Working at Merrill Lynch
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I have been looking at firms to move my business to. I want to know what brokers think of working for Mother Merrill. I like my freedom and independence. Will the culture expect me to work long hard hours? I’m not lazy but am use to doing my way. Do you think the name has been tarnished by the merger with BOA(I knowthe whole industry is tarnished). Do they still have what it takes to attract the Big Money?
merrill is doing just fine. I left AGE and am happy with the focus and the firm. I am glad that BOA is involved.
The FA model is to attract accounts $100M and above and I have been pleasantly surprised at the prospects that I have at least been able get in the door with.merrill will be so dizzy assimulating into boa’s crappy investment environment, they won’t know weather they’re coming or going. Good luck ML FAs. you’ll need it badly.
I agree. Those I know at ML are increasingly voicing their doubt that the future under BOA is one they want to be a part of. Also… I think patience is running low. No retention bonus out yet? Anybody know why they’re dragging feet on this? My friend who’s just under $500k (6 los) said he heard there may be no deal at all. How could that be?
I am there. I just moved over 12 months ago, and so did everyone in our office. We actually feel good about having BOA as an anchor. If you want to PM me, I will be glad to discuss more.
rocky:
you are in for a ruuuuuuude awakening. That "anchor" you are happy about attaching to is going weigh you down.EZ:
You have always been a knowledgeable poster. All the Merrill Brokers should look up the Ina, Parizale, arbitration case on FINRA website
Former Merrill Brokers who sued and won a $3.5 million fraudulent recruitment case against Banc of America Securities.......[quote=daytradah]rocky:
you are in for a ruuuuuuude awakening. That "anchor" you are happy about attaching to is going weigh you down.[/quote] Hey, from a guy who escaped a burning building (AG Edwards guy who left when Wachovia bought us) this feels much better. Time will tell, but personally, I am happy and my clients are comfortable with it.ML Will be fine. The culture is the same, and indepence for brokers is a key focus. Structure in our firm is much more valuable and profitable compared to B of A investments. I know at a private ML event Ken Lewis assured us that B of A admires our wealth managment side of our business and has no intentions of change as ML is the leader in this field and has been for years. Any broker coming to ML will definately be glad that they did. <?: prefix = o ns = "urn:schemas-microsoft-com:office:office" />
Archie what do think Ken Lewis would say? Hey actually we are going to change everything. If he told the truth 90% of Merrill would have left on the spot.
[quote=FoghornLeghorn]
Have another drink of the coolaide Arch. First they will be cutting the compensation of the SAs as per Ken Lewis. Next they announce that the managers will get no retention. Remember many of these people were top producers at one point who were convinced to give it up. Forty percent or more of their comp is stock and they have really had their head handed to them--now they get nothing. Boy what a morale booster that will be. The FAs will be getting it from both sides. Does this really look like a good thing in the making?[/quote]Where are the managers going to go? Where the managers go or what retention they get is of little importance here. FAs I know at MER say it comes down to retention $$. They are anxiously waiting....
BAC in an interesting position here on what they give MER FAs to stay, given the state of this business. Is UBS, SB, MS in a position to poach MER brokers with big checks during a market crash?
IMO- Look for watered down , disappointing retention.
[quote=archie0428]
ML Will be fine. The culture is the same, and indepence for brokers is a key focus. Structure in our firm is much more valuable and profitable compared to B of A investments. I know at a private ML event Ken Lewis assured us that B of A admires our wealth managment side of our business and has no intentions of change as ML is the leader in this field and has been for years. Any broker coming to ML will definately be glad that they did. <o:p></o:p>
[/quote]No disrespect meant, but if you believe any of the crap that any Senior Manager at any wirehouse tells you today, then i want some of what you’re smoking!!!
I have said this in here before. BofA has never in its history successfully integrated a non-retail bank acquisition. By 12 months, senior management of the target leave “to pursue other interests” and by month 24 you wonder why you didn’t notice the water was boiling until now. BofA is smart enough to realize that they need to say nice things before the wedding is over.
If they let the target company retain controll, this will be the first time in their history and completely antithetical to the personalitites of the "Charlotte Mafia". Thain doesn't strike me as a "yes man" and Lewis does not like to feelm like someone is mentally taller than he. He is the same with stature, so he uses a box behind the podium. There are other options. UBS cleaned up early. A few of the regionals are still standing. And who knows, MS may actually close on Tuesday with Mitsubishi and be adequately capitalized again. Then, of course, there is the indy route.Am I nuts? I actually want to switch careers and get into FA, specifically ML…
“builing a wall around the top 2/3rds of brokers” when it comes to retention. What’s the bottom of that 2/3rds? 500k, 400k? anyone have any idea what that number is?
As a Merrill Lynch Broker, I am thinking that they are looking at a combination of LOS and Production Quintiles. Quintile 3 brokers and above would almost fit the definition of 2/3's. If they are smart and want to retain the younger talent as well, they will do this instead of just looking at production.
I’m still optimistic on MER and the merger. However, the next few months are going to be chaotic with retention packages coming out next week and the new compensation plan following over the next month.
I am in a small office and we have not had an advisor leave in about 4 years. I expect that all to change before the end of the year. Things will probably get crazier come the turn of the year once the merger is finalized and the implementation begins. We'll see what everything looks like in a year. It is going to be at least two years before you can decide if this was a good merger. Unlike LEH, MER is still standing. Oh, my understanding is the guys who moved into management were those who had maxed out their books and felt there was no more growth in their business. Of all the directors I have met I do understand why the senior advisors say there is a reason they are in management.Archie
How do you feel now that your transition letter requires you to give up your FACAAP good cause "clause" and specifies in your transition letter that they can fire you at any time without cause then then refuse to pay you any "unvested" portion of your transition?