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Oct 2, 2006 7:19 pm

My team is on the fence about leaving MS.  Our office does no marketing or sponsorships at all and morale in the office is really poor.  Other firms are telling people that our office is going to close.  I feel like we're getting no support, our concerns fall on deaf ears and most of the 700k+ producers in our area have moved on.


My group is now the biggest producers in our office at 600k and 125 million (30 fee based).  Merrill is offering 175k upfront and 60/75/90 backend.  I'm tempted to make the jump before these deals go away, but the risk really bothers me.


Any thoughts?

Oct 2, 2006 7:38 pm

how many in your group?


the upfront seems light

Oct 2, 2006 7:48 pm
badmove?:

how many in your group?


the upfront seems light



2 Advisors and an Assistant.

Oct 2, 2006 7:55 pm
badmove?:

how many in your group?


the upfront seems light



It's not light if you consider the fact that they can't even generate 50bps when only 30 is asset based fees.

Oct 2, 2006 8:41 pm
Helter Skelter:

It's not light if you consider the fact that they can't even generate 50bps

when only 30 is asset based fees.





Big money doesn't have high R.O.E. I have 5 clients in the 10 - 15 million

range. The breakdown all together is about 30 Million in Fee-Based

Accounts, 65 Million in Fixed Income and the rest is a mix of individual

securities, funds, VAs, etc.



Oct 2, 2006 9:20 pm

please look at other places besides Merrill. I looked at them all and was tired of the wirehouse BS. You are already at Merrill with James Gordon in charge. In order of best wirehouses based on the many people I know that jumped ship are UBS and wachovia. Raymond James is great independent story, if you are willing to take the risk. After expenses the payout is probably 65%


I went regional. Average payout 42% with a 10.625% esop bounus, shorter deal and the same up front. Please look around. If you are unhappy at Morgan, like I was, you will be on anti-depressents at merrill.(if you are not already)


Send me a private mail if you want more info.

Oct 2, 2006 11:55 pm
iconsult100:
Helter Skelter:

It's not light if you consider the fact that they can't even generate 50bps when only 30 is asset based fees.



Big money doesn't have high R.O.E.  I have 5 clients in the 10 - 15 million range.  The breakdown all together is about 30 Million in Fee-Based Accounts, 65 Million in Fixed Income and the rest is a mix of individual securities, funds, VAs, etc.



[/quote]


If price is the only way you can compete, you'll have a low ROA. Do you have the guts to price yourself ABOVE everyone else? Wal Mart has low prices, too. Is that how you want to position yourself?

Oct 3, 2006 12:30 am

HS,


You're so full of sh*t it's coming out your ears...you talk a big game about charging fees, yet everything you sell hides the fee among mounds of paperwork.  I bet you tell those little old ladies that the 12 year surrender EIA you shove them into has no fee or cost at all.


Loser.

Oct 3, 2006 12:39 am

At least he doesn't work for a bank. Talk about a loser.

Oct 3, 2006 9:15 am
BankFC:

HS,


You're so full of sh*t it's coming out your ears...you talk a big game about charging fees, yet everything you sell hides the fee among mounds of paperwork.  I bet you tell those little old ladies that the 12 year surrender EIA you shove them into has no fee or cost at all.


Loser.



I don't have old clients. They don't fit what I do very well and they don't refer their friends.

Oct 3, 2006 2:50 pm
iconsult100:

My team is on the fence about leaving MS.  Our office does no marketing or sponsorships at all and morale in the office is really poor.  Other firms are telling people that our office is going to close.  I feel like we're getting no support, our concerns fall on deaf ears and most of the 700k+ producers in our area have moved on.


My group is now the biggest producers in our office at 600k and 125 million (30 fee based).  Merrill is offering 175k upfront and 60/75/90 backend.  I'm tempted to make the jump before these deals go away, but the risk really bothers me.


Any thoughts?




I know you've been looking at this for a long time.  You have a lot of things to consider.

You can always ask your ML BOM to let you meet with other brokers from MS who have recently made the change.  There are lots of them around, and it may give you the perpective you need to weigh the risk of going against the risk of staying.

Good luck and let us know what you decide.


Cheers!
Jeff

Oct 3, 2006 4:54 pm

Have you looked into the indy side?


We take $$$ away from the wires with so much ease. I do not know how they stay in business!


Like indies or not once you are here no more crap from a BM.  

Oct 3, 2006 5:08 pm
Greenbacks:

Have you looked into the indy side?


We take $$$ away from the wires with so much ease. I do not know how they stay in business!


ROFLMAO....

Oct 3, 2006 6:12 pm

Excuse me?  Could you please do that in the toilet?  Thanks.

Oct 3, 2006 9:19 pm
Greenbacks:

Have you looked into the indy side?


We take $$$ away from the wires with so much ease. I do not know how they stay in business!


Like indies or not once you are here no more crap from a BM.  



I've looked at Wachovia and I am starting to look at Raymond James, but I just don't know if that is for me.  At first glance, Wachovia seems to have a better fee-based platform.

Oct 3, 2006 10:17 pm

I made the big move just over a year ago.

Brought 90% of the assets, and have maintained 90% of my previous production. Left a lot of small, PITA, meaningless accounts, and one or two that I would have liked to bring along. You have to expect some of that; it's the law of large numbers.

It's a LOT of work, but worth it if you do it for the right reasons, have a good rapport with your clients, and have help from your new company. I wouldn't want to do it again, though. It's very disruptive and stressful, especially for the first 2 months.

It's even harder these days, with all the CIP and AML paperwork. That makes the job twice as hard.

Still, worth it, but not an experience I want to have again.