Hey guys. I’m in the Merrill and I make around $55-$60k. I’m being offered a role at Citi Private Bank and the salary is $90k with bonus. I’m considering making the switch b/c the payouts at Merrill suck and I’m burnt out dialing for dollars. The Citi bank position also involves working an existing book of biz and I think I’ll like that better even though the upside in $ is limited. What would you do? Do you think I’ll regret leaving the fee based model?

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Feel free to message me if you're interested in Edward Jones since we have an initiative for experienced advisors and plan on having them start with assets. We have the best payout and training in the worehouse industry and I'll be blunt and honest with any question you may have.

funnylike

Moving is usually good, for more money even better. Assuming you have not just joined Merrill.

likehelpful

yeah I’ve been there for 4 years and it’s really tough building my book. I’m 1 year out of the pmd program

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I would take the job. The private bank will give you an opportunity to build out your network, while getting a decent salary. You can always opt to leave once you feel your clients value you enough to follow you wherever you go next. I spent 10 years at a private bank bc becoming a FA.

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Thanks and yeah that’s what I was thinking too, with having a nice salary. It’s stressful as hell being all commission

likesmart

Sounds like a great opportunity. Go for it!

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Worehouse, yep that about says it all! Haha

But seriously, I’m also at EJ, I started my career at Merrill, I’m now a $750k producer, took awhile and grinded it out for yrs, but when you get there you forget (kinda) all the pain. What are your long term goals? Current obligations?

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17 yrs, Whew! Ha

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How much transferable AUM? Could go independent. RIA starts at 100% payout. You can also tuck in with an existing for probably 70-85% payout which could be better so you’re not alone.

likesmart

I agree with most . Make the move . You will learn a lot at Private bank . Network , build a Rolodex , less focus and time spent on unqualified leads so you can focus on learning wealth management . Do that for a few years . See what you like . You may gravitate towards other areas of wealth management at that level . Relationship management , wealth management , estate planning , credit , art advisory , etc . I worked at Citi private bank and left too early . Should have stayed and been more patient .

Reach me at (646)905-2173 for insights. Best, Mark

Later ML

It sounds like a good opportunity! I would go for it. It’s good to get to exposure of how other firms work. Essentially, diversifying your work experience. Best of luck to you!

Have you considered opening a brokerage of your own?

You should move on and go with CITI

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