40% Cut in Pay for Merrill Brokers
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He is right. 40% of something that is free is still free. Stop it with your Thoughtcrime, I am very grateful for my “referals”, all of which seem to be based on how large a mortgage someone has with the bank. Power is tearing human minds apart and putting them back together in new shapes of your own choosing
The CA's in my office stayed late night and were involved in the push, but the handful of CA's I spoke to about it weren't thrilled about the work night, but didn't feel like their job was on the line......Not sure why your CA feels like she may lose her job......I would think that ship has sailed, and those who survived cutbacks earlier in the year are safe now..... I agree it's a dumb idea, but I easily pulled my clients out of the batch BOA said were eligible/suggestions for the promotion.......Yes, she does get paid. $75. But the CA’s have no option not to do it when they are being threatened that if they don’t open enough it will effect their next years comp. To me, this sounds like the checking account equivalent of the mutual funds sales contest saga of '02. These idiots never learn. True f’ing story (tfs).
Mnymkr, you hit it on the head. I also left SB, just before the MS merger. Boy am i glad i did.
But aside from that, i saw over 10 years or so, what Citi did to SB. What a shame. I'm indie for 6 months and couldnt be happier.Wealthy Investors Lured Away as Brokerages Battle to Keep Them
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By Alexis Leondis
Nov. 17 (Bloomberg)
"Merrill clients aren’t leaving for independent advisers because of anxiety following Bernard Madoff’s multibillion- dollar Ponzi scheme, Krawcheck said at the Oct. 5 press conference."
Really Sally??? - You lie!
and I used to think she was for the FA, but the spin goes on… Scare 'em into staying! Talk about misleading spin; Give me a break. No respect for this as the AGENDA is blatanly obvious. This is what happens when a well intentioned ‘leader’ sells out to the inevitable shareholder interest and then we all hear why opening credit lines or cross selling firm products is good for relationships.
They’re all about scare you to stay and get you to sell crap that makes the assets sticky. This model is dead.
“It’s good for the firm, it’s good for the broker, AND it’s good for the client.” - spoken like so many great Regional managers, regional “product specialist,” “Lending experts”, branch managers rolling out new “stuff”…
Right! So glad to never have to deal with a regional director explaining the strategic objectives and why it will help me and my clients. Just hit delete button on these people. They don’t care about clients one stinking bit.