The new Merrill
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Oh wait they have had one decision made and that is asking ML asistants to stay late and pitch ML clients to open BAC checking accounts. Every account they pop they get $75. Quite honestly I am surprised I haven’t seen more ML brokers leave. With that being said, if there are ML borkers out there I am curious why you havent you left. And what are your expectations for the future?
… and don’t forget about selling the Visa and American Express cards, and the mortgages.
Oh yeah, and the HELOCs.
I have been transitioned to a ML office and it has been the worst transition. Phones are a problem compter programs and platforms are not comaptiable. It is my opinion, while people suggest that ML is in for a rude awakening, it is clearly obvious to me that nothing is changing for ML brokers. We have been absorbed and the bank could care less about our clients. All of our Fund Strat accounts are going to be downgraded to fund advised unless we switch them to ML managed fund portfolios. I have never seen BAC get more bitch slapped until ML came along. They are literally getting sh*t on like seniors picking on freshman. It is almost funny to watch. Guys like Frank Kulach are getting castrated and will be looking for a job in a couple months. Again it is my opinion that any policy or business decision is now all about how ML does. I have not seen BAC implemet one management decision at all.
Yup, talked to a few of my former BAI buddies, sounds like BAI is just getting dissolved and whatever is left is moving to ML's model. Just curious, has there been any comp plan changes? Are the scorecard funding and trailer holdbacks still there? If you are now a wirehouse, shouldn't you be paid like one?
what are the changes to fundstrats? Fund advised? what are the downsides to clients? Is the fund advised a wrap account but no active changing of funds?
Wow. Obviously the original poster is a tool, but there was some vicious bank broker attacks. Isn’t this business about making money for yourself every month ? If you are doing 300k at a bank or 175k at a wire, what the wire guy is “better” because he prospected? That is just laughable. Or the EJ guy is “better” because he knocked on doors to get clients? Give me a break. It is about money. I will take 30% of 300k over 40% of 175k each and every year.
Soooo...would you take 100% of $500,000? [/quote] No, not if that means I wouldn't be able to hand out suckers[quote=Ron 14]Wow. Obviously the original poster is a tool, but there was some vicious bank broker attacks. Isn’t this business about making money for yourself every month ? If you are doing 300k at a bank or 175k at a wire, what the wire guy is “better” because he prospected? That is just laughable. Or the EJ guy is “better” because he knocked on doors to get clients? Give me a break. It is about money. I will take 30% of 300k over 40% of 175k each and every year.
Fund strat managed is the managed mutual fund portfolio put together by BAC. Apparently they are sh*tting down the division that mangaes and analyses client portfolios. By next sept all fund start manged accounts get moved to a UMA ML product where the advisor now has to do the rebalancing. In essence we now have to sell all of our clients funds and transfer into a ML product if we do not want to do the managing ourselves.
It was inevitable. Some of Merrill Lynch’s 15,000 financial advisors are feeling pressure to sell parent company Bank of America’s checking and savings account products—and they’re not happy about it, say sources.
Some advisors’ assistants are even getting financial incentives to push the bank’s products. And mass emails are being sent around to advisors’ clients encouraging them to open Bank of America accounts, though advisors have the option of crossing their own clients off the email list first. Merrill did not immediately respond to requests for confirmation, or comment.
Not all advisors feel put upon, of course. “What else do they expect,” asked one advisor who preferred to remain nameless. “We were bought by a bank, so they’re going to want to sell banking products. I’m not forced to sell anything. I believe there are some incentives, but I’m not paying that much attention to it. Every year there’s some new matrix that managers must hit for their own bonuses in their own ways. But if you’re experienced enough, you focus on the client, and that’s all that matters.”
The advisor is not putting his own clients into the BofA accounts, in any case. He prefers Merrill’s cash management account, or CMA—a brokerage account that links checking and a visa card with a money market and securities account. “I have always questioned the emphasis on banking products,” he said. “I think the CMA account is the premier banking solution.”
While the CMA account is a premier banking solution, according to some people in the firm they are looking for a way to integrate the CMA into a BAC proprietary product so that it can be linked to BAC online. Also the signature visa that credits atm fees will also dissapear. Apparently the Bank does not want to pay you for using other bank ATM’s. Anyone else hear this.
Quick update while you door knockers and “RIAs” have been posting: ACAT’d in $3.2M from MS, $245K from local advisory firm and a meeting in the morning for an $11M 401k plan with a publicly traded company.
I do get a kick out of the jabs and barbs and all, but really boys, you need to get to work and quit bitc*ing about whose platform, firm, etc. is better. Bottom line, I’m out hustling and using the Merrill name to get in doors and close buisness and I love it.
And come Jan. 1, the new comp plan will give me a 15% payout increase vs. what I had at BAI.
That comp plan isn’t any where close to being finalized.
BTW, I left BAI to go indy and got a 50% payout increase.
A lot of upsides and few downsides to merging with Merrill for those with established businesses. Product is better, research is better, systems are better, comp is better. Bank referrals not so much, but hadn’t seen much in the way of referrals from the bank for quite some time.
BAI is being swept away, and what remains will be those producers that can continue to produce at a high level, and the rest, along with management and product and compliance people will be gone. None of this is hard to figure, and all is progressing exactly how it should. The bank will integrate this well as they do with every other merger, and it will make money for everybody. Looking forward to the next few januaries.[quote=thenewbull] Quick update while you door knockers and “RIAs” have been posting: ACAT’d in $3.2M from MS, $245K from local advisory firm and a meeting in the morning for an $11M 401k plan with a publicly traded company.
I do get a kick out of the jabs and barbs and all, but really boys, you need to get to work and quit bitc*ing about whose platform, firm, etc. is better. Bottom line, I’m out hustling and using the Merrill name to get in doors and close buisness and I love it.
And come Jan. 1, the new comp plan will give me a 15% payout increase vs. what I had at BAI.[/quote]
wow
what a post.
impressive, powerful.
i give.
[quote=thenewbull] Quick update while you door knockers and “RIAs” have been posting: ACAT’d in $3.2M from MS, $245K from local advisory firm and a meeting in the morning for an $11M 401k plan with a publicly traded company.
I do get a kick out of the jabs and barbs and all, but really boys, you need to get to work and quit bitc*ing about whose platform, firm, etc. is better. Bottom line, I’m out hustling and using the Merrill name to get in doors and close buisness and I love it.
And come Jan. 1, the new comp plan will give me a 15% payout increase vs. what I had at BAI.[/quote]
How is it that you are more obnoxious than Windy?
Oh I know. You’re lying.
[quote=thenewbull] Quick update while you door knockers and “RIAs” have been posting: ACAT’d in $3.2M from MS, $245K from local advisory firm and a meeting in the morning for an $11M 401k plan with a publicly traded company.
I do get a kick out of the jabs and barbs and all, but really boys, you need to get to work and quit bitc*ing about whose platform, firm, etc. is better. Bottom line, I’m out hustling and using the Merrill name to get in doors and close buisness and I love it.
And come Jan. 1, the new comp plan will give me a 15% payout increase vs. what I had at BAI.[/quote]
Have you paid me back my taxes yet?
[quote=mlgone]Research blows.
Rosenberg left, Berstein left and so did many others[/quote] Research blows at every firm........Analysts, Economists, Strategists all just talking heads..... Have you followed Rosenberg since he's been at his new place?........you can get on an email list, where he sends an email out every morning (Breakfast with Dave)..... He's become a bitter bear......consistently pointing out why the market should go lower.......I mean it's sad how frustrated this guy has become.... I read him every day.......don't get me wrong, he makes a lot of sense....but, the market has continued higher...... The truth is the bulls make sense, the bears make sense.......when explaining why they feel the way they do......so, you gotta be careful......in my opinion....He did prefer corporate bonds…But, let’s be honest, that rally had it’s monster move months ago…high yield bonds, preferred stocks, even high grade corporates made monster moves earlier in the year…But those stories are, more or less, behind us now…
Many preferred stocks have moved from mid/high single digits to low 20's......with a 25 par, the safety may still be there, but the captial appreciation, for the most part, seems thin..... We're left with the market.......and, for the most part, each day he comes across almost bratty......where he knows the market should go down, but it just doesn't...... Then, the bulls come on, and talk about the cash on the sidelines, the fact that the retail investor hasn't thrown new money into this market yet (and that's needed before any top), the earnings beats, cheap money, etc, etc..... And you gotta think.......do i stay with the seemingly safe fixed income paying 7%+, or do I hop back into the market....since cheap money makes it hard to see profits going anywhere but higher..... We all know all the stories.......bearish arguments......bullish arguments........ The Fed announces low rates for the foreseeable future, the rally goes from +140 to +20 in the last 30 minutes of the day.......when it's the best news the bulls could hear.... The unemployment number comes in bad at 10.2.......and the market goes higher on Friday.....and it's the best news the bears could hear...... In the end, I can honestly say I'll stay cautious......too many guys I like are cautious (Rosenberg, Cashin, and Kass).........But, it sucks to be an optimist and be on the sidelines while the market steams higher..... Maybe that mindset is widespread and means the market goes higher.........Maybe, it turns out right, and we have the pullback in the next week or two......I don't know..... I do know that If I have to defend being wrong, I like being on the side that missed a rally by playing it safe........rather than got punished because the bullish guys make sense but were wrong...... Sorry for the long post........[quote=thenewbull]Quick update while you door knockers and “RIAs” have been posting: ACAT’d in $3.2M from MS, $245K from local advisory firm and a meeting in the morning for an $11M 401k plan with a publicly traded company.
I do get a kick out of the jabs and barbs and all, but really boys, you need to get to work and quit bitc*ing about whose platform, firm, etc. is better. Bottom line, I’m out hustling and using the Merrill name to get in doors and close buisness and I love it.
And come Jan. 1, the new comp plan will give me a 15% payout increase vs. what I had at BAI.[/quote]
You’re a troll right? Come on, you’re really an indy and you just can’t help poking fun at Merill. This would’ve been a good SNL material though.