Should I Stay Or Should I Go?
I am a new PMD graduate at Merrill Lynch as of December 2014. I was recently asked to join a team to help with business deveopment and relationship management. However, my salary has gone away and I am barely making what I had been with my salary. Income is tight, ya'll!
Recently, I had an offer to manage 5 bank branches out of Ohio for Fifth Third Securities. The book right now does about $200K in production and has room to grow.
However, at ML, if I sit tight for another 2 years (maybe less) , there is a femal FA that is leaving, doing about 200K in production. She helped start the practice but is burnt out on the industry and pusing 58 years old. The Senior FA is only 51 and not retiring for decades.
Should I stay or should I go??
Definitely go to the bank. There is no better way to build your business WITHOUT PARTNERING than at a bank. You should be able to bring in $10mm per year…stay for 5 years, then go independent.