Regional New Hire Payout vs Wirehouse

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Feb 22, 2009 11:12 am

I am a Merrill POA casualty in the Southeast US, who was hitting their hurdles…5MM book totally anniutitzed, 15 years industry experience, but was a Private Banker/Portfolio Manger (CFP) for Chase with no transferable book…needed to start to rebuild with Merrill.

  A regional branch manager (RJ) recently offered me a monthly stipend of $3000 per month in addition to traditional grid payouts for 6 months to start with them. Love the opportunity and chance to build book, but am unsure how I will cover living expenses after stipend ends. I know the drill of getting in front of people and hustling, but was just wondering how this compares to what others out there are seeing.   Merrill is starting PMDs at 60-70K for 2 years, (of course many are no longer there.)   Thanks!