Why is ML only big firm that's growing?
Looking through the annual firms for all the big wirehouses - everyone else is flat to negative. Why is ML the only firm that’s actually increasing production, assets and public perception?
[quote=san fran broker]Looking through the annual firms for all the big wirehouses - everyone else is flat to negative. Why is ML the only firm that's actually increasing production, assets and public perception?[/quote]
I'm not sure that's even true. ML's a fine firm, but I believe they're not alone in growing assets and production. As to 'public perception", I don't know how you'd even get a reading on something like that. ML and SB surely have had their share of public black eyes since 2000.
Maybe it is just my region, but there is a real cool energy around ML
right now. We are gorwing assets, growing reps, and growing our
comp. The comp schedule we had last year and again this year
bonuses us out for simply doing what we should be doing, opening new
accounts and growing net new assets. Some people last year added
over 10% to their pay-out as a result, taking them beyond the 50%
mark. To top it all off, the stock price has pretty much doubled
since 2003, and most all firms love our stock.
The firm has a bunch of new tools, hardware, software, they have
broadened they offering to the public in terms of product and
service. They have really built a nice platform around the retail
rep…because that is their primary line of business…not
banking. My only beef with the firm is the operations and
processing hoops that have to be overcome.
Two quarters ago in a conference call ML announced that (at the time) they were the only wirehouse growing in net headcount.
My experience has been very positive. My particular complex has some very successful producer teams. We have alot of old guard and they will be transitioning out in the next few years. Our director, managers, and a growing crop of younger FA's "get it", and it is positive energy to be around. Every day we hear of tremendous wins for our complex and the firm. It is extremely motivating.
Again, thats my experience, and that all I really care about. Others may be different, but that doesnt affect how I build my book and become successful....
[quote=JCadieux]Two quarters ago in a conference call ML announced that (at the time) they were the only wirehouse growing in net headcount. [/quote]
Now that I can believe.