What can you tell me about ML Training? Does everybody start with zero assets? What is the no-compete clause? What does the first 1,2,3 years look like? What are the different quoatas/salary? How long does the base salary last? What does it look like for a succesful broker after five years? Bonus’, stock, trips? Why does everybody think ML is so much better that other firms? Smart ass comments need not apply.
I can’t answer all of those questions but here’s what I can tell you.The training program is very structured and comprehensive. At least for the first few months your days are pretty much scheduled for you with study time and various business development activities. Yes, you start with nothing. You must sign a contract saying that you will pay back your training costs if you leave in the first two years. You're at full salary for approximately a year and a half, then it tapers off by a set percentage each quarter. A successful broker, after five years, is raking it in. The first three years have very high hurdles that you must reach. If you don't, well.... I can only speak for myself, but I've always considered ML to be the premiere firm. The training program is considered to be the best in the business. So far, I love it there and feel fortunate to have been given an opportunity to try my luck there.
[quote=pursuing happyness]You're at full salary for approximately a year and a half, then it tapers off by a set percentage each quarter. A successful broker, after five years, is raking it in. The first three years have very high hurdles that you must reach. If you don't, well.... [/quote]
Well what? It's important to not gloss over the part about what happens if you don't hit your hurdles.
You are fired. Kaput. Done. Over. History.
ML can be a great place IF you meet the high hurdles. That's a very big IF. If you don't, it's one of the most least great places, as there isn't much flexibility. How important is that?
It's tough enough to make it in this business. The odds are stacked WAY against you. But I know plenty of guys in this business who are doing just fine, thank you, making very good money now who would have been fired in the first few years if they had been subject to ML's thresholds simply because they missed their hurdles a few months in a row.
I know YOU this doesn't apply to YOU, personally, because (like every single FA wannabe) you are absolutely confident that you will be among the top 5% of all FAs - but what if you aren't? I mean, hypothetically speaking, of course?
I’ve read there are several diff base salries you can start at at that determines your quota. What are the quotas? How much of a difference are they then at say Jones or Wachovia? Can I ask more specifically why you think ML is the best? You say you are almost full salary for a year and a half? How does this work and how soon do the quotas start and how quick do they raise?
go interview with them - they have a 1 pager front and back that spells out exactly what the program offers and what your hurdles are going to be at various stages of your career.
what is your background?
[quote=pursuing happyness]Sorry Morph, I thought that went without saying.[/quote]
No apology necessary. I wasn’t trying to be critical of you or your post. Anyone in the industry for any length of time knows very well what happens "if."
My answer was intended for those new to the industry like the original poster (presumably), who too frequently seem to naively assume they - of course - will be among the top 5% or so of new/news. It gets old hearing so many spout such unwarranted and unwise overconfidence. Not saying this poster aid that, but I see it so often here that it’s hard not to anticipate it a bit.
Excuse me now as I have to finish a client’s financial plan. Looks good for their planning on an early retirement as I feel really confident that I will be able to defy the odds and industry averages and get them average annual returns of 16-18%, because I work really hard and am really determined and have always succeeded in everything I do and went to a top university (and am really good looking, too).
(Edit: OK, I confess I may have exaggerated a bit. I’m just sorta good looking. Kinda. In an old dependable car sort of way.)
It's good to see you've still got your sense of humor!I see that was before the open this morning, though. What a day, yet again!!!