Expect a Major Announcment@MS

[quote=Elvis]

Ok bozo's and know it all's , no futher cuts this year. Banner year everyone is happy. Will raise minimum account to 50k per household. Brokers over 2million will get a raise. Creative bookkeeping will pay for this. Lower end producers sigh of relieve. Will offer wealth creation based on longivity. Stock up significantly. All is well until mid 2007. Remember what Gorman said however! We are judged by who low our bottom half is. MButler get a real job!!!!!!!!!!!!!!!!!!!!!

[/quote]

I really hope your aren't a Morgan Stanley Advisor.  What is your basis for these remarks?  I've heard about the minimum household to 50k, that's no surprise.  I've heard about a Wealth Creation plan, that should give incentive to the larger producers.

Yes, Gorman said "We are judged by who our bottom half is", so why on earth would you not take steps to incent that lower half to grow their business?  The $2 million producer isn't going to grow at 20% next year.  Ten 200k producers should.  These are basic business principals, if you can't understand that, get out of the business.

Do the math, why would you give incentives to a 200-300 producer who has been around 10-20 years. Why not the 400-900 producer? Generally speaking the 200k producer would have been fired at Merrill.

I agree with Elvis's last statement reference the unliklieness anyone would invest in a $200k to $300k producer with an LOS of 10-20 years- for most of them are not going to change in production and they are usually "stuck" in that area unless they get some outside help, team up, etc.

I do think though that parameters will be set on these big producer incentives which will focus on recurring revenue.

Now I'm no Bozo, and sure don't know it all, but I cannot believe all is well at MS yet, but only time will tell.

I'm not saying invest in 200k producers.... I'm saying incent them to get to the 300k+ mark.  That is what I believe MS is planning to do. 

The message being sent to the bottom half is this "get to 300k or freshen up the resume." 

The message IS NOT "get to 2million or freshen up the resume"

There will not be any cuts, people under 300k will just gradually leave on their own.  I do believe providing incentives at the 300 level is a good thing.

Elvis... if they start the incentives at 300k, they will also apply above that level.  That's the beauty of a grid system.

[quote=Elvis]

Do the math, why would you give incentives to a 200-300 producer who has been around 10-20 years. Why not the 400-900 producer? [/quote]

They're providing incentives to everyone above $300k.

[quote=Elvis]

Generally speaking the 200k producer would have been fired at Merrill.[/quote]

I would hope so, because MS fired those below $225 a year ago.

[quote=haRDcorp]

 but I cannot believe all is well at MS yet, but only time will tell.

[/quote]

Believe what you want, it really doesn't matter one bit...

[quote=mikebutler222][quote=haRDcorp]

 but I cannot believe all is well at MS yet, but only time will tell.

[/quote]

Believe what you want, it really doesn't matter one bit...

[/quote]

Hey Mike- who pissed in your soup to make you write such a classless comment? Did I offend you in any way or are you just another frustrated FA who needed to vent- and instead of going to the gym or taking a walk it was easier to just bunch in a ridiculous comment.

I think I've actually met you before . . . come to think of it, yes. I have. Did you get that dollar I put in your bucket?

[quote=haRDcorp][quote=mikebutler222][quote=haRDcorp]

 but I cannot believe all is well at MS yet, but only time will tell.

[/quote]

Believe what you want, it really doesn't matter one bit...

[/quote]

Hey Mike- who pissed in your soup to make you write such a classless comment? [/quote]

Classless? Well, from where I sit you said you "can't believe", and gave us the 500th version of MS will sell its retail arm, and I replied it pretty much doesn't matter what you believe, those are the facts. Did I strike a nerve with my reply?

[quote=haRDcorp]

I think I've actually met you before . . . come to think of it, yes. I have. Did you get that dollar I put in your bucket?

[/quote]

I did, thanks. You wouldn't believe what your sister did in exchange for it. 

You obviosly spend too much time alone. Go outside and have some adult conversation and work on your mannerisms. I did not say anything more than "we'll see" with MS- fair enough since I've recruited more of them in the last 12 months than any other firm.

As far as the sister comment goes- ya da ya da ya da- surely your courage is limited to this forum, although I have read some other blogs and you actually have some productive comments when you're not busy acting like a 2 year old.

[quote=haRDcorp]

I did not say anything more than "we'll see" with MS- fair enough since I've recruited more of them in the last 12 months than any other firm. [/quote]

You said you "can't believe", and being a recruiter, that's in your financial interest. You also ran that tired line about MS selling it's retail arm, again, typical recruiter scare-speak.

The tide's turned, pal, there's a massive net gain in assets and new producers. Ask ML about it.

[quote=mikebutler222][quote=haRDcorp]

I did not say anything more than "we'll see" with MS- fair enough since I've recruited more of them in the last 12 months than any other firm. [/quote]

You said you "can't believe", and being a recruiter, that's in your financial interest. You also ran that tired line about MS selling it's retail arm, again, typical recruiter scare-speak.

Mike- please don't insult me buy calling me a recruiter. I've worked too hard in this industry to be filed down to something that requires no licenses, no qualifications, and no real appreciation for sitting in the seat of a Financial Advisor.

Last time I checked- recruiters get an incentive commission (and an awefully large one at that) at placing advisors with whichever firm will take them at the right price- I do not.

As a matter of fact, I have 60 financial advisors (8 recruited from MS) with me- so, figure it out.

Because I don't frequent this forum, except for being referred to it a couple of weeks ago- I don't know who you are, or anything about you. There two Mike Butlers on the NASDR site, one at Morgan Keegan and one at Cascadia Capital- and it sounds like you are passionate about Morgan Stanley- so maybe you are there-

you're not the janitor there are you? are you an intern? non-registered? perhaps your not a Mike Butler (stage name?) are you a stripper? Come on, laugh a little. I've not beef with you- just was letting you know I thought your comments were unnecessarily harsh.

If I took true offense for everything that was said about my firm or me- I probably would be in a corner crying

Thanks for the joust-

My apologies to MikeButler and anyone else who are witnessing this thread degraded down to two grown men jousting back and forth (and to the typos that plagued my last entry). If anyone has anything significant to add to the thread, please continue from where the applicable last comments were made. Again, my apologies for the soap opera.

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

[quote=JCadieux] [quote=mikebutler222][quote=haRDcorp]

I did not say anything more than "we'll see" with <?:namespace prefix = st1 ns = "urn:schemas-microsoft-com:office:smarttags" />MS- fair enough since I've recruited more of them in the last 12 months than any other firm. [/quote]

You said you "can't believe", and being a recruiter, that's in your financial interest. You also ran that tired line about MS selling it's retail arm, again, typical recruiter scare-speak.

[/quote]

Since you brought it up, here's my recruiter-scare speak.

There's a lot of "wait and see" out there.  I would not be surprised if the vast majority of premium candidates at MS have started an ongoing dialogue with a recruiter somewhere.

They're not listening to rumors anymore.  They're waiting for results.  If things go well, then everything is okay.  But there will be a mass exodus if expectations are not met.


[/quote]

You guys are just never going to give this a rest. Causing unease, floating rumors, “I hear plenty of offices are closing”, “Another big team just left”, “I’ve heard the retail arm is going to be spun off”, just the general life-is-better-elsewhere stuff. You’ll never hear a recruiter say “You’re in a good place, I see they’re recruiting well from the competition. Hey, how about the increases in the grid and the bonuses, eh? The stock sure has climbed”.

The results are in, productivity is up, recruiting is strong (ask ML about some of their big producers and managers moving) pay is up, technology has improved greatly. Most people are happy Mack is back and like Gorman’s progress. You’re better off playing the “life is better elsewhere” stuff with other candidates.

[quote=haRDcorp]

As a matter of fact, I have 60 financial advisors (8 recruited from MS) with me- so, figure it out. [/quote]

With you? On your pool cleaning team?

[quote=haRDcorp]Because I don't frequent this forum, except for being referred to it a couple of weeks ago- I don't know who you are, or anything about you. There two Mike Butlers on the NASDR site, one at Morgan Keegan and one at Cascadia Capital- and it sounds like you are passionate about Morgan Stanley- so maybe you are there- [/quote]

Right. My real name is Mike Butler and yours is haRDcorp.

Look, you can believe what you like, as I've said all along. Just don't fool yourself into thinking that what you "believe" changes reality one bit.

haRDcorp., for the record, I think it's safe to say that "mike" isn't using his real name.  Also for the record, I'm not either, although I have toyed with the idea of petitioning the court to change my name to I. M. Indy.

It has been rumored that "Dude" and "Babbling Looney" are using their real names, though.

Back to the point of the thread "expect a major announcement at MS". It has fizzled like every "they're spinning off the retail arm", "they're going to have another round of cuts" and "everyone below $300k is about to get canned" thread, and that was my only point.

[quote=Indyone]

haRDcorp., for the record, I think it's safe to say that "mike" isn't using his real name.  Also for the record, I'm not either, although I have toyed with the idea of petitioning the court to change my name to I. M. Indy.

It has been rumored that "Dude" and "Babbling Looney" are using their real names, though.

[/quote]

I checked with a friend--his name is MikeButler333 not MikeButler222.  Very clever disguise.

[quote=mikebutler222]

<o:p> </o:p>

[quote=JCadieux] [quote=mikebutler222][quote=haRDcorp]

I did not say anything more than "we'll see" with MS- fair enough since I've recruited more of them in the last 12 months than any other firm. [/quote]

You said you "can't believe", and being a recruiter, that's in your financial interest. You also ran that tired line about MS selling it's retail arm, again, typical recruiter scare-speak.

[/quote]

Since you brought it up, here's my recruiter-scare speak.

There's a lot of "wait and see" out there.  I would not be surprised if the vast majority of premium candidates at MS have started an ongoing dialogue with a recruiter somewhere.

They're not listening to rumors anymore.  They're waiting for results.  If things go well, then everything is okay.  But there will be a mass exodus if expectations are not met.


[/quote]

You guys are just never going to give this a rest. Causing unease, floating rumors, “I hear plenty of offices are closing”, “Another big team just left”, “I’ve heard the retail arm is going to be spun off”, just the general life-is-better-elsewhere stuff. You’ll never hear a recruiter say “You’re in a good place, I see they’re recruiting well from the competition. Hey, how about the increases in the grid and the bonuses, eh? The stock sure has climbed”.

[quote=JCadieux]
Whoa!  Relax!  Go and re-read my earlier post!  I'm agreeing with you!  People are ignoring the rumors and waiting for results.  I don't see how you could expect anything better than that at this point in the game. [/quote]

You may have noticed some results are in. I wonder what you think there might be that people would be waiting on.

[quote=JCadieux]
There was a big rush last year.  That's calm now.  T[/quote]

I'd say it isn't calm at all, there's now a rush in this direction.

You might not engage in the scare-speak, but I get a call a week where some recruiter does just that.

[quote=haRDcorp]

Mike- please don’t insult me buy calling me a recruiter. I’ve worked too hard in this industry to be filed down to something that requires no licenses, no qualifications, and no real appreciation for sitting in the seat of a Financial Advisor.

[quote=haRDcorp]

Last time I checked- recruiters get an incentive commission (and an awefully large one at that) at placing advisors with whichever firm will take them at the right price- I do not.

[quote=mikebutler222]

I'd say it isn't calm at all, there's now a rush in this direction.

You might not engage in the scare-speak, but I get a call a week where some recruiter does just that.

As it relates to MS - I haven't tried pulling out of there for some time.  I would think that JC would agree that there are many within the firm that have a "wait and see" mentality, with very little motivation to make a change.  I, frankly, like what MS is doing and generally think that they are moving in a direction that will continue to put them in a more favorable position with Wall St.

Of course there will be FAs leaving the firm, as they do every firm.  I don't think there will be a mass exodus anytime soon, unless MS rocks the boat again with some earth-shattering news.

I think that the rumors that are spreading are all BS.  In this industry, rumors spread like wildfire and everyone is calloused.  Until anything is official, it's simply speculation, and largely meaningless to most.

haRDcorp - if you're not a recruiter (since that is apparently not "sexy" enough), what is it that you do, exactly (please feel free to PM me if you do not wish to disclose this in the open). 

From some of your posts, you seem to be affiliated within the industry in such a way that some would classify you as such.

I just figured it out- MikeButler222 is JAMES GORMAN. Hello, James- can I take back the 123 households I sent down to the ML FAC call center that you guys were going to take care of, but ended up burning. Hmmm- I think I lost some acquaintances from that experience and a few friends who I didn't think needed my teams help anymore- and ML stopped paying us on them anyway.

Here is my point- Mike, not picking on you BUT behaviors must change before "all is well" AND they must have a track record for changing. Morgan Stanley impacted a lot of peoples lives last year- I literally had a guy call me and break down crying because I didn't have a home for him but he just got canned, 6 months after resigning as branch manager. NOW- I get that most of these people were STUCK in the business, but many were good advisors.

James Gorman is a strategist- by training, by experience. He's a PROFITABILITY turnaround guy. If you think 11% profitability is GOOD in the wirehouse world you are at least 9% wrong- ML pushes 22% for instance, leading the pack by 2%. 11% is unacceptable- SO, it is projected MORE TIGHTENING will occur- and some of that by closing offices and relocating FA's which in many instances leads to termination. But you want facts- here:

Beaverton, OR- office closed on one week notice 6 weeks ago, FA's spread out to Portland and Lake Oswego.

Victorville, CA- office closed 4 weeks ago. Top FA gets to telecommute from home for 6 months, 3 others sent to Ontario, CA (2.5 hour drive each way, NICE!) By the way- the town has 330,000 people in it, but now NO MS office. I blame poor Branch Management for not being able to hire quality advisors to penetrate that suburb of L.A.

These are just two examples a whopping 4-6 weeks ago. Don't tell us you know things are HONKY DORY at MS, you have an opinion- I just gave you facts- but as I said, time will tell.

My best friend is at MS. I hope for his sake, the company doesn't get acquired-but time will tell and in the meantime, their FA's will continue to make a move before they do and many will affiliate with the independent channel.

Jeff- I was thinking of you as I was writing the piece on my general experience of recruiters. I sent you a PM days ago which gave you a compliment of how you conduct yourself and the advice you have given to some. I even went your website and researched your firm.

Because I sent you a complimentary PM, I thought for sure you would disregard my above comments- but just in case- JEFF, DISREGARD my comments above as they do not pertain to you BUT THEY DO 90% of the recruiters I've come in contact with. I usually get a name and some generic BS about the candidate and do all the work then they want the money.

To me, many recruiters need to do a better job at partnering where they help get the first call, and the first meeting, and share with their management contact how things are looking, what the candidate is thinking, etc. They also need to know what firm, what platform, and what type of affiliation would be the best for the candidate before contacting anyone.

That's my point- most don't IN MY EXPERIENCE. That's all. Other than that, I have no problem paying them- but they need to earn their money. Me paying $30-$40k for a $1M prospect is okay if they recruiter worked for it and partnered. Make sense?

[quote=haRDcorp]

Jeff- I was thinking of you as I was writing the piece on my general experience of recruiters. I sent you a PM days ago which gave you a compliment of how you conduct yourself and the advice you have given to some. I even went your website and researched your firm.

Because I sent you a complimentary PM, I thought for sure you would disregard my above comments- but just in case- JEFF, DISREGARD my comments above as they do not pertain to you BUT THEY DO 90% of the recruiters I've come in contact with. I usually get a name and some generic BS about the candidate and do all the work then they want the money.

To me, many recruiters need to do a better job at partnering where they help get the first call, and the first meeting, and share with their management contact how things are looking, what the candidate is thinking, etc. They also need to know what firm, what platform, and what type of affiliation would be the best for the candidate before contacting anyone.

That's my point- most don't IN MY EXPERIENCE. That's all. Other than that, I have no problem paying them- but they need to earn their money. Me paying $30-$40k for a $1M prospect is okay if they recruiter worked for it and partnered. Make sense?

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

I just figured it out- MikeButler222 is JAMES GORMAN. Hello, James- can I take back the 123 households I sent down to the ML FAC call center that you guys were going to take care of, but ended up burning. Hmmm- I think I lost some acquaintances from that experience and a few friends who I didn't think needed my teams help anymore- and ML stopped paying us on them anyway. [/quote]

Can someone translate that to English for me?

[quote=haRDcorp]Here is my <?:namespace prefix = st1 ns = "urn:schemas-microsoft-com:office:smarttags" />point- Mike, not picking on you BUT behaviors must change before "all is well" AND they must have a track record for changing. Morgan Stanley impacted a lot of peoples lives last year- I literally had a guy call me and break down crying because I didn't have a home for him but he just got canned, 6 months after resigning as branch manager. NOW- I get that most of these people were STUCK in the business, but many were good advisors. [/quote]

Let's see if I can understand this, you're banging on MS, and claiming there must still be a problem, and how things must change because a year ago they let go of people with production under $225k and LOS over 11.

I would tell you letting them go improved things.

[quote=haRDcorp]James Gorman is a strategist- by training, by experience. He's a PROFITABILITY turnaround guy. If you think 11% profitability is GOOD in the wirehouse world you are at least 9% wrong- ML pushes 22% for instance, leading the pack by 2%. [/quote]

The number I’ve seen was 12%, and that’s up from 2% a year ago third Qtr. Average broker production was up to 2nd in the industry at $675k, assets are up 5%, fee based business is up 14%.

 [quote=haRDcorp]

11% is unacceptable- SO, it is projected MORE TIGHTENING will occur- and some of that by closing offices and relocating FA's which in many instances leads to termination. [/quote]

If you say so, and you, being in the firm would know. It wouldn’t be increased via the recruiting of large producers and the carrot of higher payouts and bonuses…

[quote=haRDcorp]

But you want facts- here: [/quote]

Hey, if you say those are “facts”, fine. Some sort of supporting evidence would be good. That’s not to say, as Gorman himself said six months ago, there could be office relocations, but to claim that’s the strategy to edge up margins is just nuts.

[quote=haRDcorp]

My best friend is at MS. I hope for his sake, the company doesn't get acquired-but time will tell and in the meantime, their FA's will continue to make a move before they do and many will affiliate with the independent channel.

[/quote]

Yawn…. Feel free to take every case off you can handle. BTW, broker headcount increases, large producers are being brought in every week, assets are up…..

MikeButler- your insistence on having an answer for everything highlights your ignorance and the fact that you have no idea what you are talking about.

The cost of the higher bonuses, etc, etc, and recruiting of higher producers did not come at NO cost- it came at 150% to 200% deals with 7-8 year lock ins.

 your incompetence is frustrating, and I'm done with the thread.

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

MikeButler- your insistence on having an answer for everything highlights your ignorance and the fact that you have no idea what you are talking about. [/quote]

Hmmm, so I rely on the 3 Qtr numbers and what I see with my own eyes. Your version is based on what, again? A theory that a couple of office closings will bump margins up substantially?

 [quote=haRDcorp]

The cost of the higher bonuses, etc, etc, and recruiting of higher producers did not come at NO cost- it came at 150% to 200% deals with 7-8 year lock ins.[/quote]

Of course there’s a cost, but it’s a net gain. Otherwise the entire industry would do it.

[quote=haRDcorp]

 your incompetence is frustrating, and I'm done with the thread.

[/quote]

That’s fine because wading through your post was too tough to be fun. You keep on “stealing” those $225k LOS 10 guys and trying to scare whatever fifth quintilers you can with stories about office closes and massive cuts to come.  Those 60 guys of yours have got to be the cream of the crop….

[quote=BrokerRecruit]

haRDcorp - if you're not a recruiter (since that is apparently not "sexy" enough), what is it that you do, exactly (please feel free to PM me if you do not wish to disclose this in the open). 

From some of your posts, you seem to be affiliated within the industry in such a way that some would classify you as such.

[/quote]

From the hints he's dropped he sounds like an in-house recruiter for a 60 man indy B/D.

Mike you are a THE LIVING LEGEND!  Imagine how much more productive you could be if you spent time with clients and assets as you do in this banter. But why waste time with clients who can pay you money..YOU ENTERTAIN US!  You have become the industry equivlent of that little monkey with tin cup that works with the Organ Grinder.  You're the monkey, your firm is the Organ Grinder.  IT IS CLASSIC!  Please don't stop...EVER!  I enjoy reading and laughing at your wit and wisdom.  I'm sure it only takes a few minutes to read and respond as much as you do.

Keep up the graet work!

Oh by the way I see you have 1572 posts...GREAT.  Since we all understand numbers let's see:

It takes three minutes, if you're good, to create a post.  Another five minutes to read and respond.

That's 12576 minutes or 209 hours or 8.73 days going 24/7...Do you sleep? Eat? Make love to your wife?  God tell me your real name is Phil Purcell and you're retired.  Where do you find the time? 

Keep up the great work.

Here I sit drinking my sierra nevada and checking Mike butler on the nasdr.com. There is no MIke Butler at MS. Mike, I like your insight on MS. I just want to know where the name came from.(high school gym teacher?) You are funnier than the south park I am watching. please do not stop posting. I spent my last days at ms posting in the office break room funny material on purcell,alonzo, ect. I will mail them to you if you private message me.

My conclusion is, Yes, he is either james gorman or perhaps Lynrd skynrd.

ps

I am sure the grammer policehole will correct me.  

 incompetence is indeed entertaining, and the award goes to MikeButler222. Thanks for the laughs- you definately know how to turn a thread into garbage.

First... if you are not with MS or do not have legitimate material info to contribute, why bother responding to this post?

Second...  MikeButler, I think you are a mix of hardwork, intelligence, and MS Koolaid.  Many of your posts are pretty good, but you need to go back and read the earnings reports from the last 8 quarters.  FA headcount has gone down every time INCLUDING THE MOST RECENT REPORT.  Productivity is going up..... why?  Lack of mediocre FAs, Lack of support staff, Lack of middle management, and the introduction of the Bank Deposit program. (which all the major firms already had).

Third... I see what is going on and IT IS GETTING BETTER and that is a fact not a rumor.  It's the only thing that keeps me here.  I have been told that the compensation announcements are going to be very positive, but we will know for sure in about 3 weeks.

Mike Butler is a douche bag.

Mike, it is my understanding my 18,800 check for the o/t lawsuits is in the mail on 11/21.  I do not know if you are in CA. If you are not i will have a cocktail in your honor that night.  I am buying for about 20 people that night to celebrate the fact that theses whorehouses had to cough up some $$$.

[quote=fritz]Mike Butler is a douche bag.[/quote]

Fritz, does your mommy & daddy know your are playing on their computer?

[quote=fritz]Mike, it is my understanding my 18,800 check for the o/t lawsuits is in the mail on 11/21.  I do not know if you are in CA. If you are not i will have a cocktail in your honor that night.  I am buying for about 20 people that night to celebrate the fact that theses whorehouses had to cough up some $$$.[/quote]

Do you even know what topic you are responding to?

Congrats on your settlement, Fritz.  When, at any time while you were signing your employment agreement, were you told that you were a non-exempt employee and eligible for overtime? 

[quote=fritz]Mike Butler is a douche bag.[/quote]

You really are a miserable little fella, Fritz. There isn’t a negative rumor you won’t take to heart and then whine about, a chance to spew a little bile or spew a bit of general negativity you will pass up. Seriously, if you hate your firm and the biz that much, why are you still there? No options?<?:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" />

As to the peanut gallery who, knowing nothing of what’s happening at MS (that was the thread, you know) and don’t seem to have absorbed the fact that the “look for a big announcement” line which was the subject of this thread, has proved to be a just another is a string of  outlandish scaremongering about MS, I couldn’t give a flying Putsy about you opinions.

[quote=WealthAdvisor]

 incompetence is indeed entertaining, and the award goes to MikeButler222. Thanks for the laughs- you definately know how to turn a thread into garbage.

[/quote]

Check the sujbect of the thread, smart guy. It wasn't as if I changed the subject.

[quote=iconsult100] <?:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" />

Second...  MikeButler, I think you are a mix of hardwork, intelligence, and MS Koolaid.  [/quote]

No Kool-Aid, there’s much left to do, I’m simply tired of the BS scaremongering.

[quote=iconsult100]

FA headcount has gone down every time INCLUDING THE MOST RECENT REPORT. [/quote]

I have to admit I haven’t seen that in the Qtrly, where is that noted? I have seen where nearly 200 have joined us in the last six months. On the subject of people leaving I know personally of only one large producer who left, it was a year ago and it was over long simmering issues with (now gone) management. The guy would be happy to tell you (as he told me) that the uproar with Pursell leaving was a great cover story to give clients. No rational person would argue that the current team isn’t a massive improvement to the former lot. I hated Pursell with a passion, he did nothing but open his mouth and insert his foot to the detriment of the firm.

[quote=iconsult100]

 Productivity is going up..... why?  Lack of mediocre FAs, [/quote]

A great move and long overdue.

[quote=iconsult100] Lack of support staff, [/quote]

That’s an industry wide issue (I guess I’m pretty lucky on that count), and varies office to office, but at least the support staff is getting a long overdue raise.

[quote=iconsult100]

Lack of middle management, [/quote]

Another great move.

[quote=iconsult100]

and the introduction of the Bank Deposit program. (which all the major firms already had).[/quote]

Thus an apple to apple comparison.

[quote=iconsult100]Third... I see what is going on and IT IS GETTING BETTER and that is a fact not a rumor.

[/quote]

Uh, is that Kool-Aid you're drinking? Seriously, we’re saying the same thing. I’m very, very happy with the direction we’re going. We’re doing a power-wash to rid the firm of the last of the DW smarminess and it couldn’t come sooner. There’s much to admire about ML and getting that graft to the never completed DW/MS merger is in order.

I’m simply tired of people with nothing but a financial agenda or a grudge blathering about “a big announcement” or more cuts or being sold (although the last one may happen if the power wash fails).

[quote=mikebutler222]

I hated Pursell with a passion.

How well did you know him?  If not at all it's not good mental health to hate strangers.

[quote=Soon 2 B Gone

I hated Pursell with a passion.[quote=mikebutler222]

How well did you know him?  If not at all it's not good mental health to hate strangers.

[/quote]

Leaving aside the silly notion that you have to know personally people to hate them for their actions, Purcell made a habit of doing things like mouthing off to the press that it was "no big deal" the day AFTER the firm paid a massive fine to the SEC.  That led to several days worth of conversations with clients that I'd just as soon not have had. One tiny example of many.

I agree that Purcel was horrible.  I can't think of anything he did that was worthwhile to the firm. 

Mike - The earnings reports are on the MS website.  In the GWMG section it states the total FA count.  3rd Quarter has been the best yet, we only lost 50 FAs (net of additions).

I only said "KoolAid" because the company paints a nice picture, but once you dig a little, you find out it's 80% fact and 20% spin.  Unlike most of the BS being spun on here.

[quote=mikebutler222][quote=Soon 2 B Gone

I hated Pursell with a passion.[quote=mikebutler222]

How well did you know him?  If not at all it's not good mental health to hate strangers.

[/quote]

Leaving aside the silly notion that you have to know personally people to hate them for their actions, Purcell made a habit of doing things like mouthing off to the press that it was "no big deal" the day AFTER the firm paid a massive fine to the SEC.  That led to several days worth of conversations with clients that I'd just as soon not have had. One tiny example of many.

[/quote]

You would have preferred that he said that it was a massive fine, it might jeopardize the firm, it was proof that they had done wrong, and a host of other negatives?

Would that have been better?

[quote=Devil’sAdvocate][quote=mikebutler222][quote=Soon 2 B Gone

I hated Pursell with a passion.[quote=mikebutler222]

How well did you know him?  If not at all it's not good mental health to hate strangers.

[/quote]

Leaving aside the silly notion that you have to know personally people to hate them for their actions, Purcell made a habit of doing things like mouthing off to the press that it was "no big deal" the day AFTER the firm paid a massive fine to the SEC.  That led to several days worth of conversations with clients that I'd just as soon not have had. One tiny example of many.

[/quote]

You would have preferred that he said that it was a massive fine, it might jeopardize the firm, it was proof that they had done wrong, and a host of other negatives?

Would that have been better?

[/quote]

What would be better than saying to the press after you pay a massive fine that it was "No big deal"? Just about anything, Putsy. <?:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" />

How about starting with "We've learned from our mistakes and measures have been put in place to see to it that such conduct won't be repeated"? Instead, ol’ foot in mouth made it sound to clients like he didn't give a rip and the SEC took it the same way, as they publicly called him on the carpet for it. The fact is, we were wrong and should have simply owned up to it. It’s called honesty and some people think it’s not only the right thing to do, but it “sells well” to boot.

It was a stunningly stupid thing to say and it fit his pattern of conduct from employing a shoddy management team at most every level, to allowing his retail brokerage arm to look like a line up of the worst of the stereotype of insurance salesmen to include paying them more for poor performing proprietary mutual funds and letting them dress that part, plain polyester sports coats and all. You really don’t want to get me started on the people who allowed the MS name to be sullied by attaching the “stocks and socks” crowd to it without conducting a top to bottom power washing and letting the two parts languish.

You know what, Putsy, you strike me as someone who would have been right at home with Phil’s “team”….

The brokerage industry is constantly under attack, and what those who are being heard cannot do is ever admit guilt.

If you were sued--and if you're not ever sued you're not trying hard enough to make a living--that suit will be settled most of the time.  The settlement statement will be reported as, "Without admitting nor denying.........."

If something such as "We learned from our mistakes, blah, blah, blah" is a form of admitting.  If you admit you open to door to others to come at you for the same reasons.

Flipping off anything and everything is what you have to do when you run an organization that is constanly under attack.

How often have you seen a defense attorney come out after a trial and admit that his client was guilty and got what he deserved?

Hermann Goering.  Why?

[quote=Devil’sAdvocate]

The brokerage industry is constantly under attack, and what those who are being heard cannot do is ever admit guilt. [/quote]

That may well be the dumbest thing you've ever said, Putsy. If you get caught with one of your regional sales managers running illegal contests, FACE UP TO IT. Admit it, take the hit, FIX IT and move one. If you get fined for paying your brokers more for selling in-house funds, admit the error, change the policy and MOVE ON. The LAST THING you want to do is give the public and the SEC a Bronx cheer, you feeble minded hack.

That's just to sort of gibberish I'd expect from someone who didn't have to face clients after some corner office moron made stupid comments that reflected on us all.

[quote=Devil’sAdvocate]

If you were sued--and if you're not ever sued you're not trying hard enough to make a living--

[/quote]

That sounds like something a manager would say to a broker being sued to get his head back in the game.

Do you mean that lawsuits are inevitable and unavoidable?

If you were sued--and if you're not ever sued you're not trying hard enough to make a living--

[quote=mikebutler222][quote=Devil’sAdvocate][quote=mikebutler222][quote=Soon 2 B Gone

I hated Pursell with a passion.[quote=mikebutler222]

How well did you know him?  If not at all it's not good mental health to hate strangers.

[/quote]

Leaving aside the silly notion that you have to know personally people to hate them for their actions, Purcell made a habit of doing things like mouthing off to the press that it was "no big deal" the day AFTER the firm paid a massive fine to the SEC.  That led to several days worth of conversations with clients that I'd just as soon not have had. One tiny example of many.

[/quote]

You would have preferred that he said that it was a massive fine, it might jeopardize the firm, it was proof that they had done wrong, and a host of other negatives?

Would that have been better?

[/quote]

What would be better than saying to the press after you pay a massive fine that it was "No big deal"? Just about anything, Putsy.

How about starting with "We've learned from our mistakes and measures have been put in place to see to it that such conduct won't be repeated"? Instead, ol’ foot in mouth made it sound to clients like he didn't give a rip and the SEC took it the same way, as they publicly called him on the carpet for it. The fact is, we were wrong and should have simply owned up to it. It’s called honesty and some people think it’s not only the right thing to do, but it “sells well” to boot.

It was a stunningly stupid thing to say and it fit his pattern of conduct from employing a shoddy management team at most every level, to allowing his retail brokerage arm to look like a line up of the worst of the stereotype of insurance salesmen to include paying them more for poor performing proprietary mutual funds and letting them dress that part, plain polyester sports coats and all. You really don’t want to get me started on the people who allowed the MS name to be sullied by attaching the “stocks and socks” crowd to it without conducting a top to bottom power washing and letting the two parts languish.

You know what, Putsy, you strike me as someone who would have been right at home with Phil’s “team”….