Partnership at Merrill?
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I interviewed with numerous managers at Merrill, and according to my headhunter, the feedback was extremely positive. He has been told by management that they intend to partner me with a million dollar producer, and he insists its a legitimate position rather than a coffee runner's post.
A number of questions for seasoned Merrill guys... As a broker, am I still a POA with required minimum hurdles for assets and commissions?
Are the assets that I bring in separate from the partnership, or are they included within?
I understand that my job would primarily be to learn from his experience and service his smaller accounts, but am I able to reach out and attract my own clients aside from that?
Would this direction be considered more attractive than a regular POA trainee?
Any help would be much appreciated, as usual!
No Kidding!!! There a NUMEROUS posts on this site covering this subject. Go look.
Think about your questions.
Are you still a POA with goals and hurdles?
No, since you are getting partnered he’s just gonna hand you assets, so why have goals? Just sit back and get rich.
Are the assets you bring in part of the partnership?
Since it’s a business deal between you, your manager, and the million
dollar producer, how would anyone know specifically how yours is
structured? If you want typical or general info, maybe you should
check previous posts (I think I already said that).
Would I be able to go get my own clients also?
No, you should turn revenue away and not have ambition.
Is this more attractive than a regular POA?
No, it’s better to not be given clients, not be tied into someone
successful, and to cold call all day while starting from scratch.
Are you sure you are ready for this business? Rich people don’t like to give their money to people without common sense.
BankFC
Why would you waste your time with a response like that? I know, I know how many times that debate has been argued on these boards, but all that ever is accomplished is the bashing of firms. In my opinion, it's your hard work, ambition, motivation, character , sales skills, ect that determine your success with any firm.
ValuePlayer, Good luck with your decision ...sorry I can't give you any advice on there programs....Just work hard and stick with it
Why? Because I closed a 2 million dollar account today, all cash, and took the rest of a beautiful day off.
Had some time to kill I guess.
BTW, I didn’t bash ML… I loved it while I was there, just took a better option for me right now.
BankFC, thank you for clearing this up for me. I worked in the business prior to this... and generally partnerships were viewed as gloomy situations for the most part... If I were not ready for the business, I doubt I would have been offered the partnership. I would rather know how deep the water is before I jump into the pool.
Separately, would it be possible to link me to previous posts regarding this subject?
Liquid, thank you for your kind words...
Go to google and do an advanced search of this domain with your search criteria. I do it all the time and it works quite well.
Valu - You would be hired into the POA program. This way Merrill gets credit for a new hire, and they pay your salary for 2 years. The manager will hire you, but does not have time to spend with you. He will hook you up with the next SR guy in line to get a lacky (for lack of a better word). It really is a win win win. The manager now does not have to babysit you. The SR basically gets an assistant on Merrill's dime. He will throw you a couple million dollars in crap assetts over time, and either you will develop some business from it for the both of you, or more than likely - you will fail - and he keeps any assetts you brought in. Because after all.........why would a guy making half a million dollars a year, want to partner with SOMEONE HE DOES NOT EVEN KNOW, AND IS NEW TO THE BUSINESS!!!!!! Don't be naive enough to think that you are "the one", and you are being hired to work somone elses book. What's in it for you?.....You get exposure to a million dollar producer on a daily basis, and if you do your job, he will help you make goals.
Moneyadvisor- you made it crystal clear... So it's fair to say that any assets I raise would be contained within the partnership, is that how its generally agreed upon?
When does the partnership dissolve, if at all? I realize these may differ in specific situations, but a general answer would be a great help.
Perhaps I phrased that question improperly, what I meant to ask was this... If, outside the accounts and assets I am given, I am able to open new accounts, are those clients OUR clients, or MY clients?
If you bring in accounts on your own, without the help of anyone, those should count 100% to you. Any decent human being who is partnering with you, should go on some appointments with you, and help you develop skills.......and really should not be looking for much in return. It's my take....but, there is something to be said for giving back once you've made it. I doubt SR is going to share accounts that he brings in, why would you share your accounts with him. Don't get too overwhelmed with the whole thing....Chances are....you'll bring in a couple million in assetts your first year (most of which should be in your number) The Senior guy like I said will throw you a couple bones to pick, if you generate some PC's from that business, he may or may not want part of it. I will tell you, if you work on any large accounts together (1 Million or more) he will want at least a 50% cut.
Keep this in the back of your head - The SR guy is probably not counting on you being around that long. More than likely, you won't be in a long term partnership with him. First of all, if you had some awesome ability to open accounts, or were super connected.....you would'nt want to be partnered.....why share your pot of gold.
Valu - The "partnership" you refer to will more than likely be a trial. You will probably sit in the area by your team, and....work. There is no disolving or documents or anything. By the way....it's a good thing! You would rather be afffiliated with a team, than completely on your own, and it will provide you with more opportunity, than if you were on your own. It's just not as permanent and structured as you might think.
Moneyadvisor, thanks for your very helpful advice... It seems my headhunter misunderstood- They intend to have him mentor me during my tenure as a POA... I'm still waiting for them to give me the OK, which is grueling...
Valu - it’s case by case. You may get partnered with a good guy, who will really try and help, or you may not. But…you won’t know till you jump in! It’s a great firm, you will learn alot, and the opportunity for those who make it, is huge! You will see this first hand when you begin.
[quote=ValuePlayer]
Moneyadvisor, thanks for your very helpful advice... It seems my headhunter misunderstood- They intend to have him mentor me during my tenure as a POA... I'm still waiting for them to give me the OK, which is grueling...
[/quote]
Valu....don't wait too long for them to get back to you.....if it's been more than 1 week.....Go get em. Follow up as if they were a prospect! No manager (in this business) worth anything, is going to keep you updated, in the hiring process. Waiting to see if you are persistant enough to take the next step, and follow up with him.....speaks VOLUMES about your motivation, and many other traits. GOOD LUCK. The top producer in my complex (his team does about $4 million per year) had to beg for his job back 14 - 15 years ago. The manager kept sending him away.....true story.