Deal talk
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Great article on the business;
I found this line particularly on point!
"Merrill’s thundering herd of roughly 15,500 brokers is
suffering the indignity of working alongside traditionally less
prestigious counterparts at new parent Bank of America Corp"
http://www.reuters.com/article/marketsNews/idINN1734151020090217?rpc=44
I think it so funny how they try to insult “counterparts at BAI” You take 2 brokers and send one to ML and one to BAI. In 4 years the BAI broker will have over 50 million in assets doing 400k in production. The ML guy will barely have 20 million, mostly from his family and hardly doing any gross. So there is your opportunity. Choose a prestigious name and make d***. Or work fro BAI and do gross. You choose.
It doesn't matter the name of the firm - at the end of the day it comes down to the rep. Even if you inherit a book, in the long run it is the individual that builds the business. In most cases, the best you can hope for is that the HO (name) doesn't get in the way. Most firms just become a hinderance to the process.I think it so funny how they try to insult “counterparts at BAI” You take 2 brokers and send one to ML and one to BAI. In 4 years the BAI broker will have over 50 million in assets doing 400k in production. The ML guy will barely have 20 million, mostly from his family and hardly doing any gross. So there is your opportunity. Choose a prestigious name and make d***. Or work fro BAI and do gross. You choose.
your in general right about the BAI guy initially growing his book faster. but if you look at average production of bank vs brokerage, the avg gross per fa has always been higher at a wirehouse. and there are a lot more million dollar producers. i think because in the long run the banks micro manage you and make you do a lot of other bs that eventually kills you from being as productive and continuing to grow your book.
[quote=cutacheck]The ML guy will barely have 20 million, mostly from his family and hardly doing any gross. [/quote]
Where do you get your numbers? Under the POA program, which is easier than that newer PMD program, you need 15MM after 18-months. You are suggesting that the Merrill broker would have only 20MM after 4-years. Sounds like mostly BS to me.
This has nothing to do with ML vs BoA, just that you are throwing out BS numbers.
–WM
Mearly stating that the platform at BAI is better for an FA just beginning. The numbers are an example of how different the growth is. Doesn’t anyone ever wonder why firms hire thousands of trainees every year and a very small amount make it through. If they were all succesful there would be millions of FA’s. So i guess everyone has 100mm after 4 years at ML??? I think not.