More Merrill layoffs?

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Feb 5, 2009 11:06 am

I heard there was more PMD layoffs coming in the near future, like the next two Fridays. Can anyone confirm this?

Feb 5, 2009 11:38 am

I can't confirm but it is logical.  They have been looking to get the "expenses" off the books in the first quarter so that things look better for the remainder of the year.

 
Feb 5, 2009 12:32 pm

What is your source for hearing more layoffs in the PMD program are coming?

Feb 5, 2009 12:46 pm

A PMDer that got laid off last week found out from people still within....you know, he said, she said....that's why I posted my question to find out if it's fact or rumor. I did call another friend who confirmed that this person can be taken for their word. I guess we'll know more tomorrow.

Feb 5, 2009 10:09 pm

Any more word on this?  This is extremely scary.  Any other firms w/ reputable training programs hiring out there?

Feb 6, 2009 7:34 am

The word in our complex is nothing immediate, but you need to stay on goal and not give the slightest reason to be let go.

Feb 6, 2009 12:08 pm

I've heard the same thing in my office. As long as you hit all your hurdles you should be fine. I would strongly recommend trying to team up with a senior FA. In this market, unless you know a ton of people with lots of money, that looks like the only way to make it through the POA/PMD program.

Feb 6, 2009 12:13 pm

I keep hearing this is a great market to be new in...folks aren't happy with their FA so their mving assets. I'm not finding that. I believe many people are dissatisfied but with the current market climate, they're too scared to do anything. Plus, if I were to keep assets in I don't get credit unless they're invested in the market. But I don't have confidence in the market now. Maybe DCA younger clients. Anyone finding it tough to gather assets out there?

Feb 6, 2009 12:17 pm

I have had zero success cold calling in this environment. There is so much fear and distrust that people just don't really want to talk to someone new right now over the phone. I have had some success with my networking efforts with local CPA's. If you can get someone a prospect trusts, like their CPA, to refer them to you, those conversations go much better.

Feb 6, 2009 2:28 pm
Cautiously Opt:

I keep hearing this is a great market to be new in...folks aren't happy with their FA so their mving assets. I'm not finding that. I believe many people are dissatisfied but with the current market climate, they're too scared to do anything. Plus, if I were to keep assets in I don't get credit unless they're invested in the market. But I don't have confidence in the market now. Maybe DCA younger clients. Anyone finding it tough to gather assets out there?

 
It is a great time to be in. I am "young" in the business...actually a year ago today I went into production. Since Jan, I have been focusing on ACATS and getting quite a few. 7 out of 10 people "hate" their advisor is something I read.
Feb 6, 2009 2:34 pm

7 out of 10 people may hate their advisor but that doesn't mean 7 out of 10 people with leave that advisor in this market. That sounds like a bunch of smoke that management tries to tell people to convince them that clients are banging down the door to leave their advisor. Its not true. I think people are smart enough in this market to know that the advisor isn't 100% to blame, probably more like 10% to blame.

Feb 7, 2009 12:39 pm

FYI -

 
I hit my hurdles and was still laid off by Merrill before my next hurdle date...
Feb 7, 2009 12:41 pm

I also think that "7 out of 10" number is a bunch of kaka.

 
If that was the case then there would be transfers going on all the time and they aren't.
 
Even if the number is true, it is factually correct to say that does not motivate those seven people enough to move.
Feb 7, 2009 1:02 pm

It also doesn't mean that all 7 people will find someone they are suitably comfortable to move to.



The Devil you know versus the Devil you don't know.

Feb 11, 2009 7:44 am

They are laying off some CAs according to some news reports I read yesterday.  It was only a matter of time before support staff was cut.

Feb 11, 2009 11:11 pm

CA's will be next. Then move on to more overlap within management. Also, branch consolidation may be the next thing to come. All I know is that Merrill is no longer what it used to be.

I was also meeting all of my hurdles and was recently cut. Incredibly discouraging but no need to dwell on it. If this is the industry that you picture yourself being in for years to come then work quickly to get in the door somewhere else and bring your clients over asap.

Feb 12, 2009 2:53 pm

We are hearing it and seeing it. There has been an influx of Merrill's trainees joining WR and we're more than happy to accomodate them.

Feb 13, 2009 2:00 am

It is my understanding that you cannot transition the Merrill wrap account MLPA to Waddell as the WR advisors cannot solicit or recommend individual stocks bonds etc. Correct me if I am wrong, but what happens to the accounts which hold a Treasury bond, munis, no load funds, and XOM, JNJ stock etc.??

Feb 15, 2009 10:08 pm

MBrink, does WR stand for Waddel & Reed or does it stand for the British version of Wachovia, known over the pond as Wachovier.

Feb 17, 2009 10:50 am

It is Waddell & Reed.