Exodus Date(s) at Merrill/BAC?

or Register to post new content in the forum

66 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.
Dec 21, 2008 6:13 pm

Let's assume the advisors at Merrill now fully understand the retention package and compensation plan.  Some are happy, some are pissed, and many are not sure what the hell they are going to do.  For those who are leaving, what is everyone's best guesses as to any kind of mass exodus date?  Although I have never had any advisors leave my office I am guessing either Jan 2nd (first Friday of the year) or the Friday before Martin Luther King Day (three day weekend to make a hard run at transitioning clients).

 
Any good guesses out there?
Dec 21, 2008 6:16 pm

Not to hijack this...same for AGE/WS brokers as NO deal out yet and if it is similar to ML/BAC deal

Dec 21, 2008 6:24 pm

ojoijp

Dec 21, 2008 7:54 pm
YTB:

I have a friend who is a manager at a firm where I used to live who is bringing over a team from ML the second week in January. Just ask the city and I'll tell.

They're a decent producing team relative to the area and the largest producers in that ML office. That will be a blow to ML when they leave.

 
What's the city?
Dec 21, 2008 9:35 pm

ihbiuyolhbi

Dec 21, 2008 9:53 pm

I've heard that it will be in February after the Merrill Lynch pays its bonus FCAAP.  I also heard that Morgan Stanley is overwhelmed by the number of Merrill brokers trying to jump ship.

Dec 21, 2008 10:56 pm

One thing have noticed over the years, is the ML recruits have their gross drop sharply at the new firm.  Most do have a drop off intially no matter where they come from, but have seen and heard numerous stories of ML guys who have the gross drop 75% from their t-12..Dont know why, but my guess is that many clients refuse to leave, would think their loyalty to the firm would be less now.

Dec 21, 2008 11:00 pm
fritz:

One thing have noticed over the years, is the ML recruits have their gross drop sharply at the new firm.  Most do have a drop off intially no matter where they come from, but have seen and heard numerous stories of ML guys who have the gross drop 75% from their t-12..Dont know why, but my guess is that many clients refuse to leave, would think their loyalty to the firm would be less now.



Does that have anything to do with the pain in the ass process it is to ACAT a managed or any fee based account?

My attempts to move managed/fee based accounts from both ML and MS have been a pain because at least in the cases I've seen, the client has to sign a liquidation authorization to move a managed account. By the time the client recognizes the work needed to move the account and the time the new ML/MS assigned FA has to call/talk to the client its too late to move.

That's been my experience anyhow.

Dec 21, 2008 11:21 pm
YTB:

I lived in SoCal a few years ago before moving to the Bronx this past summer.

 
anyhow the ML guys are in the Wasilla, Alaska branch and are moving to one of the larger regional firms. Think Canada



You do realize that this is a board that can be viewed by ANYONE?

Dec 21, 2008 11:30 pm
HymanRoth:
YTB:

I lived in Bob's basement a few years ago before moving to Ryan's house this past summer. (In his bed to be precise)

 
anyhow the ML guys are in the big branch and are moving to one of the larger regional firms. Think Islamabad.



You do realize that this is a board that can be viewed by ANYONE?

 
You mean like someone who might know the largest producing team in the Merrill Lynch office?
 
I wonder if anyone tipped off the ML manager that this team was leaving, what they would do?  I would bet they would try to find this InBev real-man-of-genius who leaked it.  Oddly enough, YTB said he lived in the Bob's basement before moving to Ryan's house this past summer.
 
Man, this YTB guy would be a criminal detective's wet dream!
Dec 21, 2008 11:33 pm

Might be a little quicker if he just posted his name, address and SSN.

Dec 21, 2008 11:55 pm

Unless.....he's really the manager of the the ML Santa Clara office, and he's having an affair with the wife of a broker who recently moved in from Rohnert Park, and this wife is the only daughter and living heir to a new, ground-breaking, high tech dental floss manufacturing fortune, and this genius ML manager already knows the team is moving, but he doesn't care, because he's hosed either way, and his ticket to ride will be golden if he can get this team that now thinks they're outed to catch this recently relocated broker from Rohnert Park in the parking garage, where he will mysteriously explode in his Acura after eating an entire roll of Mentos (The Freshmaker!) and shotgunning an entire 2 liter Diet Coke, afterwhich the ML manager and the grieving widow will be free at last, free at last, because he just loves it when a plan comes together.

 
Or maybe that was an episode of Rockford.
Dec 22, 2008 12:03 am
2wheeledbeemer:

Unless.....he's really the manager of the the ML, and he's having an affair with the wife of a broker who recently moved in from , and this wife is the only daughter and living heir to a new, ground-breaking, high tech dental floss manufacturing fortune, and this genius ML manager already knows the team is moving, but he doesn't care, because he's hosed either way, and his ticket to ride will be golden if he can get this team that now thinks they're outed to catch this recently relocated broker from  in the parking garage, where he will mysteriously explode in his Acura after eating an entire roll of Mentos (The Freshmaker!) and shotgunning an entire 2 liter Diet Coke, afterwhich the ML manager and the grieving widow will be free at last, free at last, because he just loves it when a plan comes together.

 
Or maybe that was an episode of Rockford.
 
I can't believe they let you out of your cage today...
Dec 22, 2008 12:08 am

Step 1: Reduce compensation 20 - 40%
Step 2: Eliminate inefficiencies; i.e. - force households to FAC under $100k
Step 3: Modify compensation plan to include household penetration of BAI products/services
Step 4: Make FA's self-evaluate and identify market niche; i.e "Less is More" - fewer households=deeper relationships, more time to concentrate on A level clients only, niche opportunities means specialized services=more tightly defined compensation

This process will take 9-12 months, the question is, when do you jump?  When your director's pay is cut 50+% or eliminated all together be they do not have enough FA's to justify $600 k plus in compensation.  Or is it the day you find out that your pay is determined by BAI debit cards, HELOC's and direct deposit accounts?  How about the day when you have to explain to your director why your business model is more effective than the team down the hall and come up with a plan to get more clients BAI checking accounts?

For those of you who think Thursday was as bad as it can get, just wait, the "merger" isn't even official yet...

Dec 22, 2008 9:21 am
bondo:
Any good guesses out there?

 

Why are you so concerned?  Hoping to get a few distributions?<?: prefix = o ns = "urn:schemas-microsoft-com:office:office" />


 


I’m curious as well.  I’m in a small office so even if one advisor leaves, the distributions should be pretty nice.


 


It doesn’t make much sense to hold out for FCAAP.  It’s not that much money compared to the payout they’d get from the acquiring firm.  I think that we’ll see a few jump ship in the next few weeks but I don’t think that it will be the mass exodus that some have predicted.  The new pay scale isn’t all that bad.  The shorter vesting and open investment options for some of the long-term comp is really nice.


 


--WM

Dec 22, 2008 11:40 am
snaggletooth:
HymanRoth:
YTB:

Edited to protect the poor schlubs who work with this guy



You do realize that this is a board that can be viewed by ANYONE?

 
You mean like someone who might know the largest producing team in the Santa Rosa, CA Merrill Lynch office?
 
I wonder if anyone tipped off the ML manager that this team was leaving, what they would do?  I would bet they would try to find this InBev real-man-of-genius who leaked it.  Oddly enough, YTB said he lived in the Rohnert Park, CA area before moving to the San Jose area this past summer.
 
Man, this YTB guy would be a criminal detective's wet dream!
 

 
Thanks for a good laugh, that guy is hilarious. I especially love how he tried to delete the posts by editing them with gibberish, but both of them have already been quoted in other posts!
Dec 22, 2008 6:24 pm
WealthManager:
bondo:
Any good guesses out there?

 

Why are you so concerned?  Hoping to get a few distributions?<?: prefix = o ns = "urn:schemas-microsoft-com:office:office" />


 



--WM

 
That is it.  I am actually moving to a bigger office just to take advantage of any departures.  My plot also involves pushing out any senior advisors ahead of me in the distribution order.  Hopefully they are okay with that;-)
 
Seriously, I wouldn't mind a few distributions.  I'm just more curious since my office has not had any departures in my tenure.  Everyone has always told me people leave on a Friday of a long weekend and usually around the end/start of the month.  There are still lots of closed door meetings in my office and I am just wondering if there will soon be a day when some of the guys head out.
 
As to the poster who identified the office where he said the big team is leaving, I had to call him out as I did not think there was anyway in hell he would list it.  Just when I think I have seen it all.
 
 
 
 
Dec 23, 2008 12:25 am

YTB deserve nomination into the RR forums poster of the year.  What an asset to our field.  When he is not sticking it to some poor bastard and maximizing his "YTB" he is throwing an old co-worker under the bus.  What a guy.  I'll bet the guys at Chase love having you on their team.

Dec 23, 2008 12:34 am
now_indy:
snaggletooth:
HymanRoth:
YTB:

I lived in redondo beach, ca a few years ago before moving to Dallas, TX this past summer. (Plano to be precise)

 
anyhow the MS guys are in the San Francisco branch and are moving to one of the larger regional firms. Think Florida.



You do realize that this is a board that can be viewed by ANYONE?

 
You mean like someone who might know the largest producing team in the Wasilla, Alaska Merrill Lynch office?
 
I wonder if anyone tipped off the ML manager that this team was leaving, what they would do?  I would bet they would try to find this InBev real-man-of-genius who leaked it.  Oddly enough, YTB said he lived in the Plano, TX area before moving to the Pflugerville area this past summer.
 
Man, this YTB guy would be a criminal detective's wet dream!
 

 
Thanks for a good laugh, that guy is hilarious. I especially love how he tried to delete the posts by editing them with gibberish, but both of them have already been quoted in other posts!



Yah but now that we've had our chuckle and this guy has figured out what an idiot he is, maybe the rest of us should edit our posts to obscure the information just in case it is accurate.  After all, how would you like if this happened to you?

Dec 23, 2008 1:13 am
HymanRoth:
now_indy:
snaggletooth:
HymanRoth:
YTB:

I lived in redondo beach, ca a few years ago before moving to Dallas, TX this past summer. (Plano to be precise)

 
anyhow the MS guys are in the San Francisco branch and are moving to one of the larger regional firms. Think Florida.



You do realize that this is a board that can be viewed by ANYONE?

 
You mean like someone who might know the largest producing team in the Wasilla, Alaska Merrill Lynch office?
 
I wonder if anyone tipped off the ML manager that this team was leaving, what they would do?  I would bet they would try to find this InBev real-man-of-genius who leaked it.  Oddly enough, YTB said he lived in the Rohnert Park, CA area before moving to the San Jose area this past summer.
 
Man, this YTB guy would be a criminal detective's wet dream!
 

 
Thanks for a good laugh, that guy is hilarious. I especially love how he tried to delete the posts by editing them with gibberish, but both of them have already been quoted in other posts!



Yah but now that we've had our chuckle and this guy has figured out what an idiot he is, maybe the rest of us should edit our posts to obscure the information just in case it is accurate.  After all, how would you like if this happened to you?

 
I feel bad about this and I'd appreciate it if everyone did clear up my quotes or delete them