The post is a rag, but here’s another beauty from that fine literay work:
http://www.nypost.com/seven/01132009/business/bonus_pool_is_back_149888.htm

The ML bashing is ridiculous.  ML sets the precedent for everything that happens in the brokerage world, good and bad.  There's a reason why ML has the most assets under management as well as the highest average producer in the biz.  They are the Yankees of MLB - you either love'em or hate'em, but the haters out there generally stems from envy.  

[quote=Sellout21]ML sets the precedent for everything that happens in the brokerage world, good and bad.  There’s a reason why ML has the most assets under management as well as the highest average producer in the biz.  They are the Yankees of MLB - you either love’em or hate’em, but the haters out there generally stems from envy.  
[/quote]
Maybe your analogy would carry water if the Yankees drove themselves to the edge of insolvency and were forced to sell themselves in desperation to the hated Red Sox.  If there’s any envy involved here, it’s not flowing in the direction you think.  The world as you knew it, and the ML you once knew, is no more. 

Just keep telling yourself whatever you want, sellout, if that makes you feel better.  You can face reality or join the other ostriches with their heads planted firmly in the sand.

Either way, it don’t make me no never mind.

[quote=Sellout21]

The ML bashing is ridiculous.  ML sets the precedent for everything that happens in the brokerage world, good and bad.  There's a reason why ML has the most assets under management as well as the highest average producer in the biz.  They are the Yankees of MLB - you either love'em or hate'em, but the haters out there generally stems from envy.  

If everyone was so unhappy and there are so many better options - why are we not seeing the mass exodus?  Some people have left, but not even remotely close to what would have been expected.  I’m sure there will be more to leave, but by the time a FA could transition and hopefully get 60% of his book at the new firm, the dust will have settled and people will be talking about how ML/BOA are well on their way to recovery.  

[quote=Sellout21]If everyone was so unhappy and there are so many better options - why are we not seeing the mass exodus?  Some people have left, but not even remotely close to what would have been expected.  I’m sure there will be more to leave, but by the time a FA could transition and hopefully get 60% of his book at the new firm, the dust will have settled and people will be talking about how ML/BOA are well on their way to recovery.  

you need to wake up…there is ZERO difference in the major brokerage houses in the products that they can provide to clients…if you’re a consults guy at ML, you’ll be an Access guy at UBS, and hire a manager at SB or MS…



no difference in checking/debit cards, mutual fund selection and programs, annuities, life insurance, fee-based advisory accounts, etc. NADA!



the services offered to clients are becoming commoditized…and don’t think that trend WON’T continue when they are all owned by big banks now…

I don't know if your statement is totally true, but ML also has the most assets, most brokers, most trainees, and most offices.  Look at it from a % standpoint and I guarantee ML isn't leading in these categories.  Who cares about trainees anyway...they just take up space and cost the firm money.  9 out of 10 never hit their hurdles and graduate from the training program on their own.  We need less nonqualified people giving investment advice, not more.

[quote=Sellout21]ML sets the precedent for everything that happens in the brokerage world, good and bad.  There’s a reason why ML has the most assets under management as well as the highest average producer in the biz.  They are the Yankees of MLB - you either love’em or hate’em, but the haters out there generally stems from envy.   [/quote]
Maybe your analogy would carry water if the Yankees drove themselves to the edge of insolvency and were forced to sell themselves in desperation to the hated Red Sox.  If there’s any envy involved here, it’s not flowing in the direction you think.  The world as you knew it, and the ML you once knew, is no more. 

I’m a recent UBS guy after 7 years at ML and there are some big differences. Technology at ML is light years ahead. I might throw my consultworks out the window one day.   WTMP was great compared to the UBS technology. The back office and service center take forever at UBS to answer the phone. I hate calling for specific product questions and not having anyone answer.



On the other hand…not as many options in Access relative to Consults but with MAC you have many more options. The Regional Consulting Center is an advantage. I like the idea of bouncing asset allocation ideas off of a team. I believe the PBIG teams overall are stronger than the PWA teams at UBS. But one PBIG team left ML in my region and joined UBS. I’ll put him up against anyone other than one PBIG in Atlanta.



The financial planning software is better at UBS vs. ML. I did not like wealth outlook and used financeware. FGA is better than wealth outlook and more thorough than financeware but sometimes the simplicity of financeware I appreciated.



If you do annuities, the payouts are drastically different. An L share at ML is 2.25% upfront w/ 80 bps trail. At UBS it is 3.5% upfront w/ 100 bps trail.



Just wanted to put out some observations on the differences between UBS and ML.



70% of our book has moved in 3 months. We lost some we’d like to keep but we also have some who would talk to us now that we are not at ML.



And yes, you could say I sold out for the bonus money. But I am now 32 without a mortgage and have 500k in the bank (I know I still have a contract). I’ll give the indy’s a few more years to catch up on the high net worth market before looking at that option.

[quote=Sellout21]I don’t know if your statement is totally true, but ML also has the most assets, most brokers, most trainees, and most offices.  [/quote]
Those are the metrics you think matter?!  Who is the biggest?  Incredible.   Have you been living in a cave for the last half a year or so?? 

Try selling that load of load of rubbish to your clients tomorrow.  They might have bought that line once upon a time.   This isn’t limited to ML, but ML is surely a poster child of this mess.  The fairy tale is over, and no one lived happily ever after.

Leftml - all good points, thanks for the feedback.  The annuity payout at ML is horrifying, but it definitely forces you to be selling annuities to clients for the right reasons, not just for the big ticket.  I'm with you on the independent route - give it a few years.

Morphius - yes, regardless of what your wife says - size does matter.  I'm just kidding, but you set yourself up for that one.

[quote=Sellout21]Morphius - yes, regardless of what your wife says - size does matter.  I’m just kidding, but you set yourself up for that one.[/quote]
I gotta give you credit for that one, even if it was a bit of misdirection.  Touche! 

I’d rather have a good laugh than a boring old argument any day! 

[quote=Sellout21]

The ML bashing is ridiculous.  ML sets the precedent for everything that happens in the brokerage world, good and bad.  There’s a reason why ML has the most assets under management as well as the highest average producer in the biz.  They are the Yankees of MLB - you either love’em or hate’em, but the haters out there generally stems from envy.  

Hank - where do I find those equity index annuities in the WSJ? 

[quote=Sellout21]

The ML bashing is ridiculous.  ML sets the precedent for everything that happens in the brokerage world, good and bad.  There’s a reason why ML has the most assets under management as well as the highest average producer in the biz.  They are the Yankees of MLB - you either love’em or hate’em, but the haters out there generally stems from envy.  

Hyman - You tell me how much of your paycheck is going to be taxed extra to cover ML bonuses?  I'm going to say probably zero, but at most I owe you a small cup of gas station coffee.  But keeping using that line about hard working Americans, it's a good scare tactic.

[quote=Sellout21]Hank - where do I find those equity index annuities in the WSJ?  [/quote]


On the same page where you find Merrill’s ticker symbol.

[quote=Sellout21]

Hyman - You tell me how much of your paycheck is going to be taxed extra to cover ML bonuses?  I’m going to say probably zero, but at most I owe you a small cup of gas station coffee.  But keeping using that line about hard working Americans, it’s a good scare tactic.

[quote=Hank Moody] [quote=Sellout21]Hank - where do I find those equity index annuities in the WSJ?  [/quote]


On the same page where you find Merrill’s ticker symbol.