Shakeup At Merrill
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[quote=mikebutler222]
[quote=Soothsayer]Hardly. I'm not into engendering institutional loyalty with my clients.[/quote]
No one is, no matter how you misunderstand the broker culture at places like ML. BTW, they're no jealous of your strip mall office, why are you fixated on their nice digs?
[/quote]
I don't have a strip mall office, and I don't work at Jones. They are jealous however of my really hot wife.
[quote=Soothsayer][quote=mikebutler222]
[quote=Soothsayer]Hardly. I'm not into engendering institutional loyalty with my clients.[/quote]
No one is, no matter how you misunderstand the broker culture at places like ML. BTW, they're no jealous of your strip mall office, why are you fixated on their nice digs?
[/quote]
I don't have a strip mall office, and I don't work at Jones. They are jealous however of my really hot wife.
[/quote]
Hey, if that theory helps you to sleep at night.
I wouldn't want to be the one to let you in on the news that guys and gals at ML (as with every other major firm) come in all shapes and sizes, most have every bit as much integrity and smarts as you, don't put on "dog and pony shows" and simply have better access to the best tools and resources than you. Some fancy themselves as stock jocks as you, other take a different approach, but they don't seek "idiot" clients and they're not deluding into thinking that their interests and their firms are perfectly aligned on every issue.
I wouldn't want to be the one to let you in on the news that guys and gals at ML (as with every other major firm) come in all shapes and sizes, most have every bit as much integrity and smarts as you, don't put on "dog and pony shows" and simply have better access to the best tools and resources than you. Some fancy themselves as stock jocks as you, other take a different approach, but they don't seek "idiot" clients and they're not deluding into thinking that their interests and their firms are perfectly aligned on every issue.
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COMPLETELY ACCURATE - I could post for ever on this subject, but Greenhills tells me I spend too much time on this site. Simply put, there are a lot of misconceptions about Merrill out there.
Simply put, there are a lot of misconceptions about Merrill out there.
Totally agreed. Starting with the idea that they can do a better job taking care of clients than anyone else with all of their "tools."
merrill + jones = henry blodgett+ ethical analyst
merrill + jones= propreitary funds+ no conflict of interest
raymond james + jones= bank broker + real broker
lpl + jones= average prod under 150k + avg over 200k
youcanhatemeknow,
Dude.... There seems to be alot of anger built up in you. This forum can't be taken too seriously.
And how can you compare EDJ to Merrill?
Merrill + EDJ = $700k average prodcution + "over $200k"
And, last time I checked, RJ has three platforms, plus their bank structure.
P.S.
ML/RJ/LPL vs. EDJ = options strategies for income in flat mkts vs. uuhhh, which preferred fund family did you want to buy again
ML/RJ/LPL vs. EDJ = let me email that to you vs. email, heck we're lucky to have computers and pay $1400 a month for them
[quote=youcanhatemenow]
merrill + jones = henry blodgett+ ethical analyst
merrill + jones= propreitary funds+ no conflict of interest
raymond james + jones= bank broker + real broker
lpl + jones= average prod under 150k + avg over 200k
[/quote]
Did I misunderstand that, or did someone really suggest that EJs is "real", has "ethical analysts" and "no conflict of interest"?
Please be serious, you're comparing ML to the Amway of brokerage firms?
To all ML out there- isnt it amusing to see all the misconceptions, jealousy and envy tossed out there??? Let them continue to think all they want, while we continue to manage the most assets, produce the most, and bring in the highest net worth accounts ( contrary to popular belief, we averaged an 11% increase YOY in accounts of 1 million plus.)… Granted, there are some issues here (just like any firm), but when you add and subtract it all up- there is no comparison… It is what it is…
[quote=blarmston]To all ML out there- isnt it amusing to see all the misconceptions, jealousy and envy tossed out there??? Let them continue to think all they want, while we continue to manage the most assets, produce the most, and bring in the highest net worth accounts ( contrary to popular belief, we averaged an 11% increase YOY in accounts of 1 million plus.).. Granted, there are some issues here (just like any firm), but when you add and subtract it all up- there is no comparison... It is what it is..[/quote]
Amen. The guy wearing the green polyester suit, standing on aged shag carpeting in his strip mall office will always have a burning jealousy issue with the guy in the Brooks Brother suit standing on a marble floor dealing with big clients.
Henry Blodgett + $10 million for “supervisory and operational failures.” + $13.5 million fine for regarding the creation and retention of documents + $250,000 each for failing to comply with their discovery obligations in 20 arbitration case$97000 for Limit Order, Best Execution, and Other violations + $100 million in fines for issuing “fraudulent” research reports + several other fines must mean a great firm on an ethical basis. Take a look at the 5-year number on analysts’ picks also. I think the math speaks for itself.
I'm friendly with the local Merrill manager (have lunch once or twice a month), and he's one of the most stand-up guys I know. Before I left Jones, he spoke with me several times about coming in with him. I looked long and hard at the job, and in the end, decided that Merrill wasn't for me. That doesn't mean that Merrill, and by extension, the local office is anything other than an organization of good, decent and talented people. It means that I know I wouldn't have fit in.
I think that we, as financial professionals, can't seem to see the forest for the trees. Abesent the occasional rogue broker, it's incredibly difficult to maintain a compliant company in the face of publicity seeking regulators who continually move the compliance target and expect these financial behemoths to keep pace moment to moment. Instead of judging each firm by their last fine (and ALL are culpable at some point), we should be speaking with one voice.
oops....I almost forgot....
Another $25 million in fines for its alleged participation as a financier in the Sumitomo Corp. trading scandal + $80 Million on 2 Enron Transactions + $200 million toward the global settlement and the funds will go toward a fund to benefit customers of the firms. That's a lot of Brooks Brother suits that got sent to the regulators.
My hands are tired from typing, I'd add more, but carpeltunnel is kicking in.
"it's incredibly difficult to maintain a compliant company in the face of publicity seeking regulators who continually move the compliance target and expect these financial behemoths to keep pace moment to moment."-Starka
My Dear Starka,
Just go on the the NYSE site and look up all the arbitration decisions involving Merrill. And start counting. Those are just the ones that went to arbitration and didn't settle. You would think the NYSE would just dedicate a site to Merrill. It is not difficult to maintain a compliant company. Just follow the Golden Rule. These companies knew damn well what they were doing, don't you think for one minute they didn't.
VFK, you may in fact be right. However, I would expect the 800 lb gorilla to have the most arbitrations. Additionally, their business model calls for them to use some very sophisticated strategies as well. As you should know, the more complex the strategy, the more likely there will be some misunderstandings.
I should add that we all remember that each of us is one trade away from an arbitration. It’s an humbling thought, and we should try to refrain from the “holier than thou” mentality as far as our business is concerned.
Look, you can't even relate the Blodgett mess to the Merrill Lynch broker. The brokers had nothing to do with hiring any analyst.
ML + Ed= Analyst and great research + No research= Financial Planner + Car salesman= Hedge funds, options, money managers, exchange traded funds for the wealthy etc. + A share mutual funds
I don't work for ML. I used to and moved to a fabulous regional/money manager and now I will be working for SB. You can figure out where I work unless you are not familiar with great money managers/Bill Miller or you work for ED.
Oh, I forgot. ML + ED= Great technology + NO technology= Emails + No email access