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

ojoijp

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.

ihbiuyolhbi

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.

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.

[quote=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.[/quote]

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.

[quote=YTB]I lived in SoCal a few years ago before moving to the Bronx this past summer.

[quote=HymanRoth] [quote=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)

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

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.

[quote=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.

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…

[quote=bondo]

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

[quote=HymanRoth] [quote=YTB]Edited to protect the poor schlubs who work with this guy[/quote]

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

[quote=WealthManager][quote=bondo]

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

--WM

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.

[quote=now_indy][quote=snaggletooth][quote=HymanRoth] [quote=YTB]I lived in redondo beach, ca a few years ago before moving to Dallas, TX this past summer. (Plano to be precise)

[quote=HymanRoth] [quote=now_indy][quote=snaggletooth][quote=HymanRoth] [quote=YTB]I lived in redondo beach, ca a few years ago before moving to Dallas, TX this past summer. (Plano to be precise)