Merrill Lynch Built a System That Used Young Brokers

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I graduated USC in 1997, began working at Merrill Lynch. I get my securities license and after about a year I raised maybe 10 or $15 million.

And the brokerage industry was going through a change where they said, we don't want you to work by yourself. We want you to become part of a team. And I said, no. And they said, we'll reassess in 60 days.

If you want to remain at Merrill Lynch, you're gonna have to join a team. over the next 60 days, I was watching this business more than I ever had. And I started to see a lot of friends flunk out of the business. These junior brokers maybe have five, $10 million. into business.

then merge your book of business with this senior broker. And by merging your book of business, you think it's going to lead to internal life 'cause you've got the senior broker mentoring you. But here's what happened. The junior brokers would end up managing the senior brokers book of business all day, doing all the client services work.

Then that junior broker's no longer prospecting to bring in business 'cause he's doing all the senior partners work. that's when I felt like I'm descending. This is a wretched sickening business where everyone looks out for themself stealing from these young brokers. And I said, that will never be me.