Merrill Retention
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I know many of you are tired of hearing about this, but I sure hope that any MER broker knows that his first responsibility is to tell us what the retention package is as soon as he/she finds out!! Of course I am kidding, kind of, but as a WS rep, I am assuming that the two packages will be somewhat similar.
It is supposed to be out Friday. It will be disappointing for brokers over $500k. It will a kick in the nuts to everyone under $500k. This is what I’m hearing from multiple sources. Does it really matter? Most guys will stay anyway as they can’t stomach the transition process despite the money. But, they’ll it’s going to be a painful transition to the BAI world too. Either way, things are going to change.
I understand that the line in the sand will be 500K and that anyone below that will not get anything. The package will look like 50% of TT up to 750K and then 75% of TT up to 1 mill. Above a million, I have not got any indication what the deal will look like.
Any idea when it will be official? How much will be cash and how much is stock?
so if you are LOS 2 doing 275 in production (1st quintile), no retention package, right? thats lame.
You’re rocking and you can get paid big with the combo of those numbers at a number of firms, but word is nada for numbers <$500k. It’s the guy with LOS 10+ doing $275k who’s going be in a tough spot. Weak if any deal elsewhere and not a dime at the firm to boot. Be happy you’re doing well early on, you have many options!
Don’t assume deals from BAI and Wells will be similar. ML deal will come out first I’m sure, but Wells is not going to treat FAs the same. Fact is production at ML is much higher on average on similar LOS/Quintiles vs. Wachovia brokers. Also, loads of FAs at Wachovia took money, deferred or otherwise already. This is not the case at ML. Wells culture and the value prop that the acquisition offers each firm varies a great deal.
Why are you trying to guess what BAC or Wells will give their FA’s for retention. No one know what the deal will be so please stop acting like you know what’s going on. Did you also forecast 40% drop in the market and placed all of your clients in cash when Dow hit 14,000. I doubt it.
merrill brokers are fu@ked and you deserve it. bad brokers, bad firm. get what you deserve. period. end of story.
they are a breed apart, Morgan Stanley is world wise, and my dreams never sleep at Smith Barney.
I am sure ML brokers are a fine bunch. Ken Lewis set the bar pretty low after his 60 Minutes interview.[quote=ezmoney]merrill brokers are fu@ked and you deserve it. bad brokers, bad firm. get what you deserve. period. end of story.[/quote]
The stupidity displayed on this forum is both amazing and scary.
EZ, easy man. There are some great advisors at MER. Good people who manage their clients' accounts very well. They are the ones that are getting screwed over. They believed what management told them because, at the time, they had no reason not to. The guys I know did not do any ARS, they didn't originate bad loans, they didn't slice them up, package them, and sell them. Many are good guys with great families. Blame the management, not the brokers.merrill brokers are fu@ked and you deserve it. bad brokers, bad firm. get what you deserve. period. end of story.
I am willing to bet good money that the email will come tomorrow at around 11am announcing a DBS at 1pm after the market close. After the DBS you will be directed to a website via a email to see if you are eligible a retention package. Someone tell the tough guy who hates the world and apparently Merrill as well to relax a bit. Can’t we all just get along and get a nice retention package?
You can't imagine how proud I am to have become a Senior Member in only 9 days. Having a lot of spare time can lead to really pathetic things.
I would like to say that I do not have a Facebook page.
ML Retention is out! I’ve got handcuffs on and am stuck, but I cannot imagine more than 50% staying beyond the next 90-120 days. $750k+ will be mildly ok, below that is not pretty.