Stan,

That is exactly what I was told by someone with Merrill when I joined AGE almost 5 years ago.  Thanks for the update. 

My five years isn't up

Ask the guys at Wheat First, Pru, Scott & Stringfellow, Robinson Humphrey, Shearson, Salomon, JC Bradford, yadda, yadda, yadda....

Hey, working for Jamie Diamond wouldn't be all that bad, and BoA is a fine bank (but a sucky brokerage firm)...

What’s the policy at AG regarding repayment of training costs?

Depends on the branch/district manager.  I know that 1 guy from my class was taken to the cleaners, while others were not. 

[quote=Broker Fee]

[quote=The Truth]The Banks are coming.....(3) big ones to be exact.  I am not saying it is impossible, but it will be difficult to maintain independence.  I mean AG is a great firm and all, but $2 billion in revenues?  You guys are the same size as Jones and that is not going to cut it.[/quote]

There is a poison pill that says in the event of a hostile takeover, all profit sharing & 401(k) money is IMMEDIATELY fully vested. Since none of the veteran brokers have a contract....what do you think would happen to the guts of the firm??? Kind of reminds me of what is happening over at Morgan Stanley's investment banking division. Who's going to pay top dollar for an empty shell?

Over the past 20yrs the stock has appreciated more than Merrill so shareholders are not biting at the bit for a merger.

If anything you will see AG acquire a regional bank over the next year. The current leadership has publicly vowed to the sales force  never to be acquired but has expressed some interest in future acquisition.

[/quote]

Stanley and others-

This would be the puzzle piece that you are missing.  There are very few 'golden handcuffs'.  The right buy would have to pay the right price and then treat the FC's with kid gloves to make it work.  I'm not sure if there is a buyer of sufficient scale with the right mindset.

I was recruited by AG Edwards and wish I had been far-sighted enough to join there instead of SB. 

I loved SB until we merged with Citi.  Oh well....

How's the pressure at AG Edwards and what are the sales quotas???  Thinking of making the switch....

There are no quotas and no pressure - none - you’ll be very happy…

Hcreek, Hat Creek ?

Nope!

Hello,

I am looking at a career change and do have an opportunity to join Edwards.  Do you know what is the standard package for a brand new FC who has a Master degree in Personal Financial Planning and 20 years of management & business experience but NO SALE job?  I am negotiating with a branch manager and want to know what is the going rate if you could help.

Many Thanks for your help.

I didn’t know that there was such a thing as a Master Degree in Personal Financial Planning.

This is an MBA degree where you need to complete the CORE MBA courses plus 5 CFP courses, a Financial Planning Introduction course, a Personal Financial Planning/Capstone course (Business Plan, a complete financial plan, 2 problems).  The program takes 2 years to complete (full-time).  Graduate can sit for the CFP exam to obtain the designation.

all those degrees are nice, but unless you can get in front of people and then have those people trust and like you those designations mean nothing.  I've seen many a people think they are so smart by spending so much time getting letters behind theire names fail.

regarding salary you should ask for whatever you are making now.  But you will probably get 40k while you study for the 7 (3 mos.) You then have 9 months declining salary coupled with an enhanced payout.  After you pass your 7 you have 9 months to sink or swim,  After 9 mos.  100% commission. 

Merrill has a 2 year salaried training program but you have to meet certain minimums so stay employed.