I was let go this morning. According to my manager, the priority of cuts called for the firing of all pre production pmds like myself. In my complex, all pre-production folks were cut and some who were in production but struggling were cut. I would love to hear what people in other offices were saying. I was told the cuts for pre-production folks had nothing to do with performance, considering we were not even live yet. Love to hear some more comments.

They even got rid of one guy who had just been re-hired after failing his 66 months ago and then taking it on his own and passing. He had only been back on board for two weeks. My manager kept saying the decision was not her own and that she was told to cut pre-production folks.

These things are handled very eratically at ML. A strong complex director may be able to shield many PMDs for awhile hoping for better conditions. A weak director (or one trying to quickly climb the ladder) will fall right in line and cut to the bone.

If you are a trainee this is no real help because I suspect the cuts will continue followed by offices with less than $5 million in revenue being closed. The future is particularly bleak at ML.

One PMD was cut in my office today.  Just a few weeks ago he was told he had sometime.

i am hearing nothing from management in terms of cuts in regards to fa's, poa's, pmd's, ca's, etc.  i usually hear my info from senior fa's or from people at different firms(outsiders know more about what's going on at ml...??).  on the first round of cuts about a month ago we were notified.  three guys in my office left who were not meeting thier goals. if you were los 6 monts and did not meet 70% of your goals-nnm, annuitized, pc's, households, then you were out. my manager did warn a long time ago that if not on track by month 9, then you were out.  as far as the new cuts, i have not heard anything. we had a poa resign on friday.  my office has a relatively strong class. i'm linked up with a big team so i am insulated some what. i still need to bring in money.  my senior partner has it is out of his control if management comes down. my gut says that they will do away with the program soon.  i know it sucks, but its going to happen.  we only had 6 advisors leave during this whole mess and we actually recruited ten.   good luck

[QUOTE]They even got rid of one guy who had just been re-hired after failing his 66 months ago and then taking it on his own and passing. He had only been back on board for two weeks. My manager kept saying the decision was not her own and that she was told to cut pre-production folks.

Sorry to hear about everyone who was cut. I definitely felt that I was going to be next on the chopping block, but somehow survived (i have met all requirements so far) so now it’s back to prospecting as usual. Management assured me that as long as the POA’s don’t miss any hurdles or haven’t in the past, they won’t be let go. Although myself and a few others made it this round, my manager really stressed that if we get what is known as a “Do Not Meet,” at any time in the future, than we are gone. Tough environment to work in. Best of luck to everyone-

Am I the only one who feels kind of relieved?  No more having to defend ML! 

It seems everyone has a different story as to why they were cut. I was told that anyone in preproduction and stage one were axed right away. In stage 2, if you were not meeting your PC goals then you were out. I was meeting my goals, but unfortunately in stage 1. This business has really left a sour taste in my mouth. Being at ML was a very disappointing experience.

[quote=Akkula]Am I the only one who feels kind of relieved?  No more having to defend ML! 

I have mixed feelings about everything as I was also cut yesterday as PMD stage 1 after meeting all the requirements.  I’m very relieved to get out of the whole mess of a situation, but am left with a sour taste knowing that people were retained by manager’s discretion and not by work ethic and production. 

It’s now an after the fact relief knowing how badly things really are on a whole different magnitude.  Hearing Sontag say at 1:45 pm that PMD’s who make their numbers will not be cut, and then to get cut 1 hour later even though I was making my numbers is just about as sick as it gets.  For those who made this first cut good luck you are in one hell of a hot seat.

I’m a POA who was spared yesterday. I was told by my BM to make sure my resume is up to date and have a safety net to fall back on because it is very possible that this is not the end. Other firms in the area have already cut their training programs and are only hiring high producing reps from other firms. It has been nothing but bad news over the last year and a half I’ve been at Merrill. Tough economy to be a broker, I think it’s time for a change.

Agree on time for a change to a lot of brokers, but as FB points out, what do you do?  Bad situation at ML and sure to spread to other shops, dont feel like you guys are alone, just the beginning.

Agree on time for a change to a lot of brokers, but as FB points out, what do you do?  Bad situation at ML and sure to spread to other shops, dont feel like you guys are alone, just the beginning.

The wirehouse model is going to die/shrink substantially over the next decade.  The biggest thing they had going for them was their name and now that is down the toilet at all of these firms. 

It is an ugly time to be looking for any position. Recruiters are out there to help but if you are still a PMD/POA it is difficult to market your book. These recruiters only want to help FA’s with $300+ T-12.
Keep your ears to the ground as there are options all across the board. Look at all options: banks, wirehouse, insurance companies, McDonalds…

I’ve been watching the activity here spike up- feel pretty sorry for the masses who’re getting their early opportunities shattered.  I’m sure most of you affected had much greater expectations than what’s landed in your lap.

Someone posted that recruiters are looking for $300k+ t-12>   true I think for the most part. Goodness knows the environment has changed!

There’s a guy who drips on me frequently who calling me Fiday-  specifically looking for brokers in the $200-$300k range with any LOS.  I guess he’s got a few firms targeting those guys with decent deals to offer.  I’ve handed his name/number off to a few folks I know who need to be exploring right now. I think he works all over the U.S.

PM me if you want his contact info.   Don’t want to get a decent recruiter flamed on the board for nothing. 

I left ML yesterday. BOM had given me a few weeks warning to starting looking for other employment. I start next week with Wachovia/Wells Fargo. Thankfully 95% of my book has agreed to go with me.



My early years of POA were great, but the last year (and especially the past week’s headlines) has certainly decimated ML’s reputation.



Should make a crappy market environment a little easier to prospect in.

Merrill Lynched,

++1 on your user name.  Very timely. 

You must have a small or very concentrated book to be able to know within one day that 95% of your book will move with you.  Congratulations & good luck.

As soon as the writing was on the wall, I told all my clients I’d be leaving - just not sure where to. They’ve been eager ever since to know where I’m headed, and I’m happy to say my several dozen households are very loyal.



Most have them said they opened their accounts because of me, not ML.