Sports, you are absolutely right.  I'm not 100% sure of MSSB model but in ML, you must meet 3 criteria for you to NOT get fired.  If you are overweight in PC, but missed the net annuitized assets or net new household (250k account), there is no second time.  So make sure you balance each bucket accordingly.

6 months and 1 year numbers are crucial and they take a monthly snapshop there after.

Even given this situation, I still think it's a great place for a newbie to start.  They will pay a decent base 75-100k, while you study, and ramp up.

Did I read that correctly that they want you to gather $10 million a year?  Wow.  I hate to burst your bubble, but as a noob, those numbers are going to be next to impossible.  It's going to take a few months, let's say 3, to build a decent pipeline.  You might be prospecting like crazy, but nothing big is going to jump into your lap.  Then you've got to gather more than $1 mil a month for the rest of the year?  Those are some seriously high goals. 

How do you balance the buckets, without creating a conflict of interest?  If you're short on your annuitized assets, does that mean everyone gets a wrap account whether it is appropriate or not?

It sounds like MSSB's goals are ridiculously easy while MLs goals are ridiculously hard.  Either approach could potentially spell failure for the noobs in their programs. 

There is still some leeway for the people hired under the Smith Barney side that have different goals than MS side.  I talk to a guy every day that I was in training with, he was SB side I was MS side, he didn't have near the gross or AUM I did, and he is underperforming on all 3 tiers but he is still there and even he doesn't understand it.  Complex Manger that hired him from SB side trying to feed him with accounts, bottom line SB hired him and is looking out for him so she looks good.  Moving on......................................

[quote=Spaceman Spiff]

Did I read that correctly that they want you to gather $10 million a year?  Wow.  I hate to burst your bubble, but as a noob, those numbers are going to be next to impossible.  It's going to take a few months, let's say 3, to build a decent pipeline.  You might be prospecting like crazy, but nothing big is going to jump into your lap.  Then you've got to gather more than $1 mil a month for the rest of the year?  Those are some seriously high goals. 

How do you balance the buckets, without creating a conflict of interest?  If you're short on your annuitized assets, does that mean everyone gets a wrap account whether it is appropriate or not?

It sounds like MSSB's goals are ridiculously easy while MLs goals are ridiculously hard.  Either approach could potentially spell failure for the noobs in their programs. 

[/quote]

Sadly, this is the truth.  My absolute minimum goal is 40k gross, 1.8mill annuitized assets and 2 (250k) accounts for the 1st year. 

But if I follow that, I'll never eat and succeed.  10 million is the goal annually to have a decent book eventually...but I can keep my job as long as I bring in those assets I stated above.

And you're right Spiff, the wrap accounts must be done or you'll be canned.  You can't balance the bucket without conflict of interest...sadly.

[quote=newregrep]

Sports, you are absolutely right.  I'm not 100% sure of MSSB model but in ML, you must meet 3 criteria for you to NOT get fired.  If you are overweight in PC, but missed the net annuitized assets or net new household (250k account), there is no second time.  So make sure you balance each bucket accordingly.

6 months and 1 year numbers are crucial and they take a monthly snapshop there after.

Even given this situation, I still think it's a great place for a newbie to start.  They will pay a decent base 75-100k, while you study, and ramp up. 

[/quote]

Nobody is getting this... average is $50k.. higher the salary you take, higher the goals

[quote=palmpre]

[quote=newregrep]

Sports, you are absolutely right.  I'm not 100% sure of MSSB model but in ML, you must meet 3 criteria for you to NOT get fired.  If you are overweight in PC, but missed the net annuitized assets or net new household (250k account), there is no second time.  So make sure you balance each bucket accordingly.

6 months and 1 year numbers are crucial and they take a monthly snapshop there after.

Even given this situation, I still think it's a great place for a newbie to start.  They will pay a decent base 75-100k, while you study, and ramp up. 

[/quote]

Nobody is getting this... average is $50k.. higher the salary you take, higher the goals

[/quote]

It all depends on your location.  I have the highest salary ML can offer and my goals are not any different than 50k.

[quote=newregrep]

[quote=Spaceman Spiff]

Did I read that correctly that they want you to gather $10 million a year?  Wow.  I hate to burst your bubble, but as a noob, those numbers are going to be next to impossible.  It's going to take a few months, let's say 3, to build a decent pipeline.  You might be prospecting like crazy, but nothing big is going to jump into your lap.  Then you've got to gather more than $1 mil a month for the rest of the year?  Those are some seriously high goals. 

How do you balance the buckets, without creating a conflict of interest?  If you're short on your annuitized assets, does that mean everyone gets a wrap account whether it is appropriate or not?

It sounds like MSSB's goals are ridiculously easy while MLs goals are ridiculously hard.  Either approach could potentially spell failure for the noobs in their programs. 

[/quote]

Sadly, this is the truth.  My absolute minimum goal is 40k gross, 1.8mill annuitized assets and 2 (250k) accounts for the 1st year. 

But if I follow that, I'll never eat and succeed.  10 million is the goal annually to have a decent book eventually...but I can keep my job as long as I bring in those assets I stated above.

And you're right Spiff, the wrap accounts must be done or you'll be canned.  You can't balance the bucket without conflict of interest...sadly.

[/quote]

You might want to have some conversations with some veteran FAs about your $10 mil a year goal.  I've had that conversation with some big hitters in my area and all of them think that $10 mil is a stretch for the average advisor.  It's a rare breed who can average that year after year.  Hopefully you're one of those rare breed types!  I'd be thrilled with 60% of that goal in your first year of selling. 

newregrep

Should I be able to get 75k in Merrill pmd program in a major metro area?  waiting for offer.

Spiff,

I know it's a really tough goal if not down right impossible.  But I have to set high goals for myself to reach some where near that...I still remember this cheesy quote "You have to shoot for the moon to lay among the stars".

Puts, which state do you reside?  Is this your first job?

These numbers (I am ML) aren't easy, but I think they're doable.  We can write mortgages as well, we get paid on the gross, it counts as a NNHH, but it's not annuitized assets.  I have one for 1.6MM in the works from a cold call back in October.  Yes, that was luck.  They can pledge assets to bring the mortgage rate down, which is what this client is doing.  So that helps a lot. 

Also, annuitized assets can be annuities with trail, wrap accounts, c shares, whatever.  Don't be afraid to use some a shares to hit your goals-especially in equity funds (a few good days, and nobody sees that 4-5% upfront charge anymore).  Most new guys come in, put everybody into MFA, and don't hit the goals.  Maybe do one wrap account and one transactional, say, for munis.  Many people will use an SMA; why not do transactional munis for a year or so, and then wrap it when you've hit the goals.  Whatever is best for the client.  Also, cash counts as an annuitized asset-do a WCMA for a business.  I've got one in the pipe for 650K.  Business owners are pissed off right now the banks are giving them 0 on balances.  In a WCMA, they can keep a lot of the funds liquid, and buy some conservative fixed income (munis, funds, etc) to boost the yield on their cash a little. And still have all the benefits of a business checking account they would have anywhere else. 

There are a lot of ways to skin the cat.  I'm in this business 5 years now (survived at SB, went to a bank and hated it for a year).  This is the best place to do it.  Total independence; you're aware of what you have to do, do it.  I think the only downside with Merrill is a lot of people have Merrill accounts already, at least in some of the circles I prospect in.  The better part of Merrill is, you are building a business that will feed you in a few years. 

C_FA

So it is not about the client?

Nothing personal, but that is what is wrong with Wirehouses.

Clients get what the rep needs to stay alive and what the firm needs to sell.

Same OOOOh same OOh, S#!T at the wires.