How to tell if someone is leaving

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Sep 19, 2008 10:35 am

I am at a Merrill branch and have noticed a lot of weird behavior lately...just curious what some of the tell tale signs of someone leaving for another firm might be.

Sep 19, 2008 10:47 am

Really?  Weird behavior in a Merrill branch?  Hard to believe....  Some tell tale signs someone might be leaving for another firm:  You were bought by BAC.

Sep 19, 2008 11:55 am

Ha, I know that's a tell tale reason why people would leave for another firm.  The reason I pose this question is I think a few of my team members are considering leaving...I was just wondering what someone does prior to jumping ship? 

 
 
Sep 19, 2008 12:45 pm

Someone on your teamleaving, adn they wouldn't talk to the rest of the team?  Are you talking about a team, or just other FA's in your office?  It seems rather risky to leave a team, since the rest of the team can easily poach your book.

Sep 19, 2008 1:18 pm

On my team, yes.  I thought the same as you, even the clients that these guys did the relationship management on doesn't guarantee that hardly any of it would follow.  However, I am almost certain they are considering a move and not telling the rest of us.  It's a weird situation, thought it might just be a little paranoia as relates to the recent events, but the more I think about, the more I believe it.

Sep 19, 2008 1:27 pm

SIGN ONE:  working after hours photocopying statements, portfolios and cost basis

Sep 19, 2008 2:17 pm

Sign #2

 
Making sure that the Entry Level FA on the team is NOT  in the loop on any of the communications regarding D-Day (the day the rest of the team leaves ML).
Sep 19, 2008 2:20 pm
Broker Fee:

Sign #2

 
Making sure that the Entry Level FA on the team is NOT  in the loop on any of the communications regarding D-Day (the day the rest of the team leaves ML).
 
Though this may be a witty attempt at sarcastic humor, that's what makes me wonder.  Lot's more closed doors and long lunches lately...thinking about confronting them on the issue, but would like a little proof.  Unfortunately, they don't use Outlook calendars!
Sep 19, 2008 2:30 pm

Or perhaps an indifferent attitude to their current employer/surroundings 

Sep 19, 2008 2:55 pm
entrylevelFA:

I am at a Merrill branch and have noticed a lot of weird behavior lately...just curious what some of the tell tale signs of someone leaving for another firm might be.

 

There will be no tell-tale signs except for in hindsight.<?: prefix = o ns = "urn:schemas-microsoft-com:office:office" />


 


Most ML FAs will wait until they learn more about the retention bonuses.  Some have unrealistic expectations (>100% trailing 12-months) and it is unlikely that the retention bonuses will be as large as the offers from other firms.  Those in lower quintiles and with shorter LOS will be on the shorter end of the retention bonus stick.  I think that you’ll see more of those go than the higher producers.


 


If you are a junior member, you won’t know until they tap you on your shoulder on their way to the Director’s/Branch manager’s office.


 


I bet that we’ll see the first big mass exodus over Thanksgiving weekend.  That will give the departing FAs an extended weekend to get in touch with all of their cleints.


 


In my opinion, every FA at ML should be preparing their clients for the possibility of a move.


 


I have told all of my clients that the order of my allegiances is:


1. My family


2. My clients


3. My employer


 


I follow that list up with “I will be closely monitoring things as the acquisition takes place.  If at any time I see something that is not in my clients’ best interest, that they will be getting a call from me and that call will be from some place other than ML.”


 


By no means does this indicate that I plan on jumping ship.  It simply reinforces the relationship and prepares them should things turn sour at ML/<?: prefix = st1 ns = "urn:schemas-microsoft-com:office:smarttags" />BAC.


 


--WM

Sep 19, 2008 2:57 pm

SIGN 4 - Making out with the hot sales assistant.

Sep 19, 2008 2:59 pm

Wealth.....well put and directly to the point. The question of " IF " is answered to your family , then your clients and finally to the firm.

Sep 19, 2008 8:01 pm

Sign #5. Talking on their cellphone with the door to their office closed.

Sep 19, 2008 8:30 pm

Noggin,

 
Tons of ML and wirehouse advisors talk on cellphones with door closed, open, down the hall, in good or bad times. We are a really connected bunch.
Sep 19, 2008 8:56 pm
donatello:

Noggin,



Tons of ML and wirehouse advisors talk on cellphones with door closed, open, down the hall, in good or bad times. We are a really connected bunch.





Uh, yeah. The rest of us just use string and some tin cans.



A really connected bunch??

Sep 19, 2008 9:06 pm

B24-you have no cellphone? Was this a dis at you? seriously. We all have cellphones dude.

Sep 19, 2008 9:11 pm

D-



I was thinking about getting a cellphone soon. Does everyone else use them? I'm not sure if Jones allows them yet.   



I think you missed what I was saying (of course, maybe I missed what you were saying). My point was that it is not just Merrill advisors that are "connected", That's what I thought you were saying.

Sep 19, 2008 9:14 pm

wrong... I was saying we are too. and we call often--you too. put down the beer. spend time with the fam.

Sep 21, 2008 6:53 pm

Sign #6--making a larger number than usual of unsolicited positive comments about their firm, office, manager, assistant, comp, bonus, benefits, building, etc (in an attempt at misdirection); easier to spot in hindsight like most of these.

Sep 21, 2008 9:43 pm
WealthManager:

In my opinion, every FA at ML should be preparing their clients for the possibility of a move.


 


I have told all of my clients that the order of my allegiances is:


1. My family


2. My clients


3. My employer


 


I follow that list up with “I will be closely monitoring things as the acquisition takes place.  If at any time I see something that is not in my clients’ best interest, that they will be getting a call from me and that call will be from some place other than ML.”


 


By no means does this indicate that I plan on jumping ship.  It simply reinforces the relationship and prepares them should things turn sour at ML/BAC.


 


--WM



Wise sir, very wise of you!