The fact goes back to you get what you put in.  Of course if you sit back and wait for the business to come to you, you will be washed up in no time, regardless of whether you're at ML, SB, AMP, etc.  However, look at a 2 yr producer at ML, SB or even a small regional - how do they stack up to the 2 yr producer at AMP?  Most of the AMP reps I know that are less than 5 years in are barely knocking down $100k in production, whereas the ML guy, or regional rep is doing $200k+. 

And explain this - why would a rep want to work for a company that does not reward success?  3 of the reps I am working with now have increased their production in excess of $50k over the last year by uncovering client accounts and bringing a few new households on board.  However, they did not need new financial plans and they scored low on the scorecard.  These reps are obviously in the top quartile of growth in the firm as most grow at a much slower pace.  Why reward those that simply follow the model and go through the motions as opposed to those that are driving more revenue?  Look at every other firm on the street and tell me who does this.

[quote=BrokerRecruit]

However, look at a 2 yr producer at ML, SB or even a small regional - how do they stack up to the 2 yr producer at AMP?  Most of the AMP reps I know that are less than 5 years in are barely knocking down $100k in production, whereas the ML guy, or regional rep is doing $200k+. 

And explain this - why would a rep want to work for a company that does not reward success?  3 of the reps I am working with now have increased their production in excess of $50k over the last year by uncovering client accounts and bringing a few new households on board.  However, they did not need new financial plans and they scored low on the scorecard.  These reps are obviously in the top quartile of growth in the firm as most grow at a much slower pace.  Why reward those that simply follow the model and go through the motions as opposed to those that are driving more revenue?  Look at every other firm on the street and tell me who does this.

[/quote]

It's tough to come to grips with, but the reality is that the brokers hired by the premier firms are (generally) individuals who are far more likely to succeed, and that's what they're doing.

If you hire almost anybody who walks in your results are not going to be as impressive as they are if you interview a lot of people and hire only one of them.  The best one.

It's not unlike a minor leage ballplayer whining that the guys in the big leagues get paid so much more.

The reason most people don't get hired by the premier firms is not because the premier firms don't recognize all that the rejects have to offer.  It is because they do recognize all that they have to offer and all that they have is not enough.

As for the whine about the scorecard and the compensation package.  Other firms don't do it because they don't.  If you're working at Firm A and want to be paid according to the way they get paid at Firm B you have two choices.

1.  Work to change the way you're paid at Firm A or

2.  Move your practice to Firm B

If you want to ply your trade as if you were a Merrill broker it's best to go to work at Merrill.  If you can't get hired there then go to work every day singing, "If you can't be with the one you love, love the one you're with."

[quote=Big Easy Flood][quote=Philo Kvetch]

1) Edward Jones signs are green, not blue.

2) Edward Jones HAS been featured in an expose' in the Wall Street Journal.

[/quote]

The one I drive past is blue.  Individual letters about eighteen inches tall, each with its own internal lighting.  Older, it has the D.

As for the WSJ piece--a lot of what those in the business read the rest of the world doesn't even notice.   Do no harm, and it didn't.

The Edward D. Jones & Co. logo was discontinued more than 10 years ago.  While it is still the corporate name, the logo was to have been changed at all public locations.

As to the Wall Street Journal story, it was a page one expose.  Like it or not.

What's the scoop on the suit filed against AMP that they haven't settled?  Apparently if they do not either settle or file an appeal by Friday, the NASD will suspend the firm from any securities activity indefinitely until settled, from what I heard.

The story is in the latest edition of Registered Rep magazine. The suit involves an ex-broker who left AMP. Arbitration decided that AMP owed the ex-employee approximately $250,000 (amt?) and AMP hasn't paid him yet. Also, if I remember correctly, it's been to arbitration 3 times, with the same result each time.

Hard to believe that AMP would let it go this far, with the threat of being shut down looming on the horizon. And considering the small amount of money involved, I believe AMP is being totally irresponsible. If I was a client or broker there, I'd be bailing.

Unfortunately, I can't use this news to get any AMP prospects to come over from the dark side. Because, like one other poster, I don't know any prospects who invest thru AMP.

In any case, score one for the broker's side!