Look @ some of my earlier posts. IMATELLINGYA’LL that this whole "mangedmoneyannuitizeyourbook"bulls**t is very simply a way to PUT THE FIRM BETWEEN YOU AND YOUR CLIENT. Once they (the firms) get all of you to convert your book, then THEY OWN THE CLIENT. Whatever happened to “rugged individualism” (see Atlas Shrugged). You WILL NOT catch me swallowing the “soma” (see Brave New World). Do your own thing and YOU WILL OWN THE CLIENT. If the firm you work for doesn’t like this…LEAVE. 

[quote=Revealer]Look @ some of my earlier posts. IMATELLINGYA'LL that this whole "mangedmoneyannuitizeyourbook"bulls**t is very simply a way to PUT THE FIRM BETWEEN YOU AND YOUR CLIENT.  [/quote]

You keep saying that, but IMHO, you couldn't be more wrong. The SMA process, if anything, lessens the importance of the firm and increases that of the broker since most any manager (or one just like it) can be found anywhere else.

Trust me on this one, I've moved SMA accounts and it's a lay up. Now, if the firm wanted to tie the client to the firm and not you, they'd push the in-house products or make a big deal of their research, not processes like SMAs that are just about universal.

You ever had them (the firms) offer a client a “discount” on SMA fees to keep their accts? Happened to a good friend of mine (another firm). Ever had them entice the departing broker’s “partner” to stay behind by offering a deal? Seen that done, also. Never convince me (paranoid I may be) that this whole issue is to own the client. 

[quote=Revealer]You ever had them (the firms) offer a client a "discount" on SMA fees to keep their accts? Happened to a good friend of mine (another firm). Ever had them entice the departing broker's "partner" to stay behind by offering a deal? Seen that done, also. Never convince me (paranoid I may be) that this whole issue is to own the client. [/quote]

You mean you've never heard of a firm offering commission discounts to the clients of a guy who jumped or entice the partner of the departing guy to stay to handle thos ecommission accounts? Ever heard of a firm saying "you made all that money with OUR research/tools/products and your old broker won't have access to them any more? How about the one where the old firm tells clients "you can go, but you'll have to sell every one of our products when you go and pay new fees and commission there"?

I'm closer now, with portable managed money, to my clients than I ever was as a stock guy. It's pretty hard to leave and bring clients when your entire method of opening and servicing accounts is built on "and we have the finest research on the street"....

Mike222: Pretty naive of you to think that I use my firm’s research. Would that have worked during the “Blodget days” @ Merrill, or “Iforgethisname” telecom guy @ Smith,Barney? I don’t prostitue my client’s money on the altar of Wall Street “research”. Only firm I have ever heard use the “you’ll have to sell everything” ploy is jones.

I am convinced independent is better but I am just starting. I want great training. I want exposure to experience etc. I plan to join a major wirehouse but anticipate I will want to leave after building up about 75 million (a guess). Any warnings or suggestions on how to proceed. Bad idea?

[quote=JCadieux] [quote=Dirk Diggler]

Has AG Edwards been losing a lot of brokers? What changed?

[/quote]

Not that I know of.  AG Edwards has been doing well lately.




[/quote]

They call more than another else. Even more than UBS...

[quote=Revealer]Mike222: Pretty naive of you to think that I use my firm's research.

[/quote]

How naive of you to think that I think that you do. That doesn't change the fact that wirehouses make you jump through hoops to make recommendations that contradict their in-house research...

[quote=Revealer]

 I don't prostitue my client's money on the altar of Wall Street "research".

[/quote]

Sorry, I didn't notice the tinfoil hat and forgot who I was speaking to. 

[quote=Revealer]

Only firm I have ever heard use the "you'll have to sell everything" ploy is jones.[/quote]

Jones doesn't even have proprietary products. Try moving some MS or ML or SB mutual funds. Then ask me that question again...

Mike222: I can’t remember the last time I used my (current) firm’s research other than for information to form MY OWN opinion. I learned that most likely before you were even born. Weak argument that “boo-hoo, my firm sent out all this bad info and it wasn’t my fault.” IMAHERETOTELLYOU that it IS your (our) fault if we are so dumb as to buy all the BS that Wall Street puts out. (Oh,I forgot who I was speaking to…I replaced my dunce cap with a tinfoil hat many,many yrs. ago.) You still got your dunce cap M222? jones uses that ploy to even keep people from trf. Am. Funds for cryin’ out loud. However, I have seen them have people SELL CALAMOS because “their (jones’) funds do better”. Can’t address the ML,MS,SB funds issue. Don’t really care.     

<?:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" /> 

[quote=Revealer]Mike222: I can't remember the last time I used my (current) firm's research other than for information to form MY OWN opinion. [/quote]

Nifty. Now try to take an action that contradicts the firm's research. No one said to not form your own opinion OR to not seek opinions elsewhere.

I simply made the point that the evil “firm” you’re talking about that uses managed money to get between you and your client (a laughable proposition since managed money is MORE, not less portable than other types of accounts) uses the reputation of their research in their attempts to keep clients.

Don’t think so? Then ask a guy who left ML for, say AG, and ask him if his old firm said something like “We have the very best research on Wall Street and Mr So-and-so won’t have it any more”.

 BTW, I don’t even care to get started on the paranoid tone of your posts or the idea of a rep in a wirehouse trying to be an analyst rather than what his job description really is. The subject is too tedious to continue.

 [quote=Revealer]I learned that most likely before you were even born.

[/quote]

I hope you’re more accurate on your stock picks then you were on that guess, Ms Cleo…

[quote=Revealer]

Weak argument that "boo-hoo, my firm sent out all this bad info and it wasn't my fault."

[/quote]

Nice strawman you have there…

[quote=Revealer]

 IMAHERETOTELLYOU that it IS your (our) fault if we are so dumb as to buy all the BS that Wall Street puts out.

[/quote]

Ahh, the noble, wise Revealer, all seeing, all knowing, saving his clients from “Wall Street BS”…. Sorta’ brings a tear to your eyes, don’t it?

[quote=Revealer]

(Oh,I forgot who I was speaking to...I replaced my dunce cap with a tinfoil hat many,many yrs. ago.)

[/quote]

Didn’t I run across you in a Manhatten bar once? Drunk, dressed by a Sear men’s department, looking like the Gil character from the Simpsons. Talking about how Lee Harvey Oswald, the CEO of Merrill Lynch and the Illuminati staged the moon landings?

[quote=Revealer]

Can't address the ML,MS,SB funds issue. Don't really care.     [/quote]

Of course not, because it would undermine your entire theory….

I don’t wear Sears suits. Don’t know this “Gil” from Simpsons. (Don’t watch cartoons). Have been to the Texas Book Depository and have my own opinion on Lee Harvey. (Why share it with you?) I buy my suits @ Penney’s, same place as Warren Buffett. Speaking of which, you can run into me @ the BRKA annual meeting. I’m the big guy wearing a diamond Rolex and driving a Lexus. You are right about one thing…yes, this is tedious. To kill the tedium, I’ll let you get back to working on your 942nd. post in 5 months.

[quote=Revealer]I don't wear Sears suits. Don't know this "Gil" from Simpsons. (Don't watch cartoons). Have been to the Texas Book Depository and have my own opinion on Lee Harvey. (Why share it with you?) I buy my suits @ Penney's, same place as Warren Buffett. Speaking of which, you can run into me @ the BRKA annual meeting. I'm the big guy wearing a diamond Rolex and driving a Lexus. You are right about one thing...yes, this is tedious. To kill the tedium, I'll let you get back to working on your 942nd. post in 5 months.[/quote]

Well I would be interested in hearing about your Oswald theory!

He shot several “magic bullets” from a bolt action rifle @ a moving target the size of a medium watermelon approx. 50 yds. away. YES,HE DID!.

Our office has lost a broker a week for the last 2 months. Are FA’s sticking around in other markets? BAC really took a turn for the worse this year. They just changed the premier reps comp so they dont even have to focus on investments nearly as much and the comp plan is the worse anywhere.

In the Northeast, the Premier model is incredilbly weak.  Not too many people left to quit on the investments side.

there’s plenty left in the southeast. us sucker fa’s down here are sticking around to see or hoping it gets better. if you don’t have at least 25 mill aum with this bank you’re probably dead in the water.

[quote=ezmoney]there's plenty left in the southeast. us sucker fa's down here are sticking around to see or hoping it gets better. if you don't have at least 25 mill aum with this bank you're probably dead in the water.[/quote]

This seems to indicate you are currently employed by BAC. If that is the case why then are you PM me asking me about my husbands experience with BAC? You indicated you were being recruited by BAC Private Banking.

All I can say is WOW, just wait until the new CM comp plan is "officially" explained! So much for Partnership for Growth.... More like plan for destruction.

[quote=Biasedrecruiter]

[quote=ezmoney]there's plenty left in the southeast. us sucker fa's down here are sticking around to see or hoping it gets better. if you don't have at least 25 mill aum with this bank you're probably dead in the water.[/quote]

This seems to indicate you are currently employed by BAC. If that is the case why then are you PM me asking me about my husbands experience with BAC? You indicated you were being recruited by BAC Private Banking.

[/quote]

ouch- nothing like your PM being outed-

what's that about?

whalehunter,

what is a CM comp plan?