ML POA to bank

or Register to post new content in the forum

21 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.
Jul 10, 2007 1:49 am

i've been in the ML POA program for a few months now and haven't done well as getting positive results from my marketing efforts. I thought i could rely on getting some help from some previous business contacts but to date, nothing really that great has come through. In addition, i really haven't been that happy with the ML culture. I don't mind working alone, but am not to keen on the idea of being in office setting where people think they are better than you simply because they have more AUM than i presently do. For that reason, you get ignored and not receive any real support in the form of advice of how to better do this job. (i know it varies from one office to another). Anyways, i am currently being recruited by a couple of banks and the programs seem to be pretty decent. As much as i wish i had the contacts and the know-how to market myself, it's just not working. Has anyone on here found success in leaving ML POA and entering into a bank program? I am thinking that my personality might be better suited in the bank rather than in the "stuffy" ML office.

Jul 10, 2007 5:51 am

I am so confused, just yesterday you said you were thinking of joing Merrill and now you've been there for two months?

Jul 10, 2007 7:34 am

I only know two guys who have made that move and both have done well.  The bank is a better fit for their personalities.


I would say if you are seriously considering the bank options you might as well go as you are not setting yourself up to succeed at ML.  Just be careful how you leave so they do not come back after the training costs.


Good luck with whatever you do.

Jul 10, 2007 7:40 am

12345....i am not sure what gave you the impression that i was thinking of joining ML. Actually, i have been there for a year, but have been in production since Feb. Sorry for the confusion.

Jul 10, 2007 7:48 am

I'm an iddiot, the post I was looking at was from July 9, 2006. Sorry for the confusion.

Jul 10, 2007 10:06 am

If you want to make a meager wage and have accounts spoon fed to you then the bank is your place.  Don't forget to wear a crazy tie on free toaster Friday's.

Jul 10, 2007 10:59 am

If you have had your number for a whole 5 months and are already looking to escape- you are not cut out for POA. Or ANY wirehouse training program.


Go work for TD Ameritrade. Or a community bank. Or the local utility.


Pisses me off when I see people throwing in the towel before the fight starts...

Jul 10, 2007 11:56 am
bjack73:

i've been in the ML POA program for a few months now and haven't done well as getting positive results from my marketing efforts. I thought i could rely on getting some help from some previous business contacts but to date, nothing really that great has come through. In addition, i really haven't been that happy with the ML culture. I don't mind working alone, but am not to keen on the idea of being in office setting where people think they are better than you simply because they have more AUM than i presently do. For that reason, you get ignored and not receive any real support in the form of advice of how to better do this job. (i know it varies from one office to another). Anyways, i am currently being recruited by a couple of banks and the programs seem to be pretty decent. As much as i wish i had the contacts and the know-how to market myself, it's just not working. Has anyone on here found success in leaving ML POA and entering into a bank program? I am thinking that my personality might be better suited in the bank rather than in the "stuffy" ML office.




I made that exact move--if you find the right bank and the right program you'll be EXTREMELY happy.  Don't listen to the naysayers.  Momma Merril keeps most of the revenues for Stanley O.  I'm sure it's the same at all the other wires. 

Jul 11, 2007 8:12 pm
pretzelhead:


I made that exact move--if you find the right bank and the right program you'll be EXTREMELY happy.  Don't listen to the naysayers.  Momma Merril keeps most of the revenues for Stanley O.  I'm sure it's the same at all the other wires. 


[/quote]


LOL , you definitly sound like a POA failure thats still mad at Mother for kicking you out of the (wire)house. LOL



I agree with Blarnstorn 100%.

Jul 11, 2007 9:08 pm
BankerBuddy:

LOL , you definitly sound like a POA failure thats still mad at Mother for kicking you out of the (wire)house. LOL



I agree with Blarnstorn 100%.



Me too.  But go back and look at what he wrote.  I appears to have been written by a dull witted college dropout.


I'm surprised that Merrill hired him in the first place.

Jul 19, 2007 1:55 pm
Devil'sAdvocate:
BankerBuddy:

LOL , you definitly sound like a POA failure thats still mad at Mother for kicking you out of the (wire)house. LOL



I agree with Blarnstorn 100%.



Me too.  But go back and look at what he wrote.  I appears to have been written by a dull witted college dropout.


I'm surprised that Merrill hired him in the first place.



I was recruited away from ML, offered a guaranteed salary that doubled what I was making at Merrill with the opportunity to build my own program, receive referrals from a HNW client base, expense account, prospect as I was a ML, and a nice corner office.  I didn't need my MBA to make the correct decision on this one--but it still looks nice on the wall.  Enjoy your cube.


Dull-witted is your inability to successfuly utilize the "quote" function.  I guess your Sally Struther classload didn't include IT.  Dolt.

Jul 19, 2007 6:29 pm

Bjack73,


Most people flail out of the training programs. More established brokers are worth more than you because they did NOT flail out of the training program. Most of them have seen guys like you come and go and see you as just the next guy that one day they'll never ever see again for as long as they live.


It sucks, and the  Merrill muscleheads are among the worst. But didn't you know this before you signed on? Did you watch Boiler Room and see how the noobs are treated? Did you ever watch the movie Full Metal Jacket? Until you are a full fledged Merrill money maker, you're not on the team, not even a rookie.


All this having been said. You're not dead yet. Pump up the jamb: lamb! If those asswholes can do it, so can you! There are more people out there with more money in their pocket today than there were ten years ago. When you've made it then you can be a asswhole too and ignore the dweeb who's putting ring around the collar of his every shirt, sweating out every single phone call like the phone is two tons of tyranosarus teeth.


Keep your eye on the prize! This business is not magic, it's perspiration! Work like nobody else will for five years, live like no one else can for the rest of your life!


Marketing plan didn't work? Here's you're new marketing plan. "Hello Mr. Jones I'm Bjack from Merrill Lynch, I'm sure you've of my firm, do you already have an account with us? Good, Mr Jones we've developed strategies designed to help you increase your income or reduce your income taxes, which are you more interested in, more current income or paying less taxes? That's the number one answer, tell me, what have you done so far to achieve this objective? Great, I have here a for a high quality municipal bond that will save you money, and that will increase your after tax income!... "


Repeat at least 60 times per day (to 60 qualified prospects which might take 200 contacts and 400 dials per day).


Don't reinvent the wheel, when/if the whip comes down, make sure it hits lean muscle mass, no flab!


You can do it.

Jul 19, 2007 9:02 pm
pretzelhead:
Devil'sAdvocate:
BankerBuddy:

LOL , you definitly sound like a POA failure thats still mad at Mother for kicking you out of the (wire)house. LOL



I agree with Blarnstorn 100%.



Me too.  But go back and look at what he wrote.  I appears to have been written by a dull witted college dropout.


I'm surprised that Merrill hired him in the first place.



I was recruited away from ML, offered a guaranteed salary that doubled what I was making at Merrill with the opportunity to build my own program, receive referrals from a HNW client base, expense account, prospect as I was a ML, and a nice corner office.  I didn't need my MBA to make the correct decision on this one--but it still looks nice on the wall.  Enjoy your cube.


Dull-witted is your inability to successfuly utilize the "quote" function.  I guess your Sally Struther classload didn't include IT.  Dolt.



Im sorry, you must have mistaken me for a moran. Read the name...I came from a bank. Unless your bank is a regional/HNW only bank like First Republic...Oh wait, that belongs to ML! How about Royal Bank? Besides the crazy fees and the ACATS to me from RBC, I doubt you have many HNW clients, if any. Expense account? I might believe that, but one thing is for sure, it is NOT one of the large national banks (wachovia, BoA, JPM, Citi, etc). So please, end the lies buddy.


As for my cube, I am happy with it. I have no problem with wear I sit as long as I am doing major business. Successful FA's are hardly ever in the office because there to busy out with clients, networking, or prospecting. When there in the office, they are not looking at there wall with the degree and admiring themselves with there feet up, they are serving there clients and preparing proposals. Also, your referrals from HNW? Come on! If you were referral base, you would still be in ML making more money. Now if you say the payout is better at a bank then prepared to get ripped by every FA here cause we all know the payout is low at a bank. I guess now we know how you failed .


Oh and one more thing...Those clients are not yours, there the banks, just like a wirehouse (at least I am honest with myself ). And you are a salary FA? Are you even still an FA or a banker? You know what, don't even answer that. Ending this convo with you.




Back to the main topic: Give it 100% or just dont even bother. If your going to go down, go down with a good fight. Not everyone is cut out for POA but that doesn't make you any less of a person/FA/sales rep. But if you just quit, you suck.


Jul 19, 2007 10:36 pm
BankerBuddy:
pretzelhead:
Devil'sAdvocate:
BankerBuddy:

LOL , you definitly sound like a POA failure thats still mad at Mother for kicking you out of the (wire)house. LOL



I agree with Blarnstorn 100%.



Me too.  But go back and look at what he wrote.  I appears to have been written by a dull witted college dropout.


I'm surprised that Merrill hired him in the first place.



I was recruited away from ML, offered a guaranteed salary that doubled what I was making at Merrill with the opportunity to build my own program, receive referrals from a HNW client base, expense account, prospect as I was a ML, and a nice corner office.  I didn't need my MBA to make the correct decision on this one--but it still looks nice on the wall.  Enjoy your cube.


Dull-witted is your inability to successfuly utilize the "quote" function.  I guess your Sally Struther classload didn't include IT.  Dolt.



Im sorry, you must have mistaken me for a moran. Read the name...I came from a bank. Unless your bank is a regional/HNW only bank like First Republic...Oh wait, that belongs to ML! How about Royal Bank? Besides the crazy fees and the ACATS to me from RBC, I doubt you have many HNW clients, if any. Expense account? I might believe that, but one thing is for sure, it is NOT one of the large national banks (wachovia, BoA, JPM, Citi, etc). So please, end the lies buddy.


As for my cube, I am happy with it. I have no problem with wear I sit as long as I am doing major business. Successful FA's are hardly ever in the office because there to busy out with clients, networking, or prospecting. When there in the office, they are not looking at there wall with the degree and admiring themselves with there feet up, they are serving there clients and preparing proposals. Also, your referrals from HNW? Come on! If you were referral base, you would still be in ML making more money. Now if you say the payout is better at a bank then prepared to get ripped by every FA here cause we all know the payout is low at a bank. I guess now we know how you failed .


Oh and one more thing...Those clients are not yours, there the banks, just like a wirehouse (at least I am honest with myself ). And you are a salary FA? Are you even still an FA or a banker? You know what, don't even answer that. Ending this convo with you.




Back to the main topic: Give it 100% or just dont even bother. If your going to go down, go down with a good fight. Not everyone is cut out for POA but that doesn't make you any less of a person/FA/sales rep. But if you just quit, you suck.




You spelled "moron" wrong.

Jul 19, 2007 10:37 pm
bjack73:

i've been in the ML POA program for a few months now and haven't done well as getting positive results from my marketing efforts. I thought i could rely on getting some help from some previous business contacts but to date, nothing really that great has come through. In addition, i really haven't been that happy with the ML culture. I don't mind working alone, but am not to keen on the idea of being in office setting where people think they are better than you simply because they have more AUM than i presently do. For that reason, you get ignored and not receive any real support in the form of advice of how to better do this job. (i know it varies from one office to another). Anyways, i am currently being recruited by a couple of banks and the programs seem to be pretty decent. As much as i wish i had the contacts and the know-how to market myself, it's just not working. Has anyone on here found success in leaving ML POA and entering into a bank program? I am thinking that my personality might be better suited in the bank rather than in the "stuffy" ML office.





bjac73 - There are plenty of smart, successful people in the bank channel. There are also many smart, success people in the bank channel who came from the wirehouse channel.



Here's the truth I learned about myself when I switched from the wirehouse to the bank:



-- I wasn't willing to do the work to be successful in the wirehouse channel. I was willing to do the work to be successful in the bank channel. The reason is that I HATE prospecting but I love educating & building teams. I'm good playing in traffic, but I CAN'T STAND being the only one on the road. That was how I experienced wire-world.



I am clear(as should you be) that I failed when I left, and it's that simple. When I signed on the dotted line the first time it was with the intention to be there for the rest of my life. I wanted to be that dream of a wirehouse broker, and I failed in creating that dream. There's a connotation to failure that is simply NOT ACCURATE. Failure is not a bad thing - it's a "what's so." I fail to be the person my dog thinks I am... And it most circumstances it's caused because of something we CHOSE.



So, here's my question? Why are you opening yourself up to getting your arse kicked by all of the $&(!#$ on this board? You failed at ML... FINE. Choose it, own it, and ask yourself truthfully why it happened. Asking us (or even your parents, friends & loved ones) for advice at this point isn't going to get you anywhere. Because what you're going get is stuff like you didn't do enough / it's too hard for you / you lack the appropriate skills. It'll amount to you're a piece of sh&t.



If you are as smart and productive as your previous posts suggest you are, get rid of all of the emotional crap & do a self-assessment on why YOU DIDN'T WORK in this & then try something else.



Good luck!

Jul 20, 2007 11:47 am
BankerBuddy:
pretzelhead:
Devil'sAdvocate:
BankerBuddy:

LOL , you definitly sound like a POA failure thats still mad at Mother for kicking you out of the (wire)house. LOL



I agree with Blarnstorn 100%.



Me too.  But go back and look at what he wrote.  I appears to have been written by a dull witted college dropout.


I'm surprised that Merrill hired him in the first place.



I was recruited away from ML, offered a guaranteed salary that doubled what I was making at Merrill with the opportunity to build my own program, receive referrals from a HNW client base, expense account, prospect as I was a ML, and a nice corner office.  I didn't need my MBA to make the correct decision on this one--but it still looks nice on the wall.  Enjoy your cube.


Dull-witted is your inability to successfuly utilize the "quote" function.  I guess your Sally Struther classload didn't include IT.  Dolt.



Im sorry, you must have mistaken me for a moran. Read the name...I came from a bank. Unless your bank is a regional/HNW only bank like First Republic...Oh wait, that belongs to ML! How about Royal Bank? Besides the crazy fees and the ACATS to me from RBC, I doubt you have many HNW clients, if any. Expense account? I might believe that, but one thing is for sure, it is NOT one of the large national banks (wachovia, BoA, JPM, Citi, etc). So please, end the lies buddy.


As for my cube, I am happy with it. I have no problem with wear I sit as long as I am doing major business. Successful FA's are hardly ever in the office because there to busy out with clients, networking, or prospecting. When there in the office, they are not looking at there wall with the degree and admiring themselves with there feet up, they are serving there clients and preparing proposals. Also, your referrals from HNW? Come on! If you were referral base, you would still be in ML making more money. Now if you say the payout is better at a bank then prepared to get ripped by every FA here cause we all know the payout is low at a bank. I guess now we know how you failed .


Oh and one more thing...Those clients are not yours, there the banks, just like a wirehouse (at least I am honest with myself ). And you are a salary FA? Are you even still an FA or a banker? You know what, don't even answer that. Ending this convo with you.




Back to the main topic: Give it 100% or just dont even bother. If your going to go down, go down with a good fight. Not everyone is cut out for POA but that doesn't make you any less of a person/FA/sales rep. But if you just quit, you suck.




There is a difference between quitting and being offered a better opportunity.  I like to build new programs--that's what I'm doing--that's what I was offered.  You like to leverage "the Bull." There were some decent guys that I worked with at ML--in fact I gained two buddies that I will probably talk to for the rest of my life.  Funny, they both moved on as well (to better situations also.)  There were also plenty of a$$holes that believed their sh*t don't smell. 


To each his own.   I don't sit at the bank all day and wait for referrals though, I cold call and cold walk.  I do dinners with my JNL wholesaler.  I can sell Russell Funds (which you've never heard of because you can't sell them since they compete directly with MFA.  Mother Merrill would never want to have competition for her proprietary platform).  Please, before you even try to beat down that one, find out who runs The Bill and Melinda Gates Foundation's money. 


I have a fixed payout from grid that will never change (it's in my contract) that is slightly less than the 50% payout you get for POA and LOS 3 (if you make it).  In your 4th year, when your payout from grid drops to 33% and your rip on a VA is 4.5% why don't you write a post about "haircuts." I'll keep my 7.5% rip.  Thanks.


You may be right about 1 thing, (and it's not your use or spelling of "moran," "there," or "wear,") the big national banks do haircut your payouts- that is not where* I am.  They're* the haircutters, not my place.


*Proper usage.


One last thing, please don't use the term "convo" with your prospects.  You'll look gay.

Jul 20, 2007 1:11 pm

"One last thing, please don't use the term "convo" with your prospects.  You'll look gay."


Jul 20, 2007 1:18 pm

[quote=BankerBuddy

Im sorry, you must have mistaken me for a moran. Read the name...I came from a bank. Unless your bank is a regional/HNW only bank like First Republic...Oh wait, that belongs to ML! How about Royal Bank? Besides the crazy fees and the ACATS to me from RBC, I doubt you have many HNW clients, if any. Expense account? I might believe that, but one thing is for sure, it is NOT one of the large national banks (wachovia, BoA, JPM, Citi, etc). So please, end the lies buddy.


As for my cube, I am happy with it. I have no problem with wear I sit as long as I am doing major business. Successful FA's are hardly ever in the office because there to busy out with clients, networking, or prospecting. When there in the office, they are not looking at there wall with the degree and admiring themselves with there feet up, they are serving there clients and preparing proposals. Also, your referrals from HNW? Come on! If you were referral base, you would still be in ML making more money. Now if you say the payout is better at a bank then prepared to get ripped by every FA here cause we all know the payout is low at a bank. I guess now we know how you failed .


Oh and one more thing...Those clients are not yours, there the banks, just like a wirehouse (at least I am honest with myself ). And you are a salary FA? Are you even still an FA or a banker? You know what, don't even answer that. Ending this convo with you.




Back to the main topic: Give it 100% or just dont even bother. If your going to go down, go down with a good fight. Not everyone is cut out for POA but that doesn't make you any less of a person/FA/sales rep. But if you just quit, you suck.



[/quote]


I was always under the impression that if you did "major business" you would be in an office, not in a cube. 


I bet you're still looking for your stapler, Milton. 

Jul 20, 2007 1:20 pm

Geez, sorry to all for the botch job on the quote deal there...

Jul 20, 2007 2:17 pm
snaggletooth:

Geez, sorry to all for the botch job on the quote deal there...



Apology not accepted.


I almost read that moran's  post again.