[quote=JCadieux]According to WSJ, Gorman will be eliminating all layers between himself and regional management.  Very bold move.  My hat’s off to him.
[/quote]

Sounds like a smart idea to me!

ANyone hear additional info?

frumhere

Maybe you should go indy and forget those corrupt bast---turds

update?

[quote=JCadieux]We've been recruiting from MS for a long time now.  We've been getting a lot of "wait and see" from established producers.

HOWEVER, we've been getting a lot more "call me in X months" recently.

The clock is ticking...


[/quote]

I have a feeling that ship has sailed. Morale is greatly improved and Gorman and Mack seem to have connected with the brokers. Again, just a guess on my part, but I suspect those leaving now are purely going for a check, not something going on at the firm.

[quote=Greenbacks]

frumhere

Maybe you should go indy and forget those corrupt bast---turds

[/QUote]

Ain't it great that all the corruption in the biz is in one place and how indies are all uniformly Boy Scouts?  

[quote=frumhere]ANyone hear additional info?[/quote]

Not beyond the 7 regions getting cut to 4 and new districts within being formed. He got rid of an entire level of management with a single cut.

Ultimately, I think that MS decision to essentially hire ML to fix their retail division was the smart one. The firm is essentially a joke out here, with very little to show for what has been a massive investment in personnel (huge transition checks) and offices (best decorated). Ultimately their problem is cultural and right now ML has the best culture. Also, ML is the only firm that seems to be able to grow its business and the brand right now.

[quote=san fran broker]

Ultimately, I think that MS decision to essentially hire ML to fix their retail division was the smart one. The firm is essentially a joke out here, with very little to show for what has been a massive investment in personnel (huge transition checks) and offices (best decorated). Ultimately their problem is cultural and right now ML has the best culture. Also, ML is the only firm that seems to be able to grow its business and the brand right now.

[/quote]

That's an intersting POV. Just what is it about the culture that's the problem. Did the old DW not have a presence out in your area? Sounds like you're saying they had to build one from scratch when MS and DW merged.

BTW, Gorman tells the joke that the folks at MS shouldn't worry that he's going to "Merrill Lynch the place" since he "spent six years trying to un-Merill Lynch Merrill Lynch".

Could someone tell me why MS allows their brokers to charge up to 3% on a wrap acct? I would love for someone at MS to justify that for me.

LPL would also allow me to charge 3% if I wanted.  Just because it is possible, though, doesn't mean that a lot of folks are doing it.  How many wrap accounts have you come across charging 3%?  I generally charge 1%.  If I had to wipe the client's butt, I might be inclined to charge 3%.  If you think that's high, you should look at hedge funds.

You sound like you work for Edward Jones.

[quote=mikebutler222]

I have a feeling that ship has sailed. Morale is greatly improved and Gorman and Mack seem to have connected with the brokers. Again, just a guess on my part, but I suspect those leaving now are purely going for a check, not something going on at the firm.

[/quote]

good to hear - do you see any more cuts in the near future?

Unless you are wiping your clients bum, how can anyone (MS or LPL etc.) justify a 3% wrap? And yes, I do drink the green kool-aid.

That shows just how out of touch you EJ "a" share salesman are. no real investment firm charges 3% for wraps. The competitive going rate is 1.25 - 1.5.

Now go back to your green office so you can talk transfer clients into selling their "a" share wrap programs so you can put them back into "a" shares for the commish and trips.

[quote=Incredible Hulk]Could someone tell me why MS allows their brokers to charge up to 3% on a wrap acct? I would love for someone at MS to justify that for me.[/quote]

You must mean an SMA account. I think you'll find 3% is common top end in the biz for the smallest accounts (under $200k), before the breakpoints kick in. I've yet to hear of anyone actually charging it and the discounting policy is very positive. The flat fee rates have a top end, IRRC of 2.25 at the highest.

[quote=VinR1][quote=mikebutler222]

I have a feeling that ship has sailed. Morale is greatly improved and Gorman and Mack seem to have connected with the brokers. Again, just a guess on my part, but I suspect those leaving now are purely going for a check, not something going on at the firm.

[/quote]

good to hear - do you see any more cuts in the near future?

[/quote]

Nah. Very thing's subject to change, but I can't see any right now.