Severance Pay
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I’ve been in the business for 3 years and I want out. My book size if approx 15mm. Will Mother Merrill give me a severance pay if I resign?
Are you serious? You’ve been in 3 years and you don’t know the answer to that question?
I think the ONLY option you have is to do a "retirement plan" with them (I don't know what they call it at Merrill). This would be where you give your book to someone else at Merrill, and they have to give you a cut of the gross over X years. I don't know ANY of the details, but I have a retired friend that is in year 3 of his 5 year package (he gave the book to his daughter). She pays him over 5 years. However, I highly doubt you would qualify based on the size of your book, your tenure, or the fact that I doubt you are retiring. You should ask around, or just search the company intranet for the answer.[quote=wantingout]I’ve been in the business for 3 years and I want out. My book size if approx 15mm. Will Mother Merrill give me a severance pay if I resign?
[/quote]They'll probably cut you a check for about $750,000 to help you get started in your new career. Ask your regional manager about it.
funny! --something i failed to mention: i work on a team. i don't mind if the team gets the assets but i dont want the team to have to pay. i want merrill to pay.
I have a call into hr... wish me luck!
And why would you talk to HR? Have you talked to your team yet? What kind of agreement did you have in writing when you joined the team? Did it allow for an exit on your part?
their assets indeed, but pay in agreement to not solicit, in a similar form as retiring. I know i’m far off from that, but thought there should be some incentive to not pursue or tell anyone else to pursue.
-not talking to hr personally. ive have not talked to the team out of fear. looking for a quick career change and dont want to be booted.Wanting Out - May I suggest that you are resigning NOT retiring and that is significant. I assume that you have a CONTRACT with your Team, check what the terms of the agreement are for you to be compensated for upon you resigning.
Another comment - why do you not want the Team to pay for the assets? What does that matter to you?let me give you some advice. find an indy advisor who wants to buy your book, transition your biz to his osj, and then sell your book to the indy advisor. It would be a 6-12 mth process.
I vote with ez, transfer it over to an Indy, that I predict is the only way you’ll see any money.
No way to survive at ML on $15 mill. Hard to transfer out of ML. Find a good guy in the office with some power and sell it to him.
Then go find a new gig.In all reality the team you are on will not pay for you to leave and although I don’t work for M/L I can almost guarantee that they will not pay you to not solicit those clients. In their eyes you have not been successful so they have no reason to pony up. I suggest you wish your current team well with those clients and then go find a career that you are more suited to.