The new Merrill
I don’t want to be the bearer of bad news to all you “brokers” out there, but with BAI brokers bringing their huge books of business (admittedly, were padded by bank referrals for years) to a wirehouse platform complete with top notch technology…well, they (we) will put all these legacy ML and other legacy wirehouse guys on notice starting Oct. 26th.
MSSB, UBS–get ready to have accounts ripped out from underneath you because if we can do $800k (60% annuitized managed money, not L-share annuities) in production with bank brokerage tools and platform, just imagine what we will do beginning the 26th.
Did you get an orgasm from that post, or is there something hidden in it that might be useful to others?
ML is not a wirehouse. You are a bank.
What brand of toasters are you guys going to give away with your new accounts now that Sunbeam is out of business?
[quote=thenewbull] I don’t want to be the bearer of bad news to all you “brokers” out there, but with BAI brokers bringing their huge books of business (admittedly, were padded by bank referrals for years) to a wirehouse platform complete with top notch technology…well, they (we) will put all these legacy ML and other legacy wirehouse guys on notice starting Oct. 26th.
MSSB, UBS–get ready to have accounts ripped out from underneath you because if we can do $800k (60% annuitized managed money, not L-share annuities) in production with bank brokerage tools and platform, just imagine what we will do beginning the 26th.[/quote]
Less because you guys can’t prospect or you wouldn’t be at a bank…a
[quote=thenewbull] I don’t want to be the bearer of bad news to all you “brokers” out there, but with BAI brokers bringing their huge books of business (admittedly, were padded by bank referrals for years) to a wirehouse platform complete with top notch technology…well, they (we) will put all these legacy ML and other legacy wirehouse guys on notice starting Oct. 26th.
MSSB, UBS–get ready to have accounts ripped out from underneath you because if we can do $800k (60% annuitized managed money, not L-share annuities) in production with bank brokerage tools and platform, just imagine what we will do beginning the 26th.[/quote]
I couldn’t resist…wow, impressive. If I was a regional director, I’d want a whole platoon of guys like you. That is some good spin. You are a warrior now armed with 21st century sophosticated tools of ML. Look out “brokers.” Even I have to admit, I am a bit nervous. Better call my clients and tighten up the relationship before the talent hits the street.
Best of luck to you and your 700 households! You barely know your clients and that’s why ML seems great because no smart BOM would expect you to retain the lion share of your book - so no normal deal. Don’t forget the clients are there mostly because they did business with the bank 1st and not the other way around. Arrogance will only get you so far now that you’re in the jungle.
BTW, no business is ‘annuitized’ unless you earn it and continue to manage it. Guess you already know that too.
It funny how anyone would be that impressed with a platform. Wire or bank, you will still be a slave to a big institution. They own you and they definitely own your clients. If you had balls, you’d leave and take your clients as you have the perfect story at this time, but I can appreciate it if you would be scared to lose 1/2 your bank book. Guess ML looks pretty good afterall. Welcome to the jungle.
See our there!
If he retained half his book he would be a bank hero. If he left, and he won’t, he would be lucky to leave with twenty percent. Nothing worse than a flunky at a bank telling you he’s a champion. My man, you have no idea what it takes to make it on this side. I think you should be concerned with the fact that some real talent just joined your firm and they will be looking for your job and your leads. I’m not sure if you’re familiar with Merrill, but they know how to make money. And your bank is filled with easy money!!!
bank brokers are those who graduated from tellers to the next step of baking brownies for the branch to bank broker OR they failed miserably at a wirehouse and went to the bank and sat in the lobby hoping a customer walks in 15 minutes before the bank closes to make a deposit. From my experience a bank broker doing 300K in the branch would be a 50K producer in a brokerage firm…you could maybe say a lobby Jock doing 600K would be about 150K in the brokerage firm. I am not to high on any aspect of this business except for Indy, but think bank brokerage gig will be over in 2-3 years max. My first guess is no trailers soon, capping fee accounts at 1%, reduced payout on every form of business. Think if shoeshine is right and we blow out the lows this will all come to end very fast for the Lobby Jockeys.
You all are making an awful lot of assumptions and I think that is what might be your downfall. I have to admit that going independent is a different world (I started my career as an indy pushing insurance and EB as a way to get in the door) and it’s not for me. So I took a check to go to the bank…now I find myself somewhere in the middle with a HUGE book and great tools… now you can’t say you weren’t warned.
And I’m giving out red capes, not toasters to the first 25 ACATS over from UBS or MSSB.
Holy crap!! The retard got something correct. I told you I would give you credit when you earned it. Quickly.......shut up before you sound stupid AGAIN!u went to a bank BECAUSE U ARE A LOSSSSSERR.
THEY OWN UR BOOK DUMBA**
I was there when the BOA people came in and had a checklist of BANK products MY clients had. Read the writing on the wall ITS OVER. U HAVE NO VALUE.
SALARY IN 1 YEAR
that 1st post was very funny. lmao!!
I could not hold back. I made a very stupid mistake 5 years ago when I went from Smith Barney to BAI. I finally woke up and went independent a few months ago. You must be making these myopic statements simply to get a rise, because you obviously don’t have a clue.
The ONLY reason to be an employee at a bank such as B of A is to have access to the bank assets. That game is over. The bank eliminated the Premier Banking & Investment Model. Why would you remain at any bank for a significantly reduced payout and no referals? The reason is... you are comfortable being fed like a cow. You like "Management giving you an hour long weekly commercial of products to sell their clients to generate revenue. This all coming from a manager who's never made a mortgage payment from a commission check. You like going to worthless meetings because then you don't have to work. You like the idea of being a slave. Forget about an entrepreneurial spirit, or acting like a Rhino vs a cow. The Bank is a perfect fit for you. I like my odds in the jungle competing against a cow.[quote=thenewbull] You all are making an awful lot of assumptions and I think that is what might be your downfall. I have to admit that going independent is a different world (I started my career as an indy pushing insurance and EB as a way to get in the door) and it’s not for me. So I took a check to go to the bank…now I find myself somewhere in the middle with a HUGE book and great tools… now you can’t say you weren’t warned.
And I’m giving out red capes, not toasters to the first 25 ACATS over from UBS or MSSB.[/quote]
Congratulations. You are officially more gay than howaboutashoeshine. Red capes?
If he retained half his book he would be a bank hero. If he left, and he won’t, he would be lucky to leave with twenty percent. Nothing worse than a flunky at a bank telling you he’s a champion. My man, you have no idea what it takes to make it on this side. I think you should be concerned with the fact that some real talent just joined your firm and they will be looking for your job and your leads. I’m not sure if you’re familiar with Merrill, but they know how to make money. And your bank is filled with easy money!!!
Damn it you took my line.. He isn't going to leave because 20% would be generous for him to take..
[quote=thenewbull] You all are making an awful lot of assumptions and I think that is what might be your downfall. I have to admit that going independent is a different world (I started my career as an indy pushing insurance and EB as a way to get in the door) and it’s not for me. So I took a check to go to the bank…now I find myself somewhere in the middle with a HUGE book and great tools… now you can’t say you weren’t warned.
And I’m giving out red capes, not toasters to the first 25 ACATS over from UBS or MSSB.[/quote]
Why would a bank give you a check because you sold life isurance?? Someone is lying and not very good at it.
I’m new to the game, what do you mean exactly by “A 800k broker” - 800k in fees, etc…?
Thx.
[quote=mlgone]LMAO
A 800k broker at ML makes barely 380k before taxes And thats if it’s ALL billing fee’s. Which it ain’t.
Model over Meletio, move on[/quote]
Holy crap!! --- ------ --- --------- ------- I told you I ----- ---- --- ------ ---- --- ------ -- ------- ---- -- ------ --- sound stupid AGAIN![/quote][quote=mlgone]u went to a bank BECAUSE U ARE A LOSSSSSERR.
THEY OWN UR BOOK DUMBA**
I was there when the BOA people came in and had a checklist of BANK products MY clients had. Read the writing on the wall ITS OVER. U HAVE NO VALUE.
SALARY IN 1 YEAR
Sounds like Sallie brought over some good kool-aid from SB. I heard that crap broadcasted for about a decade.I don’t want to be the bearer of bad news to all you “brokers” out there, but with BAI brokers bringing their huge books of business (admittedly, were padded by bank referrals for years) to a wirehouse platform complete with top notch technology…well, they (we) will put all these legacy ML and other legacy wirehouse guys on notice starting Oct. 26th.
MSSB, UBS–get ready to have accounts ripped out from underneath you because if we can do $800k (60% annuitized managed money, not L-share annuities) in production with bank brokerage tools and platform, just imagine what we will do beginning the 26th.
[quote=thenewbull] I don’t want to be the bearer of bad news to all you “brokers” out there, but with BAI brokers bringing their huge books of business (admittedly, were padded by bank referrals for years) to a wirehouse platform complete with top notch technology…well, they (we) will put all these legacy ML and other legacy wirehouse guys on notice starting Oct. 26th.
MSSB, UBS–get ready to have accounts ripped out from underneath you because if we can do $800k (60% annuitized managed money, not L-share annuities) in production with bank brokerage tools and platform, just imagine what we will do beginning the 26th.[/quote]
I remember when it all started (NCNB and FTU back in the day).
Sounds so good on paper.
Never worked.
Wont now.
cant dress up a pig
Gotta have talent.
It’s why someone wrote me a check for 2.4 million bucks
talent
"business" is earned in this business, banker boy
no shortcuts
thanks for sharing
(quick question, is it true u must be a teller first now?)
[quote=MtnMan]I could not hold back. I made a very stupid mistake 5 years ago when I went from Smith Barney to BAI. I finally woke up and went independent a few months ago. You must be making these myopic statements simply to get a rise, because you obviously don’t have a clue.
The ONLY reason to be an employee at a bank such as B of A is to have access to the bank assets. That game is over. The bank eliminated the Premier Banking & Investment Model. Why would you remain at any bank for a significantly reduced payout and no referals? The reason is... you are comfortable being fed like a cow. You like "Management giving you an hour long weekly commercial of products to sell their clients to generate revenue. This all coming from a manager who's never made a mortgage payment from a commission check. You like going to worthless meetings because then you don't have to work. You like the idea of being a slave. Forget about an entrepreneurial spirit, or acting like a Rhino vs a cow. The Bank is a perfect fit for you. I like my odds in the jungle competing against a cow. [/quote]So true, MtnMan. I used to have to bite my tongue whenever a manager started out a meeting with "When I was in production..." If he/she was worth a pile du merde at producing, he/she wouldn't have taken that cheerleading job at half the income.
Holy crap!! --- ------ --- --------- ------- I told you I ----- ---- --- ------ ---- --- ------ -- ------- ---- -- ------ --- sound stupid AGAIN![/quote] [/quote] -------------------you--------------------------are----------------------------fcking----------------------------moron--------------------------------------------------------------[quote=howboutshoeshine][quote=mlgone]u went to a bank BECAUSE U ARE A LOSSSSSERR.
THEY OWN UR BOOK DUMBA**
I was there when the BOA people came in and had a checklist of BANK products MY clients had. Read the writing on the wall ITS OVER. U HAVE NO VALUE.
SALARY IN 1 YEAR
Holy crap!! --- ------ --- --------- ------- I told you I ----- ---- --- ------ ---- --- ------ -- ------- ---- -- ------ --- sound stupid AGAIN![/quote] [/quote] -------------------you--------------------------are----------------------------fcking----------------------------moron--------------------------------------------------------------[/quote][quote=SometimesNowhere][quote=howboutshoeshine][quote=mlgone]u went to a bank BECAUSE U ARE A LOSSSSSERR.
THEY OWN UR BOOK DUMBA**
I was there when the BOA people came in and had a checklist of BANK products MY clients had. Read the writing on the wall ITS OVER. U HAVE NO VALUE.
SALARY IN 1 YEAR
Wow, good one
The reason is… you are comfortable being fed like a cow. You like "Management giving you an hour long weekly commercial of products to sell their clients to generate revenue. This all coming from a manager who’s never made a mortgage payment from a commission check. You like going to worthless meetings because then you don’t have to work. You like the idea of being a slave. Forget about an entrepreneurial spirit, or acting like a Rhino vs a cow.
The Bank is a perfect fit for you. I like my odds in the jungle competing against a cow
Priceless, and the end.
I didn't know ML technology was so advanced it could convert a glorified teller into a financial professional. That is impressive!I don’t want to be the bearer of bad news to all you “brokers” out there, but with BAI brokers bringing their huge books of business (admittedly, were padded by bank referrals for years) to a wirehouse platform complete with top notch technology…well, they (we) will put all these legacy ML and other legacy wirehouse guys on notice starting Oct. 26th.
MSSB, UBS–get ready to have accounts ripped out from underneath you because if we can do $800k (60% annuitized managed money, not L-share annuities) in production with bank brokerage tools and platform, just imagine what we will do beginning the 26th.
you boys are all very good comedians with the quick one liners and all (quite entertaining actually), but I noticed a lot of postings during market hours which I imagine can’t be good for buisiness…let me guess, you’ve all funded enough Roths and $100 PIPs to take it easy for a few days??
In the meantime, I signed ACATs for $570k and $1.2M today. New clients are very happy to be at Merrill…I mean, the bank (I mean, Merrill).
What did you have two people who moved branches?
[quote=thenewbull] I don’t want to be the bearer of bad news to all you “brokers” out there, but with BAI brokers bringing their huge books of business (admittedly, were padded by bank referrals for years) to a wirehouse platform complete with top notch technology…well, they (we) will put all these legacy ML and other legacy wirehouse guys on notice starting Oct. 26th.
MSSB, UBS–get ready to have accounts ripped out from underneath you because if we can do $800k (60% annuitized managed money, not L-share annuities) in production with bank brokerage tools and platform, just imagine what we will do beginning the 26th.[/quote]
Aslong as you pay me back my taxes, i don’t care if you play in a bath tub full of duckies.
[quote=thenewbull] you boys are all very good comedians with the quick one liners and all (quite entertaining actually), but I noticed a lot of postings during market hours which I imagine can’t be good for buisiness…let me guess, you’ve all funded enough Roths and $100 PIPs to take it easy for a few days??
In the meantime, I signed ACATs for $570k and $1.2M today. New clients are very happy to be at Merrill…I mean, the bank (I mean, Merrill).
[/quote]
Congrats!
Although, I’ve been able to move $10M out of my old firm in the last 30 days and my payout is now 3 times yours.
Not trying to be a jerk, but you should realize that you are working very hard to give most of that money to Merrill. So you moved a total of $1.77M which is pretty nice, but I only have to move 1/3 of that to make the same.
he’s too dumb to do the math
[quote=thenewbull] you boys are all very good comedians with the quick one liners and all (quite entertaining actually), but I noticed a lot of postings during market hours which I imagine can’t be good for buisiness…let me guess, you’ve all funded enough Roths and $100 PIPs to take it easy for a few days??
In the meantime, I signed ACATs for $570k and $1.2M today. New clients are very happy to be at Merrill…I mean, the bank (I mean, Merrill).
[/quote]
Unlikely. My guess is that if a study were done about the numbers advisors lie about the most, I would guess that $570k and $1.2M are the numbers most frequently lied about.
Quit posting Sallie. Some guys on here bashed you. I thought you were kind of hot. I’m sorry they bashed you, go back to trying to recruit some new blood. Somewhere else.
The new bull what a kick
This guy is really hooked on the kool aid, BA picked up a great a$$ kisser with this guy. Six months to a year he will wake up it could be longer, And he will figure out what a fool he is We have all seen this type before. I hope is he does not hurt to many people in the short time he is their.[quote=thenewbull] you boys are all very good comedians with the quick one liners and all (quite entertaining actually), but I noticed a lot of postings during market hours which I imagine can’t be good for buisiness…let me guess, you’ve all funded enough Roths and $100 PIPs to take it easy for a few days??
In the meantime, I signed ACATs for $570k and $1.2M today. New clients are very happy to be at Merrill…I mean, the bank (I mean, Merrill).
[/quote]
Thats impressive, banker bithc.
Do you have one of those little CD rate sheets to hand out?
[quote=thenewbull] you boys are all very good comedians with the quick one liners and all (quite entertaining actually), but I noticed a lot of postings during market hours which I imagine can’t be good for buisiness…let me guess, you’ve all funded enough Roths and $100 PIPs to take it easy for a few days??
In the meantime, I signed ACATs for $570k and $1.2M today. New clients are very happy to be at Merrill…I mean, the bank (I mean, Merrill).
[/quote]
Funny. I posted during market hours, but I have larger accounts transferring in and more of them. Shut your face TARP boy…everyone on this forum owns you, literally. If you pay off my mortgage, well call it even.
[quote=Ronnie Dobbs] [quote=thenewbull]
[/quote]
Funny. I posted during market hours, but I have larger accounts transferring in and more of them. Shut your face TARP boy…everyone on this forum owns you, literally. If you pay off my mortgage, well call it even.[/quote]
TARP boy funny
Hey tarp boy, do you wear those little bank pussy lapel pins like the tellers?
Like a little WFC stage coach
or
"Ask me about our bonus checking"
I could be wrong, but don’t the BAI guys get the new grid at ML? If so, it would be pretty hard to make 3x as much as anybody there (assuming no penalty box).
And I don't think the guy is leaving BAI. Their group gets moved to the ML platform, so he isn't trying to "move" his customers anywhere.Lest ye forget that Merrill Lynch no longer exists. Those former ML guys are now employees of BofA. It will sink in when they get their first pay stub.
I think you missed the point.
Actually, I was replying to the guy before you. There is no debating that the OP is a jacka$$.
Regardless, people seem to have a misunderstanding of the transition of BAI to the ML platform. Yes, BofA owns ML, but BAI was still transitioned to the ML unit. There is a substantial difference in it going BAI to ML, vs. ML to BAI, which drastically improves the pay rate of the OP and his group, which I'm not sure was understood be previous posters, so I thought I'd add.What is OP?
I have been transitioned to a ML office and it has been the worst transition. Phones are a problem compter programs and platforms are not comaptiable. It is my opinion, while people suggest that ML is in for a rude awakening, it is clearly obvious to me that nothing is changing for ML brokers. We have been absorbed and the bank could care less about our clients. All of our Fund Strat accounts are going to be downgraded to fund advised unless we switch them to ML managed fund portfolios. I have never seen BAC get more bitch slapped until ML came along. They are literally getting sh*t on like seniors picking on freshman. It is almost funny to watch. Guys like Frank Kulach are getting castrated and will be looking for a job in a couple months. Again it is my opinion that any policy or business decision is now all about how ML does. I have not seen BAC implemet one management decision at all.
Oh wait they have had one decision made and that is asking ML asistants to stay late and pitch ML clients to open BAC checking accounts. Every account they pop they get $75. Quite honestly I am surprised I haven’t seen more ML brokers leave. With that being said, if there are ML borkers out there I am curious why you havent you left. And what are your expectations for the future?
… and don’t forget about selling the Visa and American Express cards, and the mortgages.
Oh yeah, and the HELOCs.
I have been transitioned to a ML office and it has been the worst transition. Phones are a problem compter programs and platforms are not comaptiable. It is my opinion, while people suggest that ML is in for a rude awakening, it is clearly obvious to me that nothing is changing for ML brokers. We have been absorbed and the bank could care less about our clients. All of our Fund Strat accounts are going to be downgraded to fund advised unless we switch them to ML managed fund portfolios. I have never seen BAC get more bitch slapped until ML came along. They are literally getting sh*t on like seniors picking on freshman. It is almost funny to watch. Guys like Frank Kulach are getting castrated and will be looking for a job in a couple months. Again it is my opinion that any policy or business decision is now all about how ML does. I have not seen BAC implemet one management decision at all.
Yup, talked to a few of my former BAI buddies, sounds like BAI is just getting dissolved and whatever is left is moving to ML's model. Just curious, has there been any comp plan changes? Are the scorecard funding and trailer holdbacks still there? If you are now a wirehouse, shouldn't you be paid like one?
what are the changes to fundstrats? Fund advised? what are the downsides to clients? Is the fund advised a wrap account but no active changing of funds?
Wow. Obviously the original poster is a tool, but there was some vicious bank broker attacks. Isn’t this business about making money for yourself every month ? If you are doing 300k at a bank or 175k at a wire, what the wire guy is “better” because he prospected? That is just laughable. Or the EJ guy is “better” because he knocked on doors to get clients? Give me a break. It is about money. I will take 30% of 300k over 40% of 175k each and every year.
Soooo...would you take 100% of $500,000? [/quote] No, not if that means I wouldn't be able to hand out suckers[quote=Ron 14]Wow. Obviously the original poster is a tool, but there was some vicious bank broker attacks. Isn’t this business about making money for yourself every month ? If you are doing 300k at a bank or 175k at a wire, what the wire guy is “better” because he prospected? That is just laughable. Or the EJ guy is “better” because he knocked on doors to get clients? Give me a break. It is about money. I will take 30% of 300k over 40% of 175k each and every year.
Fund strat managed is the managed mutual fund portfolio put together by BAC. Apparently they are sh*tting down the division that mangaes and analyses client portfolios. By next sept all fund start manged accounts get moved to a UMA ML product where the advisor now has to do the rebalancing. In essence we now have to sell all of our clients funds and transfer into a ML product if we do not want to do the managing ourselves.
It was inevitable. Some of Merrill Lynch’s 15,000 financial advisors are feeling pressure to sell parent company Bank of America’s checking and savings account products—and they’re not happy about it, say sources.
Some advisors’ assistants are even getting financial incentives to push the bank’s products. And mass emails are being sent around to advisors’ clients encouraging them to open Bank of America accounts, though advisors have the option of crossing their own clients off the email list first. Merrill did not immediately respond to requests for confirmation, or comment.
Not all advisors feel put upon, of course. “What else do they expect,” asked one advisor who preferred to remain nameless. “We were bought by a bank, so they’re going to want to sell banking products. I’m not forced to sell anything. I believe there are some incentives, but I’m not paying that much attention to it. Every year there’s some new matrix that managers must hit for their own bonuses in their own ways. But if you’re experienced enough, you focus on the client, and that’s all that matters.”
The advisor is not putting his own clients into the BofA accounts, in any case. He prefers Merrill’s cash management account, or CMA—a brokerage account that links checking and a visa card with a money market and securities account. “I have always questioned the emphasis on banking products,” he said. “I think the CMA account is the premier banking solution.”
While the CMA account is a premier banking solution, according to some people in the firm they are looking for a way to integrate the CMA into a BAC proprietary product so that it can be linked to BAC online. Also the signature visa that credits atm fees will also dissapear. Apparently the Bank does not want to pay you for using other bank ATM’s. Anyone else hear this.
Quick update while you door knockers and “RIAs” have been posting: ACAT’d in $3.2M from MS, $245K from local advisory firm and a meeting in the morning for an $11M 401k plan with a publicly traded company.
I do get a kick out of the jabs and barbs and all, but really boys, you need to get to work and quit bitc*ing about whose platform, firm, etc. is better. Bottom line, I’m out hustling and using the Merrill name to get in doors and close buisness and I love it.
And come Jan. 1, the new comp plan will give me a 15% payout increase vs. what I had at BAI.
That comp plan isn’t any where close to being finalized.
BTW, I left BAI to go indy and got a 50% payout increase.
A lot of upsides and few downsides to merging with Merrill for those with established businesses. Product is better, research is better, systems are better, comp is better. Bank referrals not so much, but hadn’t seen much in the way of referrals from the bank for quite some time.
BAI is being swept away, and what remains will be those producers that can continue to produce at a high level, and the rest, along with management and product and compliance people will be gone. None of this is hard to figure, and all is progressing exactly how it should. The bank will integrate this well as they do with every other merger, and it will make money for everybody. Looking forward to the next few januaries.Worse than what?
[quote=thenewbull] Quick update while you door knockers and “RIAs” have been posting: ACAT’d in $3.2M from MS, $245K from local advisory firm and a meeting in the morning for an $11M 401k plan with a publicly traded company.
I do get a kick out of the jabs and barbs and all, but really boys, you need to get to work and quit bitc*ing about whose platform, firm, etc. is better. Bottom line, I’m out hustling and using the Merrill name to get in doors and close buisness and I love it.
And come Jan. 1, the new comp plan will give me a 15% payout increase vs. what I had at BAI.[/quote]
wow
what a post.
impressive, powerful.
i give.
[quote=thenewbull] Quick update while you door knockers and “RIAs” have been posting: ACAT’d in $3.2M from MS, $245K from local advisory firm and a meeting in the morning for an $11M 401k plan with a publicly traded company.
I do get a kick out of the jabs and barbs and all, but really boys, you need to get to work and quit bitc*ing about whose platform, firm, etc. is better. Bottom line, I’m out hustling and using the Merrill name to get in doors and close buisness and I love it.
And come Jan. 1, the new comp plan will give me a 15% payout increase vs. what I had at BAI.[/quote]
How is it that you are more obnoxious than Windy?
Oh I know. You’re lying.
[quote=thenewbull] Quick update while you door knockers and “RIAs” have been posting: ACAT’d in $3.2M from MS, $245K from local advisory firm and a meeting in the morning for an $11M 401k plan with a publicly traded company.
I do get a kick out of the jabs and barbs and all, but really boys, you need to get to work and quit bitc*ing about whose platform, firm, etc. is better. Bottom line, I’m out hustling and using the Merrill name to get in doors and close buisness and I love it.
And come Jan. 1, the new comp plan will give me a 15% payout increase vs. what I had at BAI.[/quote]
Have you paid me back my taxes yet?
[quote=mlgone]Research blows.
Rosenberg left, Berstein left and so did many others[/quote] Research blows at every firm........Analysts, Economists, Strategists all just talking heads..... Have you followed Rosenberg since he's been at his new place?........you can get on an email list, where he sends an email out every morning (Breakfast with Dave)..... He's become a bitter bear......consistently pointing out why the market should go lower.......I mean it's sad how frustrated this guy has become.... I read him every day.......don't get me wrong, he makes a lot of sense....but, the market has continued higher...... The truth is the bulls make sense, the bears make sense.......when explaining why they feel the way they do......so, you gotta be careful......in my opinion....He did prefer corporate bonds…But, let’s be honest, that rally had it’s monster move months ago…high yield bonds, preferred stocks, even high grade corporates made monster moves earlier in the year…But those stories are, more or less, behind us now…
Many preferred stocks have moved from mid/high single digits to low 20's......with a 25 par, the safety may still be there, but the captial appreciation, for the most part, seems thin..... We're left with the market.......and, for the most part, each day he comes across almost bratty......where he knows the market should go down, but it just doesn't...... Then, the bulls come on, and talk about the cash on the sidelines, the fact that the retail investor hasn't thrown new money into this market yet (and that's needed before any top), the earnings beats, cheap money, etc, etc..... And you gotta think.......do i stay with the seemingly safe fixed income paying 7%+, or do I hop back into the market....since cheap money makes it hard to see profits going anywhere but higher..... We all know all the stories.......bearish arguments......bullish arguments........ The Fed announces low rates for the foreseeable future, the rally goes from +140 to +20 in the last 30 minutes of the day.......when it's the best news the bulls could hear.... The unemployment number comes in bad at 10.2.......and the market goes higher on Friday.....and it's the best news the bears could hear...... In the end, I can honestly say I'll stay cautious......too many guys I like are cautious (Rosenberg, Cashin, and Kass).........But, it sucks to be an optimist and be on the sidelines while the market steams higher..... Maybe that mindset is widespread and means the market goes higher.........Maybe, it turns out right, and we have the pullback in the next week or two......I don't know..... I do know that If I have to defend being wrong, I like being on the side that missed a rally by playing it safe........rather than got punished because the bullish guys make sense but were wrong...... Sorry for the long post........[quote=thenewbull]Quick update while you door knockers and “RIAs” have been posting: ACAT’d in $3.2M from MS, $245K from local advisory firm and a meeting in the morning for an $11M 401k plan with a publicly traded company.
I do get a kick out of the jabs and barbs and all, but really boys, you need to get to work and quit bitc*ing about whose platform, firm, etc. is better. Bottom line, I’m out hustling and using the Merrill name to get in doors and close buisness and I love it.
And come Jan. 1, the new comp plan will give me a 15% payout increase vs. what I had at BAI.[/quote]
You’re a troll right? Come on, you’re really an indy and you just can’t help poking fun at Merill. This would’ve been a good SNL material though.
This guy's a loser.
one thing I can guarantee about this newbull- he’s basically a rookie broker recently brought in on desperation by the recently canned market directors of BAI. He’s got no book and he’s hanging on for dear life before Merrill puts him on a plan to raise production or get out. A 15% payout increase means he’s going from 20 to 35%.
I just left BAC and I was at 36% and at in Jan I would’ve been at 43%- plus, possibly, another 7 or so w/ bonus- so I can see a 15ish% increase- but guess what. Real brokers don’t run around advertising friggin ACATs their pulling. That’s really weak. I can acat a 25 million dollar account stocked with treasuries and who really cares? Are you going to tell the client it’s time to go managed for 10bps? Wait 8 years till all those 10s come due that somebody smart bought when they were yielding 5% right before the stock market peaked and the then collapsed?
he’s a rook and he’s sipping the koolaid. He has no other choice because he’d be dead anywhere else. probably came over from Wamu or Wachovia within the last yr.
[quote=cutacheck]While the CMA account is a premier banking solution, according to some people in the firm they are looking for a way to integrate the CMA into a BAC proprietary product so that it can be linked to BAC online. Also the signature visa that credits atm fees will also dissapear. Apparently the Bank does not want to pay you for using other bank ATM's. Anyone else hear this.[/quote]
The only reason for ANY of this BofA product pitching nonsense is to make the clients more sticky to the firm and hence a pain in the butt to ACAT out if the advisor leaves.
[quote=thenewbull]I don't want to be the bearer of bad news to all you "brokers" out there, but with BAI brokers bringing their huge books of business (admittedly, were padded by bank referrals for years) to a wirehouse platform complete with top notch technology......well, they (we) will put all these legacy ML and other legacy wirehouse guys on notice starting Oct. 26th.
MSSB, UBS--get ready to have accounts ripped out from underneath you because if we can do $800k (60% annuitized managed money, not L-share annuities) in production with bank brokerage tools and platform, just imagine what we will do beginning the 26th.[/quote]
On the contrary, I hate to be the bearer of bad news. The only reason you're doing 800k is because you get fed clients all day long. The ML platform isn't going to make you a bigger producer, big guy. You actually have to prospect now.
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