Merrill Trainees

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Jul 25, 2006 2:23 pm

Does anyone know how much a broker/trainee (POA) for Merrill can expect to make as a base salary?  total comp?


thank you!

Jul 25, 2006 2:24 pm

This has been regurgitated many times.  Use the search function and you'll find your answer.

Jul 25, 2006 2:58 pm

eleventy  kabillion  dollars plus bonus...

Jul 25, 2006 3:12 pm

Wow!  More than I thought.  I'll take it!

Jul 25, 2006 3:26 pm

 i am going into their POA program starting next wek...my salary is $55k for 18 mos...it is basically a forgiveable draw though..

Jul 25, 2006 4:02 pm

My understanding is that salary is almost completely up to the hiring director.  I believe that if you get under $40K then they will give you 24-months of production (after becoming licensed) to make your hurdles of $15mm.  If you get more than $40K then you have only 18-months.  I’ve heard that above $79.99K is effectively not doable for the POA program.  <?:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" />


 


They give you performance bonuses every quarter if you are meeting your goals.  Those performance bonuses can amount to $12.5K over your training period (18 or 24-months). 


 


Once you finish POA you get a graduation bonus which can range from as low as $5K to as high as $30K.  There are also some long-term awards that range from $25K up to $100K.


 


Do a search on these forums and you will get more info.


 


I suggest that you don’t focus on trying to bargain for a higher salary.  Accept what they give you and then work your tail off to exceed their minimum goals so that you can get on commission sooner than later.  If you only meet their goals then you will have a big pay cut after you graduate since your commission will be low.


 


--WM

Jul 25, 2006 4:15 pm

I know this is elementary and I am hesitant to post this based on some of the tone of this board.......but anyway.  can anyone explain this draw thing to me?


thanks,


Jul 25, 2006 4:21 pm
moss84:

I know this is elementary and I am hesitant to post this based on some of the tone of this board.......but anyway.  can anyone explain this draw thing to me?


thanks,




A draw is a loan against future commissions....if you have a 4k draw per month, you're expected to generate(most months) enough comissions to cover the "draw".  When you don't generate enough, it's recorded as a deficit and in future months you're expected to make enough over the minimum to make up the deficit.

Not the most elegant explanation, but hopefully that helps.

Jul 25, 2006 4:25 pm

so if when it states you are getting 50% on annuitized products and 10% of commissions are those the figures being used to determine what you are producing?  or is it the total revenue being brought in?



thanks

Jul 26, 2006 9:58 am
WealthManager:

My understanding is that salary is almost completely up to the hiring director.  I believe that if you get under $40K then they will give you 24-months of production (after becoming licensed) to make your hurdles of $15mm.  If you get more than $40K then you have only 18-months.  I’ve heard that above $79.99K is effectively not doable for the POA program.  <?:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" />



They give you performance bonuses every quarter if you are meeting your goals.  Those performance bonuses can amount to $12.5K over your training period (18 or 24-months). 



Once you finish POA you get a graduation bonus which can range from as low as $5K to as high as $30K.  There are also some long-term awards that range from $25K up to $100K.



Do a search on these forums and you will get more info.



I suggest that you don’t focus on trying to bargain for a higher salary.  Accept what they give you and then work your tail off to exceed their minimum goals so that you can get on commission sooner than later.  If you only meet their goals then you will have a big pay cut after you graduate since your commission will be low.



--WM



WM says it all...you do not want to be working off a salary.  My goal is to be off the POA salary at about 14-16 months.  You do not want to go in and tell the BM that you are worth 80M, but you don't want to graduate the POA program until the full 18 months, he'll probably laugh at you, then he'll come on here and post funny things about you.  Bottom line is, take something low to show you're willing to take one for the proverbial team, then just blow everyone's mind by exceeding salary with your PC's way before expected.