So question for you guys…if you had to do it over again, what would you do? What’s the better way to break into the business? Everybody wants to partner with a $1MM producer but those are few and far between in smaller markets. Bank brokerage? Try and find an indy?

As long as you don’t sign the $38k training debt with ML, i guess it as good as any to start. Just be prepared for it to not be the last stop of the train you’re on. Also, I think this is a horrible time to break into the business, so keeping another job for a couple years and joining chambers and networking to build the relationships and start branding yourself before getting licensed is a good idea. On the other hand, if you have enough drive and are willing to harrass people, you won’t wait to start and you may just succeed in spite of the reality.

[quote=JoeBull]So question for you guys…if you had to do it over again, what would you do? What’s the better way to break into the business? Everybody wants to partner with a $1MM producer but those are few and far between in smaller markets. Bank brokerage? Try and find an indy?

As long as you don’t sign the $38k training debt with ML, i guess it as good as any to start. Just be prepared for it to not be the last stop of the train you’re on. Also, I think this is a horrible time to break into the business, so keeping another job for a couple years and joining chambers and networking to build the relationships and start branding yourself before getting licensed is a good idea. On the other hand, if you have enough drive and are willing to harrass people, you won’t wait to start and you may just succeed in spite of the reality.[/quote]

I dont understand whats with the constant negativity… This is the problem with most FAs, they are all finance/accounting backgrounds and read short term trends. I have been lurking these forms for the past month and nobody seems to be seeing the MACRO-economic changes happening in the economy.
Lets face the facts, BOA is milking the Merrill Lynch brand as much as possible, and the way this program is set up is proof. You go in, get your licenses, get your experience, than get out, with ML brand stamped on your resume. The question is the ML brand what it used to be? From what I hear after 2008 people in the industry dont see ML like they used to.(correct me if im wrong here) Anyhows, so basically is ML brand worth 3-4 years of sweatshopping? It probably depends on your socio-economic status and background/other options…

ML still matters on the resume. If you leave the industry, people outside of the industry have heard of ML and it means something more than Ed Jones or an Waddel and Reed.

If you are not licensed and do not have immediate assets to bring in, get a job at a smaller regional or Ameriprise, etc- just make sure they are on the Broker Protocol (Edward Jones is NOT) and they don’t have a repayment of training costs clause. Get licensed, get some time in production, build a few strong relationships with clients, then bolt for ML and bring your clients with you. This will front load you for the first year or so in the PMD Program so you can actually prospect and go through the discovery process with potential clients, and thus actually help them achieve their goals instead of pushing product to get points on the board fast.

I’m aware it will be difficult. And it wasn’t a case where I just woke up and decided to be an FA. I’ve researched this for a while and have already talked to people so raising money will be 80% based on current network contacts and third-party contacts.

bwhahahahahahahahahahaha!!! all you lemmings need to rethink this shit. i’m so sick of hearing from clients that little fucktards like yourselves are knocking on doors and claiming to be pros when you’re all just a bunch of cumsocks

Bonky,
YOU are the LOSER…how’s life in the branch???..bet you’re calling you parents every other week to cover rent…
All The Way

[quote=blitzinger]I’m aware it will be difficult. And it wasn’t a case where I just woke up and decided to be an FA. I’ve researched this for a while and have already talked to people so raising money will be 80% based on current network contacts and third-party contacts.

bwhahahahahahahahahahaha!!! all you lemmings need to rethink this shit. i’m so sick of hearing from clients that little fucktards like yourselves are knocking on doors and claiming to be pros when you’re all just a bunch of cumsocks[/quote]

This is what Primerica does to folks, people. Stay away!

This is the toughest business I know of. I am just over five years in at a wirehouse (the same one I started with) and if I had known how tough it would be, I’m not entirely sure I would do it over again. You will put yourself through incredible physical, mental and financial stress just to survive. That said, you’ll never know if you could make unless you give it a shot. Work harder and smarter than everyone around you, get to know the most successful FA’s in your office and maybe you’ll have a shot at landing on a good team. I wish you luck!

This is one of the better more insightful “real” post I have read on here. Before reading this I was all gung-ho on starting the PMD program. Now I’m not sure if I want to move forward.

Management is just filling seats, and the PMD program is just spinning wheels right now. They are hiring in mass, and cutting people before the 6 month hurdle. Which means after 3 months, you’re already looking for a new job.

Having said that, getting paid to get your licenses is not bad deal, and you get a shot at an opportunity that I think will be harder to find once the Bank loses more Senior FA’s and the cost of the pmd program becomes an issue. The whole model will change in the future.

From what i’ve seen, almost no one in my office made it the old fashioned way. They started at banks, inherited a book, or are still struggling after 5 yrs. You get no help at all, no referrals nothing. You can probably make more in your second yr in a bank model than you can after 5yrs at ML. And thats providing the deal has not completely changed by then.

If your serious about this career, I think you have to go somewhere your actually needed, where there is growth, where you make 100’s of new relationships with qualified investors, then maybe move 5 yrs down the road.

Can anyone confirm for 2012 what are PMD hurdles for:

$ AUM
$ TT GDC or Commissions or Production credits
Net New Households (2-8?)
Velocity or % Fees (0.50 - 3.00%)

I keep hearing $10M…$15M…$30M for AUM
6mo cut off
Gifting PCs, Knights, Vultures
fees < 1%

It appears that one can make some real money if these hurdles are met; however, its all gibberish if we cant agree what are targets / hurdles.

In every business you have to move x product in y months.

You back track from # sales call, to trips, to sits, to engagements, to close. Be it 144 business trips/yr to 1 deal that makes your year.

Whats the Math?!

For 2012, pc’s are the only measure for on-target tracking and performance bonuses. There are only two levels now.
At LOS month 12, for Level I minimum hurdle is 30,000 pc’s for level II it is 40,000 pc’s. (Above those amounts there are standard and goal levels for bonuses. )

The Benchmarks are not tied to continuation in the program, but for LOS month 12 they are listed as $10mm aum, $5mm in fee based, and 10 affluent hh’s.

What is LOS Month?

Length of service. So month 12 in the program= LOS month 12
(more or less… they do allow for a month or so after production number to get up and running before the hurdles start)

Are you still at Merrill?

Thank you for this informative post. I have a last round interview and plan on going through this program with two eyes open.