PMD in a bad situation

or Register to post new content in the forum

10 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.
Apr 16, 2015 8:22 pm

I will give the cliff notes version of whats going on:

Joined ML last year as a PMD/TFA.   After passing the 7 and 66 got my production number.   Team I am on is old school, been with ML for a very long time.  Very set in their ways.  Do not want to learn the new way of doing things at ML.   After several team meetings and me trying to tell them how the PMD/TFA role is setup they scoffed at the idea and told me to just cold call...150-200 calls a day!  They don't want me assisting them to learn the business.  They don't want me trying to help bring in more assets with current clients.  They only want me to generate new AUM.  This doesn't line up with how my role is defined under the TFA program.  

Here is my problem...the one FA on my team is VERY good friends with our complex director and lots of higher level exec's.  I'm afraid if I try to speak up that it will be almost impossible to function on this team.  I chose to come to ML for the TFA role as I do not have a very big pipeline of prospects going in.  I was under the impression that coming in as TFA would allow me to learn the business and make contacts through current clients on top of prospecting.  I am being honest with myself in saying I don't see myself bringing in 10-20 million in assets in the next year or two.  

Any suggestions

Apr 20, 2015 2:20 pm

Learn as much as you can, then jump ship right before the hatchet falls. Might not seem like that much advice but in a tough situation like that, it's all you really can do. I'm in a similar program at WFA but I'm getting much more support from the branch manager, team etc and it's made a world of a difference

Apr 25, 2015 9:23 pm

Guys just want to lend some support to your plight. I've been in your shoes and now have been INDY for 4 years with LPL. Learn what you can, try to build quality relationships with as many clients as possible, and know that the system is rigged against you at the wires. If you really like the business, there will be some great places to land and the kicker is your going to get a 90% payout to boot.

Apr 25, 2015 9:23 pm

Guys just want to lend some support to your plight. I've been in your shoes and now have been INDY for 4 years with LPL. Learn what you can, try to build quality relationships with as many clients as possible, and know that the system is rigged against you at the wires. If you really like the business, there will be some great places to land and the kicker is your going to get a 90% payout to boot.

Apr 28, 2015 1:33 am

@Will551 Thanks for your post. I am currently in the recruitment process for the TFA program, and I would love any additional insight you would have for someone considering the role.

Has anyone been in this program long enough to shed some light as to whether or not it can enable someone to develop into a FA without an extensive network going into the program? Do you have any words of advice?

@Will551 I'll PM you some more specific questions, I'm trying to do as much dd on this as possible but it is tough because it is such a new program

Apr 29, 2015 12:09 am
spydermonkey:

@Will551 Thanks for your post. I am currently in the recruitment process for the TFA program, and I would love any additional insight you would have for someone considering the role.

Has anyone been in this program long enough to shed some light as to whether or not it can enable someone to develop into a FA without an extensive network going into the program? Do you have any words of advice?

@Will551 I'll PM you some more specific questions, I'm trying to do as much dd on this as possible but it is tough because it is such a new program

Hey are you currently licensed? What is your background? I am looking to jump into that program and want to see what it requires. I am not licensed but in banking (sales)

Apr 30, 2015 12:23 pm

Hey Will551,

Sorry to hear about your situation, that blows. What I would do would be to contact the Complex Manager in the next closer area. Reach out there and see if they can help you out. The reality is that Merrill is trying to expand the program, but the nature of the biz is that it's based on "who you know". That's why in the good ol days, it was a biz strictly for the wealthy. Think about it, if you're not in wealthy circles or don't have access to them, how the hell are you supposed to get their money? You've got to be reaaaally creative, but it can be done. The support from your team is really only to be a crutch until people start taking you seriously and writing those checks. And even then you've got that $10M AUM goal. Having a good team is really important, you can PM me if you want to heet my ridiculous story about that (!). So, if you want to stay with Merrill, truck it to another team/complex. If not, get what you can get and work the middle class market.

May 6, 2015 10:42 am

I did enough research on PMD to turn it down. The team FA role sucks because have of your newly acquired assets are shared with the team. Anything over 250k you have to give to your team. Based on my research PMD is a no go unless you're confident you can get 10mllion AUM each year for 3 years.

May 15, 2015 3:30 pm

Will - I can understand your feelings towards the team if they brought you on under TFA and don't have you working on the OPM aspects that the team needs to improve, essentially this is the job of the TFA. I have a TFA on my team and they are expected to do exactly what you're doing so you're not alone.

One thing I will say - if you thought this business was going to be easy to start you had the wrong idea, I'm a PMD and I make 125-150 calls every single day, I've built a pretty decent business and I'm currently in the second year of production. Honestly this program is supposed to be hard because it weens out the people who just don't have the ability to build a book. If you are in at 8am and work till 7pm and a couple hours on saturdays you will be absolutely fine.

People in this business make a lot of money for a reason - because they sat in your seat and did the same thing they are asking you to do now - and they didn't give up or make excuses. You may think that what they're asking is unreasonable but that's just how it is done, if it was easy to make 400-500k everyone would do it. This clearly explains why there are only so many succesful advisors with major wirehouses.

May 16, 2015 8:09 pm

@Dup127 so you are a PMD on a team that also has a TFA? Maybe I misread your comment but that seems a bit redundant unless you're on a large team. IMO the job of a TFA/PMD isn't to cold call exclusively however if they have few prospects then it absolutely needs to be part of their daily activities.

It remains to be seen if most FA's will successfully know how to utilize this TFA role within their own teams. Distrust and predatory behavior still permeates the culture.

While I agree with you that one must put in the hours, that doesn't mean they will be "fine". It also takes a lot of luck and length of time in the business. I've seen FAs in my Merrill office been around for 15 years and only doing 200k in production. That won't cut it.

Not to rain on your comments. They are helpful. Totally agree that if this job was easy then everyone would be doing it