[quote=BullBroker]

If you are going to be giving advice on this board try to at very least make it a little more accurate.  It is not only $15million, $10million must be in annuitized assets.  “IF” you did get the $10 million and graduated with the minimum bonus of $10000 cash $25000 stock, your net worth just jumped $35000.  Then (inless ALL of your clients left) the minimum you could make annually is $50,000.  $10million annuitized= (@minimum) 1% annual fee=$100,000 if you have only been there 2 years you are still on 50% grid, 50% of $100,000 = $50,000 annual salary.  And $50,000/year is better than 90% of the worlds population make in a year. 

[/quote]

Bull,

   Unfortunately for you my advice is more accurate than you realize.  It seems that you have drunk the koolaid and have not verified the facts.

   Yes, you are correct, you need to have $10mm annuitized but you are completely off with your @ minimum 1% annual fee.  Depending what annuitized assets you have, your velocity can be MUCH lower than 1%.  Remember that there are assets that count as annuitized that don’t pay much of a trail if any.  (i.e. mortgages)  Please do yourself a favor and ask recent POA graduates what their velocity was upon graduating.  While I admit a salary of $25k a year is on the low end, it is a possible salary (meaning without bonuses) that you can have upon graduating.  It can however be even worse.  You can be meeting your hurdles and go off salary without graduating and still keep your job.  Please remember that you have 24-months to graduate but if your salary is over $40k then you only get 18-months of it.

   I know that you’ve only been with ML for just over 6-months but you should try to be more aware of the possibilities of the salary dip. 

–WM

[quote=WealthManager] [quote=BullBroker]

If you are going to be giving advice on this board try to at very least make it a little more accurate.  It is not only $15million, $10million must be in annuitized assets.  "IF" you did get the $10 million and graduated with the minimum bonus of $10000 cash $25000 stock, your net worth just jumped $35000.  Then (in less ALL of your clients left) the minimum you could make annually is $50,000.  $10million annuitized= (@minimum) 1% annual fee=$100,000 if you have only been there 2 years you are still on 50% grid, 50% of $100,000 = $50,000 annual salary.  And $50,000/year is better than 90% of the worlds population make in a year. 

[/quote]

Bull,

   Unfortunately for you my advice is more accurate than you realize.  It seems that you have drunk the koolaid and have not verified the facts.

   Yes, you are correct, you need to have $10mm annuitized but you are completely off with your @ minimum 1% annual fee.  Depending what annuitized assets you have, your velocity can be MUCH lower than 1%.  Remember that there are assets that count as annuitized that don't pay much of a trail if any.  (i.e. mortgages)  Please do yourself a favor and ask recent POA graduates what their velocity was upon graduating.  While I admit a salary of $25k a year is on the low end, it is a possible salary (meaning without bonuses) that you can have upon graduating.  It can however be even worse.  You can be meeting your hurdles and go off salary without graduating and still keep your job.  Please remember that you have 24-months to graduate but if your salary is over $40k then you only get 18-months of it.

   I know that you've only been with ML for just over 6-months but you should try to be more aware of the possibilities of the salary dip. 

--WM



[/quote]

You are looking at this the wrong way.  Is it possible to graduate POA and only make $25K the following year??  I am going with YES, it is possible.  Is it probable??? Absolutly not.  With the quality of people and the increased scrutiny ML is putting on the BM's in the hiring process, ML is not going to hire someone who can't produce.  Meaning, yes you could get out of POA with $15million in Mortagages, Munibonds, and VRP's that pay practically nothing as far as a trail goes.  Your average POA is not going to do that, your going to put your clients in managed money, (consults, CDP, MFA) and C-share mutual funds.  I would say 90%+ POA's who graduate make more the following year than their POA salary.  But, like you said I have only been here 6-months so I have only seen our Branches way of doing business.