Wirehouse new or bank team building?
Here's my basic choice:
Merrill with a base of 50K and commissions
Join a team at Wells Fargo with a big book and work it up with a smaller base and split commissions?
5 Things to consider:
1) At Merrill Lynch, joining a team would clearly be lucrative if I did well.
2) Starting out with a book and learning from a real kick-ass pro may be more helpful in the years to come
3) At Merrill I'd get my commissions plus bonus plus salary
4) At Wells I could break off at any time, when I feel comfertable and take the book I built with me as my own FC within the company
5) Either way I'd have to work my ass off.
Two things to consider...
1. You won't have "a book."
2. The "book" that you will be building won't be yours.
And you won’t get your salary plus commission at Merrill. You’ll get commissions that exceed your salary.
If you have some quality contacts, and could somehow get through the POA at ML in 1 year, you would get a 30K cash bonus and 100K in stock vested after 5 years.
Something to consider...
Other things to consider: Which firm is the most appropriate fit for your target market in terms of marketing, support and platform?
Who has better name regognition and reputation within your circle of influence?
It is really hard to get started without a team unless you have some amazing contacts with lots of money, no one currently managing it and they don't mind you have little experience. <?:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" />