BAI to finally hold a ML update call on Monday
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On Monday, PB&I President Dean Athanasia and BAI President Mark Benson will host an all-hands call to provide an update on the Merrill Lynch transition and the PB&I organizational announcement posted on November 25.
Just as some folks on here predicted...... ! This is being held after the Thanksgiving holiday. Let's hope they have some facts to tell us and not more about how great the two organizations will be together (YAK). I've been with BAI for five years and I am interested in how things are going to change going forward. There has been very little communication but this was to be expected. <?: prefix = o ns = "urn:schemas-microsoft-com:office:office" />
Any other BAI folks hear anything about this call?
Have any ML guy's herd of a similar upcoming call?
get ready to get f@#ked!! They did it to me every Dec. Finally, I said enough!
That guys name is too close to Anesthesia. I wouldnt trust him soley for that reason.
Looks a little more like Euthanasia to meThat guys name is too close to Anesthesia. I wouldnt trust him soley for that reason.
I remember bac sticking to me every dec 15th. never failed. every dec 15th I knew I was going to get fu@ked by bac. so finally after the dec 15th conference call with my failure managers I hung up and decided I wasn’t gonna be fu@ked with anymore. with 2 kids and a stay at home wife I plotted my departure for April and left. took about 15 mill. got it to about 21 mill before the market crashed in about 1 year 1/2. Best thing I ever did. Looking back on all this, and talking to peers that left bac to go to other institutions in the news for possible failure, I look brillient! Man I’m I glad to be running my own show. even if it is still just a 15 mill show.
EZ Money:
I find your post interesting. Our family dynamic is similar, and while I work for the "man" (WS), my book is signifigantly larger, and therefore I would assume my production is higher, but with a much smaller payour relative to the indy route. My question would be what kind of income do you produce on a 15 mm book?? I suppose that I always assumed that the INDY route was mostly effective for the 75 mm+ type of book. For me, I find comfort working for a larger company (for now at least), and I do not consider myself a mindless drone, I have been exploring my options, and will make the decision that fits my business.
Curious about that as well EZ. I would think that setting up as in Indie requires a substantial capital investment. With an asset base of $20mm it would take a long time to recover that investment, no?
[quote=ezmoney]I remember bac sticking to me every dec 15th. never failed. every dec 15th I knew I was going to get fu@ked by bac. so finally after the dec 15th conference call with my failure managers I hung up and decided I wasn’t gonna be fu@ked with anymore. with 2 kids and a stay at home wife I plotted my departure for April and left. took about 15 mill. got it to about 21 mill before the market crashed in about 1 year 1/2. Best thing I ever did. Looking back on all this, and talking to peers that left bac to go to other institutions in the news for possible failure, I look brillient! Man I’m I glad to be running my own show. even if it is still just a 15 mill show.[/quote]
What happened on the Dec 15 calls? Did they announce a new grid every year?
[quote=Sportsfreakbob]Curious about that as well EZ. I would think that setting up as in Indie requires a substantial capital investment. With an asset base of $20mm it would take a long time to recover that investment, no?
[/quote]
What do you mean, you WOULD think? You’re an indie, Joe, don’t you know how it works?
I’ll gross about 250k this year. 90% goes to indy firm. I keep the rest. No it does not require alot of start up capital to do it, if you watch your overhead. I watch mine. I get clients the old fashion way. Prospect. I don’t money foolishly.
EZ…if you are grossing that and keeping that percentage, then you are making as much as I am, and my production is over 600K (I am sure you can do the math). It seems your ROI is a little high, so if youa re being honest with yourself, what are your expectations for '09 in a flat market?? Also, what is your mix??
Good story and good for you...Always wonder how guys can do big numbers and give 60% to a firm for almost nothing except for annual grief on payout and charges etc. Guess in the old days you could say the name of the firm may have helped a bit building the biz, but those days are over. All the major firms now rank right behind Enron as tainted names, only question is what order they fall in down the line.I’ll gross about 250k this year. 90% goes to indy firm. I keep the rest. No it does not require alot of start up capital to do it, if you watch your overhead. I watch mine. I get clients the old fashion way. Prospect. I don’t money foolishly.
about 60% of my gross is annuitized. I think I can do 250k- 300k next year. It’s a shame isn’t? to ber grossing 600k and still be only making what I do. btw I onlly worked about 25 hr weeks to do that. How many hours/week did you work to gross 600k?. I take pride in spending time with the family.
EZ- you need office space, technology, legal advice, etc. How does that
not equate to a start up investment of a reasonable amount? What am i
missing. Anyone else who wants to educate me, chime in.
LOL…if I ma honest, I am IN the office about 30 hours a week, and I WORK about 20 of it. Yes, I know that doe snot show a great work ethic, but my motiviation has been dwindling lately. That is part of the reason I am considering my options, I need to find a new way to start the fire. It is commendable that you plan on growing your revenue next year, especially assuming that you will have a 15mm book to start the year. I have found that there is a little bit of a glass ceiling for a one man crew once you get to 600-700k. Of course there are expections to that, but that is my experience. Going Indy just seems like a lot of work to me.
[quote=Sportsfreakbob]EZ- you need office space, technology, legal advice, etc. How does that
not equate to a start up investment of a reasonable amount? What am i
missing. Anyone else who wants to educate me, chime in.
[/quote]
Joe, why do you need to be educated? You ARE independent. Quit acting like a putz.
Ice…once again, to show how little I know about the situation; under what scenario do I need the s24?? I actually have it already, along with the 9 and 10. Also, it is nice to have a real conversation without everybody jumping to conclusions and pointing fingers. One otehr point, the payout at 600K is 38%, but I get a nice little deferred comp bonus (5 year cliff vesting) that equates to another 3.5%. Not many trips, although wholesalers take pretty good care of us, I like to golf!!
[quote=duster10]LOL…if I ma honest, I am IN the office about 30 hours a week, and I WORK about 20 of it. Yes, I know that doe snot show a great work ethic, but my motiviation has been dwindling lately. That is part of the reason I am considering my options, I need to find a new way to start the fire. It is commendable that you plan on growing your revenue next year, especially assuming that you will have a 15mm book to start the year. I have found that there is a little bit of a glass ceiling for a one man crew once you get to 600-700k. Of course there are expections to that, but that is my experience. Going Indy just seems like a lot of work to me.[/quote]
My production went up when I went indy. It’s kind of strange, but I felt MORE motivated to do business since I was getting to keep so much more of my money.
I pay $550/mth for rent which gets me shared access to conference room and waiting room, $140/mth for telephone. my computer and printer/fax cost me $1500, no assitant and don’t plan on one for a looooong time. What the heck kind of start up costs does one need? My indy firm gave me 15k to start up. Maybe I used 5k.
You're really missing the boat if you think it's alot of work to go indy. I was busy for maybe a few months. One would think a 90% payout would be worth the transtion work load. Man I thought I was lazy.