OCR Text |
Show 'I'm w i You Cant See It or Feel Continued From Page A-- 4 Fund, Chamber of Commerce besides conducting forums on stocks, conimodities and mutual funds and, uith his salesmen, developing nex 'diems, fpmuliv piosperous doctors, m a 'em lor covering 22 counties hard-drivin- g Hopes for 23 hmlv 1171, ip moved to bis present post with his farm-I he has a son and daugh tor) Right now. Hewitt has 15 salesmen woiking foi hint; he expects to add another five and hopes to be up to 25 hv ear's end (Really large M L offices have 4(1 to 50 salesmen on the staff m 1 One of Hewitt's tnipoitant lobs is i eci uiting new AE's likely candidate, he says, o be a self starter; hs's able to communicate and to adjust to sharp changes. He .has to be competitive. If I think a man has those Qualities, I send hi mto New York A "has Merrill Lynch pays an inordinate amount of attention to netting good salesmen , then making them better. and they test him. If he passes, hes assigned to school " 'I L. trainees are paid at least S675 a month- occasionally a particularly desirable man, who has been earning more in his previous job, may he brought in at $1,500 a month. Training runs about five or six months, 80 percent devoted to a grounding in finance, business and salesmanship, the test to vanous tests - Onus Hal, Hits Road After the student has passed his New Yoik Stock Exchange tests and Chicago Board of Trade tests for handling com modity transactions, he "puts on his hat and hits the road," in Hewitt's words. He will be working nearly 12 hours a day his first year. s of the time will he spent on personal calls to prospective clients in homes and offices. These leads result fiom making cold calls fiom the office to persons listed m telephone or industrial directories. Leads are also developed from (he forums the office advertises locally and conducts at lpast once a week. The phone is a prime selling Many M.L. branch managers have the habit of walking through the office once or twice a day to see if a salesman's phone is warm. If it isnt, the man may be told curtly, P.U.P." short for Pick Up the Phone. Or he may find a memo on his desk: GOYA," an acid acronym, the first Ihree words of which are Get Off Your. Ideally, according to M.L. doctrine, an A.E. should make at least ,10 contacts a day, the best mixture consisting of phone calls by day and personal visits at night. If you're really on the ball, you should be having breakfast with active accounts at least once or twice a week. One of Hewitt's trickiest problems is making sure his men aien't enticed 'away "Everybody is gunning for Merrill he men." says "They're the best trained in we spend at the business least $15,000 a man before he and eat ns a dime for us few other firms have any real training programs." Although Hewitts salesmen are essentially on salary, other factors affect the size of their pay. Twice a year, Hewitt evaluates each salesman Three-fourth- instrument. foi "adjusted compensa- tion, which can take a man way past the $25,000 a year a typical M.L. salesman earns. Producing $100,000 a Year For this he is presumably producing at least $100,000 a year in commissions for the firm. If he woiked for an average firm purely on chancier commission he might be earning $30,000 to $35,000 a year. Fart of Hewitt's job is being a compliance officer, nr cop, m make sure that all tne S.E. C and New York Stock Exchange rules are enforced, as well as some tougher M.L. t ules. Those, for example, require that a client trading in commodities like wheat, pork beihes or silver must have at least $30,000 in ready assets before lie is allowed to indulge in what experts consider the most speculative of all market opetadons, that when a new client starts tiading in y stocks, he must provide employment and bank rrteren and his fust buy must he arronipamed a deposit of anywhere satis-tartur- ts from 10 to 50 rprceit of tie stork's value MWill Lynch's 100 security analysts follow some 2,600 stocte did rate them in orHr of (desirability , fiom 1 to 6. Duriij; tie year, anout 100 stocks nay get the ',nvlr i l or Biijj intmg If a client wants io buy a sieck M L dopsn! recommend. the older rant get the aomoval of the bieich manager. Jl- - Bui Tills Finn Sure Can Sell Jl "A i etui n to capitmost' alism, to real compel nion There shouldn't be any settng of rates on the minimum a broker can chatge a commission for buying 100 slimes for a customer, or !!,' 100, 000 shares " He thinks moie th.ui 40 mil lion An eric ms will own stm k tWve die e d of dir "Os And "''11 he i loer to the idea of a vriing biokcrage effuc pin uonib-to-iom- financial b eo ei age for its clients foiesee the ' s futuie hi abridge nlfiee also pi ox id mg home nuuigage hanking s e i t p s be msui am e, ad ne oi. estates and wills and prn income taxes r Regan doesn't go all tint wax "Theie air many obsti m tions, mostly fiom the legal and accounting pioies-sitmMm a lot of people who have a. tlvi a" m it' a v i s 1 with h.mkeg out clients" daUOli m1 0 0,1 a -; grrai puhlu impreslater some listeners start thinking this, to make somP Cabinet before much longer. Hell, if he weient so totally identified with Wall Street, rould pven see him as well, max be not, Wendell W dikip mined that dream guy is going Presidents 1 ' p 197! 21, sion and sooner or possibilities aip always theiP Curb as He ion d, smai t and has nr witn, m his em lie i ' ' s la' x pis and ai (nuoi ins have s uteied The l" d competition to womb le tomb sprxues will be the Onlx on a xeiy . hulks ( lent du at d aftn a (tuple o dunks ean see going into cl - Tnliuur, 'uimhx. Max h- e a flint !, , t. d os a tool di 5 million not a mon h Regan dnpsn t go in foi what m l g li t ! a ' e h e p n i no But some foinier sprction employes who know him well he insist that the what-coul- d xue fiem o l! 19? Npw York T rtis Co ki fCopvnqhi Major Recruiting fforl The business being what it is, .Merrill Lynch pays an imlinate stock-biokeia- g $nro!ft- aMonMnn .v, vxttir-r.Wi. tr pood salesmen and nvkinp them better. Both task$ aie entrusted to Ron SchwatT. a PhD. m psyiMo-gy- , in charge of Employment and Emplove Reations, 4n has 10 "executive recruiter" and a million-dolla- r budge. As Schwartz describes it, the search process begins with ( large ad in The New York Times or The Wall Street Journal. A recent one read. I made the difference, (if you really believe, youie going to make one really gieat Account Executive with Merrill Lynch.) After 5 years in securities sales the Merrill Lynch Account Executive is in the lop 2 percent of all Americans in terms of income. The ads bring hundieds of We pick the likely resumes. Sch vartz says, ones, and cal! a gro-meeting at fi p m. at our training school." . . . average Respected Adversary muJi of Wail Street, Merrill 'Lynch is a respected and often feared adversary. Cr.ticisra ranges from harmless sneers about its 300 vice the firm has presidents been called "The Thundermg Herd and We, the People to hostile comments that M.- L. is running Wall Street by driving out all competition through its efforts to abolish the fixed minimums on what brokers can charge for each or sell transaction. buy (These are fixed by the N.- Y.S.E., with the approval of the S.E.C., on all transactions of $300,000 or under) One critic recently declared that M.L. was so successful only because Wall Street is so weak. Theyre No. 1 because they never tried to become part of the Wall Street family. Their top men are mostly exoffice managers from Spokane or. Buffalo or God knows where. Theyre brought here and they dont even try to develop relations outside the firm. To , Happily Ingrown its not a male WASP principality. There are three women veepees and lots of Jewish and Italian brass, but they all take on the Merrill Lynch imprint very happily ingrown. To most of the other firms, Wall Street is a great club or cozy partnership e staff the good old To Merrill Lynch executives, that's useless sentiment: Thev And A gol's best friend . . . top fashion of a special price!. City dorks, lights or nautical looks that wash, wear and pack at a moment's notice. Solids, jacquards, white, darks; sizes way-of-hf- Being Ao. 1 in our business means you're got to learn from the foolish mistakes others make . . . then, you control greed." famous brand n dress shirts Pnwnrwn and CftHonwoorl prints! stripes! solids! $6-$- 4" 99 Frimons lobe! dreSS shirts tl.rjt nd the smootn and they began wrinkle-freeThey comp out of the sandals or chunky, city ' clogs that everyone wants1 What bet 'u. ter woy to get your cn sum- - . ) mer! Supple, smooth coif or suede in red, white, brown, ton or pastels. 1 washer-drye- that way r sizes too1 Polyester-cotton- toe-hol- d ; 14V2-1- Tht Pom Mn Furrmhmgi : Strap-happ- y Way the woy Downtown and CoMonwod The Purtj Shoes Downtown and Cottonwood eA writers are "lean, leathery, confident, brisk." 4'-'T- r Yi-'L- . Very Bright Chipmunk Soil-.- An envious competitor has an additional comment on the Regan face. "1 look at him up on the dais with his widow's peak and raised eyebrows and bright liquid eyes and he reminds me of a very bright chipmunk whos gatheied all the nuts in time for winter." about six Regan makes major speeches a year to financial groups and usually appears about three times a year before the S.E.C. or Concommittees. He gressional docs very well at both: affable. witty, he talked quick. Recently freely about his firm, Wall S'reet anti the future: "Being No. 1 in our business means youve got to learn from the foohsh mistakes others made. So you wont find Merrill Lynch taking foolish positions in cockeyed stocks. You learn 10 Keep down costs. And you conliol greed. A lot of firms that went under were guilty of greed, blinded hv u Maybe its loo easy to get gieedv nn Wall Stipe! " What does Wall Street need - bare, beautiful and: right for summer;;; no-ire- Reg. have a big product line to sell and thats what they do. Sinre thpy have the best sales force and the biggest customer list, you just cant boat them The rurrent head of M L. is T Donald board Regan, chairman and chief executive and the favorite adjectives applied to him by financial Ports KtK TK : M ft '()! f'' '5 (Vi iUlw AgsrrH if , Sr i I s'icgt.' I I : it chaise with reversible pad wrought iron ice cream table, chairs c. Reg. 79.98 king-siz- 59 Reg. 39.93 Elegant yet proc'icol for indoors or out1 Wrought iron set with heavy gloss taole top top, wipe coeon, vu.yl chair cush'ons Guar onteed rust free for 12 yrs d-- Thp il gi " ch Porn Polm She p I Reg. 11.98 Royal relaxation for your choise lounge, beach or poolside with tufted chaise pod, 2Ax'2" tn floral vinyl print that reverses to solid color cotton duck Downtown V u 5-p- c. tcblo-chai- rs Reg. 79.98 s 59 , wrought iron dinette set with F welded construction, guoronteed rust frpp for 12 years Decorator white, moss or an, 7 ' tique yellow for your patio or yard locy-look- end Cottonwood hi ssi s W'i-- elegant vvrought iron, set 799 27 Sturdy chaise lounge with tubular construe , ,uft tion, double rails and webbings, ed pad thot reverses from solid color to print Three patterns to choose from (-- reversible, vinyl chaise pad e 4-in- r Vx1' A- U 3-p- t&Tsf -y m ftn ni'llijigntjj 77 n |