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Darngoner
Greenhorns Joined: Jul/30/2017 Status: Offline Points: 68 |
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Posted: Aug/17/2017 at 2:52am |
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Howdy,
I'm in the process of interviewing at ML and MS and am having a difficult time choosing between the two. I have gotten mixed reviews from the people I have spoken to. Some say MS is more professional than ML and ML is very restrictive on their brokers. Others say that the extra liability side advising is only possible because of the BOA merger. So really not sure what to do. I will appreciate any advice. Tia. |
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RipRock
Senior Member Joined: Oct/29/2013 Status: Offline Points: 1807 |
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"Extra liability side advising"? What is that?
MS>ML by a long shot now. However if you are not a good prospector (yes, that means you if you are new) ML may be a better place to work BOA bank branches. My advice, don't be an FA - be a support staff person and learn the business, then transition. |
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Where are you riprock? I thought ML
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Darngoner
Greenhorns Joined: Jul/30/2017 Status: Offline Points: 68 |
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"Extra liability side advising"= Mortgages, business loans, lines of credit etc. I would need them for my target market. Maybe MS has those as well I don't know.
What are your reasons for picking MS over ML? Do you think they're pushing banking products? I don't mind that as much so long as I still get to be treated as an entrepreneur, unless you don't think they still do after the merger? I want to run my own business, that's why I'm switching into Financial Advisory. Reasons I don't want to be a support staff: 1) I'm coming out of another industry specializing in financial services (mainly alternative investments) 2) Although my salary isn't huge, I think it will be too high to be hired as support staff. In truth, I'm further along in the ML process than in the MS process, so if you work at MS and don't mind chatting with me/helping me, I would greatly appreciate if I could PM you. TIA.
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Chief
Gold Member Joined: Mar/12/2010 Status: Offline Points: 16265 |
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From people in my area ML is a shit show...
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"You like winning don't you?" "Saves you from having to say the word please."
Good point Chief. Iceco1d 10/30/12 |
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apac707
Senior Member Joined: Oct/08/2014 Location: California Status: Offline Points: 980 |
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I made it out ok at ml
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Read what you wrote again. Now, substitute "they're" with "I'm going to be". If YOU have to "push" something, and it's part of your job... is it YOUR business? No. You are there to fulfill THEIR company agenda and objectives. It is NOT "your own business". However, if you pay your dues and learn, you may eventually decide to leave and form your own RIA or whatever else you want to do. Just don't be disillusioned into thinking that "you get to run your own business" working for a large firm. You work for THEM to fulfill THEIR needs. When you no longer are doing that, you will be shown the door. So much for "your own business", right?
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Chief
Gold Member Joined: Mar/12/2010 Status: Offline Points: 16265 |
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"You like winning don't you?" "Saves you from having to say the word please."
Good point Chief. Iceco1d 10/30/12 |
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Darngoner
Greenhorns Joined: Jul/30/2017 Status: Offline Points: 68 |
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Is the same thing happening at MS? How much control do you have over your book? Side note: do they have pre-allocated portfolios based on risk to use at least in the beginning?
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Hoss
Member Joined: Feb/19/2012 Location: Desk Status: Offline Points: 251 |
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Every one of the wires has pre-allocated portfolios based on risk, internal management and external. ETF, mutual fund, stocks , fixed income, alternative investments. The four big wires are mostly the same. Training should be your focus. If you get lucky you will join a good team. But you need to be convinced that whom ever it is you work for, they are the very best fit for your clients, and you can't know that right now. So, keep asking questions but understand this won't be the last big decision you are going to make
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RipRock
Senior Member Joined: Oct/29/2013 Status: Offline Points: 1807 |
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Lending is the same at all places - wouldn't lead with Mortgages as all but WF are horrible at it. ML has a long game target to be closer to JPM, WF Bank channel, this is more restrictive and you are basically an employee. Listen, maybe you are a superstar at what you do - my partner (who I brought on this year) was making $500k as a sell side analyst and had been in the Wall Street Journal. He has very HNW contacts and by all metrics is a hell of a salesman. He went right in on his own and was very close to failing out. If you were to ask him today he would tell you to go in as support and move up from there. This industry is littered with "very smart finance guys who are amazing investors/whatever". If you are coming into the industry you need a runway of 5+ years to be in position to keep your seat. The starting salary for a trainee and support are probably very similar - give yourself enough time to be successful. But you probably won't listen to me and this is a message board so my advice is worth everything you paid for it. $0. |
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Macduff
Senior Member Joined: Oct/27/2013 Location: United States Status: Offline Points: 1140 |
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Merrill's PMD hurdles are 5mm, 12mm, and 17mm net new assets in the first three years. They expect you to bring in 34 million dollars in 3 years.
Can you do that? I wasn't able to and so I was let go after the first year. There are very few that can accomplish that.
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“I was born for the storm, and a calm does not suit me.”
― Andrew Jackson |
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RipRock
Senior Member Joined: Oct/29/2013 Status: Offline Points: 1807 |
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It's garbage - most established advisors are growing and healthy at $3-$5 Million NN a year. If a 3rd year guy brought in $17 Million they would probably be in the top 5 guys in a COMPLEX (150/200 advisors). So here you go - I am an animal at bringing in $, I spend a lot of my own money to prospect and after 10 years of relationships I have COIs that trust me. If I bring in $20 Million it's a good year - no offense but how in the hell is a 3rd year guy have a shot? Be support move up and expand. |
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Ironman
Senior Member Joined: Dec/24/2010 Status: Offline Points: 837 |
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Those are the hurdles. I made it 22 months. And yes, it's garbage. I don't think one of the tenured advisors in my office was bringing in $17MM net new but yeah, if you're in your third year you're canned if you don't. My comment assumes dividends and interest do not count as net new. A third year has a steep uphill climb. And they push you onto a team so if you leave the team is going to actively work against you trying to transfer assets.
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Ive never brought in $10mm net in a year.
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apac707
Senior Member Joined: Oct/08/2014 Location: California Status: Offline Points: 980 |
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Lol
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