No vacation as ml poa

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May 26, 2006 7:54 am

[quote=blarmston]

Here’s the difference. I work my a$$ off because I know how difficult this business is. I could have gone to a Morgan Stanley or AG where the expectations are lower. I chose to go to ‘bootcamp’ to fully commit to 3-5 years or tiring hours. Yeah, the hurdles are ridiculous, but I am making my numbers and my pipeline for 1Q06 is enough to graduate me one year early from my program.

So I dont mind working in a 'bootcamp'. I dont mind working for a demanding firm. I dont mind working 60 hours /per week ( I sued to work that at my other firm for 4 years). I dont care if I need to catch a half hour nap in my office. I take pride in my work ethic. I take pride that I am making it at the most demanding firm out there....

[/quote]

whatever you eat for breakfast is what I am switching too.
May 26, 2006 8:16 am

[quote=bankrep1]

Transferred two accounts from Merrill this week one for 1.3 Mil 67 yr old retiree and the other for 150K (exec), the nice thing about the 150K account is she has 600K in cash, she never trusted ML to do the right thing.

Did you lose an account this week?  I haven't lost one since I started (death being the exception).

[/quote]

Stealing accounts from ML is a piece of cake. Same with MS.

May 26, 2006 8:19 am

[quote=remotecontrol][quote=bankrep1]

Transferred two accounts from Merrill this week one for 1.3 Mil 67 yr old retiree and the other for 150K (exec), the nice thing about the 150K account is she has 600K in cash, she never trusted ML to do the right thing.

Did you lose an account this week?  I haven't lost one since I started (death being the exception).

[/quote]

Stealing accounts from ML is a piece of cake. Same with MS.

[/quote]

Sure it is, everybody wants to work with someone like you. That way they can leave your office and get a meatball sandwich right next door.  

Mar 20, 2007 7:49 pm

Seeing as how my first day @ Merrill is on Monday I don’t have any real knowledge of the vacation structure at Merrill.  I completely agree with Blarm, and I know how hard it is going to be to get to that 15m mark.  But, also how great it is going to feel when I do hit it.  When I signed on I did talk to my BM about my upcoming wedding in July and he said that it would be no problem to take a honeymoon.  He said if I didn’t want to take a honeymoon then he would have to reconsider me for the position.  I am excited about Merrill, I know it will be an incredibly tough ride, but it’ll be worth it 5 years from now.  Here I go!

Mar 21, 2007 12:19 am

[quote=remotecontrol][quote=bankrep1]

Transferred two accounts from Merrill this week one for 1.3 Mil 67 yr old retiree and the other for 150K (exec), the nice thing about the 150K account is she has 600K in cash, she never trusted ML to do the right thing.

Did you lose an account this week?  I haven't lost one since I started (death being the exception).

[/quote]

Stealing accounts from ML is a piece of cake. Same with MS.

[/quote]

I actually agree with this completely.  I absolutely love it when a prospect already has a relationship with ML.  If they have an account with ML that is between 50-100K I have a 100% chance of getting the account, for accounts 100K and higher, I would say I have about a 85% chance of getting the account.  I don't know what it is about local ML brokers, but they are apparently not keeping their clients happy. 

Chris

Mar 21, 2007 11:54 am

[quote=ChrisB]

I actually agree with this completely.  I
absolutely love it when a prospect already has a relationship with
ML.  If they have an account with ML that is between 50-100K I
have a 100% chance of getting the account, for accounts 100K and
higher, I would say I have about a 85% chance of getting the
account.  I don’t know what it is about local ML brokers, but they
are apparently not keeping their clients happy. 

Chris

[/quote]

It's actually very simple, ML brokers are too busy chasing the next account to waste time on existing accounts. The small accounts get handed over to a call center etc

With AMP, its very easy to play off of AMPers tendancy to push Life insurance and VA's.
Mar 22, 2007 3:20 pm

[quote=BullBroker]Seeing as how my first day @ Merrill is on Monday I don't have any real knowledge of the vacation structure at Merrill.  I completely agree with Blarm, and I know how hard it is going to be to get to that 15m mark.  But, also how great it is going to feel when I do hit it.  When I signed on I did talk to my BM about my upcoming wedding in July and he said that it would be no problem to take a honeymoon.  He said if I didn't want to take a honeymoon then he would have to reconsider me for the position.  I am excited about Merrill, I know it will be an incredibly tough ride, but it'll be worth it 5 years from now.  Here I go![/quote]

I’ve been at ML for just over 8-months and entered production 2-weeks ago.  While it may differ at other branches, my general feeling is that they don’t care how often you are in the office so long as you get everything done that you need and bring in assets.  Keep in mind that time you take off for your wedding and honeymoon will not extend the time you have to meet you goals.  It will only eat away your time.<?:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" />

 

Most of my more successful POA colleagues are rarely in the office.  Others that were spending 60+ hours a week were already let go because they didn’t produce.  This goes to show that unless you are on the phone with clients or prospects then you should be out of the office getting in front of them.

 

--WM

Mar 22, 2007 3:32 pm

 It's actually very simple, ML brokers are too busy chasing the next account to waste time on existing accounts. The small accounts get handed over to a call center etc

Smart comment. At a high payout rate, even smaller accounts are profitable (50k+). If you are busy responding and proactively contacting everyone, you naturally get referalls, making you more professional and successful.

A high payout rate structure environment is better for the client and advisor.

Mar 22, 2007 9:26 pm

[quote=silouette]

 It’s actually very simple, ML brokers
are too busy chasing the next account to waste time on existing
accounts. The small accounts get handed over to a call center etc

Smart comment. At a high payout rate, even smaller accounts are profitable (50k+). If you are busy responding and proactively contacting everyone, you naturally get referalls, making you more professional and successful.

A high payout rate structure environment is better for the client and advisor.

[/quote]

ML is the most dysfunctional of the wirehouses, the whole system is set up so that most POA's do not suceed. A huge investment in human capital is wasted. Say what you will about EDJ, but they really want each IR to suceed.

AMP is a close second, but that is because they are an insurance company disguised as a classical B/D.
Mar 22, 2007 11:15 pm

Yes, mon. The industry is really a diaspora, and focus, or specialization pays. My impression of what ML and AMP have in common is, like a fishing net, they troll a lot of water and whatever does not jump out of the net stays - clients buy Mother's big name and office decor, or implement a Mcplan with a VUL side ( for newbies).

Of course, there are good planners at both, and these professionals are an important part of the (branded) marketing mix. In both cases, a successful niche is carved out of a confused market.

In this business, consistency is everything. As those models are profitable, so is the partnership model at Jones, in terms of consistency, driven by training, which is of course expensive in the short term, but we know as business owners it is long term revenues that matter, in light of taxes.

Anyway, I like the term dysfunctional, as that is yet another economic niche that can be exploited ( through people).

I think all models want the RR to succeed, for selfish reasons, but the waste of human capital is insignificant compared to the long term efficiencies of revenue generated by money under management, and the propensity of clients toward inaction, after being incited to take action after overcoming uncertainty. ( Caught in the net.)

What phoenomenal opportunity exists in the marketplace for rationalization of the business of providing consistent personal service. This is the the real implication of "going independent", and alluded to by others - often in non-monetary terms - but, in more subtle manifestations, such as the "fiduciary debate", with regards to CFP personal practitioner platforms, as this debate has gigantic economic implications, along with the ethical implications.

Too bad  it is so easy to make a good living as an ethical independent and be easily distracted by non empire building pursuits. That self opiating aspect of success opens the door wide to corporate expoitation ( unlike dentistry, for example.)

Mar 24, 2007 6:38 pm

Not an invalid point.  I’m a newbie (three weeks of production) and I don’t open anything up that’s less than $250k unless there is a real opportunity for more in the future.  Maybe it’s out payout structure but the small accounts are just not really worth any of our time.  However, it’s the fault of the FA if they can’t realize that there are opportunities for  significant amounts of assets even if the accounts they setup are small.

–WM


[quote=silouette]

 It’s actually very simple, ML brokers are too busy chasing the next account to waste time on existing accounts. The small accounts get handed over to a call center etc

Smart comment. At a high payout rate, even smaller accounts are profitable (50k+). If you are busy responding and proactively contacting everyone, you naturally get referalls, making you more professional and successful.

A high payout rate structure environment is better for the client and advisor.

[/quote]
Mar 25, 2007 2:37 am

[quote=WealthManager]Not an invalid point.  I’m a newbie (three
weeks of production) and I don’t open anything up that’s less than
$250k unless there is a real opportunity for more in the future. 
Maybe it’s out payout structure but the small accounts are just not
really worth any of our time.  However, it’s the fault of the FA
if they can’t realize that there are opportunities for 
significant amounts of assets even if the accounts they setup are small.

–WM
[/quote]


As an ML trainee you are in no position to turn down any monies.

Who cares if you can service them, just open them.



Fact is that converting customers from ML is most easy, since the
assets at any cost culture means that smaller accounts get shoved
aside. In fact the same is true at all the national wires. It’s very
easy to explain that “Your broker doesn’t care about small accounts, he
is too busy chasing after the next whale”.



With regionals a simple “You’re broker is an A-share pusher who doesn’t
care about your investments” will do. If you see newish closed end
funds, a quick explanation of how CEF’s work (i.e don’t work) can be
like battery acid on the relationship.



It’s like having a whole sardine key chain.

Mar 25, 2007 10:52 am

It is all about the business you want to build.  If you want to
feast on $50k to $300k accounts that are not being serviced properly at
Merrill Lynch you can hang a shingle, or whatever, and do very very
well.  All the while serving a segment of the market that needs
help and appreciates your attention.



This is not the business model Merrill Lynch wants to prosper in, and
that is OK isn’t it?  Over the last 8 years I have migrated my
business from the $200k profile to the $2,000,000 profile.  This
change of focus more than tripled my production and cut my stress and
time spent at work down significantly. 



When I decided to FOCUS on this market seriously, I found the that
these families just like everyone else…just with more zero’s at the
end of their statement…with two big exceptions: they expect to pay
fee’s and don’t call me every month about market swings and requests
for distributions.  There are piles and piles and piles and piles
and piles of these families out there and they are easier to close,
easier to service, and far, far more profitable.  They are just
harder to get in front of.



The typical POA needs to embrace the tools they have, partner up with
specialists and Sr. FA’s, and get after the larger clients.  
It is not a social statement about investors, just a business model
decision. 

Mar 25, 2007 2:28 pm

Well said.

Mar 25, 2007 10:10 pm

Rightway,

This is exactly why I went to Merrill Lynch right out of the gate.  As far as I am concerned if brokers like Allreit and the like want to make a living off of the scraps of the Merrill table be my guest.  I went to ML because they have the best training and no one can argue with the fact that they know how to land the big clients.  I realize starting out I will have to service all levels of accounts, but I really want to build my book the right way.  I have saved up enough money and am not tied down with kids yet where I can afford to do this career the right way.  Build a book off of quality clients and in 10 years be able to be completely secure.  So to all those that want to make a living off of scraps, go steal the $50K Merrill accounts and I will see you in 10 years, see how all that pans out for ya!

Mar 26, 2007 12:13 pm

Right- good to hear from you buddy. I thought you had given up on this forum…

Mar 26, 2007 2:16 pm

There is a lot of truth to the statement that HNW are easier to close.  I have definitely found that to be true.

Mar 28, 2007 8:10 pm

[quote=blarmston]Right- good to hear from you buddy. I thought you had given up on this forum…[/quote]



Its nice when my absence is noticed…only if my presence had the same effect!!

Mar 10, 2015 6:46 pm

Help! Does anyone out there still have a 2006, 2007, and/or 2008 POA Handbook? I lost mine and desperately need a copy. I’ll pay for copying and FedEx.

Mar 10, 2015 6:47 pm

Help! Does anyone out there still have a 2006, 2007, and/or 2008 POA Handbook? I lost mine and desperately need a copy. I’ll pay for copying and FedEx.