Financial Advisors

Thinking about moving to Merrill Lynch. Looking for the good, the bad, and the ugly from Merrill advisors on here.

likehelpful
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Merrill was once a great firm. BofA will ask you to push their banking products on your clients.

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I spent 9 years at Morgan and now in 12 year at Merrill. I am doing 4x the business at Merrill. The name does matter. The bank is an asset if you use it correctly. The technology, workstation, is worth an employee in saving time managing my business. Only requirements is to grow....is that not what we all should be doing? Best firm to run a business!

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The grass is greener where you water it. It’s not a bad idea to look around, but quite a few people go back to the original firm

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Too many conflicts of interest. Case in point, recent decision with Merrill screwing over clients by forcing them out of a higher yielding money market and into Bank of America’s crappy savings account.

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So not a million dollar producer. Hell, won't even be a half million dollar producer this year. Curious as to why they'd be interested from what others are saying on here.

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likeuplifting
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Don’t. They push BOA products

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Run away.

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likeuplifting
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Low payout

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likehelpful
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Wow what a cheerleader! I was wondering if anyone would come to the defense of Merrill I have to call bull sh*it on your comment about it being “great for clients” though. https://www.google.com/amp/s/www.wsj.com/amp/articles/merrill-lynch-joins-brigade-downplaying-money-market-mutual-funds-1534880179

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You fail and leave your book.

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likesmart
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Not a ML person but I've known so many people who were who were just spun out... maybe if you are a top producer but otherwise beware

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I think we all need to know if you are a million dollar producer. That’s what counts at MLynch. They are not interested in little guys. Minimum accounts are 250M, you will not be paid on anything lower, in fact if you keep them because it’s s nice old lady that babysat you back in day it can actually hurt your numbers, cross selling to BOA, that’s mandatory. I worked there. If you are moving there for name recognition, give it up. Plenty of other nice firms that are not forcing cross selling. I can reach to an assistant and find out what the latest is.

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Better be a mil plus producer at least. Small producers are another number

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Having the bank has been great for clients. The cross selling isn’t that big of a deal and there aren’t really any ramifications. What really matters is having a big book, and make sure you grow it every year by 5 250k+ households. The bank adds a ton of value and let’s you get paid on the things you would normally send to someone else. Mortgages, credit lines, etc. if you work with a lot of business owners you really become the one stop for everything.

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As a former ML advisor, run. And run fast

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What that doesn’t show is a deposit account paying 1.97%, daily liquid. Non sweep though. So as long as the advisor is judicious on his clients large cash positions it a great rate.

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Operative word is "judicious”. I’ve never met such a broker at Merrill

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Unless you are a big producer don’t. The payouts are getting lower and lower. There are mandatory BOA products you have to push.

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Financial Advisor 4... can you elaborate as to why please?

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They're offering a pretty generous transition package for wanting me to fail and leave my book, paying quite a premium in my opinion.

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Additional Posts

Folks what is the average tax rate to assume for an annual base of $175K in Los Angeles? Trying to calculate if the hike from the new role is worth it with the higher tax rate in California.

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How often is too much to switch jobs? I quit PwC after my M2 year in June 2019 for an industry role (not manager), and then left in January for a competitor in a different role (still not manager position). A very nice manager opportunity just opened at a 3rd company for which I think I'm a perfect fit. Should I apply?

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Consultants in the Westin Delaware hotel working in the restaurant late night. What firm are you with?

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Anyone chilling in LGA terminal A?

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A homeless person followed me to my hotel room in SF. How many bonvoy points?

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Has anyone owned a small project or work stream that just failed? Not your fault just altogether perfect storm with client, data, timelines etc. How to handle? 😰

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I've gotten lazy this week. How do yall get back on the path and get motivated to get it done?

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Will anything trigger to HR if I'm applying for other jobs at work? 👍🏻

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Ally here. I hope this doesn’t get taken the wrong way but I’m looking for some help in understanding the transgender world. What’s the difference between not following stereotypical gender norms (eg. girls wanting to have short hair and play sports or boys wanting to take dance classes and wear make up) and not feeling like you fit with others of your gender vs truly feeling you should be living as another gender (to the point you want to take hormone supplements and fully transition).

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Qualifying for elite status is like the myth of Sisyphus - we spend all year rolling our stone up the hill then it's back to the base. #notevengoldyet

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anyone got their visa stamped in "Ciudad Juarez, Mexico "? need to know if city is safe, good hotels near consulate and travel advisory, if any..

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How bad would it look on your resume if you decided to leave 8 months in at your new firm. All other tenures have been at least 2 years. It’s to join industry for higher pay cuz I’m sick of consulting

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Three drink rule at the holiday party went out the window... Drink up 🐠, we deserve it. Happy holidays.

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TFW you get the call for an assessment over the holidays and you've been on the bench too long to turn it down.

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Most valuable lesson consulting has taught you

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Even on vacation making Harvey balls... this pizza is of moderate quality

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likefunny
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I need more consultant friends 😑 Friends can’t even afford a weekend getaway that would only cost $100. You’d think by mid to late 20s, that wouldn’t be a ginormous expense

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How do you go from united silver to gold? I feel like I have been silver forever and I've been consistently traveling.

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When you work late, expense food, and realize you're now too old to easily digest chipotle 😢

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Anyone use edgenuity? I'm starting Monday with students, never been trained, no guidance. Don't know how to set expectations if I don't know. ice breaker ideas? I'm not in my classroom.. media center.

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