The new Merrill

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Oct 21, 2009 9:38 pm

I don't want to be the bearer of bad news to all you "brokers" out there, but with BAI brokers bringing their huge books of business (admittedly, were padded by bank referrals for years) to a wirehouse platform complete with top notch technology......well, they (we) will put all these legacy ML and other legacy wirehouse guys on notice starting Oct. 26th.



MSSB, UBS--get ready to have accounts ripped out from underneath you because if we can do $800k (60% annuitized managed money, not L-share annuities) in production with bank brokerage tools and platform, just imagine what we will do beginning the 26th.

Oct 21, 2009 9:49 pm

Did you get an orgasm from that post, or is there something hidden in it that might be useful to others?

Oct 21, 2009 10:02 pm

ML is not a wirehouse.  You are a bank.

Oct 21, 2009 10:23 pm

What brand of toasters are you guys going to give away with your new accounts now that Sunbeam is out of business?

Oct 21, 2009 10:41 pm
thenewbull:

I don't want to be the bearer of bad news to all you "brokers" out there, but with BAI brokers bringing their huge books of business (admittedly, were padded by bank referrals for years) to a wirehouse platform complete with top notch technology......well, they (we) will put all these legacy ML and other legacy wirehouse guys on notice starting Oct. 26th.



MSSB, UBS--get ready to have accounts ripped out from underneath you because if we can do $800k (60% annuitized managed money, not L-share annuities) in production with bank brokerage tools and platform, just imagine what we will do beginning the 26th.





Less because you guys can't prospect or you wouldn't be at a bank...a

Oct 21, 2009 10:51 pm
thenewbull:

I don't want to be the bearer of bad news to all you "brokers" out there, but with BAI brokers bringing their huge books of business (admittedly, were padded by bank referrals for years) to a wirehouse platform complete with top notch technology......well, they (we) will put all these legacy ML and other legacy wirehouse guys on notice starting Oct. 26th.



MSSB, UBS--get ready to have accounts ripped out from underneath you because if we can do $800k (60% annuitized managed money, not L-share annuities) in production with bank brokerage tools and platform, just imagine what we will do beginning the 26th.







I couldn't resist...wow, impressive. If I was a regional director, I'd want a whole platoon of guys like you. That is some good spin. You are a warrior now armed with 21st century sophosticated tools of ML. Look out "brokers." Even I have to admit, I am a bit nervous. Better call my clients and tighten up the relationship before the talent hits the street.



Best of luck to you and your 700 households! You barely know your clients and that's why ML seems great because no smart BOM would expect you to retain the lion share of your book - so no normal deal. Don't forget the clients are there mostly because they did business with the bank 1st and not the other way around. Arrogance will only get you so far now that you're in the jungle.

BTW, no business is 'annuitized' unless you earn it and continue to manage it. Guess you already know that too.



It funny how anyone would be that impressed with a platform. Wire or bank, you will still be a slave to a big institution. They own you and they definitely own your clients. If you had balls, you'd leave and take your clients as you have the perfect story at this time, but I can appreciate it if you would be scared to lose 1/2 your bank book. Guess ML looks pretty good afterall. Welcome to the jungle.

See our there!



    

Oct 21, 2009 11:00 pm

If he retained half his book he would be a bank hero. If he left, and he won't, he would be lucky to leave with twenty percent. Nothing worse than a flunky at a bank telling you he's a champion. My man, you have no idea what it takes to make it on this side.  I think you should be concerned with the fact that some real talent just joined your firm and they will be looking for your job and your leads. I'm not sure if you're familiar with Merrill, but they know how to make money. And your bank is filled with easy money!!!

Oct 21, 2009 11:37 pm

bank brokers are those who graduated from tellers to the next step of baking brownies for the branch to bank broker OR they failed miserably at a wirehouse and went to the bank and sat in the lobby hoping a customer walks in 15 minutes before the bank closes to make a deposit.  From my experience a bank broker doing 300K in the branch would be a 50K producer in a brokerage firm..you could maybe say a lobby Jock doing 600K would be about 150K in the brokerage firm.  I am not to high on any aspect of this business except for Indy, but think bank brokerage gig will be over in 2-3 years max.  My first guess is no trailers soon, capping fee accounts at 1%, reduced payout on every form of business.  Think if shoeshine is right and we blow out the lows this will all come to end very fast for the Lobby Jockeys.

Oct 21, 2009 11:44 pm

You all are making an awful lot of assumptions and I think that is what might be your downfall. I have to admit that going independent is a different world (I started my career as an indy pushing insurance and EB as a way to get in the door) and it's not for me. So I took a check to go to the bank....now I find myself somewhere in the middle with a HUGE book and great tools...... now you can't say you weren't warned.



And I'm giving out red capes, not toasters to the first 25 ACATS over from UBS or MSSB.

Oct 22, 2009 12:34 am
mlgone:

u went to a bank BECAUSE U ARE A LOSSSSSERR.

THEY OWN UR BOOK DUMBA**

I was there when the BOA people came in and had a checklist of BANK products MY clients had. Read the writing on the wall ITS OVER. U HAVE NO VALUE.

SALARY IN 1 YEAR

 
Holy crap!! The retard got something correct. I told you I would give you credit when you earned it. Quickly.......shut up before you sound stupid AGAIN!
Oct 22, 2009 7:56 am

that 1st post was very funny. lmao!!

Oct 22, 2009 11:41 am

I could not hold back.  I made a very stupid mistake 5 years ago when I went from Smith Barney to BAI. I finally woke up and went independent a few months ago.  You must be making these myopic statements simply to get a rise, because you obviously don't have a clue. 

 


The ONLY reason to be an employee at a bank such as B of A is to have access to the bank assets.  That game is over.  The bank eliminated the Premier Banking & Investment Model.  Why would you remain at any bank for a significantly reduced payout and no referals?
 
The reason is... you are comfortable being fed like a cow.  You like "Management giving you an hour long weekly commercial of products to sell their clients to generate revenue.  This all coming from a manager who's never made a mortgage payment from a commission check.  You like going to worthless meetings because then you don't have to work.  You like the idea of being a slave.  Forget about an entrepreneurial spirit, or acting like a Rhino vs a cow.
 
The Bank is a perfect fit for you.  I like my odds in the jungle competing against a cow.
 
 
Oct 22, 2009 11:49 am
thenewbull:

You all are making an awful lot of assumptions and I think that is what might be your downfall. I have to admit that going independent is a different world (I started my career as an indy pushing insurance and EB as a way to get in the door) and it's not for me. So I took a check to go to the bank....now I find myself somewhere in the middle with a HUGE book and great tools...... now you can't say you weren't warned.



And I'm giving out red capes, not toasters to the first 25 ACATS over from UBS or MSSB.





Congratulations. You are officially more gay than howaboutashoeshine. Red capes?

Oct 22, 2009 11:51 am
howboutshoeshine:

If he retained half his book he would be a bank hero. If he left, and he won't, he would be lucky to leave with twenty percent. Nothing worse than a flunky at a bank telling you he's a champion. My man, you have no idea what it takes to make it on this side. I think you should be concerned with the fact that some real talent just joined your firm and they will be looking for your job and your leads. I'm not sure if you're familiar with Merrill, but they know how to make money. And your bank is filled with easy money!!!





Damn it you took my line.. He isn't going to leave because 20% would be generous for him to take..

Oct 22, 2009 11:53 am
thenewbull:

You all are making an awful lot of assumptions and I think that is what might be your downfall. I have to admit that going independent is a different world (I started my career as an indy pushing insurance and EB as a way to get in the door) and it's not for me. So I took a check to go to the bank....now I find myself somewhere in the middle with a HUGE book and great tools...... now you can't say you weren't warned.



And I'm giving out red capes, not toasters to the first 25 ACATS over from UBS or MSSB.





Why would a bank give you a check because you sold life isurance?? Someone is lying and not very good at it.

Oct 22, 2009 1:22 pm

I'm new to the game, what do you mean exactly by "A 800k broker" - 800k in fees, etc..?

Thx.

mlgone:

LMAO



A 800k broker at ML makes barely 380k before taxes  And thats if it's ALL billing fee's. Which it ain't.



Model over Meletio, move on

Oct 22, 2009 1:30 pm
howboutshoeshine:
mlgone:

u went to a bank BECAUSE U ARE A LOSSSSSERR.

THEY OWN UR BOOK DUMBA**

I was there when the BOA people came in and had a checklist of BANK products MY clients had. Read the writing on the wall ITS OVER. U HAVE NO VALUE.

SALARY IN 1 YEAR

 
Holy crap!! --- ------ --- --------- ------- I told you I ----- ---- --- ------ ---- --- ------ -- ------- ---- -- ------ --- sound stupid AGAIN!
Oct 22, 2009 2:19 pm
thenewbull:

I don't want to be the bearer of bad news to all you "brokers" out there, but with BAI brokers bringing their huge books of business (admittedly, were padded by bank referrals for years) to a wirehouse platform complete with top notch technology......well, they (we) will put all these legacy ML and other legacy wirehouse guys on notice starting Oct. 26th.

MSSB, UBS--get ready to have accounts ripped out from underneath you because if we can do $800k (60% annuitized managed money, not L-share annuities) in production with bank brokerage tools and platform, just imagine what we will do beginning the 26th.

 
Sounds like Sallie brought over some good kool-aid from SB.
 
I heard that crap broadcasted for about a decade.
Oct 22, 2009 2:46 pm
thenewbull:

I don't want to be the bearer of bad news to all you "brokers" out there, but with BAI brokers bringing their huge books of business (admittedly, were padded by bank referrals for years) to a wirehouse platform complete with top notch technology......well, they (we) will put all these legacy ML and other legacy wirehouse guys on notice starting Oct. 26th.



MSSB, UBS--get ready to have accounts ripped out from underneath you because if we can do $800k (60% annuitized managed money, not L-share annuities) in production with bank brokerage tools and platform, just imagine what we will do beginning the 26th.





I remember when it all started (NCNB and FTU back in the day).

Sounds so good on paper.

Never worked.

Wont now.



cant dress up a pig

Gotta have talent.

It's why someone wrote me a check for 2.4 million bucks

talent



"business" is earned in this business, banker boy

no shortcuts



thanks for sharing



(quick question, is it true u must be a teller first now?)

Oct 22, 2009 3:13 pm
MtnMan:

I could not hold back.  I made a very stupid mistake 5 years ago when I went from Smith Barney to BAI. I finally woke up and went independent a few months ago.  You must be making these myopic statements simply to get a rise, because you obviously don't have a clue. 

 


The ONLY reason to be an employee at a bank such as B of A is to have access to the bank assets.  That game is over.  The bank eliminated the Premier Banking & Investment Model.  Why would you remain at any bank for a significantly reduced payout and no referals?
 
The reason is... you are comfortable being fed like a cow.  You like "Management giving you an hour long weekly commercial of products to sell their clients to generate revenue.  This all coming from a manager who's never made a mortgage payment from a commission check.  You like going to worthless meetings because then you don't have to work.  You like the idea of being a slave.  Forget about an entrepreneurial spirit, or acting like a Rhino vs a cow.
 
The Bank is a perfect fit for you.  I like my odds in the jungle competing against a cow.
 
 



So true, MtnMan.  I used to have to bite my tongue whenever a manager started out a meeting with "When I was in production..."  If he/she was worth a pile du merde at producing, he/she wouldn't have taken that cheerleading job at half the income.