Looking for some thoughts and advice: I hold my CFP and work at Fidelity. Have an opportunity to join a Merrill team. I know the team already has a younger CFP and I would be joining to to help as the older advisor retires in the next couple years.

What are some pitfalls or questions I should be asking as I find out more about this team? Has anyone else joined a ML team? How did it go?

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I've seen many false promises fall through when there's supposedly a retiring advisor involved so I would approach it quite carefully. Things you need to understand: 1. how you're going to get paid during and after that advisor is there. 2. how your own book of business will pay out and if it's yours to take when you leave. 3. What your job requirements and goals will be during and after that advisor is there. Are they able to change your goals? When and how? 4. How long others have been on that team and what their job requirements are 5. All costs, splits, benefits, and anything else they might provide or not provide 6. Is there a non solicit involved?

I'd be looking at in independent ria job before I'd ever sniff a ML job, but if your interested, do your due diligence!

Good luck.

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You need to ask yourself if you are truly ready to prospect on your own and build a book with minimal to zero leads. I’ve seen many Fidelity and Schwab advisors fail out when moving to the traditional brokerage side due to not having the skills to find clients on their own. ML is nothing like Fidelity where you get appointments set for you on your calendar by other reps or get to call Fidelity client lists to schedule meetings. It is drastically more difficult to build a book at ML than people think going into it.

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As a current Fidelity Advisor, I ended up turning down a Merrill offer after admitting to myself that we have it pretty good when it comes to support and prospecting. When the market leader told me we could just call BOA/Merrill customers realized I just wasn’t willing to give that up.


If you’re on board with that though, there may be some good upside for you.

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Way different when you have to go out and find your own clients.

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