If you don’t mind me asking what is your education and what licenses/designations do you carry? Thx.

Derek

I have two bachelor's, the cfp and a bunch of cracker jack designations like crpc csa etc and couldn't agree with that philosophy more.  What does education have to do with the decision to work in a bank?

Some of you who do not get it think were getting a raw deal the truth is this is where it is at.  At least for the next ten years.

Nice to hear there are options after washing out at ML.  I’m not
being sarcastic - I too am being thrown to the wolves at ML and am
thinking about backup plans just in case…Thanks for the info. 

I too am being thrown to the wolves at ML and am
thinking about backup plans just in case…

I started with Merrill about 3 months ago, so I am in a similar
position. While working for AXA back east for over 3 years, I saw ALOT
of people come and go. I would have a conversation with them and throw
in-  ’ have you thought about what you would do if this doesnt
worK?" The ones that mentioned they had thought about it were not there
12 months later. The 2 people who told me they hadny even thought of a
backup plan are still there and absolutely KILLING it. Just my take,
but if you have negative thoughts already forming in the back of your
mind ( worst case scenarios, backup options, etc) you should erase
them. I am not being naive in thinking if we dont think about that that
we will make it, but this biz is hard enough without self imposed
negativity. We need to ride it until the wheels fall off ( hopefully
the wheels never fall off) and then reassess once the smoke clears.
Again, my opinion…

No, you are right blarmston.  I’m not thinking about detailed
scenarios, just a brief “what if this doesnt work out”.  I have
always been a prudent, thorough decision maker so when I chose to go
into this industry, I justified the risk by telling myself that the
world isn’t over if my ship does happen to sink.



But believe me, I will not stop until they escort me out of the
building.  That’s not going to happen though, because I’m going to
be the biggest hitter this industy’s ever seen.      

Derekgaddy,

I have a bachelor's in Economics, carry all the standard licenses (7, 66, variable, life, health).  I actually was going to leave the industry for a few years as I was accepted to graduate school (joint JD / MBA) until this opportunity came along.  It really is just too good to pass up. 

I am also working on the CFP modules...

Anyone else think ML is evil?  

I don't think ML is evil at all!  I think they are a very good company to work for with high standards in every area, not just in production.  Management was great, and I knew what was expected of me.

I wasn't failing when I left.  This is just a better opportunity for me.

[quote=BankFC]

I don’t think ML is evil at all!  I think they
are a very good company to work for with high standards in every area,
not just in production.  Management was great, and I knew what was
expected of me.

I wasn't failing when I left.  This is just a better opportunity for me.

Merrill is not perfect by any means...the "sit and swivel" and FAC issues were basically my only issues other than the payout structure.  It is a good place to be, but like I said, this is a better opportunity for me. 

I am not taking any clients out of Merrill.  I'd rather not piss them off, stay under the radar, and just move on.  They (my clients) can come over if they want, but I won't solicit them.  My book wasn't big enough to worry about all that much...I should make it up in a few months at the bank. 

Can you tell me which bank you are working for.  I looked at that
a couple of years ago and I didn’t find that.  I looked at 5/3 and
they didn’t seem to have it together yet

[quote=3andcounting]Can you tell me which bank you are working for.  I looked at that
a couple of years ago and I didn’t find that.  I looked at 5/3 and
they didn’t seem to have it together yet
[/quote]



Fifth Third still isn’t “together?”  I watched a potentially good
producer leave for their shop at least five or six years ago and
(according to her) Fifth Third was going gangbusters.



I bought their stock shortly after that, waited for it to rally some
and sold calls against the position.  When it was called away I
lost interest in the bank.  Sorry to hear that they’re not
dominating the biz in and around CIncy like they could.



One of the biggest problems with banks is that they (too often) choose
people to head their B/D who are from the bank instead of from the
outside.



Just because you’re a good loan officer does not mean you’re going to be a good leader of a brokerage operation.



Then there’s the fear of dealing in things that are not FDIC
insured.  A great many bank customers think that because they
bought it at the bank it cannot lose value and the bank brokers cannot
figure out how to explain that reality without losing the client’s
interest.

Put, Whats gotten into you buddy? You leave for Bermuda and come back a new man… I have been reading your posts and they are devoid of your usual babble. I like it. We are all going to chip in and send you and the wifey to Bermuda on a quarterly basis for a “refresher”. Must be something in that crystal clear water down there eh???

I hear the banks are a great place to get paid but the "book" is not yours.  If you know how to fish on your own you will never starve in this business and the inherited accounts will just be gravy. 

[quote=BankFC]

I don't think ML is evil at all!  I think they are a very good company to work for with high standards in every area, not just in production.  Management was great, and I knew what was expected of me.[/quote]

Agreed! Although i came from MLIM, not brokerage side of ML....it was still a great company to work for and it's always helped me in interviews to have put in 5 solid years at such an awesome firm.