Official Investing Thread

**GF-22a** · 05-06-2012, 07:46 PM

Originally Posted by aaugusti

FYI,

If your Merrill Account is under 250,000 , you most likely be losing your Broker. Merrill wants all of their brokers withing with high net worth clients, and will soon brokers will not get paid any commission on those accounts. Some accounts under $250,000 will be grandfathered in, but most will be shipped to a call center in North Carolina.

I take it that means some layoffs are coming for their brokers

**aaugusti** · 05-06-2012, 07:55 PM

Originally Posted by GF-22a

I take it that means some layoffs are coming for their brokers

Nope, but I am sure that some that leave. They are just going to force the advisors to segment out their book of business and fire the clients that do not meet the account minimum. They are doing it in a soft way right now, by feeing the client to death (i.e. charging $5 to liquidate an A-Share Mutual Fund no matter how long you have held it). Slowly, those accounts will be shipped out.

Dammit I just re-read my post and it should say they want their brokers working with high net worth clients, no withing with.

**pGekko** · 05-06-2012, 08:23 PM

Good, FAs are useless anyway.

**aaugusti** · 05-06-2012, 08:30 PM

Originally Posted by pGekko

Good, FAs are useless anyway.

The transactional broker is a near dead breed. It is all about relationship management now. The facilitation of any transactions is probably less than 25% of the business now.

**pGekko** · 05-06-2012, 08:32 PM

The relationship management is useless as well.

**aaugusti** · 05-06-2012, 08:44 PM

Originally Posted by pGekko

The relationship management is useless as well.

I disagree. Trust and estate management, business succession planning, and many other issues are things many business owners and high net worth clients do not have the time or energy to deal with.

**pGekko** · 05-06-2012, 09:10 PM

Originally Posted by aaugusti

I disagree. Trust and estate management, business succession planning, and many other issues are things many business owners and high net worth clients do not have the time or energy to deal with.

Yea, I'm talking about the other 99%.