MSSB vs. ML - 2010 Edition

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Feb 4, 2010 12:24 pm

With things changing as rapidly as they have been over the past four months, it can be very difficult to get the true skinny on MSSB vs. ML. I am looking to make a career change and have been in talks with both firms. Prior to the last four years spent in B2B outside sales, I was with MassMutual (regular leaders club producer, six consecutive years of MDRT). Obviously, there is not a direct correlation to the insurance sales platform, but I have a proven ability to prospect and close deals.

I know that it took a solid year to build my pipeline and really start earning with MassMutual- from then on, it was nonstop. Am I going to truly have the time required for lift-off at either MSSB or ML? I do not have a natural market of millionaires. I'm prepared to work my a&$ off and go back to the 100+ dials a day. Both firms tell me that they are going to make a significant investment in my success over the next two years and as long as I put in the effort, they aren't going to squander their investment. My BS meter goes off the charts when I compare what they're saying to what I read on here...

Feb 4, 2010 2:52 pm

Financially, I would not be able to afford the 100% commission platform for the 6-12months of rebuilding required. Your question makes perfect sense. It's a difficult situation for me. 

Feb 4, 2010 3:15 pm

100 dials a day is insane....You will never be able to keep up that pace..

 
The obvious question is why did you leave Mass Mutual to go to outside sales if you won so many awards...?
Feb 4, 2010 3:16 pm

Most wires have asset and production standards every quarter(MSSB does) and if you don't meet them you are done..

Feb 4, 2010 3:42 pm

Thanks for the info! I left Mass because I received an offer I couldn't refuse, but that was probably a mistake.

Feb 4, 2010 7:28 pm

I would not go to either.   If you are as good as you say you are than do it on your own. Call LPL, get their platform and start dialing for dollars.

Feb 5, 2010 12:22 am
Squash1:

100 dials a day is insane....You will never be able to keep up that pace..

 
The obvious question is why did you leave Mass Mutual to go to outside sales if you won so many awards...?



I disagree.

If you are inclined to cold call and can stand the rejection, it can be done;  not by ME, but I know it can be done.

A guy who started with me at SB in '07 started dialing 200-250 dials a day with a very targeted market and $250K minimum, and by last year he was tops in the national class of 100.  He had pulled in something like 15-20M; so, yes it can be done and done well. 

Other than cold calling, the only guys who made it fell into one of the following categories: brought in by a Sr. FA who already knew them, family connection, or had a solid network from family or prior career. 

I worked my hardest at cold calling but it's just not for me; thus I left after a bit over a year in production and went to Chase.  There's definitely a ton of CYA compliance and retail hell to deal with, but I'm building a nice book pretty quickly and that's all that matters for now.

I'd say if you can get on with either, you should.  They will give you top notch training and a good salary (vs most jobs of this nature) while you build.  Unless things have changed, ML will be much more stringent with their goals & getting whacked for not meeting them, vs MSSB. 

Feb 5, 2010 1:43 am
SBmss:
Squash1:

100 dials a day is insane....You will never be able to keep up that pace..

 
The obvious question is why did you leave Mass Mutual to go to outside sales if you won so many awards...?



I disagree.

If you are inclined to cold call and can stand the rejection, it can be done;  not by ME, but I know it can be done.

A guy who started with me at SB in '07 started dialing 200-250 dials a day with a very targeted market and $250K minimum, and by last year he was tops in the national class of 100.  He had pulled in something like 15-20M; so, yes it can be done and done well. 

Other than cold calling, the only guys who made it fell into one of the following categories: brought in by a Sr. FA who already knew them, family connection, or had a solid network from family or prior career. 

I worked my hardest at cold calling but it's just not for me; thus I left after a bit over a year in production and went to Chase.  There's definitely a ton of CYA compliance and retail hell to deal with, but I'm building a nice book pretty quickly and that's all that matters for now.

I'd say if you can get on with either, you should.  They will give you top notch training and a good salary (vs most jobs of this nature) while you build.  Unless things have changed, ML will be much more stringent with their goals & getting whacked for not meeting them, vs MSSB. 

 
I was being sarcastic.. 100 is not enough to make it...
Feb 5, 2010 1:48 am

What was his targeted market?

Feb 5, 2010 7:45 am

I think the difference is that Merrill Lynch is really just a sh#tty bank now and Morgan Stanley is really just run by a sh*thead now. I'd probably choose Morgan Stanely if you absolutely have to work for a company that starts with an "M".

Feb 5, 2010 5:47 pm

Thanks SBmss! I appreciate the time and thought you put into that response. Glad to hear you're making a good run of it at Chase.

Squash1, sarcasm is generally compensation for low self-esteem. If you're making more than 100 calls a day, you aren't running any meetings. I hear Jersey Shore is recasting.

Feb 5, 2010 7:20 pm

Crossroads, I am a CFP(r) professional who was formerly with a MassMutual office that had it's own RIA as well.  Like you, I had many reasons why I decided to transition to the wirehouse platform.  I did massive research and finally chose MSSB, even though there are certainly other good options.  Feel free to PM me and I'll be happy to visit with you about my thoughts.

Feb 8, 2010 11:52 pm
Squash1:

What was his targeted market?



He's East Indian, so he targets Indian business owners. 

He had the balls to make his acct minimum $250K from day one though...that takes some stones for a rookie who had never managed money before. 


Feb 9, 2010 11:35 pm

Did that East Indian guy make appointments or just sent by mail?