment ends between 9 and 12 months I owe them $25K.  I want the training, but not quite at this cost...any suggestions? or ideas?

May 20, 2012 12:07 pm

In most cases, they hit you for training costs only if you leave to go to a competitor.  If you get fired or quit to do something else, then you should be safe. 

May 31, 2012 4:29 am

[quote=theranman]

So I have an offer and am starting the PMD program in a few weeks.  However, I am concerned with the "agreement to repay costs of training"...Yeah, they want me to pay back the SALARY they provide. If employment ends between 9 and 12 months I owe them $25K.  I want the training, but not quite at this cost...any suggestions? or ideas?

[/quote]

Honestly I see this question popping up everywhere and I have not ha dto sign it in my when I joined ML. Does the repaying training costs have to do with state??

Jun 27, 2015 5:33 pm

Can anyone comment on whether the PMD program covers reimbursement for dining and entertainment with prospects?

Jul 1, 2015 1:00 am

Have someone in my office who was with ML and left less than 90 days before his 2 year period was up. They came after him and he had to pay back about $17K which consisted of salary and assumed cost of training materials and time. He has not regretted leaving and though he hated paying the $17K, he is glad to be free, done and able to act in a full fiduciary manner for clients.

Jul 1, 2015 9:20 pm

From what I see, ML seems to engage in selective enforcement. I saw some guys get fired (nothing compliance related) and still were pursued for training costs. Some left for the competition and nothing was done. Seems to be whether or not the branch manager wanted to pull the trigger or not.

I’d have to think merrill has bigger fish to fry right now instead of worrying about newbies that bomb out of a training program.