[quote=MStyle88]
1. Do you get commissions during the first 2 years in addition to the base salary or does it come at the end when you graduate (assuming you have 15 million at the end.) ??

2. If you get lucky and get to 15 million before 2 years are you finished with the POA?
[/quote] <?:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" />

I don’t (yet) work for ML but I currently have an offer on the table.  Here is what I understand in regards to your questions:

Commissions are a draw.  Should your commissions exceed your salary, you get the commissions instead of the salary.

There are incentives to reach your goals and graduate the POA early.  However you may not want to get off of salary early should your commissions not exceed the salary offered.  I spoke with one person who qualified to graduate after 12-months but instead of taking the larger bonus and more stock options he decided to postpone graduation until 18-months so that he could stay on salary.  In his circumstances the additional 6-months of salary was greater than the additional early graduation incentives.  My understanding is that this is only an issue if you are one of the rare people given a salary above $60K.

While I have contributed to beating the ML POA topic to death, I have an additional question that someone might be able to answer for me.

I’ve heard that only 20-40% graduate the program and that a big percentage of those also have trouble getting enough traction to survive another year or so.  One POAer told me that most of his class didn’t even make it through the certifications.  Is this common?  What are the graduating percentages at other offices and when do those who drop out leave?

WM

Hey thanks a lot for answering my questions… I dont know the answer to
your question but from what I heard it ranges depending on the
branch.  I do know from a friend of mine that if you work with a
team or under a senior advisor then your chances getting to the 15mil
are way better…

I might be just asking the same questions over and over, but here I go. I am just starting with the POA program, and was wondering whether I am under non-compete rules or not, of yet? I don't remember signing anything of that nature. I signed a company guidelines sheet(a list of 10 rules and policies to abide by), an application, and a few waivers(background, credit history and what not). Do they make you sign this when and if you get fully registered, or are you under these rules from day 1, considering you can't do any business anyways (you arent licensed). I have also heard of a lot of scare stories on repaying training costs, what is the truth to these issues? Thank you and I aplogize for my ignorance.

[quote=choida]

I might be just asking the same questions over and over, but here I go. I am just starting with the POA program, and was wondering whether I am under non-compete rules or not, of yet? I don’t remember signing anything of that nature. I signed a company guidelines sheet(a list of 10 rules and policies to abide by), an application, and a few waivers(background, credit history and what not). Do they make you sign this when and if you get fully registered, or are you under these rules from day 1, considering you can’t do any business anyways (you arent licensed). I have also heard of a lot of scare stories on repaying training costs, what is the truth to these issues? Thank you and I aplogize for my ignorance.

You are right sir. Time to get to work!

I have never seen ML go after training costs.  Most often people
that leave fail to meet their goals, in which case they are
fired.  Thats the end of it, they don’t stick a for in you on your
way out by making you pay for your time. 



For those of you considering the POA program, keep in mind it costs ML
about $200,000 in total to get a POA through the program.  They
are selective in the hiring practices.  They require a big
committment and demand higher goals than just about anyone.  Take
these things seriously…ML sure does. 



As for failure rate?  Right now there are about 60% on track with their goals nationwide. 



This is a great time to be in this business:  You come in being
able to supply basic investments, planning, mortgages, commercial
loans, asset based personal and business loans, 401(k) and P/S, hedge
funds, private equity, managed futures and other commidies, structured
products, life insurance, long term care insurance, trust services, and
the list goes on.  Be smart, work hard, partner when needed, and
stay busy, busy, busy!

thank you rightway. I feel I am right on my way to get started, series 7 here I come. Thanks for the help.