I too was wondering how you compare Doctors, Dentists and CPA’s with used car salespeople.

[quote=Spaceman Spiff]

Does that mean doctors, dentists, CPAs, and attorneys are overpaid too?  I only see my doctor when I’m sick and he charges me or my insurance a few hundred dollars for 15 minutes.  I see my dentist for about 10 minutes all year long but he still charges me or my insurance a couple of hundred dollars for his services.  My CPA buddy tells people to use quickbooks and uses a more advanced version of turbo tax to do taxes.  He charges a few hundred dollars to do a tax return.  I paid my attorney over $1000 to do a simple will a few years ago.  Haven’t spoken with him since. 

Many Changes are coming.  October is doomsday for BAI FA’s that are less then $400k production.  Anyone left will be moved onto ML platform then on Jan 1 everybody will be paid a salary + bonus like the PWM advisors. 

today my director fowarded an email that was probably sent to all the directors firm wide regarding the article in business insider.  a senior fa from the mid west  wrote ken lewis asking if indeed dan santog was leaving the firm…  lewis remarked saying that was not true and trash.

[quote=buyandhold]

[quote=Spaceman Spiff]

Does that mean doctors, dentists, CPAs, and attorneys are overpaid too?  I only see my doctor when I’m sick and he charges me or my insurance a few hundred dollars for 15 minutes.  I see my dentist for about 10 minutes all year long but he still charges me or my insurance a couple of hundred dollars for his services.  My CPA buddy tells people to use quickbooks and uses a more advanced version of turbo tax to do taxes.  He charges a few hundred dollars to do a tax return.  I paid my attorney over $1000 to do a simple will a few years ago.  Haven’t spoken with him since. 

Do we really believe what Ken Lewis says these days?  I sure hope this salary things is false because it will spread industry wide. Then again fee based brokerage which has become so prevelant to our industry is basically a salary without bonous so maybe it isn't such a bad thing. And when markets decline like they have we don't take such a haircut. Then again we can't make more when the markets are rising. I guess salary isn't such a great idea.

Gauntlet, what’s that based on? 

Hey, Draper.
Mechanic/doctor – same basic concept. Check the oil, steering fluid, all gauges, run a computer diagnostic/check blood pressure, send blood work to the lab – in each case, follow checklist to figure out problem.
Also, for every mechanic who screws up your car, there is a doctor who kills you because he missed something on the checklist.

Thankyouverymuchhaveagreatday.

gauntlet’s lying…sub 300k maybe

Borker Boy,

Are you f-ing serious? FA’s, in most cases, work for peanuts initially to build their book of business.



Their first year or so in the business they live under constant scrutiny that they may not make the cut and get fired (90% attrition when starting out).



Then, after “making it” to the point where you’re not worried about management just simply cutting you for not making your asset hurdles, you end up starting out off salary, probably making less than your assistant.



It takes a good 3-5 years to get your business up to a point of making any real money. I can’t think of many professions where people put so much on the line to do what we do to finally make a good living.

[quote=tmoney47] today my director fowarded an email that was probably sent to all the directors firm wide regarding the article in business insider. a senior fa from the mid west wrote ken lewis asking if indeed dan santog was leaving the firm… lewis remarked saying that was not true and trash.

[quote=buyandhold]Hey, Draper.
Mechanic/doctor – same basic concept. Check the oil, steering fluid, all gauges, run a computer diagnostic/check blood pressure, send blood work to the lab – in each case, follow checklist to figure out problem.
Also, for every mechanic who screws up your car, there is a doctor who kills you because he missed something on the checklist.

Thankyouverymuchhaveagreatday.




[/quote]

I don’t think you really understand what doctors do.

It amazes me how many of you love to stereotype people based on poor experiences you may have had with someone.

In every industry and occupation, there are “arrogant snobs.” I’m a ML advisor, and yes, are there some arrogant people I work with - sure, but how is that different than any other firm? I’ve interacted with PLENTY of arrogant SB, MS, UBS, etc. advisors with egos a mile long. It doesn’t mean I’ll characterize everyone at their firm in that mold - it just simply means that PERSON is someone I’d rather not deal with or model myself or business after.

How hard of a concept is this to understand?

And BTW, anyone who believes this article from this moron at Clusterstock deserves to take the bait. This is nothing but rumor on his part and the mere fact that he takes a preemptive “cover your *ss” statement like, “the situation may change due to late maneuvering…” makes me think he has even less credibility. This guy is an Internet blogger that doesn’t even come close to understanding the ML comp structure. There is no such thing as “points” for compensation at ML… it’s simply Production Credits and how you’re paid on them relative to your grid - same as any other firm.

Also, did it ever occur to this wacko that if BofA was to make such dramatic changes to essentially the “crown jewel” of the entire merger transaction (namely, ML’s wealth management unit and even more importantly, it’s advisors), that most of the top producers would just simply walk?

[quote=Don Draper]

[quote=buyandhold]Hey, Draper.Mechanic/doctor – same basic concept. Check the oil, steering fluid, all gauges, run a computer diagnostic/check blood pressure, send blood work to the lab – in each case, follow checklist to figure out problem.Also, for every mechanic who screws up your car, there is a doctor who kills you because he missed something on the checklist.Thankyouverymuchhaveagreatday.

[/quote]I don’t think you really understand what doctors do.[/quote]



I have to agree with Don.



The human body is infinitely more complex than a vehicle. Damn, haven’t you ever seen House?



Also, the reason you pay your doctor so much has nothing to do with whether insurance will pay it. It’s basic economics. Why do we pay more for some things and not others? Scarcity. A physician passes difficult exams under pretty intense circumstances. They have the ability to do what others do not. Mechanics follow a different path, one that many more have the ability to do.



A great example is college coaches v. professors.   Why does Mike Alphabet soup from Duke get paid more than a brilliant economics professor from the same school? He has the ability to do what others do not. Win basketball games.

Well said, Morean. Economics 101 in two paragraphs. Brilliant.

[quote=Moraen]





A great example is college coaches v. professors.   Why does Mike Alphabet soup from Duke get paid more than a brilliant economics professor from the same school? He has the ability to do what others do not. Win basketball games.

[/quote]

Coach K gets X Million per year
1) Because you can’t pay the producers – the players – so there is money available to throw at him.
2, the big reason) The people who write the checks at Duke have a hard-on for basketball. There is no economic reason to pay Coach K that kind of money. Studies have shown that there is no economic benefit to winning college basketball games for a university. It’s a net zero revenue producer.

[quote=buyandhold]

[quote=Moraen]



A great example is college coaches v. professors.   Why does Mike Alphabet soup from Duke get paid more than a brilliant economics professor from the same school? He has the ability to do what others do not. Win basketball games.

[/quote]Coach K gets X Million per year 1) Because you can’t pay the producers – the players – so there is money available to throw at him.2, the big reason) The people who write the checks at Duke have a hard-on for basketball. There is no economic reason to pay Coach K that kind of money. Studies have shown that there is no economic benefit to winning college basketball games for a university. It’s a net zero revenue producer. [/quote]



Untrue. If there were thousands of Coach K’s, basketball coaches would get paid less. Think about it, if you are a booster would you pay more for Coach K, when you could pay less for Coach Y? Not likely.

[quote=Moraen] [quote=buyandhold]

[quote=Moraen]



A great example is college coaches v. professors.   Why does Mike Alphabet soup from Duke get paid more than a brilliant economics professor from the same school? He has the ability to do what others do not. Win basketball games.

[/quote]Coach K gets X Million per year 1) Because you can’t pay the producers – the players – so there is money available to throw at him.2, the big reason) The people who write the checks at Duke have a hard-on for basketball. There is no economic reason to pay Coach K that kind of money. Studies have shown that there is no economic benefit to winning college basketball games for a university. It’s a net zero revenue producer. [/quote]



Untrue. If there were thousands of Coach K’s, basketball coaches would get paid less. Think about it, if you are a booster would you pay more for Coach K, when you could pay less for Coach Y? Not likely.[/quote]

I’ll try to find some studies that back me up.
As to the Coach K/Coach Y argument – if I could make $1 million a year paying for Coach K to win a title, or $1 million a year paying for Coach Y to finish .500, then there is no economic benefit to paying Coach K more. In fact, that money is wasted, since it could be used to create economic benefit elsewhere.
You have to remember that college athletics is revenue neutral and simply don’t generate revenue for the colleges.

[quote=iceco1d]B&H,

[quote=buyandhold]

[quote=iceco1d]B&H,