Jahlive-

Your post is spot on...it is exactly how I feel. I have also met all my goals and do not believe or trust anything that is being said to me at ML.

I know if you are 2 years into the ML training program and have brought in $10mm in assets, Morgan Stanley will take a look at you, and from what I hear, make a pretty sizable offer.  

I know if you are 2 years into the ML training program and have brought in $10mm in assets, Morgan Stanley will take a look at you, and from what I hear, make a pretty sizable offer.  

Keep going. Don’t give up.  If you get the axe, you can find a shop that will take you.  I bought into a small Indy firm 18 months ago.  What great timing.  I have been in the business several years.  When the model requires that young guys almost have to join a big team, the model is broken, not you.

I heard from a few senior FAs that the axe will be swinging.  Good luck to everyone.

In our complex POA’s/PMD’s got laid off earlier in the week…does this mean more layoffs are coming tomorrow or did some places start earlier?

ML is to trim 75% of the POA force today. I don’t know the criteria for the cuts but managers, admin, ect will also be cut today. Today is a great day not to go to work, make it a three day week!

What happened to “A Breed Apart”…

If you are one of the POAs/PMDs who get the axe, don’t forget that there are options for you…especially if you are making your hurdles.  Even in this market, a licensed advisor who went through the “best” training in the industryhas places that want them.

With everything happening at ML, I don’t think that it will be too difficult to bring most of your clients with you.

–WM

I heard about PMD cuts late yesterday afternoon- one of my local friends who runs the POA/PMD program at his branch called me to see if we had any seats. He’s got some promising folks and wanted to have some good news to counter the bad when they deal the cards.

Top POA/PMD guys who’ve built at least $10M+,can sell themselves well and have a solid business plan have a decent shot at getting into the “Rising Star” program over at Morgan. I don’t know all the details, but I know a guy who was LOS 3, $250k pcs at ML in a very small market office who just got in that door. Rising Star is a pretty nice deal as I understand it. 

I got cut today and I was 2 months into production and I brought in 2.5 million in assets and my first hurdle not untill 4 months but already passed that. They said we have two weeks to get another job and februRy 6th is the last day. B of a is tearing the firm apart. The senior guys were upset that they didn’t give us a warning and I was hitting my hurdles. A. Big team of 3 doing almost 2 million in production left today. The morale is so low with the office and it’s depressing to be there. I don’t know what I’m doing now considering hiring got cut

sorry brother



things happen for a reason



all will work out

Younggunz,

[quote=younggunz]I got cut today and I was 2 months into production and I brought in 2.5 million in assets and my first hurdle not untill 4 months but already passed that. They said we have two weeks to get another job and februRy 6th is the last day. B of a is tearing the firm apart. The senior guys were upset that they didn’t give us a warning and I was hitting my hurdles. A. Big team of 3 doing almost 2 million in production left today. The morale is so low with the office and it’s depressing to be there. I don’t know what I’m doing now considering hiring got cut[/quote]

Dude - I feel your pain.  But seriously, if you’ve been able to bring in 2.5 mil in 2 months(and it isn’t just your Dad’s rollover), then you should GTFO to a regional or a good indy OSJ and keep pluggin’ away at whatever you’ve been doing.  You’ll be fine, and be thankful they gave you a desk and a phone that you could say you are still employed for 2 weeks while you interview.  It definitely sucks…but right now a lot of things suck.

6 out of the 7 trainees in my branch got laid off.  The only one that stays was a recruit from Morgan stanley that brought over 5 million, but is in the same program as I am and started 2 weeks before me.  We have until February 6th to get a job or we can resign before that.  We cannot call any of our clients, but we can still come in to the office or not… its our choice.  Obviously I will not come in as I will be looking for other jobs.  Maybe a team to work with or independents to work with. 

Out of the 2.5 million 400k is family and friends money but the rest was 401ks and cold calls that I got.  Honestly though its so hard to open accounts at merrill.  People almost laugh on the phone when I tell them I’m from Merrill.  Honestly no brand anymore.  I’m almost relieved that I got pushed out because now I can get in a firm where I can build a career, not at Bank of America where I knew things were getting bad and not turning around anytime soon.  You can just feel it. 

[quote=younggunz]6 out of the 7 trainees in my branch got laid off.  The only one that stays was a recruit from Morgan stanley that brought over 5 million, but is in the same program as I am and started 2 weeks before me.  We have until February 6th to get a job or we can resign before that.  We cannot call any of our clients, but we can still come in to the office or not… its our choice.  Obviously I will not come in as I will be looking for other jobs.  Maybe a team to work with or independents to work with. 

Out of the 2.5 million 400k is family and friends money but the rest was 401ks and cold calls that I got.  Honestly though its so hard to open accounts at merrill.  People almost laugh on the phone when I tell them I’m from Merrill.  Honestly no brand anymore.  I’m almost relieved that I got pushed out because now I can get in a firm where I can build a career, not at Bank of America where I knew things were getting bad and not turning around anytime soon.  You can just feel it. 



[/quote]

Buy a prepaid celphone and use it to call your clients just to ‘say hi and see how you’re doing’…maybe have lunch with them just to enjoy their company.

It is certainly ugly out here.  People are being cut, not based on what they’ve brought in thus far but because of what they are “talking” about brining in.  Some cut in my complex have met all hurdles.  There isn’t much rhyme or reason to it.  Along with the POA/PMDs being cut, there are a few CAs and from what I hear, they’re dipping into the management next due to the reconfiguration of the regions/complexes.

6 out of the 7 trainees in my branch got laid off.  The only one that stays was a recruit from Morgan stanley that brought over 5 million, but is in the same program as I am and started 2 weeks before me.  We have until February 6th to get a job or we can resign before that.  We cannot call any of our clients, but we can still come in to the office or not… its our choice.  Obviously I will not come in as I will be looking for other jobs.  Maybe a team to work with or independents to work with.  

I am BM for ML. PMD are being let go.  Anyone who did not meet their goals 50% of the time last year will be let go…even if you started two months ago.  They are also letting CA’s go and putting a hiring freeze on new PMD’s.

[quote=bigboy]I am BM for ML. PMD are being let go.  Anyone who did not meet their goals 50% of the time last year will be let go…even if you started two months ago.  They are also letting CA’s go and putting a hiring freeze on new PMD’s.[/quote]

I think you’re lying.  One of your recent posts you were talking about how your manager was fired and you were asking if anyone heard rumors about layoffs…