ML Payout Plan Announced
Burton originally posted this on the billionth page of another topic, so without his permission I am re-posting his entry into a new topic.
[quote]
<table =“tableBorder” style=“table-layout: fixed;” align=“center” cellpadding=“3” cellspacing=“1”><tr =“msgOddTableRow” style=“height: 200px; min-height: 200px;”><tr =“msgOddTableRow” style=“height: 200px; min-height: 200px;”><td =“msgLineDevider” valign=“top”>
By Annie Gasparro
A DOW JONES NEWSWIRES COLUMN
NEW YORK (Dow Jones)--Merrill Lynch & Co. (MER) is likely to push out many of
its lower-producing brokers with its 2009 broker compensation plan, according
to people familiar with the new grid.
Executives at Merrill released the payout plan to branch managers Wednesday
afternoon and are set to announce it to the 16,000-plus brokers on a conference
call Thursday.
A Merrill spokeswoman could not confirm the plan because it has not been
released to employees.
The plan cuts the payout for brokers who have been in business six years or
longer to 20% of production if they generate less than $200,000 in production,
and 25% of production if they generate $200,000-$299,999.
The "penalty box," as some brokers call this category, also includes brokers
who have been in the business for 10 or more years and produce
$300,000-$399,999. They will receive a 35% payout.
"This is a huge cut for these people. Anyone who's in this penalty box is
going to leave," one Merrill broker said. "But I guess we're all bankers now."
Some brokers blame the major changes in the pay plan on Bank of America
Corp.'s (BAC) acquisition of Merrill, which was approved by shareholders this
month.
But the changes also come at a time when other firms are cutting pay for
similar categories of low-producing brokers. Brokerage analysts say that
overall, the industry is trending toward high producers.
The 2009 Merrill compensation grid is also a big change in that it includes
one payout rate regardless of product type or ticket size. For example, it used
to offer different percentage payouts for insurance sales or managed accounts.
The basic cash payout for brokers not included in the categories mentioned
above will be as follows:
$0-199,000 will receive 36% of production.
$200,000-299,000=37%
$300,000-399,000=38%
$400,000-599,000=40%
$600,000-799,000=41%
$800,000-999,000=42%
$1-1.49 million=43%
$1.5-1.99 million=46%
$2-2.99 million=47%
$3-4.99 million=48%
$5 million and more=50%
This new pay plan will be a step up for the high-end brokers bringing in $1.5
million or more in production.
With additional bonus opportunities, it could mean a pay increase for other
brokers, too.
There is also longevity award that provides brokers who have been with the
firm for five or six years and have at least $500,000 in production a bonus of
1% of production.
For seven-, eight- and nine-year brokers there is a 1.25% bonus if they bring
in at least $750,000.
For brokers with 10 to 14 years at Merrill doing at least $1 million in
production, the award is 1.5%. And for those with 15 years or more and $1.75
million in production, there is a 2% bonus.
Other bonus opportunities on the new plan include an award for bringing in new
clients with at least $250,000 in household assets.
It also offers brokers awards for doing more fee-based business as opposed to
commission-based business.
Similar new-client and fee-based account bonus opportunities were offered on
this year.
Households in the U.S. must reach $100,000 in assets for a broker to receive
to get paid for business done with the client.
The new plan goes into effect at the start of 2009.
Broker or Banker? Good job ML, that’s the way you take the bull by its horns…
I’m a recruiter and regularly monitor this site too. Decent business intelligence at times. What I think is pathetic are the few numbnut recruiters who post here hoping to drag the unsuspecting out. Get on the phone and grind it out you pukes. Earn some trust, build a rep, get your name and firm recognized for quality work and guidance. You make the experienced vultures like me look bad! What’s next, posts by “Studrecruiter” or Superturborecruiter" or maybe “TopGunrecruiter”… I could go on. Anyone want my handle? It’s for sale to the next douchebag that decides to openly use this sight for recruiting! $1.00
[quote=BrokerVulture]I’m a recruiter and regularly monitor this site too. Decent business intelligence at times. What I think is pathetic are the few numbnut recruiters who post here hoping to drag the unsuspecting out. Get on the phone and grind it out you pukes. Earn some trust, build a rep, get your name and firm recognized for quality work and guidance. You make the experienced vultures like me look bad! What’s next, posts by “Studrecruiter” or Superturborecruiter" or maybe “TopGunrecruiter”… I could go on. Anyone want my handle? It’s for sale to the next douchebag that decides to openly use this sight for recruiting! $1.00
[/quote]
What a tool.
Listen up tool vulture... just because you are having a tough time grinding it out... don't be mad.. My pipeline is full right now and we have represented top end brokers for the top firms for the last 11 years...so while you're sitting in your garage/office cold calling don't get mad at a few highly experienced recruiters who have been around this business for over 25 years. Just because times are tough "grinding it out" doesn't mean you need to spew your problems out on this board. Tell it to people that care.[quote=BrokerVulture]I’m a recruiter and regularly monitor this site too. Decent business intelligence at times. What I think is pathetic are the few numbnut recruiters who post here hoping to drag the unsuspecting out. Get on the phone and grind it out you pukes. Earn some trust, build a rep, get your name and firm recognized for quality work and guidance. You make the experienced vultures like me look bad! What’s next, posts by “Studrecruiter” or Superturborecruiter" or maybe “TopGunrecruiter”… I could go on. Anyone want my handle? It’s for sale to the next douchebag that decides to openly use this sight for recruiting! $1.00 [/quote]
What a tool.
Recruiters soliciting on this board are (in my opinion) the equivalent of an attorney following an ambulance to the ER after an auto accident.
Brokers are exploring all options. We are simply here to help them get the best deal.
[quote=Incredible Hulk]Recruiters soliciting on this board are (in my opinion) the equivalent of an attorney following an ambulance to the ER after an auto accident.[/quote]
Show me where I did any soliciting on the boards? I am an active member of the Registered Rep Forums who happens to be a recruiter. Why are you so hostile towards recruiters, anyway?
What was the grid before?$0-199,000 will receive 36% of production.
$200,000-299,000=37%
$300,000-399,000=38%
$400,000-599,000=40%
$600,000-799,000=41%
$800,000-999,000=42%
$1-1.49 million=43%
$1.5-1.99 million=46%
$2-2.99 million=47%
$3-4.99 million=48%
$5 million and more=50%
What was the grid before?[/quote][QUOTE] $0-199,000 will receive 36% of production.
$200,000-299,000=37%
$300,000-399,000=38%
$400,000-599,000=40%
$600,000-799,000=41%
$800,000-999,000=42%
$1-1.49 million=43%
$1.5-1.99 million=46%
$2-2.99 million=47%
$3-4.99 million=48%
$5 million and more=50%
check out this link
http://www.onwallstreet.com/attachment-cache/iag/pdf/ows/payoutgrids/2008/merrill_lynch.pdf
Listen up tool vulture... just because you are having a tough time grinding it out... don't be mad.. My pipeline is full right now and we have represented top end brokers for the top firms for the last 11 years...so while you're sitting in your garage/office cold calling don't get mad at a few highly experienced recruiters who have been around this business for over 25 years. Just because times are tough "grinding it out" doesn't mean you need to spew your problems out on this board. Tell it to people that care.[/quote][quote=SuperRecruiter] [quote=BrokerVulture]I’m a recruiter and regularly monitor this site too. Decent business intelligence at times. What I think is pathetic are the few numbnut recruiters who post here hoping to drag the unsuspecting out. Get on the phone and grind it out you pukes. Earn some trust, build a rep, get your name and firm recognized for quality work and guidance. You make the experienced vultures like me look bad! What’s next, posts by “Studrecruiter” or Superturborecruiter" or maybe “TopGunrecruiter”… I could go on. Anyone want my handle? It’s for sale to the next douchebag that decides to openly use this sight for recruiting! $1.00 [/quote]
What a tool.
This is hilarious....the bottom feeders are beating up on each other....
Listen up tool vulture... just because you are having a tough time grinding it out... don't be mad.. My pipeline is full right now and we have represented top end brokers for the top firms for the last 11 years...so while you're sitting in your garage/office cold calling don't get mad at a few highly experienced recruiters who have been around this business for over 25 years. Just because times are tough "grinding it out" doesn't mean you need to spew your problems out on this board. Tell it to people that care.[/quote][quote=BROKER RECRUITER][quote=SuperRecruiter] [quote=BrokerVulture]I’m a recruiter and regularly monitor this site too. Decent business intelligence at times. What I think is pathetic are the few numbnut recruiters who post here hoping to drag the unsuspecting out. Get on the phone and grind it out you pukes. Earn some trust, build a rep, get your name and firm recognized for quality work and guidance. You make the experienced vultures like me look bad! What’s next, posts by “Studrecruiter” or Superturborecruiter" or maybe “TopGunrecruiter”… I could go on. Anyone want my handle? It’s for sale to the next douchebag that decides to openly use this sight for recruiting! $1.00 [/quote]
What a tool.
This is hilarious....the bottom feeders are beating up on each other....
[/quote]
Bottom feeders? big statement coming from a guy who failed in the real-estate business?? And now because your production is poor you have to start attacking people to feel better. I have read your posts time and time again and we are all sick of you complaining. I will admit, we help a lot of brokers, but you might be a lost cause.<?: prefix = o ns = "urn:schemas-microsoft-com:office:office" />
Ummm...Why can't we all just get along?
PS. Don't Taze Me BroThis is great entertainment!! Can we focus back on the ML comp news now?
Back to business, can someone kust let us know what the grid looks like?
Any updates? C’mon Merrill guys take a deep breath and confirm or deny the article that was posted earlier today please....
GraciasIts for real
Its better than the BAC grid...by far
Listen up tool vulture... just because you are having a tough time grinding it out... don't be mad.. My pipeline is full right now and we have represented top end brokers for the top firms for the last 11 years...so while you're sitting in your garage/office cold calling don't get mad at a few highly experienced recruiters who have been around this business for over 25 years. Just because times are tough "grinding it out" doesn't mean you need to spew your problems out on this board. Tell it to people that care.[/quote][quote=HymanRoth] [quote=BROKER RECRUITER][quote=SuperRecruiter] [quote=BrokerVulture]I’m a recruiter and regularly monitor this site too. Decent business intelligence at times. What I think is pathetic are the few numbnut recruiters who post here hoping to drag the unsuspecting out. Get on the phone and grind it out you pukes. Earn some trust, build a rep, get your name and firm recognized for quality work and guidance. You make the experienced vultures like me look bad! What’s next, posts by “Studrecruiter” or Superturborecruiter" or maybe “TopGunrecruiter”… I could go on. Anyone want my handle? It’s for sale to the next douchebag that decides to openly use this sight for recruiting! $1.00 [/quote]
What a tool.
This is hilarious....the bottom feeders are beating up on each other....
[/quote]
Bottom feeders? big statement coming from a guy who failed in the real-estate business?? And now because your production is poor you have to start attacking people to feel better. I have read your posts time and time again and we are all sick of you complaining. I will admit, we help a lot of brokers, but you might be a lost cause.
[/quote]My production is just fine, although of course all of us would like more.
I've never been in the real estate business. Obviously you're confused. Does that happen often?
Trust me, I don't need your "help".
So far you're the only one who is tired of "my complaining".....
It’s for real but missing some key parts. It is a step up for those $750k/year with 7+ years and gradually gets better for those even higher up on the totem pole. For those like me, who are LOS 2, it is not good. My FOG (Focus on growth) has been cut to almost nothing. My annuitized PC rate is cut dramatically. It is a clear sign the ML only wants those with 5+ years experience and who have growing books. For those like me who are starting out, this is a difficult time. Without significant FOG bonuses, the next few years will be a challenge.
–WM
Wait so there is not another grid for los minus 5??? That seems odd
It is definitely not good news for those newer guys, especially in a market where successful and aggressive prospecting is just keeping people neutral for the year. Those guys who have just been hanging around are for all intents and purposes being shown the door.
It was very quiet in my office after the DBS. Everyone just headed out.[quote=SuperRecruiter] [quote=BrokerVulture]I’m a recruiter and regularly monitor this site too. Decent business intelligence at times. What I think is pathetic are the few numbnut recruiters who post here hoping to drag the unsuspecting out. Get on the phone and grind it out you pukes. Earn some trust, build a rep, get your name and firm recognized for quality work and guidance. You make the experienced vultures like me look bad! What’s next, posts by “Studrecruiter” or Superturborecruiter" or maybe “TopGunrecruiter”… I could go on. Anyone want my handle? It’s for sale to the next douchebag that decides to openly use this sight for recruiting! $1.00 [/quote]What a tool.
Listen up tool vulture… just because you are having a tough time grinding it out… don’t be mad… My pipeline is full right now and we have represented top end brokers for the top firms for the last 11 years…so while you’re sitting in your garage/office cold calling don’t get mad at a few highly experienced recruiters who have been around this business for over 25 years. Just because times are tough “grinding it out” doesn’t mean you need to spew your problems out on this board. Tell it to people that care.[/quote]
Hey can we start a sub forum where we can put all the recruiters and let them fight to the death? That would be awesome.
I concur with WealthManager. As an LOS3 and solo, starting from scratch, I am having a hard time understanding what the BAC-MER intent is. I am 1st and 2nd quintile in growth 3 years in a row. I chose to start my business opening every account posisble. It they breathed, and could rub 2 nickels together I opened the account. Got a 3mm client because of it, too. My struggle is that 42% of my book is below 100k. They are the ones that enabled me to hit my 15mm goal in 18months. Now, the comp plan will not pay me for anything under 100K. My struggle is that these folks trusted me to start out, and now MER wants me to tell them to go fly a kite because are not worth my time any more?
If I was on a team, my revenue just might be 400k+, but as it is, it is only 240k. I'm proud of my hard work, but it will be difficult to make ends meet with such a sharp drop in income. I want to stay, but not sure if MER wants me. Looks to me like someone moved the cheese. Is there anywhere that lists the varying wirehouse packages?[quote=los3fa]I concur with WealthManager. As an LOS3 and solo, starting from scratch, I am having a hard time understanding what the BAC-MER intent is. I am 1st and 2nd quintile in growth 3 years in a row. I chose to start my business opening every account posisble. It they breathed, and could rub 2 nickels together I opened the account. Got a 3mm client because of it, too. My struggle is that 42% of my book is below 100k. They are the ones that enabled me to hit my 15mm goal in 18months. Now, the comp plan will not pay me for anything under 100K. My struggle is that these folks trusted me to start out, and now MER wants me to tell them to go fly a kite because are not worth my time any more?
If I was on a team, my revenue just might be 400k+, but as it is, it is only 240k. I'm proud of my hard work, but it will be difficult to make ends meet with such a sharp drop in income. I want to stay, but not sure if MER wants me. Looks to me like someone moved the cheese. Is there anywhere that lists the varying wirehouse packages? [/quote] Can't you just have your C.A. household some of them together to make them each $100k? That's what we used to always do when I was there.[quote=los3fa]I concur with WealthManager. As an LOS3 and solo, starting from scratch, I am having a hard time understanding what the BAC-MER intent is. I am 1st and 2nd quintile in growth 3 years in a row. I chose to start my business opening every account posisble. It they breathed, and could rub 2 nickels together I opened the account. Got a 3mm client because of it, too. My struggle is that 42% of my book is below 100k. They are the ones that enabled me to hit my 15mm goal in 18months. Now, the comp plan will not pay me for anything under 100K. My struggle is that these folks trusted me to start out, and now MER wants me to tell them to go fly a kite because are not worth my time any more?
If I was on a team, my revenue just might be 400k+, but as it is, it is only 240k. I'm proud of my hard work, but it will be difficult to make ends meet with such a sharp drop in income. I want to stay, but not sure if MER wants me. Looks to me like someone moved the cheese. Is there anywhere that lists the varying wirehouse packages? [/quote] Your the perfect example for how screwed up this business has become. Your doing great in a crap/ sleazy time in the industry. I would not go to another wirehouse if i were you, they all seem to copy what the other place can get away with. This business is dying, can only really generate growth in profit by taking more from brokers, but have to be careful to not rock the boat too hard. I would find someway to go indepenent with another guy you know who might be in the same position. Tell you clients, or better yet mail them your new comp plan and think you will get 99.9% to come with you. This probably just the beginning, next year min acct will be 200k, than 250K, than the grid will go under 300k 20% etc etc..los3fa,
Go Indy. If you can do 240k in this market, you will be fine. I would recommend renting space in a executive suites building for starters. If you went with LPL, they would be your OSJ until you could get your 24 (I'm sure others can do that too, I just know about LPL). You should be able to get your 24 within four or five months (the first three months will be spent taking ACAT forms all over town).How does ML treat teams? Do all members receive the same payout like MS and SB?
I was on the road when the DBS was on. I listened over the phone. i could not see the screen. My understanding is that the grid is for us. I think that 36 months after getting a number the payout drops from 50% payout to the present grid. Here is what I learned after my grid dropped from 50% to 40%. My pay dropped more than 20%. MFA only only credits you 68% of the revenue, then pays out at 40% (that’s a 27.2% payout). But if the client is 50k-100k, the pay drops to 13.6% payout. And under 50k the payout is “0”. So not only does my pay drop from 40%, now everything under 100k provides no payout. Ouch.
I am wondering if I can team up with someone, if our combined pc's will provide a higher payout. I'll be asking questions tomorrow.I think a lot of questions will be asked over the next week or so. My impression walking out of a meeting with a manager was that the grid for the POA grads would be left, but the subject of 100k minimums for them was never discussed.
I have already heard discussions of guys with lower production teaming up and trying to get above the minimums. Teams do not get the payout like at UBS. Guys on teams are paid on their individual production, not on the production of the highest producing member. HH is not like it used to be, at least what I hear from the senior guys. Compliance is much tougher about it and they want direct relation. The days of just throwing people together to create a HH are over in our complex.Wow. throwing clients together to create a 100k+ HH was my strategy for tomorrow. If you are correct, it’s even worse than I thought.
I have been with BAI for a while now, and what
is really unfortunate is that this pay plan is the best we will ever
have. Each year the plan will get worse, however because of the
retention bonuses it is very hard to leave. Not only the money, but
the fact that your clients now use their on-line banking, direct
deposit, and many of their other services. Even if you can take their
brokerage accounts, they will still be tied to the bank. Just a word
of advise, if I had it to do over again, I would keep my clients as far
away from the products and services that Bank of America has to offer
as possible. That way they stay your clients and the bank is just your
platform. Most probably already know this, but I can assure you that
cross selling your clients BOA products will be a large part of your
pay very soon. Don’t fall for it.
gr8fl,
Thanks, that is good advice. I'm sure all of us newbies have no real clue of the rsks we are creating when doing "full service."[quote=los3fa]I think that 36 months after getting a number the payout drops from 50% payout to the present grid. [/quote]
I need to look into which POA program I was under. My understanding is that we had 50% payout only for the first 24-months but that some POA classes before me had 36-months and that current PDP (or whatever they are called) have something like 60-months. Can anyone confirm?
If anyone could PM me some tips on householding <100k accounts that would be greatly appreciated. I used to use the concept of household discount under MLUA to have peopel bring in other family members but the new MLPA householing rules screwed that up. In my opinion it’s a raw deal for me and for the clients since it helped me gather additional assets.
–WM
[quote=WealthManager]If anyone could PM me some tips on householding <100k accounts that would be greatly appreciated. I used to use the concept of household discount under MLUA to have peopel bring in other family members but the new MLPA householing rules screwed that up. In my opinion it’s a raw deal for me and for the clients since it helped me gather additional assets.[/quote]
If offering household discounts helps bring in new business, here is one tip on how to do that: go somewhere that does not prohibit you from doing what you believe makes good business sense. There are numerous alternatives that would allow this practice.
This is only a problem if you choose to let it be one.
POA payout remains the same for the 2007 POA year.
LOS 0-12 50% 13-24 50% 25-36 50% 37-48 40% 49+ Grid[quote=iceco1d]
You know, I don’t actually mind the recruiters being here (not that I’m “in play,” lol). But a few of you guys offer just another POV, which I think is good.
These guys aren't spamming. They are mass PMing members (to my knowledge). They share their POV, and indirectly, they are part of our industry. Hell, if I were looking for a recruiter, I would be happy to know that we have some long-term guys here that aren't just trying to "make the sale." Kind of like Bill Singer...if I ever needed a securities attorney, I know right where I'd go, assuming I could afford him. He isn't here just to advertise himself. His POV is a great one to have too. [/quote]Gee, thanks ice. Atleast SOMEONE appreciates what we do on these boards. And fust FYI, I don't ever initiate conversations through PM's with anyone this site. If someone comes to me and asks what I can do for them, then yes, by all means I will help them out. But, just to set the record straight, I am a provider of information first and a recruiter second, as far as these forums are concerned. Ask ferris, he bitched at me when I first joined. ;-)
[quote=los3fa]I concur with WealthManager. As an LOS3 and solo, starting from scratch, I am having a hard time understanding what the BAC-MER intent is. I am 1st and 2nd quintile in growth 3 years in a row. I chose to start my business opening every account posisble. It they breathed, and could rub 2 nickels together I opened the account. Got a 3mm client because of it, too. My struggle is that 42% of my book is below 100k. They are the ones that enabled me to hit my 15mm goal in 18months. Now, the comp plan will not pay me for anything under 100K. My struggle is that these folks trusted me to start out, and now MER wants me to tell them to go fly a kite because are not worth my time any more?
If I was on a team, my revenue just might be 400k+, but as it is, it is only 240k. I'm proud of my hard work, but it will be difficult to make ends meet with such a sharp drop in income. I want to stay, but not sure if MER wants me. Looks to me like someone moved the cheese. Is there anywhere that lists the varying wirehouse packages? [/quote]Are you in a major market area? With an LOS of 3 and 240k in production, I don't think you'd have a problem getting hired at another wirehouse. You're what we refer to in the recruiting biz as a "rising star" What's your AUM look like? As long as your t12 isn't too much greater than the fabled 1% rule, I think you'd have a decent chance interviewing anywhere.
Get a recruiter.
Hey ML guys do you want something to make you feel better? Take a look at the BAI grid for 2009.
<o:p></o:p>
FA I
0 - 149,000 >5 12% < 5 30%
150 - 249,999 >5 12% < 5 30%
250 - 299,000 >5 15% <5 30%
300,000 >5 18% <5 33%
FA II
350 - 399 31%
400 - 499 34%
500 - 599 36%
600 - 699 37%
700 - 849 39%
850 - 999 40%
1,000,000 > 41%
The trailer payouts for FA II have also jumped from 10% to 23% on the lower end of the scale and 31% at the top
Now do me a favor ML folks and STOP CRYING
[quote=BAI?]Hey ML guys do you want something to make you feel better? Take a look at the BAI grid for 2009.
<o:p></o:p>
FA I
0 - 149,000 >5 12% < 5 30%
150 - 249,999 >5 12% < 5 30%
250 - 299,000 >5 15% <5 30%
300,000 >5 18% <5 33%
FA II
350 - 399 31%
400 - 499 34%
500 - 599 36%
600 - 699 37%
700 - 849 39%
850 - 999 40%
1,000,000 > 41%
The trailer payouts for FA II have also jumped from 10% to 23% on the lower end of the scale and 31% at the top
Now do me a favor ML folks and STOP CRYING
[/quote]
Yeah, but what about all of those referrals from the bank? Doesn't that make up for it?
ML Advisor…
1. Buy Gun 2. Buy Bullets for gun you just purchased 3. Load Gun 4. CLICK 5. Call LPL Recruiter[quote=bspears]ML Advisor…
1. Buy Gun 2. Buy Bullets for gun you just purchased 3. Load Gun 4. CLICK 5. Call LPL Recruiter[/quote]Don't do number 2 at the gun shop. Their ammo prices are really jacked up.
Wow. At least we all know what BofA wants to be. The next Smith-Barney, they want established advisors and the model is looking more and more like Citi and Smith-Barney. This looks like the end of ML’s training program to me.
I would actually get a small raise if I deciede to stay but I think they will eventually cut my comp too. It’s a shame we used to be the best, the best culture, the best training and the best advisors. Looks like those days are done.
You know it is bad when it makes even Edward Jones payout look good.
Sorry to to hear about your bad luck! Merry ChristmasThe story for the 10+ LOS ML advisor is in the NEW recognition club hurdles...Chairman's Club(considered your solid producing FA) was 600k... for 2009 850k...President's Club(lowest club but respectable) was 490k...for 2009 700k...so if for 2008 you do 690k you're a Chairman's Club producer for 2009 you don't even make a club(you're a PIKER). I feel the recognition club hurdles are 2-3 years ahead of the comp program. ML is looking to become the firm catering to the 1m producer(that club level stayed the same.) Eventually changes to the comp program will squeeze out those under that golden 1m mark.
Hey ML for Life,
I think you are right on. The bottom line is that if your not doing 1 Myn, you might as well start planning your exit now. I am over 1 Myn, but not by allot- even so, I am not going to be a long term player here unless something changes.interested in rbc. send me a message
The $1MM producer thing is going to be standard at all of the majors (MS, UBS, SB, ML). Every firm wants to get their avg. PPFA to $1MM. MS has gotten the closest @800m. Frankly, I want to be wherever is the best place for a $1mm producer. The issue with me is discriminating about what type of revenue. I was more than a little chapped with the push towards managed money. Things have improved a lot for those of us who manage stock/bond portfolios. If ML can give me support for my business and they’re catering to the $1mm and up, they may bend my ear.
phan2om:
Wait until you are primarily occupied with non revenue generating activities. then you will want to leave but cant. Good luck but you are now a host for the parasitic parent. You will be drained and growth will be capped from all of the non sensical reports you must create for the army of managment zombies in short sleeves and short ties that get a piece of you everytime you drop a ticket.
I have spent the weekend trying to analyze my book. Revenue is 240k, but pc’s are 175. It’s the confounded reduction of receving pc credit of only 68% of MFA Selects program, and receiving only 20% under 100k, and 0% under 50k. I’m giving 75k away to Merill before I get paid. Now, I’m losing antoher 10% due to the 36% payout, from 40%.
Do other firms use the pc total, or the revenue total?Until today I had never heard of PC vs. Revenue. I’m at a major wirehouse, and everything is based on what ML calls PC. Its a foreign idea to me to be paid on anything other than commissions, bond mark-ups, and management fees.
What is PC…I have a Mac lol
Nestegg,
"PC" equals "Politically Correct". When Stan O Neal ran ML, you got paid on your Political Correctness- that was the only thing that mattered. Gotta run, I'm off to our Gay Lesbian Bisexual Transgender (GLBT) Alliance coordinator meeting, to make sure that GLBT issues are being addressed by ML/BofA management. (BTW, this was actually established at ML during the "O'Neal Crusades," where he managed to get rid of all the white, irish catholic men that didn't buy subprime for 93 years.And don’t foget about all the clients that get the opportunity to buy a tree in the Brazilian Rain Forest when they chose online mail rather than snail mail. And bless thsoe special reps that get to be on the green committee so that we can say that ML is an advocate of global warming. We gotta keep the O’Neal agendas going, you know.
now this thread is starting to get remotely entertaining....PC vs Mac was a gem.
Attn: All MER FA's whose sphyncters are starting to pucker.....
There is a reason they will make the comp increasingly complex. They need a committe of 20 to determine your payout. Also, if they can obfuscate the margins and keep you worried about 15 different threshold goals, you can be screwed by missing one of 15 and they keep the extra 2% for themselves. Its all Byyyeeeeuuulllsshhhhyyyt. You will have to complete extensive data entry assignments to create the reports that the zombies need to monitor your activity.
You will be caught in a tangle of Pentagon like rules and policies. You will be re-educated and trained for accepting direction from "diverse" sources, and it just so happens that those diverse sources cover everything except your own religious traditions or moral convictions.
You will have to go independent just to save your sanity if you have any testosterone left in your sack.is this the only site where MER brokers go to bitch? I’d like to hire a few for an independent RIA platform.
life is grand, if you do the business.
If you do not-you are going to get the same payout at almost all the large firms and some regionals as well. SB is about the same as ML and Stifel pays 25% under 10M monthly I believe. Bottom line. 400 and above is a decent payout anywhere. 400 and below, well, maybe being a Pharmaceutical drug rep may be the best bet. Company car, expense account and more than your retail broker below 400M[quote=rocky] life is grand, if you do the business.
Bottom line. 400 and above is a decent payout anywhere. 400 and below, well, maybe being a Pharmaceutical drug rep may be the best bet. Company car, expense account and more than your retail broker below 400M[/quote]
HAMMER MEETS HEAD OF NAIL
The only advisors getting bogged down with reports are those that don’t do enough revenue to justify their employment. Therefore they have to show their “activity” to management so they can keep their job. If you do clean business, good numbers, and grow steadily… you will be taken care of. The fact is that our side of the business is one of the few profitable ones right now. Why else would recruiting packages be so high?
SouthernBroke
All BAC reps will have loads of lovely useless non revenue activity reports they will be required to generate. Also, I am waiting for you to tell me how many days you can tolerate questions from the short sleeve, short ties....."Have you delighted your clients today"? Or have you started your 90 day dazzle"? You will think you are trying out for the Zigfield Follies.....AHAHAAHAHAHaHa
This is going to be a fun thread in the first two quarters of 2009! Pshhhhhahahahahahahahahawhaw!Sorry to limit your fun, but I’m not with ML. I do have friends that are, and they have no complaints at this point.
[quote=daytradah]
SouthernBroke
All BAC reps will have loads of lovely useless non revenue activity reports they will be required to generate. Also, I am waiting for you to tell me how many days you can tolerate questions from the short sleeve, short ties…“Have you delighted your clients today”? Or have you started your 90 day dazzle"? You will think you are trying out for the Zigfield Follies…AHAHAAHAHAHaHa
[
Pshhhhhahahahahahahahahawhaw![/quote]
Are you required to wear at least 24 pieces of flair??
[quote=Incredible Hulk] [quote=daytradah]
SouthernBroke
All BAC reps will have loads of lovely useless non revenue activity reports they will be required to generate. Also, I am waiting for you to tell me how many days you can tolerate questions from the short sleeve, short ties…“Have you delighted your clients today”? Or have you started your 90 day dazzle"? You will think you are trying out for the Zigfield Follies…AHAHAAHAHAHaHa
[
Pshhhhhahahahahahahahahawhaw![/quote]
Are you required to wear at least 24 pieces of flair??[/quote]
Only if you want to do the bare minimum.
One of the top 10 comedies of all time.
You can just call me Mike.Source URL:https://www.wealthmanagement.com/forums/whats-firms/ml-payout-plan-announced