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Merrill FA's in teams and the penalty box

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Jan 15, 2009 6:48 pm

Winston, <?: prefix = o ns = "urn:schemas-microsoft-com:office:office" />

 

Enough posts have pointed out that you can do far better elsewhere so I'll move straight to the possible jump to independent & legal help.  I left Morgan Stanley in 2004 and in part due to my legal counsel, an, Employment Law Specialist & Federal Magistrate Judge with the UN, and my compliance background, Series 24, beat the arbitration & my team was able to take all of their clients.  If you leave ML I can put you in touch with her and at the least she can refer a local attorney if you prefer face to face.  Also, I am looking specifically for wirehouse reps considering independence and built a program just for this.  www.aetasresources.com, Take a look and get in touch for specifics for wirehouse reps, yes I do business in CA.

Jan 15, 2009 6:57 pm

I would say go solo not IA and stay at ML for an other year. Wait for the dust to settle and then look at other options. Whether INDY, Bank Brokerege(in a branch), or an other Wire House.

Jan 15, 2009 9:37 pm

With 30 million or more in assets you are wasting your time at a major firm, you (and perhaps your partner too) should just go independent, now is the time, your clients will understand (some may even cheer!!!) and you and your partner would truly be partners in your own business!!!

Jan 17, 2009 12:19 am

I feel your pain.  I was a new broker in 2001 and worked my way to a 2million plus team revenue.  I am now a 50% team member.  I hope you have some type of vesting schedule with your partner to increase your ownership.  If not then maybe the easy answer is to just keep things the way they are and have your partner cut you a bonus for the penalty box loss on your W2.  That way you do not give up anything.  If he is willing to pay a salary then a bonus should be no problem.  Good luck fellow CFP.  Too bad you don’t live on the East Coast.