Merrill/BAC Cleaning House

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Jan 11, 2009 9:10 am

I don't know what is going on in other complexes, but we had 6 people fired on Friday.  All of them were support staff, but the word is that this is going to be a weekly thing with low quintile FA's being the next to go.

Jan 11, 2009 11:12 am

6 down 29,994 to go.

Jan 11, 2009 11:22 am

I am sweating every day. Its incredible to see the top people going out. Imagine the others leaving we don't know about. I give myself two months before i am asked to leave because i am under 400k

Jan 11, 2009 12:38 pm

I know that every Friday in my office there are a LOT of nervous people.  What a way to run a business!

Jan 11, 2009 12:42 pm
Ferris Bueller:

Go independent. According to the numerous low producers here that did it, it is the cat's meow!



Just don't rent a place too close to a piggly wiggly because their shopping carts tend to bang up your clients cars.



ROFLMAO

Jan 11, 2009 12:58 pm
FAinFLA:

I don't know what is going on in other complexes, but we had 6 people fired on Friday.  All of them were support staff, but the word is that this is going to be a weekly thing with low quintile FA's being the next to go.

 
MER or BAC FA's? (Yeah, I still consider them separate)
Jan 11, 2009 10:14 pm

under the Bof A Merrill deal--and the retention bonuses that were paid to the ML brokers...did they have an LOS requirement and Production or JUST on production..for example-if a broker at ML was less than 5 yrs but over $500k in gross---did they get the 100% bonus?

Jan 11, 2009 10:23 pm
Ferris Bueller:

Go independent. According to the numerous low producers here that did it, it is the cat's meow!



Just don't rent a place too close to a piggly wiggly because their shopping carts tend to bang up your clients cars.





This is easily the best thing I've ever read on this board. The clowns around here make it sound like the big firms are the devil and going indy is salvation.

Jan 11, 2009 10:35 pm

May you all find yourselves in a situation that makes you as happy ,wherever that may be. Seriously.

Jan 12, 2009 10:16 am
Ferris Bueller:

Go independent. According to the numerous low producers here that did it, it is the cat's meow!

Just don't rent a place too close to a piggly wiggly because their shopping carts tend to bang up your clients cars.

 
Plus you might get into a bidding war for the space with the local Jones rep..
Jan 12, 2009 10:49 am

I am new to this forum.  I am Indy, spent 12 years on the brokerage side.  When it comes to being independent, I won't imitate Pedro in Nap. Dynamite (if you elect me, all your wildest dreams will come true).  I do like it better.  Joined (bought into) an existing shop.  It is freeing.  Still hard work.

 
I have friends at Merrill, went to lunch with one last week.  There are some very unhappy campers over there.
 
I literally pray for some of my friends at the wirehouses that are going through this right now.  Of course, when I left the wirehouse, several of my friends were leaving to other firms, and got big checks.  I of course, went the other way.  My wife has questioned my timing, as I sunk $'s into this small indy firm 18 months ago.  What great timing!  So, I had less cash, not more. I just couldn't sign a long term contract, and felt like I didn't need a 30 year old in NY telling me how to do the investment business.  I'm too independent minded, and I felt things at the big houses were out of whack.  Of course, my friends that jumped ships to another firm got big checks, which have helped them out during this time.
 
Hope it works out for everyone.
Jan 12, 2009 11:05 am

Being new, I find the rancor between independents and wirehouse guys fascinating.  My only 2 cents worth on that subject is that it is a mindset that you're comfortable with more than anything.  It shouldn't be looked at from a "wirehouse platform" is better or vice versa.

 
There are definite advantages to each.  They're just different.  Great people on both sides.  My Dad never worked for anyone but himself.  My Father in law the same.  There are some wirehouse guys that are wildly successful, and some ind. that are wildly successful.  It's just which one fits your mindset better. 
 
I notice alot of back and forth about it, and was sorta surprised by that.
Jan 12, 2009 10:43 pm

bofa just canned 40% of their premier bankers last friday.  its only a matter of time before they wack the advisors they cant squeeze out by voluntarily by the end of Q2.

Jan 13, 2009 12:28 pm

Storefront Indy Description is definitely funny, but a shytload of MER brokers will be corraling those shopping carts in parking lots in a few months if they are not already the ground chuck on special in the deli section of said PigglyWiggly


Price check on Bull's Balls, Eisle 5!