ML PMDs?

What’s a PMD?

I think it’s ML version of a trainee…

Merrill’s advisor training program.  (Those that entered the new program from 3/08 to the present).

Pretty Much Dead

i’m poa in one of the top offices in ml.  my manager nor director has mentioned anything of that sort.  they do however stress being on target.  if anyone thinks for a second that they are safe because they are in a training program or just graduated then you are wrong.

Heard the same thing through the grapevine yesterday. It looks like my complex will be dumping over half of our PMD class, unless the numbers also include POAs. Then we would be around a quarter of the training program. Pretty big drop for a complex that faired well during the last culling of POAs. Anyone know if it is just PMDs or if the numbers also include POAs?

 maybe trainees could become licensed bankers at bofa, build a book, then go indy or morgan stanley

I heard the same from an FA in South Florida. Are you in that region?

I think this is just the second wave of many. $7-10 billion in expenses to be cut over the next 3 years?  You have to produce 125k+ PCs before you are even breaking even for the firm. I don’t know too many POAs or PMDs that are doing that… Guess who’s an expense.

I heard the same from an FA in South Florida. Are you in that region?

75% of the Poa's and PMD will be let go on Friday

[quote=bull21]

75% of the Poa's and PMD will be let go on Friday

we had an fa meeting with our director today after the close.  he discussed about all the layoffs in senior management and really did not get into fa or office staff cuts. usually when he has little info on that topic, that some big news is around the corner.

Fact,  Management had 3 calls yesterday afternoon to discuss the PMD cuts and how they are to be handled on Friday.  The next cut will be Ca’s followed by 20% of the Directors

Fact,  Management had 3 calls yesterday afternoon to discuss the PMD cuts and how they are to be handled on Friday.  The next cut will be Ca’s followed by 20% of the Directors

I also get the vibe that this is the end of the road. I have met every hurdle, but there are signs that that is not good enough anymore.



Merrill has never lived up to their end of the bargain, and recently the environment has become extremely difficult. What blows is how the rules have changed midstream. Their reputation has crumbled to the point of becoming a laughing stock.



It seems like yesterday when I wondered if I could live up to the terms of the contract. I never visualized that it would be the other way around.

[quote=bull21]Fact,  Management had 3 calls yesterday afternoon to discuss the PMD cuts and how they are to be handled on Friday.  The next cut will be Ca’s followed by 20% of the Directors[/quote]

Any criteria for who they keep of those in the training program?  You think they are pretty much axing anyone who is not close to graduating the program? 

Man, do I have bad timing

I received indication from my resident manager this afternoon that I will be spared the axe; for now at least. Most of my colleagues will not be so lucky. My understanding was that it was strictly a management decision between our MD, coach and local RMs. I know most of the guys had better numbers than I did (also were up a couple months on me), but they indicated it was based on long term potential. Who’s to say. For PMDPers, I would recomend taking out personal belongings tomorrow afternoon, no matter how good your numbers are. 

Jahlive-

Your post is spot on...it is exactly how I feel. I have also met all my goals and do not believe or trust anything that is being said to me at ML.

I know if you are 2 years into the ML training program and have brought in $10mm in assets, Morgan Stanley will take a look at you, and from what I hear, make a pretty sizable offer.  

I know if you are 2 years into the ML training program and have brought in $10mm in assets, Morgan Stanley will take a look at you, and from what I hear, make a pretty sizable offer.  

Keep going. Don’t give up.  If you get the axe, you can find a shop that will take you.  I bought into a small Indy firm 18 months ago.  What great timing.  I have been in the business several years.  When the model requires that young guys almost have to join a big team, the model is broken, not you.

I heard from a few senior FAs that the axe will be swinging.  Good luck to everyone.

In our complex POA’s/PMD’s got laid off earlier in the week…does this mean more layoffs are coming tomorrow or did some places start earlier?

ML is to trim 75% of the POA force today. I don’t know the criteria for the cuts but managers, admin, ect will also be cut today. Today is a great day not to go to work, make it a three day week!

What happened to “A Breed Apart”…

If you are one of the POAs/PMDs who get the axe, don’t forget that there are options for you…especially if you are making your hurdles.  Even in this market, a licensed advisor who went through the “best” training in the industryhas places that want them.

With everything happening at ML, I don’t think that it will be too difficult to bring most of your clients with you.

–WM

I heard about PMD cuts late yesterday afternoon- one of my local friends who runs the POA/PMD program at his branch called me to see if we had any seats. He’s got some promising folks and wanted to have some good news to counter the bad when they deal the cards.

Top POA/PMD guys who’ve built at least $10M+,can sell themselves well and have a solid business plan have a decent shot at getting into the “Rising Star” program over at Morgan. I don’t know all the details, but I know a guy who was LOS 3, $250k pcs at ML in a very small market office who just got in that door. Rising Star is a pretty nice deal as I understand it. 

I got cut today and I was 2 months into production and I brought in 2.5 million in assets and my first hurdle not untill 4 months but already passed that. They said we have two weeks to get another job and februRy 6th is the last day. B of a is tearing the firm apart. The senior guys were upset that they didn’t give us a warning and I was hitting my hurdles. A. Big team of 3 doing almost 2 million in production left today. The morale is so low with the office and it’s depressing to be there. I don’t know what I’m doing now considering hiring got cut

sorry brother



things happen for a reason



all will work out

Younggunz,

[quote=younggunz]I got cut today and I was 2 months into production and I brought in 2.5 million in assets and my first hurdle not untill 4 months but already passed that. They said we have two weeks to get another job and februRy 6th is the last day. B of a is tearing the firm apart. The senior guys were upset that they didn’t give us a warning and I was hitting my hurdles. A. Big team of 3 doing almost 2 million in production left today. The morale is so low with the office and it’s depressing to be there. I don’t know what I’m doing now considering hiring got cut[/quote]

Dude - I feel your pain.  But seriously, if you’ve been able to bring in 2.5 mil in 2 months(and it isn’t just your Dad’s rollover), then you should GTFO to a regional or a good indy OSJ and keep pluggin’ away at whatever you’ve been doing.  You’ll be fine, and be thankful they gave you a desk and a phone that you could say you are still employed for 2 weeks while you interview.  It definitely sucks…but right now a lot of things suck.

6 out of the 7 trainees in my branch got laid off.  The only one that stays was a recruit from Morgan stanley that brought over 5 million, but is in the same program as I am and started 2 weeks before me.  We have until February 6th to get a job or we can resign before that.  We cannot call any of our clients, but we can still come in to the office or not… its our choice.  Obviously I will not come in as I will be looking for other jobs.  Maybe a team to work with or independents to work with. 

Out of the 2.5 million 400k is family and friends money but the rest was 401ks and cold calls that I got.  Honestly though its so hard to open accounts at merrill.  People almost laugh on the phone when I tell them I’m from Merrill.  Honestly no brand anymore.  I’m almost relieved that I got pushed out because now I can get in a firm where I can build a career, not at Bank of America where I knew things were getting bad and not turning around anytime soon.  You can just feel it. 

[quote=younggunz]6 out of the 7 trainees in my branch got laid off.  The only one that stays was a recruit from Morgan stanley that brought over 5 million, but is in the same program as I am and started 2 weeks before me.  We have until February 6th to get a job or we can resign before that.  We cannot call any of our clients, but we can still come in to the office or not… its our choice.  Obviously I will not come in as I will be looking for other jobs.  Maybe a team to work with or independents to work with. 

Out of the 2.5 million 400k is family and friends money but the rest was 401ks and cold calls that I got.  Honestly though its so hard to open accounts at merrill.  People almost laugh on the phone when I tell them I’m from Merrill.  Honestly no brand anymore.  I’m almost relieved that I got pushed out because now I can get in a firm where I can build a career, not at Bank of America where I knew things were getting bad and not turning around anytime soon.  You can just feel it. 



[/quote]

Buy a prepaid celphone and use it to call your clients just to ‘say hi and see how you’re doing’…maybe have lunch with them just to enjoy their company.

It is certainly ugly out here.  People are being cut, not based on what they’ve brought in thus far but because of what they are “talking” about brining in.  Some cut in my complex have met all hurdles.  There isn’t much rhyme or reason to it.  Along with the POA/PMDs being cut, there are a few CAs and from what I hear, they’re dipping into the management next due to the reconfiguration of the regions/complexes.

6 out of the 7 trainees in my branch got laid off.  The only one that stays was a recruit from Morgan stanley that brought over 5 million, but is in the same program as I am and started 2 weeks before me.  We have until February 6th to get a job or we can resign before that.  We cannot call any of our clients, but we can still come in to the office or not… its our choice.  Obviously I will not come in as I will be looking for other jobs.  Maybe a team to work with or independents to work with.  

I am BM for ML. PMD are being let go.  Anyone who did not meet their goals 50% of the time last year will be let go…even if you started two months ago.  They are also letting CA’s go and putting a hiring freeze on new PMD’s.

[quote=bigboy]I am BM for ML. PMD are being let go.  Anyone who did not meet their goals 50% of the time last year will be let go…even if you started two months ago.  They are also letting CA’s go and putting a hiring freeze on new PMD’s.[/quote]

I think you’re lying.  One of your recent posts you were talking about how your manager was fired and you were asking if anyone heard rumors about layoffs…

the most disappointing thing about this forum is people like you.  Listen, I have a family and would not be wasting my time spreading lies.  Get a life. 

[quote=bigboy]the most disappointing thing about this forum is people like you.  Listen, I have a family and would not be wasting my time spreading lies.  Get a life. 

Just because your wife is size XXX doesn’t mean everyone else’s wife is large.

[quote=bigboy]the most disappointing thing about this forum is people like you.  Listen, I have a family and would not be wasting my time spreading lies.  Get a life. 

You gonna let him talk about your wife like that bigboy?

I think someone should put their tootsie roll in a keyhole (i’m sure it will fit) and let some EIA annuity wholesalers play with it.

The truth is they ML is firing 1000 POA/PMDs.  My branch told all but one  of us on Friday that we are offically gone on Feb. 6th and to go home and look for a new job and get paid untill then.  A medium broker left Thurday night and forced managment to tell us early becuse they could not reasign us any accounts.  The official day for all the firings is Feb 6th.  After we left they had a second meeting explaing why they had to send us out early.  They should not distibute our accounts untill Feb 6th.  I dont know what they would be able to tell my clients before then.  I am not fired and I have not resigned yet.  My e-mail, mobile terminal and voice mail still work.

We have a POA/PMD meeting this week. At this point, I have convinced myself that it is time to move on, regardless of their decision. Prospecting for this firm has become tedious, and that’s putting it nicely.



Merrill’s reputation is beyond the point of repair, especially in the short term. For POA’s, timing is everything. Now I don’t care when or if they are able to rebuild that reputation. I will choose to grow my business elsewhere.



Thanks for all the training, ML. Hopefully I won’t have to reveal where I was trained as I gather assets somewhere else…LOL



Premiere wealth management business? I think not.

I am a PMD for ML as well. I heard that you can get the axe at any time between now and Feb. 6. It's disappointing to know that I am well ahead of my goals and they are putting me on the street anyway. My manager has basically stopped speaking to me over the last week. If that's not a slap in the face, then I don't know what is. I was also told by one of my coaches at the beginning of the week that they are not going to use anymore resources or put anymore energy into PMD/POA's.

[quote=MacPhisto]

I am a PMD for ML as well. I heard that you can get the axe at any time between now and Feb. 6. It’s disappointing to know that I am well ahead of my goals and they are putting me on the street anyway. My manager has basically stopped speaking to me over the last week. If that’s not a slap in the face, then I don’t know what is. I was also told by one of my coaches at the beginning of the week that they are not going to use anymore resources or put anymore energy into PMD/POA’s.

Good luck to all of those ML POA/PMDers who are getting their walking papers.  View this as an opportunity.  If you were bringing in assets and those assets will follow you, find another company or go indy.

–WM

No I was an assistant at SB for 3 years and have been in ML’s program for 6 mos.

I went to MS on Friday and it has been great.  I was hired under the POA program and now I am in the MS program.  I got a nice sign on bonus and they have been extremely helpful.  Best part is, ML is running such a skeleton crew, they havent contacted one of my clients yet.  If you have a chance, I would reach out to MS.

I went to MS on Friday and it has been great.  I was hired under the POA program and now I am in the MS program.  I got a nice sign on bonus and they have been extremely helpful.  Best part is, ML is running such a skeleton crew, they havent contacted one of my clients yet.  If you have a chance, I would reach out to MS.

I’m not sure I agree.  My payout is locked in for several years and MS is an easy sell right now against the disgrace that is ML.

I’m not sure I agree.  My payout is locked in for several years and MS is an easy sell right now against the disgrace that is ML.

I go to the office every day not knowing whats next, I think anyone under 500K could be cut at any time. These are bankers were dealing with, not a brokerage firm. They don’t understand thats a good producer.

[quote=kappa1997]I go to the office every day not knowing whats next, I think anyone under 500K could be cut at any time. These are bankers were dealing with, not a brokerage firm. They don’t understand thats a good producer.[/quote]
Well said. Thats the whole crux of the problem. Bankers.
Its Bankers that took down WS and SB. Now they are taking down ML

Can someone who has been informed that on FEB 6, ML trainees will get cut, why in the world would you want to continue to go to work and stare at your computer and act like you still work there? What kind of contact can you have with clients and when would your accounts be reassigned to senior FAs?

They are full of it.  You have 75% chance of being on the list and cut. They say anyone who has missed 50% of their hurdels is gone but they have axed people who have just begun and people that have met every goal.

[quote=nyhavn17]

Can someone who has been informed that on FEB 6, ML trainees will get cut, why in the world would you want to continue to go to work and stare at your computer and act like you still work there? What kind of contact can you have with clients and when would your accounts be reassigned to senior FAs?

“they are doing you a small favor, giving you a week or two to find another job while you are still technically employed. Obviously they don’t expect you to do any business.”

Aren’t they giving you the two weeks so that your U-4 will look better?  MY question is, if you leave before they lay you off, will protocol allow you to bring your clients with you?  What are the implications if you leave or/vs laid-off and went to another firm vs leaving to go indy or join/start and RIA?

If you are bringing in the assets then I would like to know what is keeping you from going indy.

–WM

Good luck to all today.  All indications point to all POA/PMDs knowing today whether they make it through this round.  The small percentage left will likely see another round of cuts in the near future depending.

I got cut this morning.  Now the job search begins...

[quote=pursuing happyness]

I got cut this morning.  Now the job search begins…

Sorry Hank

It’s happening at my complex now.  No word if they are cutting anyone without DNMs or expected DNMs

Wow, I was told (and posted about it) back on the 16th that ML was suspending its training program; wasn’t sure if it was companywide or just that complex – but it looks from these reports that they are going way beyond the suspension of new hires.  My sympathies to all.

[quote=pursuing happyness]

I got cut this morning.  Now the job search begins...

I was cut this morning as well. I was a stage one PMD. Good luck Pursuing Happyness. I hope your next move is something outstanding!

I heard that U-4 might say released for failure to meet performance standards…which is darn near impossible to do at ML right now. Good luck to all.

I was let go this morning as well.  I was told we will be paid through the 6th and that or U-4 will read that is was due to downsizing.  I was over the all hurdles and less than a month from graduation.  There were at least 8 others in my office as well

I am toast as well. U4 is going to say reduction in force/layoff or something to that affect.  Almost all the trainees got let go even the ones who didn’t have a production number yet.

This article says "several hundred" were let go today:

It sounds like other offices were hit harder and deeper into the program than mine.  We lost three and are left with eight in my office.  Near as I can tell, it is not performance based but moreso based on the amount of “talk” the FA was giving their management about what they “could” bring in.

Got to be tough to do what it would take to build your biz.  I am not sure what you can say to prospects/clients when you do not know from day to day if you will get cut because you did not open enough accounts or do enough gross…brutal.  Just another example how the big producers get bigger, they stand to inherit more accounts. 

I don’t get the layoffs, some happened this week, others last week, it appears that there is a lack of coordination. However, after watching Sontag’s DBS today it seems like there has been little preparation.

Are they going to start closing “satellite” offices?  My buddies are in a satellite office with 5 brokers.  And there is a main office maybe 7 miles away.  Seems like duplication of overhead.

I heard more than half were let go in our complex today.  Good luck to everyone!

I was let go this morning. According to my manager, the priority of cuts called for the firing of all pre production pmds like myself. In my complex, all pre-production folks were cut and some who were in production but struggling were cut. I would love to hear what people in other offices were saying. I was told the cuts for pre-production folks had nothing to do with performance, considering we were not even live yet. Love to hear some more comments.

I was let go this morning. According to my manager, the priority of cuts called for the firing of all pre production pmds like myself. In my complex, all pre-production folks were cut and some who were in production but struggling were cut. I would love to hear what people in other offices were saying. I was told the cuts for pre-production folks had nothing to do with performance, considering we were not even live yet. Love to hear some more comments.

They even got rid of one guy who had just been re-hired after failing his 66 months ago and then taking it on his own and passing. He had only been back on board for two weeks. My manager kept saying the decision was not her own and that she was told to cut pre-production folks.

These things are handled very eratically at ML. A strong complex director may be able to shield many PMDs for awhile hoping for better conditions. A weak director (or one trying to quickly climb the ladder) will fall right in line and cut to the bone.

If you are a trainee this is no real help because I suspect the cuts will continue followed by offices with less than $5 million in revenue being closed. The future is particularly bleak at ML.

One PMD was cut in my office today.  Just a few weeks ago he was told he had sometime.

i am hearing nothing from management in terms of cuts in regards to fa's, poa's, pmd's, ca's, etc.  i usually hear my info from senior fa's or from people at different firms(outsiders know more about what's going on at ml...??).  on the first round of cuts about a month ago we were notified.  three guys in my office left who were not meeting thier goals. if you were los 6 monts and did not meet 70% of your goals-nnm, annuitized, pc's, households, then you were out. my manager did warn a long time ago that if not on track by month 9, then you were out.  as far as the new cuts, i have not heard anything. we had a poa resign on friday.  my office has a relatively strong class. i'm linked up with a big team so i am insulated some what. i still need to bring in money.  my senior partner has it is out of his control if management comes down. my gut says that they will do away with the program soon.  i know it sucks, but its going to happen.  we only had 6 advisors leave during this whole mess and we actually recruited ten.   good luck

[QUOTE]They even got rid of one guy who had just been re-hired after failing his 66 months ago and then taking it on his own and passing. He had only been back on board for two weeks. My manager kept saying the decision was not her own and that she was told to cut pre-production folks.

Sorry to hear about everyone who was cut. I definitely felt that I was going to be next on the chopping block, but somehow survived (i have met all requirements so far) so now it’s back to prospecting as usual. Management assured me that as long as the POA’s don’t miss any hurdles or haven’t in the past, they won’t be let go. Although myself and a few others made it this round, my manager really stressed that if we get what is known as a “Do Not Meet,” at any time in the future, than we are gone. Tough environment to work in. Best of luck to everyone-

Am I the only one who feels kind of relieved?  No more having to defend ML! 

It seems everyone has a different story as to why they were cut. I was told that anyone in preproduction and stage one were axed right away. In stage 2, if you were not meeting your PC goals then you were out. I was meeting my goals, but unfortunately in stage 1. This business has really left a sour taste in my mouth. Being at ML was a very disappointing experience.

[quote=Akkula]Am I the only one who feels kind of relieved?  No more having to defend ML! 

I have mixed feelings about everything as I was also cut yesterday as PMD stage 1 after meeting all the requirements.  I’m very relieved to get out of the whole mess of a situation, but am left with a sour taste knowing that people were retained by manager’s discretion and not by work ethic and production. 

It’s now an after the fact relief knowing how badly things really are on a whole different magnitude.  Hearing Sontag say at 1:45 pm that PMD’s who make their numbers will not be cut, and then to get cut 1 hour later even though I was making my numbers is just about as sick as it gets.  For those who made this first cut good luck you are in one hell of a hot seat.

I’m a POA who was spared yesterday. I was told by my BM to make sure my resume is up to date and have a safety net to fall back on because it is very possible that this is not the end. Other firms in the area have already cut their training programs and are only hiring high producing reps from other firms. It has been nothing but bad news over the last year and a half I’ve been at Merrill. Tough economy to be a broker, I think it’s time for a change.

Agree on time for a change to a lot of brokers, but as FB points out, what do you do?  Bad situation at ML and sure to spread to other shops, dont feel like you guys are alone, just the beginning.

Agree on time for a change to a lot of brokers, but as FB points out, what do you do?  Bad situation at ML and sure to spread to other shops, dont feel like you guys are alone, just the beginning.

The wirehouse model is going to die/shrink substantially over the next decade.  The biggest thing they had going for them was their name and now that is down the toilet at all of these firms. 

It is an ugly time to be looking for any position. Recruiters are out there to help but if you are still a PMD/POA it is difficult to market your book. These recruiters only want to help FA’s with $300+ T-12.
Keep your ears to the ground as there are options all across the board. Look at all options: banks, wirehouse, insurance companies, McDonalds…

I’ve been watching the activity here spike up- feel pretty sorry for the masses who’re getting their early opportunities shattered.  I’m sure most of you affected had much greater expectations than what’s landed in your lap.

Someone posted that recruiters are looking for $300k+ t-12>   true I think for the most part. Goodness knows the environment has changed!

There’s a guy who drips on me frequently who calling me Fiday-  specifically looking for brokers in the $200-$300k range with any LOS.  I guess he’s got a few firms targeting those guys with decent deals to offer.  I’ve handed his name/number off to a few folks I know who need to be exploring right now. I think he works all over the U.S.

PM me if you want his contact info.   Don’t want to get a decent recruiter flamed on the board for nothing. 

I left ML yesterday. BOM had given me a few weeks warning to starting looking for other employment. I start next week with Wachovia/Wells Fargo. Thankfully 95% of my book has agreed to go with me.



My early years of POA were great, but the last year (and especially the past week’s headlines) has certainly decimated ML’s reputation.



Should make a crappy market environment a little easier to prospect in.

Merrill Lynched,

++1 on your user name.  Very timely. 

You must have a small or very concentrated book to be able to know within one day that 95% of your book will move with you.  Congratulations & good luck.

As soon as the writing was on the wall, I told all my clients I’d be leaving - just not sure where to. They’ve been eager ever since to know where I’m headed, and I’m happy to say my several dozen households are very loyal.



Most have them said they opened their accounts because of me, not ML.

WOW!  I don’t even know what to say. 

Wait till you realize the guys that runBofA don’t have a fuccin clue what any of you do.

Did you tell him that was a great question and that you were glad he asked?

I would have asked the same question. I don’t know what the heck you are talking about. Not everyone speaks an analysts language.

I agree with akkula and others about being relieved about defending merrill lynch. It was absolutely horrible. The good thing is people that knew Merrill back in the day will understand why I moved firms. I was thinking on resigning on February 6 so my u4 says I resigned. Any thoughts?

I would have asked the same question. I don’t know what the heck you are talking about. Not everyone speaks an analysts language.

[quote=now_indy]That’s like a Harvard Physicist asking a grad student “What are all of those funny greek letters in your math problem?”[/quote]
Well?  Please don’t leave us all in suspense - what were all those funny greek letters doing in his math problem??  

its amazing how much this thread has gained in attention.  i think obama is familiar with the poa/pmd program.  i even had a writer from the new york post contact me… 

Our complex has significantly reduced the number of POA’s/PMD’s, but there are still about 10 of us left. I read these posts and I find them more paralyzing than helpful because all of the information seems like it is based on different metrics and it is all so uncertain. I’m worried about my job, even though I am hitting my hurdles.

It has been difficult to do my job over the past few weeks, I have
been afraid to continue with “business as usual” because I may be cut
soon. I will feel embarrassed to share that kind of news with
people who trust me with their investments.

However, if I am not planning to leave, and it doesn’t seem like the grass is greener anywhere else, maybe those of us left should just hold out hope that this is a natural part of any merger? We may or may not be okay. The rules seem to change everyday. Some of my greatest friends in the program were cut last week and I am deeply saddened for everyone who has lost their job. They are wonderful, hard working people who had the same hopes that I did when I entered this business.

Whether you are still at ML in the training program or looking for a new job, we all are at a point in our careers where we need to find more confidence and a little bit of optimism amidst all of this bad news. If anyone has any ideas…please pass them my way because it has been incredibly difficult to rise above all of the noise.

Financiallady,

You must have a big office to have 10 POA that survived the layoffs. I do definitely try to keep optimism in the office and with my clients, but I view this forum as an outlet for frustrations. I’m the only POA left in my office so its pretty frustrating. Its also hard to keep going business as usual when your Resident Director says the future doesn’t look good and more layoffs may come. I viewed not getting laid off on monday as an opportunity to have some time to look outside of this business. That’s a hard thing to do, but it looks like the handwriting is on the wall for trainees in this business. Either join a team or move on. I wish I had more optimism too.

One of the new products we developed was the swapoption – option on intrest rate swaps. So we are presenting it to the highest credit cmt of the bank for approval, and it contained the usual swap box diagrams of payment flows from counter parties, and the Chief Credit Officer asked “Why are all these people making loans to each other?”

Financiallady,
You must have a big office to have 10 POA that survived the layoffs. I do definitely try to keep optimism in the office and with my clients, but I view this forum as an outlet for frustrations. I’m the only POA left in my office so its pretty frustrating. Its also hard to keep going business as usual when your Resident Director says the future doesn’t look good and more layoffs may come. I viewed not getting laid off on monday as an opportunity to have some time to look outside of this business. That’s a hard thing to do, but it looks like the handwriting is on the wall for trainees in this business. Either join a team or move on. I wish I had more optimism too.

You have the right outlook…Dont know what the hell a Resident Director is, but my guess is if you gave him/her a few shots at a bar you would hear he is as worried as you are about being employed.  Think the writing on the wall expands far beyond trainees.  With payout cuts across all firms reaching up into the 300K levels that says all you need to now.  I Think doing 400K+ in this business is pretty solid, and I know 1/2 dozen guys who were around 400K and none think they will crack 200-250K this year in the enviroment.  For many “2” 50% pay cuts came at the same time (Market cut gross in 1/2 and then the grid got cut in 1/2).  If firms pull this type of stuff believe me the trainees are the last thingthey give a damn about.  It is all very tough to believe, but it is what it is…[/quote]

the grid got cut in 1/2

Hate to break it to you guys but Merrill like my name implies is a sinking ship.  They, meaning BofA, are cutting the bottom 25-30% and the top 25-30% are running into the arms of UBS and MS and other firms.  The Thundering Herd is thundering out of the damn building.  Other firms are laughing at the few that are staying.  Merrill offices across the country are being decimated by layoffs and top producers walking.  A year or so from now they should be about 10% maybe 15% of the current assets under management.  If you are there still I have one word for you that will the single most important career move.  LEAVE, or RUN, or GET THE HELL OUT OF THERE.  Ok the last one wasnt one word but you get the picture.  BofA did such a wonderful and brilliant job of wealth management pre-Merrill, NOT, they are going to do just a little bit better.  You are on a sinking ship and it is time for you to do what I have done and leave.  You still have time to get on with one of the NEW top 5, if you wait for everybody else to go you wont get as good deal.  I jumped off and havent regretted it, i was actually relieved.  Prospects were increasingly hesitant to do business with me in the last couple of weeks, mainly b/c they had been watching the news.  BofA is running this into the ground.  I have a friend still there pretty high up but about to finalize his departure.  If you are in the Virginia, NC, SC, Georgia, FL area and you are a small office you are about to be cut.  He is leaving mainly b/c he is sick of laying off peope that dont deserve it.  He told me that within those five states they are going to cut about 30% of the total workforce by Feb. 14.  Happy Valentines Day!!!  If i were you I would make plans now.  Dont say you werent warned or didnt see this coming.  BofA could give a you know what about loyalty.

Update-



Still in survival mode as a POA. On track. Worried about future cuts.



And new accounts are flying in the door-NOT.



B of A is front page again after Super Bowl parties. I hate to pile on, but today was ANOTHER day spent deflecting our reputation as a bunch of losers in need of a bailout.



A senior broker offered an Investment Advisor position in case I miss hurdles. That seems like a demotion, and it brings into question what to do if I get the pink slip. I still lean toward leaving and heading to a smaller firm, but I am pissed off about having to effectively start over.



Any thoughts on Investment Advisor as a career path?

Consider IA very cautiously, and be sure you go in with both eyes wide open. Whatever book you now have will NOT be useful to you in subsidizing your IA position with the bigger producer. Any POA switching to the IA channel must surrender their entire book to a branch-wide lottery.



Even if the guy hiring you as an IA is big, the majority of your book will end up in the hands of others within the branch. So the hiring producer has to be willing/able to pay all your salary and benefits out of his own production.



Unless his PCs are north of 1MM, it will certainly be a step backward for you. You’ll be forced to live on store-brand Mac and Cheese, instead of Kraft!

[quote=Jahlive]Update-



Still in survival mode as a POA. On track. Worried about future cuts.



And new accounts are flying in the door-NOT.



B of A is front page again after Super Bowl parties. I hate to pile on, but today was ANOTHER day spent deflecting our reputation as a bunch of losers in need of a bailout.



A senior broker offered an Investment Advisor position in case I miss hurdles. That seems like a demotion, and it brings into question what to do if I get the pink slip. I still lean toward leaving and heading to a smaller firm, but I am pissed off about having to effectively start over.



Any thoughts on Investment Advisor as a career path?[/quote]

If the guy is trying to hire additional staff at Merrill right now(instead of looking for a good exit strategy) he’s clearly gambling that he will do well on inherited accounts from the flood of those that are laid off or leave to go to UBS or the RIA route.  There’s no other logical reason to do so.

I’m not convinced going anywhere else is all it’s cracked up to be. I’ve picked up some nice accounts that got distributed, people like talking to me, and while my company may be on the front page everyday, I’m all about talking points when it comes to prospecting. Rather than tell someone why their “assets are safe,” I go right into office renovation. It’s a great ice-breaker and gets people talking. I’m just a few months out of POA (how’s that for timing?) and I’ve been able to turn all the news into positive conversations generating decent leads and a couple of clients. Even advisors at “better” companies aren’t calling their clients after the recent bloodbath - I’m more than happy to fill in for them regardless of the sign hanging over my door.



Any press is good press, I’m starting to believe, it’s all a matter of how you spin it. Prospecting has always been hard and for a couple of weeks I bought into the crap that it was impossible to do at ML. Now I’m just changing my game to adjust to the playing field and it’s paying off.



Who knows, I could be shown the door tomorrow, but all I know is that I control my actions - how I prospect, what I think about my company, this industry, the actions of the top brass etc… I can’t control what management wants to do with me, but I ain’t gonna lose sleep over worrying about something out of my hands.



Damn, I sound like Zig Ziglar…

Hey you seem like a great guy pooching others clients because you cant get your own.  It got to a point where I didn’t believe the bullshit coming out of my mouth.  I couldnt imagine being there now and having to explain how Scam of America just spent millions on a Super Bowl party.  I talked to a current BofA client last night and there blood is boiling cant wait to switch over to the new firm.  I am amazed how many people I have talked to since i left that say “man it is a good thing you got out of there!”.  If you are content on staying until you get layed off.  BofA is doing something smart, instead of laying off 50,000 people at once they are laying off 1,000 people every 7-10 days.  And another 1,000 are running into the arms of other firms.  Once they finish up with the POA’s they will get to the CA’s.  Its a matter of time before me and the others from our old office hear from the rest that are about to get shitcanned.  What a relief it was now on to stable ground.  I can actually talk to prospects about products and their financial outlook instead of why the dumbest f&$%'s in the world are running my company.

I can actually talk to prospects about products and their financial outlook instead of why the dumbest f&$%'s in the world are running my company.