POA on Draw
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for people familiar with ml poa program- i’m in month 19. was told that i had a salary for 24 months when i started. the fine print said salary for 18 months and then this “draw”.
how exactly does it work? can i resign? i have had 3 different sales managers since i started and they are tell a different story. i guess what i'm asking is, can i walk away from a draw? do i owe it i do, and do i owe if my pcs dont meet the draw requirement? again ml management at its best of changing their story hal way around. thanks in advance.[quote=tmoney47]for people familiar with ml poa program- i’m in month 19. was told that i had a salary for 24 months when i started. the fine print said salary for 18 months and then this “draw”.
how exactly does it work? can i resign? i have had 3 different sales managers since i started and they are tell a different story. i guess what i'm asking is, can i walk away from a draw? do i owe it i do, and do i owe if my pcs dont meet the draw requirement? again ml management at its best of changing their story hal way around. thanks in advance.[/quote] Probably a non-forgivable draw........if your PC's don't meet the draw, you get the draw and a deficit starts running.......If, in a given month, you beat the draw, the deficit needs to be zero'd out before you get anything above your draw. In general, they don't chase after you if you resign and are running a deficit........same with if they let you go while you are running a deficit. Good Luck..........[quote=tmoney47]for people familiar with ml poa program- i’m in month 19. was told that i had a salary for 24 months when i started. the fine print said salary for 18 months and then this “draw”.
how exactly does it work? can i resign? i have had 3 different sales managers since i started and they are tell a different story. i guess what i'm asking is, can i walk away from a draw? do i owe it i do, and do i owe if my pcs dont meet the draw requirement? again ml management at its best of changing their story hal way around. thanks in advance.[/quote] Dude, I don't mean to be harse, but who cares? If you are looking for a reason to leave, then leave! By wasting time caring about something so trivial, you are wasting valuable prospecting time and setting yourself up for failure. You are going to be on commission for the rest of your career anyway.POA program, the way I was told, works like this:
Salary >$40,000, 18 months to hit $15 million Salary <$40,000, 24 months to hit $15 million Salary under either path is forgivable draw until the time specfied elapses, then it becomes non-forgivable. Then, you set a monthly draw that your PC's and annuitized business must cover before you get paid. If you are leaving, I really wouldn't worry about it, but check with counsel to be sure. Good luck to you.thanks for the responses. i guess when you ask a question on this forum, you risk the chance of someone not answering your question. as to my “draw” question i do not find it trivial. how is it trivial if ml management is going against what they originally told me and cutting my comp and taking my “guaranteed” salary away?? as for me being short of my month 18 hurdle, it hurts when the senior partner takes a big cut out of the last three clients i brought in, and now im on a draw. some other ml news i heard today is that ml is cutting 10% of their CA staff…
Production............Just curious…is that 18/24 months of PRODUCTION? Or 18/24 months from the day you are hired and start studying for licenses?!
TM,
No intent to trivialize your situation. If you are worried about the uncovered draw, and leaving, check with cousel.
A lot of people fall into the "hole" out of POA. Having the assets to get out of the program is one thing, but when you go onto the grid, many times you won't earn what you were earning in the program. If you were expecting that transition at month 24 and they change it to month 18, then it can be a shock. There is life after ML. Best of luck to you.Please also remember that it is 18 months after the beginning of “phase 2”. The clock actually starts ticking with hurdles at the beginning of “phase 2” and the salare changes occur then. that being said, if you have a sufficient amount of annuitized business (aka…are meeting your hurdles) the PCs generated should be fairly close to what you were getting to begin with. Depending on when you were hired and which year of POA you are under, this is right there in your manual.
You would be at 50% payout on any annuitized PCs through month 24 anyway (month 36 for Affluent Households). Remember, the performance bonuses and the early potential early finish bonuses make this all moot.