Goldman Sachs

[quote=Shmer33]

And if you are not Ivy League forget about working for them.  You have no chance.   

[/quote]

Thats absurd.  Even NYC IBD hires from a lot of LACs and reputable state schools. Regional offices are less selective. 

You pretty well nailed it.  Years ago I had a good friend who went with them as an institutional broker because he had a huge book already.

I think they're one of the firms who contacts people they want to talk to about joining them and essentially ignores resumes being submitted by people trying to get a job with them.

The only way I can think of getting into Goldman is to be recommended by one of their clients--or perhaps a producer who would arrange an interview.

They're so damn exclusive that they don't even send people to traditional NASD and SIA gatherings--that would be below them I suppose.  Also they don't have much to learn or share with firms like Merrill or Smith Barney because they're so much different.

And if you are not Ivy League forget about working for them.  You have no chance.    <?:NAMESPACE PREFIX = O />

Thats absurd.  Even NYC IBD hires from a lot of LACs and reputable state schools. Regional offices are less selective. 

 Bro i am just stating what i have heard about the quality of their candidates. 

How are they so much different from SB MS and merrill??

They arent all that different, just much more exclusive.  As there is a jump b/w MS retail and PWM, there is a jump b/w MS PWM and GS PWM (or whatever they call it).  However, there’s not a huge functional difference.  The platform is better and has more hf/pe type things that are better suited towards huge accounts.  The brokers are generally much better qualified to be HNW advisors and of a higher pedigree (though there are exceptions and certainly people at retail wirehouses that are of similar competency).  Jobs are had through connections (stating the obvious) and the like.  also, some top bschool grads become GS brokers, whereas they would have little interest in starting from scratch at SB, ML, MS etc

That from a guy who got fired at Morgan Stanley.

Read the first sentence above, "They arent (sic) all that different, just much more exclusive."

Where I sit being much more exclusive is being very different.

An old neighbor of mine works for them.  His bonus last year was 5 million (according to his mom).  If you get a chance to talk to them, do it! 

[quote=NASD Newbie]

That from a guy who got fired at Morgan Stanley.

Read the first sentence above, "They arent (sic) all that different, just much more exclusive."

Where I sit being much more exclusive is being very different.

[/quote]

I see why people hate you.

That from a guy who got fired at Morgan Stanley.

Read the first sentence above, "They arent (sic) all that different, just much more exclusive."

Where I sit being much more exclusive is being very different

This is why NASD is an asset to this forum.  No one knows the business better, and he enrages everyone continuously (nothing against you xmsbroker).

I am not saying xmsbroker got the axe, I am saying NASD is industry educated and experienced.   

Call it like it is...

Your perceptions are generally accurate.

They also make a ton of money trading their own capital(as a firm).

Ironically, last time I looked at their mutual funds they were REALLY bad!

[quote=Shmer33]

I am very curious about GS.  Can anyone tell me about that organization, private advisors, and any personal experiences? They carry the reputation of being the most exclusive investment form in the world.  <?:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" />

You have to have a minimum net worth of 10 mil before they will even consider working with you. And if you are not Ivy League forget about working for them.  You have no chance.   

I almost forgot, PLEASE FOR THE LOVE OF GOD DO NOT GIVE ADVICE UNLESS YOU KNOW WHAT YOU ARE TALKING ABOOUT.  It seems to me lately we have had people on this forum that go to an interview, and all of the sudden they feel they are qualified to give advice. 

If you are that K guy or the metro moron please don’t type any thing.  I want to hear from Joe, dude, NASD, etc..  The people who are actually in the business..

Regards:

Shmer33

[/quote]

Make no mistake Shmer...NASD Newbie worked around our business for quite a while, but spent very little time in it.

Now they have the largest hedge fund in the world. Also, I know an
independent broker in Tampa, and just last week I asked him to his
knowledge what Goldman’s minimum was. He said that they will work with
you if you have several million. You probably have to be referred. I
know they target private business owners and real estate tycoons. If
you go to their website most of the people are foreign. Like it was
said, you better be Ivey League educated or forget about working there,
and probably know someone. Last comment, I read an article I belive in,
the mag Wall Street. It was GS president talking about recruiting
current brokers. His comment that the ones in the 2-3mm production
range which is their average or requirement aren’t that quick to join
up b/c the payout is so much less at about 25%, and they are
comfortable. That begs the question, If you were offered a job with GS
even with a pay decrease, would you go?

[quote=Shmer33]

That from a guy who got fired at Morgan Stanley.

Read the first sentence above, "They arent (sic) all that different, just much more exclusive."

Where I sit being much more exclusive is being very different

This is why NASD is an asset to this forum.  No one knows the business better, and he enrages everyone continuously (nothing against you xmsbroker).

I am not saying xmsbroker got the axe, I am saying NASD is industry educated and experienced.   

Call it like it is...

[/quote]

Whatever floats your boat.  If I got the axe, I wouldve picked (or switched to) a slightly more discreet moniker...

"Where I sit being much more exclusive is being very different."

Not in important ways.  Its not like GS has products that get their clients 20% annualized returns w/out much risk.

In regard to their primary businesses, GS is objectively better than the competition, which is why their PWM is so exclusive.  And why their mutual funds sell even though they suck. 

Look, I doubt anyone here can provide any real inside perspective on the company.  Their brokers operate on a much different level with their customers, generally work in teams of 5 and work much closer with the manufacturers of investment products (investment bankers) then your average wirehouse guy.  Each member develops a specialty and is the lead for a target of 20 clients each with a minimum of $10 million (although they do take accounts with less).  I have heard of guys competing for some accounts that had $5 plus million that were mostly in poor performing Goldman Sachs mutual funds and other investments that were not all that inspiring.  I imagine that those with higher balances get great access to house underwritten issues and some pretty tony Ultra High Networth investments ( Private Real Estate, Mezzanine Loans etc....).  They will take guys who aren't from the Ivy Leagues, but they must be top of class and are usually under 5 years and at $1 million in production.

I'd really love to hear from any current or former GS brokers as well. 

I took an account away from GS. Not the complete household, but an account. To quote Ron Burgundy “I mean that thing is good.” Teams of 5, wine and dine, fly in and make clients believe they are “mystical”. My belief is packaging is fantastic, performance is prudently above average. However, if you are fortunate enough to have the opportunity to work for them … do it. Perception is normally reality. We may know better but the client may not. In other words if they want a Rolls Royce and you are trying to convince them a BMW is just as good they just may not buy it. Some people may want the expert from NYC, Chicago or wherever to tell them the same things you may be saying but they do it with more certainty, a better suit and a more prestigous address.

I understand it is not uncommon for their brokers to treat their clients to elaborate vacations and other expensive gifts..

 <?:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" />

What the hell.. if a guy is giving you 50 million the cost of a few nights in the Bahamas is a joke...

well put skolbrother,well put

[quote=rook4123]Like it was
said, you better be Ivey League educated or forget about working there,
and probably know someone.
[/quote]

Last time I visited Baylor, I met students who had interviewed with and received offers from GS.  I’m sure everybody will agree that Baylor is NOT an ivy league school.

The kids struck me as very sharp, and I’m confident that they got their offers through merit.  Not connections.

(Before I get a flood of calls, let me clarify that it was a speaking engagement.  I do not place recent college graduates.)

[quote=Shmer33]

I understand it is not uncommon for their brokers to treat their clients to elaborate vacations and other expensive gifts..

 <?:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" />

What the hell.. if a guy is giving you 50 million the cost of a few nights in the Bahamas is a joke...

But how does that comply with the $100 annual rule?  [/quote]

If the broker goes along it's considered entertainment--entertainment is not limited.

NASD are you saying I can take my client to Maui and call it entertainment? Serious question. Goldman took a shared client to the Masters a few years ago. I always wondered how that was legal.

(before everyone piles on for taking advice on a message board I don't take anything as gospel on here but looking for a little insight on this topic)

Think about it.  Entertainment is the lifeblood of the industry, and how much entertaining can you do for $100?

As with anything you do you should check it out, but there are no NASD rules that say you must not spend more than "X" dollars on entertainment.

The definition of entertainment specifies that the party doing the entertaining must be present at the time the entertainment is provided.

So, unless your firm says no you will not violate NASD rules by spending a ton of money on a client as long as you tag along.

If your firm says no and you do it anyway the ignoring of your firm becomes a violation of the NASD rules.

newbie,

What is the largest "entertainment" expense that one of your many firms has permitted you to pay for?

Once I picked up a $20,000+ cocktails/dinner/wine tab for about 75 branch managers and wives---oops, branch mangers and spouses.

The really outrageous stuff occurs in the IB area--they're prone to holding their due diligence meetings in places that are not free.

Is that entertainment, or just holding a meeting in a very expensive place?

In what capacity did you pickup the tab?

[quote=compliancejerk]

In what capacity did you pickup the tab?

[/quote]

The guy who was expected to pick up the tab.

wholesaler, stock promoter, underwriter or just a big swinging appendage?

NASD:

 <?:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" />

You picked up the tab for your employees and colleagues.  There are no specifications about that..

Basically, it is common for brokers to bend the annual $100 rule when it comes to clientele appreciation?? 

[quote=Shmer33]

NASD:

 <?:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" />

You picked up the tab for your employees and colleagues.  There are no specifications about that..

Basically, it is common for brokers to bend the annual $100 rule when it comes to clientele appreciation?? 

[/quote]

Don't you dare give a client something that cost you more than $100.

You never know who is looking over your shoulder.

Save money on gifts for family--make them into accounts then cite the rule.

Have you ever known somebody who complained to somebody else's boss because their holiday gift cost too much money?

What you really need to worry about is if the limit includes sales tax.

[quote=compliancejerk]wholesaler, stock promoter, underwriter or just a big swinging appendage?[/quote]

you're a lonely old man whose family has deserted him (hence the dressed up pooch). You're probably dissed by them as much as you are here .... small wonder.

[quote=compliancejerk]

you're a lonely old man whose family has deserted him (hence the dressed up pooch). You're probably dissed by them as much as you are here .... small wonder.

[/quote]

Nah, I've been married for thirty six years to the most supportive wife in the world.

How about you, ever married?

[quote=NASD Newbie]

Once I picked up a $20,000+ cocktails/dinner/wine tab for about 75 branch managers and wives---oops, branch mangers and spouses.

The really outrageous stuff occurs in the IB area--they're prone to holding their due diligence meetings in places that are not free.

Is that entertainment, or just holding a meeting in a very expensive place?

[/quote]

It takes one pathetic lose to lie on a message board about spending someone else's money.

[quote=xmsbroker][quote=NASD Newbie]

Once I picked up a $20,000+ cocktails/dinner/wine tab for about 75 branch managers and wives---oops, branch mangers and spouses.

The really outrageous stuff occurs in the IB area--they're prone to holding their due diligence meetings in places that are not free.

Is that entertainment, or just holding a meeting in a very expensive place?

[/quote]

It takes one pathetic lose to lie on a message board about spending someone else's money.

[/quote]

Nah, it was at Mortons in Palm Springs--ever been there?

actually i have

[quote=xmsbroker]actually i have[/quote]

It's a great place, don't you think.  Do you think it's location is convenient?

very convenient for a fictitious story.

[quote=xmsbroker]very convenient for a fictitious story.[/quote]

What you don't think thirty five branch managers would have gathered with their spouses in Palm Springs?  That seems beyond belief to you?

I don’t think theres a Mortons in Palm Springs.  I don’t think the average bill per person would be ~$300.  I sure as hell dont think you would be in charge to pay for it.  The fact that you flaunt it in a thread that has nothing to do w/ corporate perks for worker bees is all the funnier.

[quote=NASD Newbie]

[quote=xmsbroker]very convenient for a fictitious story.[/quote]

What you don't think thirty five branch managers would have gathered with their spouses in Palm Springs?  That seems beyond belief to you?

I have been to Mortons, but not the Palm Springs location.  You can drop $300 bones on dinner and drinks per person. Especially if you are sipping cocktails before, during, and after the meal.   

 <?:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" />

NASD:

I would never drop more than $100 on a client.  I am not going to start breaking and bending the rules as a rookie.     

[quote=Shmer33]

I have been to Mortons, but not the Palm Springs location.  You can drop $300 bones on dinner and drinks per person. Especially if you are sipping cocktails before, during, and after the meal.   

 <?:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" />

NASD:

I would never drop more than $100 on a client.  I am not going to start breaking and bending the rules as a rookie.     

[/quote]

That's good, rookies are the worst violators of the rules.

You never know when the gift police are going to be out and about.

Lets get back to GS...what is their setup in terms of support staff and how their teams are arranged?

[quote=dude]

Look, I doubt anyone here can provide any real inside perspective on the company.  Their brokers operate on a much different level with their customers, generally work in teams of 5 and work much closer with the manufacturers of investment products (investment bankers) then your average wirehouse guy.  Each member develops a specialty and is the lead for a target of 20 clients each with a minimum of $10 million (although they do take accounts with less).  I have heard of guys competing for some accounts that had $5 plus million that were mostly in poor performing Goldman Sachs mutual funds and other investments that were not all that inspiring.  I imagine that those with higher balances get great access to house underwritten issues and some pretty tony Ultra High Networth investments ( Private Real Estate, Mezzanine Loans etc....).  They will take guys who aren't from the Ivy Leagues, but they must be top of class and are usually under 5 years and at $1 million in production.

I'd really love to hear from any current or former GS brokers as well. 

[/quote]

See highlighted text above.

I guess that most info provided is going to be speculative in nature.  You can go to Goldman Sachs site and look under their careers section, but it's going to be vague. 

I'm wondering if any brokers from Lehman or Bear Stearns hang out around here.

I believe the general rule is that if you are at the top of the heap then you probably wont be posting here much, if at all.

Dude:

 <?:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" />

What firms are the “top of the heap”?  I was under the impression that Morgan, Merrill, UBS, Wachovia, are top tier and Goldman is the best. 

Look at the US government.  Half of the officials in the treasury department came from Goldman.   

Top Tier Firms are actually (from an average broker production perspective):

Goldman Sachs

Lehman Brothers

Bear Stearns

Dutchebank/Alex Brown

Credit Suisse First Boston

and maybe Brown Brothers Harriman?  Although I'm not sure about that one.

Have I left any out?

The notables you mention are far bigger in scale (they make the brokerage operations of the 'exclusive' crowd look tiny), but are much more mainstream and less exclusive.

Like I mentioned before the brokers at the firms I mentioned are in a different league than the rest (generally speaking) and work much closer with the investment banking department.  They also generally work more with investments that target 'accredited investors'.

Oh and it's Deutsche Bank....just caught that one.

[quote=Shmer33]

Dude:

 <?:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" />

What firms are the “top of the heap”?  I was under the impression that Morgan, Merrill, UBS, Wachovia, are top tier and Goldman is the best. 

Look at the US government.  Half of the officials in the treasury department came from Goldman.   

[/quote]

What does 'the best' mean?  Goldman is just marketing to a very limited and exclusive prospect base, but their brokerage arm is laughable compared to Merrill from a size perspective.

Goldman, I would say carries the most mystique, but 'the best' is a vague concept dependent on what paradigm you are coming from.

I am referring to the firm having the most qualified and educated brokers.  <?:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" />

Correct me if I am wrong but brokers and investment bankers working together would pose a serious conflict of interest.   After all, investment banking and the retail brokerage business are on opposite sides of the scale.  Couldn’t an individual trade based on inside information gained from the investment banking side of the business?

Didn’t some 23-year-old puke just get in trouble for that?   He was an investment banker for Merrill or something. 

I know that Credit Suisse is a very high class opertion. I have met with a few of their teams, and they are with GS in the ultra HNW category. The team I spoke to went after 20-30M. One of the solo brokers minimums was 10M. Very impressive office too!

Can anyone explain my brokerage vs. investment banking question?  Its on page 5. 

[quote=Shmer33]Can anyone explain my brokerage vs. investment banking question?  Its on page 5.  [/quote]

Look up "Chinese Wall"

When I say work closer with investment bankers it has to do with the development of investment products (structured, private equity, mezzanine etc..)and since they target those who generally are heading up sizeable businesses, there is usually opportunity to do banking business. 

Yes there has to be "chinese wall" procedures in place.

Your typical broker is not usually involved in marketing limited partnership (in addition to other structures) accredited type investments.

I guess what I'm saying is that a Goldman broker leverages their entire platform much more than a traditional broker does from my understanding.

[quote=NASD Newbie]

[quote=Shmer33]Can anyone explain my brokerage vs. investment banking question?  Its on page 5.  [/quote]

Look up "Chinese Wall"

[/quote]

ooooooooo  no wonder you were a "real sr vp"

GS is widely considered to be the most elite firm for Wealth Management.  The furthest I went there were two informational interviews.  One was with institutional sales and the other with Wealth Management.  Even with some good personal contacts and an MBA from NYU/Stern I was not assured an interview should I have wanted one.  The below information is what I learned prior to and in the informational interviews.<?:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" />

GS has a formal training program where you learn a lot about the history of the company in addition to the basic 7, 66, insurance and products.  The training starts once a year in June and is made up of people with MBAs from top schools who were given offers as far back as October.  Some of those given offers also interned with the company but an internship does not guarantee you an offer.  After getting though the basic training and passing all of the tests, you form a team consisting of five people from the training program.  You are not put onto a team of seasoned professionals.  Instead it is the responsibility of five newly minted young MBAs to gather assets and manage those accounts.  I don’t know what the success rate is but I can’t imagine it is easy for these young newbies to gather assets with a minimum of $10mm per client.

If you want to learn more I suggest a report from www.wetfeet.com

--WM

Do you know if they hire undergrads, people who have already been working as advisors (although with more regular not 10M accounts) or only MBAs?

Any idea on pay?

Not usually and very highly unlikely.  They target a very highly pedigreed individual, typically with an MBA from a Wharton, or similar school.  The chances of getting brought on by GS with an advisory background is slim-to-none, unless you have a proven track record of getting the $10MM+ client and are highly regarded within your current firm’s wealth management side.

Recruit:

 <?:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" />

That’s what I wanted to know.  Thank You   

Whoever claimed that GS recruited from state schools was not totally wrong.

 <?:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" />

I just did not clarify my question.

I heard a lady the other day ramble something off about her broker at
Goldman, to her friend as she threw me her Am Ex Platinum. She was very
pretentious and sexy. They definitely have the appeal for the insanely
snobby kiss my a-- rich. 

I know a former PRUSec broker (non Ivy League BA, Ivy League MBA) who was recruited out of PRUSec 3 years ago to Goldman Sachs. He might be willing to speak with you but I can't/won't post his name or contact information here.

E-mail me if you have genuine interest. I am not a recruiter.

Dude:

With respect to average production, it's something like this with brokers that have 5 years plus in the biz:

Goldman Sachs

JPM Wealth Management

Lehman Brothers

Bear Stearns

Jefferies

UBS Wealth Management

Merrill Lynch

Morgan Stanley/Smith Barney

[quote=rook4123]I heard a lady the other day ramble something off about her broker at Goldman, to her friend as she threw me her Am Ex Platinum. She was very pretentious and sexy. They definitely have the appeal for the insanely snobby kiss my a-- rich.  [/quote]

Did the card say NASD Newbie?  If so it was either my wife or my mistress--was she blond or brunette?

GS does hire from state schools, but they tend to be top state schools
such as UVA and UNC.  They do have an analyst program for
undergrad graduates which is 2-3 years, if you succeed in supporting
your WM team you may be offered a position on that team.  Every
top prospect I have run into has always been interviewing
Goldman.  They say that they only take 10mm and up but the truth
is they will take anything over 1mm.  Not many other firms have
been successful at cornering this market, Morgan Stanleys PWM used to
have over 400 brokers, the latest count it about 100-150 I
believe.  I know Credit Suisse and UBS have very upscale
operations as well.  These fee business’ are very lucrative and I
think when you get up to 100mm accounts you are charging like
25bpts.  This is where Goldman loses out, they do not like to
discount at all, they are very strong on the fact that you pay full
price for their services.  

Blonde



Nice point Diplomaticos, Goldman is expensive and they don’t discount.
In many ways people are paying for the name. I will ask this. If you
had or have a 10mm client what could GS do that you couldn’t? You could
discount, and they wouldn’t. Maybe they can sell special IPOs, and you
can’t, I don’t know.

Not only do they get the IPOs but their access to Alternatives and
other exotic investments and private placements is huge.  They
have this thing called Hedge Fund University where they take all their
clients and prospects and teach them about hedge funds.  Plus, the
trading capabilities for large blocks of stock and other transactions
is very good.  I think the things like timber funds, real estate
funds, private equity, hedge funds (omega), is what attracts
people…and the Goldman name. 

As a former Goldmanite, I think I can comment a bit on this, considering many of the previous posts were extremely off-point:

I used to work for GS, albeit not in their Private Wealth Management area, and had an offer to move internally to their Asset Management area (which, along with PWM, comprises the Investment Management Division), before accepting an offer from Morgan Stanley.  Anyway, after spending 3 years at GS, here's a few thoughts:

1) they recruit a lot of Ivy kids, but the other top universities, colleges and state schools are very much in the mix.  Don't think that if you're not a Harvard grad, you won't get hired - that's pure BS.  I was not an Ivy League graduate, and I was a summer analyst as well as a a full-time hire with GS.

2) Pedigree plays more importance on the MBA recruiting trail, primarily for IBD, Sales & Trading, etc., meaning they will tend to actively recruit from the Wharton's, HBS', Kellogg's of the world for new associates.  Again, I am not talking about new analysts coming straight from undergrad.  That being said, pedigree isn't everything.

3) The "attitude" and ego-trip most people wrongly associate with GS is really a misperception.  There are egomaniacs at every firm, and I generally found more down-to-earth, friendly people at GS than anywhere else I have encountered. 

As for dude's comment on ML's "retail platform" being much better than Goldman's...well, that doesn't exactly fly, considering GS doesn't HAVE a retail brokerage arm.  They do business exclusively for HNW, Ultra-HNW and recently, with emerging HNW clients.  Many of these clients are prestigious and are likely sourced from other points around the firm - i.e., a IBD contact.  They also do business with many celebrities and well-known business leaders.  Yes, most clients do pay the high fees for the "name," but make no mistake, they are VERY GOOD at what they do.  As an employee, we had access to the same online trading platform when housing our accounts at the firm that the HNW base does - it is extremely useful and the access to research is SECOND TO NONE. 

Anyway, it's a good idea in general not to comment on things based on hearsay and rumor - just my 2 cents.

I am not going off hearsay either

Diplo - got that impression from you in your above post.  I actually had a chance to hold a Hedge Fund University session as a summer analyst in their Hedge Fund Strategies group.  You struck me as more knowledgeable about GS than most posting here.

Thanks for clearing that up Wildcat_02. 

My comment about Merrill was concerning the SIZE of their operation relative to Goldman, that's all. 

You see everyone.. There are intelligent people on this forum that actually know what they are talking about.  OMG-

 <?:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" />

[quote=Shmer33]

You see everyone.. There are intelligent people on this forum that actually know what they are talking about.  OMG-

Thank youWildcat_02!  Your insight is much appreciated..  [/quote]

I'm interested in what you think was so valuable about Wildcat's comments?

That is not to denigrate the comments--I'm just curious about what you, and others, find to be new to you.

no problem, everyone. 

Dude - good point on the size of operation - I missed that earlier.  ML definitely can boast size over just about anyone.  They make the market, IMO, on the retail end.  GS does just about the same, on a much smaller scale with the HNW market.  In fact, from what I remember, their PWM unit is actually run and compensated a bit differently than the average broker at another firm.  I believe (and I'm speculating based on my contacts there), that they pull the normal base/bonus compensation rather than being more heavily focused on commissions.

Also, something you all could possibly answer for me - I'm at a career impasse at the moment... currently interviewing at two firms for a FA position.  It's a bit different than my prior four years with GS and Morgan Stanley, and something that took a bit of getting used to in terms of getting past the success/failure apprehension, as well as the different comp structure.  Any advice on how this 26 year old breaking into this area of the industry could be less apprehensive as well as generate success, would be MUCH appreciated! 

[quote=Wildcat_02]

no problem, everyone. 

Dude - good point on the size of operation - I missed that earlier.  ML definitely can boast size over just about anyone.  They make the market, IMO, on the retail end.  GS does just about the same, on a much smaller scale with the HNW market.  In fact, from what I remember, their PWM unit is actually run and compensated a bit differently than the average broker at another firm.  I believe (and I'm speculating based on my contacts there), that they pull the normal base/bonus compensation rather than being more heavily focused on commissions.

Also, something you all could possibly answer for me - I'm at a career impasse at the moment... currently interviewing at two firms for a FA position.  It's a bit different than my prior four years with GS and Morgan Stanley, and something that took a bit of getting used to in terms of getting past the success/failure apprehension, as well as the different comp structure.  Any advice on how this 26 year old breaking into this area of the industry could be less apprehensive as well as generate success, would be MUCH appreciated! 

Thanks, joe - appreciate the feedback.  I guess it's more of a insecurity or hangup on my part that most people won't talk to a younger (new) broker, but past experience can help I presume.  Also, I've been told it's more WHAT you say and know than how you appear, but I can see this is definitely a hurdle to overcome in most situations... so I've been told! 

Thanks again.

[quote=NASD Newbie]

That from a guy who got fired at Morgan Stanley.

Read the first sentence above, "They arent (sic) all that different, just much more exclusive."

Where I sit being much more exclusive is being very different.

[/quote]

You Idiot.  You are NASD

[quote=Wildcat_02]

  Also, I've been told it's more WHAT you say and know than how you appear, but I can see this is definitely a hurdle to overcome in most situations... so I've been told! 

Thanks again.

[/quote]

I would argue that it is only 20% what you say and 80% how you say it.  Being confident in yourself and your advice will go farther than anything else.  This what allows con artists and rogue brokers to exist.  They have no viable product or advice, but people simply believe them because of their salesmanship.  Now, when you can combine great advice with great salesmanship, you've got it made.

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I would argue that it is only 20% what you say and 80% how you say it.  Being confident in yourself and your advice will go farther than anything else.  This what allows con artists and rogue brokers to exist.  They have no viable product or advice, but people simply believe them because of their salesmanship.  Now, when you can combine great advice with great salesmanship, you've got it made.

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Interesting point, and definitely something that has crossed my mind a bit!  Thanks for the advice.  Must say that this forum has been extremely helpful to me as I choose to break into this area of the industry.  I am very close to taking an offer from one of the wirehouse brokerages, which I just received yesterday, so I will definitely take this advice to heart.

Thanks again!

On the GS issue I would say if you want information go and google Bel Air Advisors LLC.  A client and very good friend of mine is personal friends with one of the founders.  Him and his two partners left GS and took one billion of assets with them.  Before you cry bs know that they controlled a lot of very very big time hollywood celebrities money, Barbara Streisand, Bruce Willis, Julia Roberts caliber and they also have several LA billionaires money.  With that being said I think its safe to say that the do know what they are doing and they do set the gold standard in PWM for ultra HNW people