Exodus Date(s) at Merrill/BAC?

Not to hijack this…same for AGE/WS brokers as NO deal out yet and if it is similar to ML/BAC deal

ojoijp

I have a friend who is a manager at a firm where I used to live who is bringing over a team from ML the second week in January. Just ask the city and I’ll tell.

They’re a decent producing team relative to the area and the largest producers in that ML office. That will be a blow to ML when they leave.

ihbiuyolhbi

I’ve heard that it will be in February after the Merrill Lynch pays its bonus FCAAP.  I also heard that Morgan Stanley is overwhelmed by the number of Merrill brokers trying to jump ship.

One thing have noticed over the years, is the ML recruits have their gross drop sharply at the new firm.  Most do have a drop off intially no matter where they come from, but have seen and heard numerous stories of ML guys who have the gross drop 75% from their t-12…Dont know why, but my guess is that many clients refuse to leave, would think their loyalty to the firm would be less now.

[quote=fritz]One thing have noticed over the years, is the ML recruits have their gross drop sharply at the new firm.  Most do have a drop off intially no matter where they come from, but have seen and heard numerous stories of ML guys who have the gross drop 75% from their t-12…Dont know why, but my guess is that many clients refuse to leave, would think their loyalty to the firm would be less now.[/quote]

Does that have anything to do with the pain in the ass process it is to ACAT a managed or any fee based account?

My attempts to move managed/fee based accounts from both ML and MS have been a pain because at least in the cases I’ve seen, the client has to sign a liquidation authorization to move a managed account. By the time the client recognizes the work needed to move the account and the time the new ML/MS assigned FA has to call/talk to the client its too late to move.

That’s been my experience anyhow.

[quote=YTB]I lived in SoCal a few years ago before moving to the Bronx this past summer.

[quote=HymanRoth] [quote=YTB]I lived in Bob’s basement a few years ago before moving to Ryan’s house this past summer. (In his bed to be precise)

Might be a little quicker if he just posted his name, address and SSN.

Unless…he’s really the manager of the the ML Santa Clara office, and he’s having an affair with the wife of a broker who recently moved in from Rohnert Park, and this wife is the only daughter and living heir to a new, ground-breaking, high tech dental floss manufacturing fortune, and this genius ML manager already knows the team is moving, but he doesn’t care, because he’s hosed either way, and his ticket to ride will be golden if he can get this team that now thinks they’re outed to catch this recently relocated broker from Rohnert Park in the parking garage, where he will mysteriously explode in his Acura after eating an entire roll of Mentos (The Freshmaker!) and shotgunning an entire 2 liter Diet Coke, afterwhich the ML manager and the grieving widow will be free at last, free at last, because he just loves it when a plan comes together.

[quote=2wheeledbeemer]Unless…he’s really the manager of the the ML, and he’s having an affair with the wife of a broker who recently moved in from , and this wife is the only daughter and living heir to a new, ground-breaking, high tech dental floss manufacturing fortune, and this genius ML manager already knows the team is moving, but he doesn’t care, because he’s hosed either way, and his ticket to ride will be golden if he can get this team that now thinks they’re outed to catch this recently relocated broker from  in the parking garage, where he will mysteriously explode in his Acura after eating an entire roll of Mentos (The Freshmaker!) and shotgunning an entire 2 liter Diet Coke, afterwhich the ML manager and the grieving widow will be free at last, free at last, because he just loves it when a plan comes together.

Step 1: Reduce compensation 20 - 40%
Step 2: Eliminate inefficiencies; i.e. - force households to FAC under $100k
Step 3: Modify compensation plan to include household penetration of BAI products/services
Step 4: Make FA’s self-evaluate and identify market niche; i.e “Less is More” - fewer households=deeper relationships, more time to concentrate on A level clients only, niche opportunities means specialized services=more tightly defined compensation

This process will take 9-12 months, the question is, when do you jump?  When your director’s pay is cut 50+% or eliminated all together be they do not have enough FA’s to justify $600 k plus in compensation.  Or is it the day you find out that your pay is determined by BAI debit cards, HELOC’s and direct deposit accounts?  How about the day when you have to explain to your director why your business model is more effective than the team down the hall and come up with a plan to get more clients BAI checking accounts?

For those of you who think Thursday was as bad as it can get, just wait, the “merger” isn’t even official yet…

[quote=bondo]

Why are you so concerned?  Hoping to get a few distributions?<?: prefix = o ns = "urn:schemas-microsoft-com:office:office" />

I’m curious as well.  I’m in a small office so even if one advisor leaves, the distributions should be pretty nice.

It doesn’t make much sense to hold out for FCAAP.  It’s not that much money compared to the payout they’d get from the acquiring firm.  I think that we’ll see a few jump ship in the next few weeks but I don’t think that it will be the mass exodus that some have predicted.  The new pay scale isn’t all that bad.  The shorter vesting and open investment options for some of the long-term comp is really nice.

--WM

[quote=HymanRoth] [quote=YTB]Edited to protect the poor schlubs who work with this guy[/quote]

You do realize that this is a board that can be viewed by ANYONE?

[quote=WealthManager][quote=bondo]

Why are you so concerned?  Hoping to get a few distributions?<?: prefix = o ns = "urn:schemas-microsoft-com:office:office" />

--WM

YTB deserve nomination into the RR forums poster of the year.  What an asset to our field.  When he is not sticking it to some poor bastard and maximizing his “YTB” he is throwing an old co-worker under the bus.  What a guy.  I’ll bet the guys at Chase love having you on their team.

[quote=now_indy][quote=snaggletooth][quote=HymanRoth] [quote=YTB]I lived in redondo beach, ca a few years ago before moving to Dallas, TX this past summer. (Plano to be precise)

[quote=HymanRoth] [quote=now_indy][quote=snaggletooth][quote=HymanRoth] [quote=YTB]I lived in redondo beach, ca a few years ago before moving to Dallas, TX this past summer. (Plano to be precise)

[quote=YTB] 

[quote=snaggletooth][quote=YTB] 

YTB should be banned from the forums here IMO.  Where is the brotherhood?  Oh, I have a better idea, YTB should go into management- he has the “skill set” necessary to be successful.

YTB, are you screwing with us?  You ask us to change our posts (which I did) to hide your mistake, but in asking us you POST IT AGAIN!

[quote=now_indy]YTB, are you screwing with us?  You ask us to change our posts (which I did) to hide your mistake, but in asking us you POST IT AGAIN!

[quote=YTB][quote=snaggletooth][quote=YTB] 

[quote=Hank Moody] [quote=YTB][quote=snaggletooth][quote=YTB] 

No Mass Exodus-



With the protocol there is not a big reason to move on Fridays anymore.



I have recruited guys every day but FRIDAY this year. I think the best time to leave is 8:30am Monday. trust me as a BOM im in no condition to deal with a book re-assignment first thing on a Monday morning (Neither are FA’s getting the re-assigns)

I can’t imagine you would want to do it anymore on a late Fri afternoon…

Update - the move occured today. I guess those guys are going to be working through the holidayzzzzzzzzzzzzzzzzzzzzz to get setup for the post christmas retention callz.

Evidently someone from here (I assume) emailed the ML BOM with a link to this thread.
That prompted the ML team to call the new firms BOM to bump up the move date.


Who’s the screw ball on this site that would pull that one?

Update - the move occured today. I guess those guys are going to be working through the holidayzzzzzzzzzzzzzzzzzzzzz to get setup for the post christmas retention callz.

[quote=YTB]Update - the move occured today. I guess those guys are going to be working through the holidayzzzzzzzzzzzzzzzzzzzzz to get setup for the post christmas retention callz.

i didn’t drop names shit stain

I never expected this original question to become such a clusterf#!*.

I actually have a hard time believing they would leave now. I have always heard that FINRA basically shuts down over the Christmas/New Years holiday, and trying to switch your BD registration is almost impossible.

YTB, you are blaming the manager?  Look jerkoff, you caused this.  Heck if someone in that office tipped the manager so they could look good, or get some accounts they are jerks too.  But you deserve some blame for coming on here and gossiping about your old coworkers.  Way to go douchebag.

YTB, you are blaming the manager?  Look jerkoff, you caused this.  Heck if someone in that office tipped the manager so they could look good, or get some accounts they are jerks too.  But you deserve some blame for coming on here and gossiping about your old coworkers.  Way to go douchebag.

[quote=YTB]

[quote=YTB]Update - the move occured today. I guess those guys are going to be working through the holidayzzzzzzzzzzzzzzzzzzzzz to get setup for the post christmas retention callz.

[quote=DB Cooper]YTB, you are blaming the manager?  Look jerkoff, you caused this.  Heck if someone in that office tipped the manager so they could look good, or get some accounts they are jerks too.  But you deserve some blame for coming on here and gossiping about your old coworkers.  Way to go douchebag.[/quote]

+1

[quote=DB Cooper]YTB, you are blaming the manager?  Look jerkoff, you caused this.  Heck if someone in that office tipped the manager so they could look good, or get some accounts they are jerks too.  But you deserve some blame for coming on here and gossiping about your old coworkers.  Way to go douchebag.[/quote]

You’re not just a loser, you’re also an idiot. An idiot for not even realizing the facts.
These are not former co-workers.

In fact - I don’t know these guys at all.

So to you, Douchebag, before you get on your soapbox to wax self righteous indigination, learn the facts, comprehend them and then form an opinion you useless Clown.

[quote=YTB]

[quote=DB Cooper]YTB, you are blaming the manager?  Look jerkoff, you caused this.  Heck if someone in that office tipped the manager so they could look good, or get some accounts they are jerks too.  But you deserve some blame for coming on here and gossiping about your old coworkers.  Way to go douchebag.[/quote]

You’re not just a loser, you’re also an idiot. An idiot for not even realizing the facts.
These are not former co-workers.

In fact - I don’t know these guys at all.

So to you, Douchebag, before you get on your soapbox to wax self righteous indigination, learn the facts, comprehend them and then form an opinion you useless Clown.
[/quote]


Young lady, have you forgotten that you were a secretary for 4 years and that you have to sign out to go to lunch? If I had to pick out a loser around here, you’d be at the top of the list.

[quote=Hank Moody]

[quote=YTB]

[quote=DB Cooper]YTB, you are blaming the manager?  Look jerkoff, you caused this.  Heck if someone in that office tipped the manager so they could look good, or get some accounts they are jerks too.  But you deserve some blame for coming on here and gossiping about your old coworkers.  Way to go douchebag.[/quote]

You’re not just a loser, you’re also an idiot. An idiot for not even realizing the facts.
These are not former co-workers.

In fact - I don’t know these guys at all.

So to you, Douchebag, before you get on your soapbox to wax self righteous indigination, learn the facts, comprehend them and then form an opinion you useless Clown.
[/quote]


Young lady, have you forgotten that you were a secretary for 4 years and that you have to sign out to go to lunch? If I had to pick out a loser around here, you’d be at the top of the list.
[/quote]

What?

YTB, if I'm such an idiot, why don't you fill me in on the way it really went down.  But let me take a crack at it first.  Since you claim they are not old coworkers, but you obviously have inside knowledge of what is going on up in Santa Rosa.  My guess is while you were living up in Rhonert Park, probably hanging out in Guernville at the "Rainbow Room" or the "White Swallow" you met a new alternative lifestyle partner who happens to be a ML FA.  You two hit it off for a while until you decide to move in closer to San Fran to take advantage of the gay friendly environment.  You two still like to gossip with each other while on weekend getaways in the wine country.   This is where he feeds you with this info about his co workers.   You then "drop" this tidbit onto this forum,  realize it was bad form, and edit your original comments to gibberish to protect the innocent FAs who were only trying to better their situations.  Alas it was too late, so you came back on and asked others to edit their comments.  In doing so you only gave greater credibility to your original post.

It’s definitely weak sauce that YTB posted that stuff and came to blame others.  I think he heard it from the recruiting manager, his friend.  Oddly enough, he could have really F’d his friend over in addition to the poor ML advisors that didn’t leak it to anyone.

WOW

Hey YTB, is that Youre the Bitch?  Are you going to let DBCopper wipe your ass like that or are you going to fight back?  Are you a man or a mouse?  You need to let the world know you are not responsible for Fu*&ing the career of innocent FA’s.  All I can say is I hope you dont ever move firms, because if you do, the world will know way before you want them to.  If you would have learned to keep your mouth shut, you would still be in the closet.  Come on man, fight back.

Back on topic.  I still think this Friday is a good day to go.  Market is closed the following Monday, so it gives a nice three day weekend to start the transition.

I think it will be Presidents day weekend.  That will be 6 weeks from the 1st of the year, plenty of time to get office space, furniture, etc and move.  Plus all the year end bonus stuff (if there is any) is paid and out of the way, by then.

Today is not 1/2 over and  a few have already left our complex.  How are things elsewhere?  Rumors are today will be a fairly large exodus day.

[quote=WealthManager]

Today is not 1/2 over and  a few have already left our complex.  How are things elsewhere?  Rumors are today will be a fairly large exodus day.

It’s the tail end of those ML advisors in the UBS “big boy” pipeline left over from the November-Dec. push.  

I heard of one large team leaving our complex today.  There may have been more, but the complex manager was too busy sending positive emails on BAC to get around to any negative ones.  I know there will be more in the next few weeks.

I heard it from a good source at UBS that we’ll be bringing on an additional 800 advisors in the next couple of weeks.  Get ready for a new breed of thundering herd!

i know of at least 15 ML advisors that left in my area for different firms…some MS, most to UBS…not heard of any other firms…

I am predicting no one will leave today.  It should be interesting to hear how many people have left when I head into the office tomorrow.

I am predicting no one will leave today.  It should be interesting to hear how many people have left when I head into the office tomorrow.

[quote=bondo]I am predicting no one will leave today.  It should be interesting to hear how many people have left when I head into the office tomorrow.

[quote=bondo]I am predicting no one will leave today.  It should be interesting to hear how many people have left when I head into the office tomorrow.

[quote=snaggletooth][quote=bondo]I am predicting no one will leave today.  It should be interesting to hear how many people have left when I head into the office tomorrow.

$11,500 gross of business today.
 Now that’s something about today worth celebrating! Nicely done.

[quote=nestegg] [quote=snaggletooth][quote=bondo]I am predicting no one will leave today.  It should be interesting to hear how many people have left when I head into the office tomorrow.

Congrats, i tried to do some gross but my trades wouldnt go through…damn…so no gross for me.

The Annuity Order Entry software was running and open for business today.

The Annuity Order Entry software was running and open for business today.

I think it is funny how people think leaving on a Friday makes a difference. If you have good relationships those clients will come with you no matter how much trash is talked about you. Its comical how poeple send out mass fed exs.   Leave on a Weds, and start setting up face to face appointments, thats how you convert. I would be pissed if was a client and received a random fedex with out knowing you left.

are people leaving Merrill? where are they going?