ML Payout Plan Announced
64 RepliesJump to last post
[quote=BAI?]Hey ML guys do you want something to make you feel better? Take a look at the BAI grid for 2009.
<o:p></o:p>
FA I
0 - 149,000 >5 12% < 5 30%
150 - 249,999 >5 12% < 5 30%
250 - 299,000 >5 15% <5 30%
300,000 >5 18% <5 33%
FA II
350 - 399 31%
400 - 499 34%
500 - 599 36%
600 - 699 37%
700 - 849 39%
850 - 999 40%
1,000,000 > 41%
The trailer payouts for FA II have also jumped from 10% to 23% on the lower end of the scale and 31% at the top
Now do me a favor ML folks and STOP CRYING
[/quote]
Yeah, but what about all of those referrals from the bank? Doesn't that make up for it?
ML Advisor…
1. Buy Gun 2. Buy Bullets for gun you just purchased 3. Load Gun 4. CLICK 5. Call LPL Recruiter[quote=bspears]ML Advisor…
1. Buy Gun 2. Buy Bullets for gun you just purchased 3. Load Gun 4. CLICK 5. Call LPL Recruiter[/quote]Don't do number 2 at the gun shop. Their ammo prices are really jacked up.
Wow. At least we all know what BofA wants to be. The next Smith-Barney, they want established advisors and the model is looking more and more like Citi and Smith-Barney. This looks like the end of ML’s training program to me.
I would actually get a small raise if I deciede to stay but I think they will eventually cut my comp too. It’s a shame we used to be the best, the best culture, the best training and the best advisors. Looks like those days are done.
You know it is bad when it makes even Edward Jones payout look good.
Sorry to to hear about your bad luck! Merry ChristmasThe story for the 10+ LOS ML advisor is in the NEW recognition club hurdles...Chairman's Club(considered your solid producing FA) was 600k... for 2009 850k...President's Club(lowest club but respectable) was 490k...for 2009 700k...so if for 2008 you do 690k you're a Chairman's Club producer for 2009 you don't even make a club(you're a PIKER). I feel the recognition club hurdles are 2-3 years ahead of the comp program. ML is looking to become the firm catering to the 1m producer(that club level stayed the same.) Eventually changes to the comp program will squeeze out those under that golden 1m mark.
Hey ML for Life,
I think you are right on. The bottom line is that if your not doing 1 Myn, you might as well start planning your exit now. I am over 1 Myn, but not by allot- even so, I am not going to be a long term player here unless something changes.The $1MM producer thing is going to be standard at all of the majors (MS, UBS, SB, ML). Every firm wants to get their avg. PPFA to $1MM. MS has gotten the closest @800m. Frankly, I want to be wherever is the best place for a $1mm producer. The issue with me is discriminating about what type of revenue. I was more than a little chapped with the push towards managed money. Things have improved a lot for those of us who manage stock/bond portfolios. If ML can give me support for my business and they’re catering to the $1mm and up, they may bend my ear.
phan2om:
Wait until you are primarily occupied with non revenue generating activities. then you will want to leave but cant. Good luck but you are now a host for the parasitic parent. You will be drained and growth will be capped from all of the non sensical reports you must create for the army of managment zombies in short sleeves and short ties that get a piece of you everytime you drop a ticket.
I have spent the weekend trying to analyze my book. Revenue is 240k, but pc’s are 175. It’s the confounded reduction of receving pc credit of only 68% of MFA Selects program, and receiving only 20% under 100k, and 0% under 50k. I’m giving 75k away to Merill before I get paid. Now, I’m losing antoher 10% due to the 36% payout, from 40%.
Do other firms use the pc total, or the revenue total?Until today I had never heard of PC vs. Revenue. I’m at a major wirehouse, and everything is based on what ML calls PC. Its a foreign idea to me to be paid on anything other than commissions, bond mark-ups, and management fees.
Nestegg,
"PC" equals "Politically Correct". When Stan O Neal ran ML, you got paid on your Political Correctness- that was the only thing that mattered. Gotta run, I'm off to our Gay Lesbian Bisexual Transgender (GLBT) Alliance coordinator meeting, to make sure that GLBT issues are being addressed by ML/BofA management. (BTW, this was actually established at ML during the "O'Neal Crusades," where he managed to get rid of all the white, irish catholic men that didn't buy subprime for 93 years.And don’t foget about all the clients that get the opportunity to buy a tree in the Brazilian Rain Forest when they chose online mail rather than snail mail. And bless thsoe special reps that get to be on the green committee so that we can say that ML is an advocate of global warming. We gotta keep the O’Neal agendas going, you know.
now this thread is starting to get remotely entertaining....PC vs Mac was a gem.
Attn: All MER FA's whose sphyncters are starting to pucker.....
There is a reason they will make the comp increasingly complex. They need a committe of 20 to determine your payout. Also, if they can obfuscate the margins and keep you worried about 15 different threshold goals, you can be screwed by missing one of 15 and they keep the extra 2% for themselves. Its all Byyyeeeeuuulllsshhhhyyyt. You will have to complete extensive data entry assignments to create the reports that the zombies need to monitor your activity.
You will be caught in a tangle of Pentagon like rules and policies. You will be re-educated and trained for accepting direction from "diverse" sources, and it just so happens that those diverse sources cover everything except your own religious traditions or moral convictions.
You will have to go independent just to save your sanity if you have any testosterone left in your sack.is this the only site where MER brokers go to bitch? I’d like to hire a few for an independent RIA platform.
life is grand, if you do the business.
If you do not-you are going to get the same payout at almost all the large firms and some regionals as well. SB is about the same as ML and Stifel pays 25% under 10M monthly I believe. Bottom line. 400 and above is a decent payout anywhere. 400 and below, well, maybe being a Pharmaceutical drug rep may be the best bet. Company car, expense account and more than your retail broker below 400M[quote=rocky] life is grand, if you do the business.
Bottom line. 400 and above is a decent payout anywhere. 400 and below, well, maybe being a Pharmaceutical drug rep may be the best bet. Company car, expense account and more than your retail broker below 400M[/quote]
HAMMER MEETS HEAD OF NAIL
The only advisors getting bogged down with reports are those that don’t do enough revenue to justify their employment. Therefore they have to show their “activity” to management so they can keep their job. If you do clean business, good numbers, and grow steadily… you will be taken care of. The fact is that our side of the business is one of the few profitable ones right now. Why else would recruiting packages be so high?
SouthernBroke
All BAC reps will have loads of lovely useless non revenue activity reports they will be required to generate. Also, I am waiting for you to tell me how many days you can tolerate questions from the short sleeve, short ties....."Have you delighted your clients today"? Or have you started your 90 day dazzle"? You will think you are trying out for the Zigfield Follies.....AHAHAAHAHAHaHa
This is going to be a fun thread in the first two quarters of 2009! Pshhhhhahahahahahahahahawhaw!