Roll Call- Who's Walking from MER
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Ive seen guys kicked to the curb at other firms for similar issues guys had at ML. I must say ML will defend and pay if necessary and the FA will live to fight another day. Your concern is a valid one.
I have heard so many rumors in my office recently. Either 2/3 of the production will be leaving soon or everything will stay status quo. I’m guessing once the comp plan comes out there will be more closed doors, sour looks and the departures will begin after the start of the year.
In my office, Jan 1 is the departure date…allot of the guys are enjoying the holidays, resting up, and getting ready to hit the door! Don’t think this is talk- most have hard contracts in hand. Wonder how all these job cuts will affect the support staff- anyone have any info regarding sales assistant staffing? Pretty soon I guess we will have to be doin 2 Myn to be one on one…all for the privelege of…umm…somebody remind me??
I heard you have to be there at the end of the year to get the FOG bonus. All of the guys supposedly leaving from my office qualify. I have heard they have to decide on their contracts before Christmas. If 2mm is the requirement for one-on-one my office will be to two assistants.In my office, Jan 1 is the departure date…allot of the guys are enjoying the holidays, resting up, and getting ready to hit the door! Don’t think this is talk- most have hard contracts in hand. Wonder how all these job cuts will affect the support staff- anyone have any info regarding sales assistant staffing? Pretty soon I guess we will have to be doin 2 Myn to be one on one…all for the privelege of…umm…somebody remind me??
Phantom,
I am sure you dream about how you are going to leave and all your clients will follow you. Reality is a b*tch, and they probably won't. Quit talking and do it. I want to hear the follow up, what percentage follow you? ML offices around the country are imploding, there is a max exodus and there has never been a better time to leave. Your clients KNOW who is at fault. Dec 31, the symbol MER goes away and counting. tick tock.FUMLSMD....When i leave it will be on my terms and when it is most advantageous for me. Most of the clients i want will go, that's the reality for me and all others that have taken care of their clients....you are right about one thing: there will be a mass exodus over the next few months.
Oh, and one other thing...I don't dream about leaving ML, I dream about babes
Phan2om,
Touche’, You should follow your dreams
Our office had 7 FA’s leave recently all with long, successful careers at Merrill. They are averaging about 70% of client assets leaving with them so far, the asaps keep coming in and I’m sure that percentage will rise. Their feedback has been, that once the FA’s have left Merrill, their clients spoke openly about their thoughts on Merrill and it was very negative. I would bet that most of your clients don’t like Merrill either and will tell you after you leave.
You will be pleasantly reassured how happy your clients are to follow you, and your clients don’t want to be serviced by the WalMart of financial services BAC.
I wish you the best on your plan.
This is off the subject, but John Thain should have gotten his 10M bonus!
In “SPIRIT POINTS” If management thinks that it is such a great deal for the employees, then it should be for them as well. Thain could pick out a nice shiny iPod shuffle for christmas in the spirit point catalog.
Attitude is everything, keep up the good work Phan2om.
LOL @ Spirit Points…I kinda wonder what will happen to the smaller offices. In our complex, we have some small “associate” offices attached to our office. Allot of these are staffed with 5 or 10 FAs…If a few of them leave, I can’t imagine the economics of those offices staying open.
Phan2om:
If you signed the agreement with BAC you most assuredly will decide to leave when you decide, but you will not leave on your own terms. You forfeited your own terms when you signed the agreement. BAC will have something to say about their terms which are no joke.
MER advisors who left prior to signing the agreement with BAC left on their own terms and will take far more of their book because they will not be wrapped up in the tentacles that you will be if you signed the agreement.
Good luck either way
I honestly don’t agree with any of you that “ML is dead”. But Daytradah, I can tell you that you’re wrong about “BAC’s terms”. We’ve seen about a dozen guys leave. While the accounts are not going with them (why would they leave ML?), the advisors are free to move and are not being terribly encumbered from doing so. It’s business as usual via the Protocol guidelines, just like before the MER/BAC merger. But importantly, 80% of the departed’s assets are still with ML and it’s been a few weeks now.
Cubfan,
I have a hard time believing 80% of the assets of stuck w/ ML?? (with a "dozen" gone)...If you have any length of service, an established book, I can't see not taking at least 60% of your book worth about 80% of your production. After the announcement that BofA was eliminating 30,000-35,000 jobs, hardly a day went by that I didn't have clients telling me something along these lines: " If you decide to leave, let us know because we are going with you." These were unsolicited comments, after I told them that I was ok and had been given an "employment contract." Maybe these dozen were POAs or low LOS FAs?? I can see their books not moving, but not anyone who has established a true "practice."Hey, I’m one of those lowly POAs and the first conversation I had with a client after the merger involved the client asking if I was leaving. When I told him I had no plans to leave he then volunteered he would follow me if I did.
Mother Merrill may not feel dead to you Cubfan, but it sure does to me. Maybe I'll be proven wrong in the long run. I don't know if I will be around there to find out.you guys should roll a lot of your business to fixed /fixed indexed annuities…make your 10% up front commission then roll 10% per year under the penalty free withdrawal provisions and control all your clients assets and not risk any of their hard earned money. i write about $5mil a year with American Equity and haven’t lost one client in 7 years. you might get some free trips,make a lot of money,and do your clients a world of good…remember that most of you clients have already accumulated most of their wealth…why takerisk on that money…i get so many referrals because i don’t lose my clients money. check out annuityadvantage.com might give you a different perspective
Wow go2thebeach that was some commercial. You remind me of those guys who hang around the retirement homes singing the guarantee song. I bet you must have sold allot of used cars in your day. Hey do you also do home, auto, flood or earthquake insurance? I was looking for a quote.
Sorry to break up the conversation folks but that last one just smelled funny.......I have not heard when the MER guys are supposed to actually get their retention money, has it already happened or is it later on??
BAI I was just trying to help you…i can tell you’re a critic…that’s ok I forgive you. I was merely trying to share my success’ with this forum…
[quote=MERRILLBANKER] When I read Thain had ask for a $10 million bonus I knew he did not believe in the BAC-ML relationship. He wants his payout and then will find his next company to run. All I can say is good for him and I will do the same once I hear back from my manager on what the payout will be on Thursday.
Quick question for indepedents- One of the only good things left about ML is if a client did sue you which I’ve seen happan after the tech crash and the savings and loans crisis. ML has been very good in protecting their advisors (who knows if this will continue).
What sort of support would you get?
This is what has me leaning towards MS or UBS.[/quote]
I’m surprised I have I have not gotten any input yet. Any Indy’s have an opinion on this. How is the support in protecting you? This is my main concern moving to an indepedent and I would appriciate your input.
Thanks
Merrill has been very good at protecting our advisors when things go wrong and they do with every major downturn in the market. I do not know if this will continue with BofA but I would hope it would.
Best of luck on your decisioncub…those that left, did they sign the BAC agreement and took the money? If they left before they signed…that is my point.
BAI will hold our comp call this Friday at 4 Eastern. Don’t expect much change until we go to the Merill grid.