Nalapraja-
Can you make the beard more flowing?
We are imagining this as more like an avatar for a web site. The avatar is like an x man that is part gandolf, part merlin, part einstein in feel.
Also, can you put your merlin in "action"? Ie can you have him moving his body with the wand as if he is zapping or defending someone? Your merlin is a bit too up and down or symmetrical now.
I think this could be a great logo, but it needs some improvements to fit with the image we are looking for.