MS announcment on 11/3?
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[quote=Devil’sAdvocate]The age of computer literate investors is upon us. I am at the leading edge of the baby-boomers. For several years I have been giving my Dad laptops, but he uses his to write letters and do geneology type things. He has no desire to invest on line, while I cannot imagine not investing on-line. Those who are younger than me are even more comfortable doing things on their own.[/quote]
I suppose you also own a kitchen knife…so please tell us when you’re going to do open heart surgery on yourself.
[quote=mikebutler222]
Said as only a failed-broker cum-middle management flunky could. I hear the same speech in 1993, Schwab was going to put us all out of business.....
[/quote]
You have NASD Newbie pegged.
Spot on Aldo…I do not know how the other places work but for the most part management in these places are a bunch of idiots. They all react to the other guy and when they have do something “original” the fuc it up. For example last year when Morgan fired the 200-225K producers, a simple “you have one year to get to 300K” and my guess is 95% of them would have got there. So on top of that group leaving another 500-1000 left because they thought 250-300K was next. Instead now give nice deals to guys doing any business at all. It is so embarassing its funny…I can only be thankful that my wife, family, and friends for the most part do not understand just how stupid this industry is. My crystal ball is foggy, but my guess is this industry is a bad stock market decline from tipping upside down.
[quote=fritz] For example last year when Morgan fired the 200-225K producers, a simple "you have one year to get to 300K" and my guess is 95% of them would have got there. [/quote]
Right, what could go wrong with telling people over LOS 11 that they had to increase their production 33 to 50% in one year to keep their jobs? Can't imagine any claims from clients that desperate brokers screwed them to keep their jobs. Nah, that would happen. Besides, what's to be gained, how could the firm's culture be improved just by culling habitual underperformers? We should have told the shareholders "Hey, we decided to give the guys that haven't achieved average year four production after at least ELEVEN YEARS, another year to get on track...".
Sorry, Fritz, those people had to go. Should have been gone a long time ago. Them AND anyone who ran away beacuse they heard a rumor that $300k was going to be the next minimum and they felt they couldn't reach it. In fact, habitual whiners should join them.
[quote=mktsystms] [quote=Devil'sAdvocate]The age of computer literate investors is upon us. I am at the leading edge of the baby-boomers. For several years I have been giving my Dad laptops, but he uses his to write letters and do geneology type things. He has no desire to invest on line, while I cannot imagine not investing on-line. Those who are younger than me are even more comfortable doing things on their own.[/quote]
I suppose you also own a kitchen knife...so please tell us when you're going to do open heart surgery on yourself.
[/quote]
I predict an instant youtube classic
mike, I won a dollar bet that you would respond by 8:00...5 minutes to spare!! I was getting a little worried that you might be busy doing something important and not respond with the time allotment. Next time i'll bet my buddie a few more $$
[quote=fritz]
mike, I won a dollar bet that you would respond by 8:00...5 minutes to spare!! I was getting a little worried that you might be busy doing something important and not respond with the time allotment. Next time i'll bet my buddie a few more $$
[/quote]
Seriously, Fritz, quit, please. Leave the firm, leave the business. You obviously hate both, and you current career. There has to be a place for habitual whiners and complainers. For crying out loud you don't need to drink any Kool-Aid, things aren‘t all 100% sweetness and light, but you say yourself you're unhappy and hate the business and all you do is drop little black piles of bile every time you open your yap.
I can only imagine how wide a berth the people in you office give you just to avoid the consistently negative vibes. You make the Ed Harris/ Alan Arkin windgers from Glengarry Glen Ross seem like a couple of Pollyannas.
See if the post office is hiring.
I own 10% of a horse in the Breeders Cup Classic this weekend mike...If he wins i will probably take you up on quitting...Lava Man is the horse...it will be on espn this weekend...If he wins I will "retire" at year end. He has already banked 2,800,000 this year, this would double that...In my office i am actually pretty popular and in the bottom 1/4 of negativity. The two "teams" who came over from SB last year and are tracking about 70% lower than they were in 2005 are by far the most bitter.
dear mr. butler
no i sold at the high for recruiting. 500k producer were not cut. I left on my own and took people with me. Best of all I did what you are afraid of doing.... Leaving.
[quote=aldo63]
dear mr. butler
no i sold at the high for recruiting. 500k producer were not cut. I left on my own and took people with me. [/quote]
Sure you did. You're a $500k producer who expresses himself like a HS drop-out. Funnier still, you hope MS and ML focus on HNW households so you can have the left-overs. Yep, that’s just how $500k producers think.
My guess is you were shown the door with the other sub-$225k achievers.
[quote=aldo63]
Best of all I did what you are afraid of doing.... Leaving.
[/quote]
I hope you enjoy Jones, or the bank. Personally, I’m pretty happy, this place is making great gains and the stocks and sox element is being scrubbed out of the firm’s DNA.
I forgot mr. butler that everyone in the business and everyone on this forum is a million dollar producer but me.
I talked to every firm in town before I left and I ask them all similar questions. I ask each manager how many million dollar accounts do you have per established broker exclusive of 401k's. The answer varied from 5-10. Of course there was usually one exception in big offices. Maybe it is different in the NYC, but not here.
The other thing I noticed at Merrill(soon to be MS) is the team concept. They take one 500k and two 300k brokers, team them up, and call them a million dollar team. Merrill then wants you to grow the business by hiring your own full time assistant(s). This is paid for out of your pocket. You pay the assistant 50k. This cost you 200k in production but you grew 20%. Be prepared for this.
Do you really believe the average production numbers at MS. When I left I was in the 20 percent tile. That was at 500k. A 300k broker who also left was at the 38 percent tile of production. Did all the other brokers at Ms except the office I was in and every other office I know someone in suddenly increase their production to the BS number they are quoting. The for sale sign is in your yard and you dont even see it.
[quote=aldo63] I ask each manager how many million dollar accounts do you have per established broker exclusive of 401k's. The answer varied from 5-10. [/quote]
"Established" brokers with only 5-10 accounts >1MM? You have to be joking..you must have moved to Jones...
[quote=aldo63]
Do you really believe the average production numbers at MS. When I left I was in the 20 percent tile. That was at 500k. [/quote]
I have a feeling you didn't do $500k in the 3 years prior to getting your walking papers.
[quote=aldo63]Did all the other brokers at Ms except the office I was in and every other office I know someone in suddenly increase their production to the BS number they are quoting. [/quote]
It's a pretty simple figure to reach, aldo. Gross production of the entire firm, divided by the number of reps.
[quote=aldo63]The for sale sign is in your yard and you dont even see it.[/quote]
If you say so, Ms Cleo. BTW, let's say that happened, what's the genius behind moving BEFORE such an event? So you could miss out on the stock's pop? So you could miss out on testing the waters in the new firm and, if dissatisfied, leaving and having a great reason to give your clients?
Just what rationale could there be for jumping last year UNLESS you were asked to go or feared you would be? Did you figure you were going to miss the atmosphere, the professionalism of Pursell's "stocks and sox" crew?
Mr. Bulter
If you disclose who you really are, I will mail you a copy of my upfront check an trailing 12 info from morgan. I will also post your numbers on the board. I can get all your information because I still have conections who will get me your information.
I left in Oct. of last year. I was already looking for about a year before I left.One of the reasons I let in Oct vs. Jan or Feb. was that The fired my friend in August during the cuts. That pissed me off. He has a family, no compliance problems and worked there for 16 years. He actually transfered about 90% of his book. Yes they got rid of the low producers doing 200k but the also lost me, 500k, and a 300k broker. No one has replaced us or the the other brokers, 1.2 million,250,220,375, who also left. The office does 1/2 the business it did 3 years ago. Why would I want to stay at a company that changes fee structure, payout, ect every years and will fire you at any time. Life is to short fo this.
I did not mean MS would be sold, just the retail brokers.
[quote=aldo63] <?:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" />
If you disclose who you really are, I will mail you a copy of my upfront check an trailing 12 info from morgan. I will also post your numbers on the board. I can get all your information because I still have conections who will get me your information. [/quote]
Sure thing, pal. There’s absolutely no doubt you’re a $500k producer. BTW, did I mention I’m the King of Sweden? You fool no one who’s been in the biz over a year.
[quote=aldo63]
One of the reasons I let in Oct vs. Jan or Feb. was that The fired my friend in August during the cuts. That pissed me off. He has a family, no compliance problems and worked there for 16 years. [/quote]
Under $225k after 16 years? And you think he should have been kept on? I’m glad both of you are out.
Y[quote=aldo63] Yes they got rid of the low producers doing 200k but the also lost me, 500k, and a 300k broker. [/quote]
You’re as much of a $500k producer as Putsy’s sweater wearing dog.
[quote=aldo63]
Why would I want to stay at a company that changes fee structure, payout, ect every years and will fire you at any time. Life is to short fo this. [/quote]
Enjoy life at Jones, (or whatever other refuge you found) where fees structures, pays, etc don’t change (LOL) and you’ll be welcomed to be an “established broker” with only 5-10 accounts over $1MM.
[quote=aldo63]
I did not mean MS would be sold, just the retail brokers.
[/quote]
It was understood you meant the retail arm. My points about BFD if it happens still apply.
It hasn’t happened yet because it’s not Nov. 3. More to come tomorrow. Other firms (granted they are fifteenth-tier firms) like Ameriprise are doing the same next month. It will be interesting to see what happens.
I thought the announcement was being made to reps on the 2nd, and publicly the 3rd.
[quote=wanda]I thought the announcement was being made to reps on the 2nd, and publicly the 3rd. [/quote]
Today, after the close, a town hall meeting.
Good changes today. The worm has definetly turned in terms of what used to be called “The annual payout cut”. No more pay cuts, the troops would mutiny at this point. Small/incremental pay increases. A move in the right direction, but nothing really bold and inspiring. Gorman took a question from a guy in the Bethesda MD ofc saying “And now we have a question from BATHSHEBA.” Would someone tell me where the %*#%% Bathsheba is? Anyway, I think that mgmt is really going to have to make some bolder moves to stem the flow outward. They can only pay recruits 2-3X trailing 12 for so long before the chickens will come home to roost. It’s SOoo much cheaper to KEEP a 500k producer than to have to buy a new one for at least 500k upfront.