[quote=Vin Diesel]

what are the requirements for new guys at wirehouse’s these days? just curious…

when i started 10 years ago, it was $10mill aum and $100k gross in 1st year. I didnt have the aum, but my gross was in the $150k area so my manager was happy.

happy prospecting

Still???  I thought the former ML guy ramped up all the goals like ML.

[quote=BankFC]Still???  I thought the former ML guy ramped up all the goals like ML.[/quote]

The numbers were increased to what I posted.  There are also quarterly numbers that have to be hit along the way.  So, a trainee could lose his job after just 3 months, rather than waiting a year to see if he’s on schedule.

[quote=ManagedMoney] [quote=Vin Diesel]

what are the requirements for new guys at wirehouse's these days? just curious...

when i started 10 years ago, it was $10mill aum and $100k gross in 1st year. I didnt have the aum, but my gross was in the $150k area so my manager was happy.

happy prospecting

[/quote]

At MS, to stay employed it's $2.5MM AUM and $25M in production.  Top tier is $7MM AUM and $70M in production.
[/quote]

Really? You have an entire year to bring in $2.5MM AUM?

I have to bring in $10MM AUM in two years with at least $200K in production (at Morgan Keegan).

[quote=mikebutler222][quote=ManagedMoney] [quote=Vin Diesel]

what are the requirements for new guys at wirehouse's these days? just curious...

when i started 10 years ago, it was $10mill aum and $100k gross in 1st year. I didnt have the aum, but my gross was in the $150k area so my manager was happy.

happy prospecting

[/quote]

At MS, to stay employed it's $2.5MM AUM and $25M in production.  Top tier is $7MM AUM and $70M in production.
[/quote]

Really? You have an entire year to bring in $2.5MM AUM?

This is where you separate the Bull S**tters from the people who are

realistic.



Morgan’s Revenue goals are ungodly high.



How much you pull in your first year is not indicative of how successful

you will be as an advisor.   I have a guy in my office who did 750K in

production the month of April 07. When I asked him how much gross he

did his rookie year he said he was at about 12K.



DON”T BLOW SMOKE!!! And by the way, advisors at MS don’t get paid on

anything less than 70K.



Those requirements are annualized revenue.    To succeed at MS or ML

you need a minimum of 1 mill AUM from day 1 of production.   





Dirty Delta

[quote=DirtyDeltaBro]This is where you separate the Bull S**tters from the people who are

realistic.



Morgan’s Revenue goals are ungodly high.



How much you pull in your first year is not indicative of how successful

you will be as an advisor.   I have a guy in my office who did 750K in

production the month of April 07. When I asked him how much gross he

did his rookie year he said he was at about 12K.



DON”T BLOW SMOKE!!! And by the way, advisors at MS don’t get paid on

anything less than 70K.



Those requirements are annualized revenue.    To succeed at MS or ML

you need a minimum of 1 mill AUM from day 1 of production.   





Dirty Delta

[/quote]

Advisors in the traning program at MS get paid a salary.  If their production reaches a point that a payout would exceed the salary they are getting paid, then they get the extra money as well.

While it may seem that the wirehouse revenue minimums are unrealistic to hit, anything less would be unrealistic to live on.

[quote=DirtyDeltaBro]This is where you separate the Bull S**tters from the people who are
realistic.

Morgan’s Revenue goals are ungodly high. [/quote]

You're joking......I started with ML. To grad their program and pick up every bonus check along the way you had to have 10MM in assets, $150M in production.

[quote=DirtyDeltaBro]
How much you pull in your first year is not indicative of how successful you will be as an advisor. [/quote]

I hope for your sake you're not basing your career on the misconception.

[quote=DirtyDeltaBro]
  I have a guy in my office who did 750K in production the month of April 07. When I asked him how much gross he did his rookie year he said he was at about 12K. [/quote]

Huh? He's annualizing at 9MM and his first year was 12M? Now THERE'S an amazing career path....

[quote=DirtyDeltaBro]
DON”T BLOW SMOKE!!!!! And by the way, advisors at MS don’t get paid on anything less than 70K. [/quote]

No, they don't get paid if the entire HOUSEHOLD is under $70M, not that single account.

[quote=DirtyDeltaBro]
Those requirements are annualized revenue.   [/quote]

Do explain that one.....

 [quote=DirtyDeltaBro]
To succeed at MS or ML you need a minimum of 1 mill AUM from day 1 of production.   


Dirty Delta
[/quote]

Just how does ANYONE have a MINIMUM of 1MM AUM on DAY ONE?

"You're joking......I started with ML. To grad their program and pick up every bonus check along the way you had to have 10MM in assets, $150M in production."

To correct, that was at the end of year two.

Bro, I totally agree with you. To Exist at Morgan and Merrill you need to

pull in about 1 mil per month.



On the other side of that coin it is really hard to pull in 1 mil per month of

fee based business.   



It is one thing to pull 1 million of B shares paying trails, and another to

dump 1 mil into a wrap account.   



The AUM is not impossible, it’s the Gross……. I know all about the RFE

program.



So let me see if I am understanding this- you need to gross 100K your

first year at Morgan Keegan to keep your job?

“ Just how does ANYONE have a MINIMUM of 1MM AUM on

DAY ONE?”







Easy start marketing your self before you hit production and get the

ACATS signed on your production date.



“You’re joking…I started with ML. To grad their program

and pick up

every bonus check along the way you had to have 10MM in assets, $150M

in production.”





I am not talking about graduating by ranking number one in your POA

Class. I am saying that it is imperative to maintain satisfactory tier in

order to be able to live comfortably when you hit the grid. This is not

easy. If it is so easy why did you leave Merrill?





I hope for your sake you’re not basing your career on the misconception.





Not at all. I am saying that since I have started I have blown some great

opportunities. But you better GD well bet that I will not make the

same mistake twice. I would probably have an additional 5k to date in

revenue had I not made rookie mistakes





Huh? He’s annualizing at 9MM and his first year was 12M?

Now THERE’S

an amazing career path…





Another BS comment. I am saying this producer in month 12 of his

rookie year only grossed 12K in revenue to date. For the month of April

07, this

individual and his team did 750K.







No, they don’t get paid if the entire HOUSEHOLD is under $70M, not that

single account.





You could be correct here. I have not done anything under 100K. But I

also know there a sh*t load of fees that do not count toward my gross.





Do explain that one…Do explain

that one…



We get pid 1.5 on the grid for fee based buisness (wrap accounts).





Need I say more?

For the record am about 12 days into production month 4.

“ Just how does ANYONE have a MINIMUM of 1MM AUM on
DAY ONE?”



Easy start marketing your self before you hit production and get the
ACATS signed on your production date.

You might want to be careful about "marketing" yourself to the point of getting ACATs ON your first production day. Are you IN training or talking about how you've done it? 

“You're joking......I started with ML. To grad their program
and pick up every bonus check along the way you had to have 10MM in assets, $150M in production.”


I am not talking about graduating by ranking number one in your POA
Class.

That wasn't to grad #1, that was to pass it and collect the bonuses.

I am saying that it is imperative to maintain satisfactory tier in
order to be able to live comfortably when you hit the grid. This is not
easy. If it is so easy why did you leave Merrill?

I passed every hurdle, collected every check, when to every PDP trip. I didn't leave because of the PDP program. IOW, been there, done that. Didn't say it was easy, but I'm shocked how much lower the program you're talking about is.


I hope for your sake you're not basing your career on the misconception.


Not at all. I am saying that since I have started I have blown some great opportunities. But you better GD well bet that I will not make the same mistake twice. I would probably have an additional 5k to date in revenue had I not made rookie mistakes


Huh? He's annualizing at 9MM and his first year was 12M?
Now THERE'S an amazing career path....


Another BS comment. I am saying this producer in month 12 of his
rookie year only grossed 12K in revenue to date. For the month of April 07, this individual and his team did 750K.

You need to learn the language of the biz, newbie. You said " I have a guy in my office who did 750K in production the month of April 07. When I asked him how much gross he did his rookie year he said he was at about 12K."

Now, you realize 750M in a month is a 9MM year clip, right?Furhermore, I'm STILL shocked that this guy told you he did only 12M his ENTIRE first year.

No, they don't get paid if the entire HOUSEHOLD is under $70M, not that single account.


You could be correct here.

LOL, yeah, I "might" be

I have not done anything under 100K. But I also know there a sh*t load of fees that do not count toward my gross.

That's right, account fees don't count towards your gross...


Do explain that one.....Do explain
that one.....

We get pid 1.5 on the grid for fee based buisness (wrap accounts).
Need I say more?

I'm aware what the fee base is (it isn't 1.5% on all fee business, btw) and I know what annualized means, thanks. I would seem you're having a problem with terms here.

[quote=DirtyDeltaBro]For the record am about 12 days into production month 4.



[/quote]

Then, given your vast experience, you're qualified to tell us what the current requirements are and not much more....

Dirty -  write some insurance.  It may not go towards AUM, but it will count for revenues.  Also, I beleive mortgages still count for AUM at MS.

[quote=mikebutler222]

We get pid 1.5 on the grid for fee based buisness (wrap accounts).
Need I say more?

I'm aware what the fee base is (it isn't 1.5% on all fee business, btw) and I know what annualized means, thanks. I would seem you're having a problem with terms here.

For the record:

ML POA hurdles are based on AUM and the "best-ball" of PC's and annuitized assets.  To graduate in 2 years you have to have 15mm AUM with 12mm of that being annuitized or roughly 250,000 PC's.  There are quarterly hurdles that give cash bonuses ranging from 2,000 to 4,000.  If you 'graduate' in 12 months, you get 30m cash and 100m MER.  The pace is rigorous, but definately not impossible for a professional.

I believe these are the toughest in the business, but if you can make it at MER, I'd bet a pepsi you could make it any ANY sales business.

[quote=DirtyDeltaBro]


So let me see if I am understanding this- you need to gross 100K your

first year at Morgan Keegan to keep your job?

[/quote]

Not exactly.  It is a 24 month training program, with tiered goals.  In month 24 you are required to have $10 million AUM and $200K in production.  At the end of the first year the production goal is less than $80K. 

I am in month 3, hitting all goals and happy as a clam.