AllianceBernstein Private Wealth Mgmt

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Jan 24, 2007 1:42 am

Does anybody have any experience with AllianceBernstein's Private Wealth Management Group. What's it like to work there? Any major issues? Thanks.

Jan 24, 2007 7:22 am

Unless things have changed, these guys "cover" the Tax and Estate Planning

Attorneys in major cities. Many years ago, Sanford C. Berstein, had a very

good reputation among the country club crowd.



I don't know post the Alliance Mutual Funds merger.

Jan 24, 2007 10:42 am

The Alliance Bernstein model is to recruit people who are strong in a particular niche (like DC-9 engineers) - then firehose them with corporate kool-aid.  You then go back to your niche and shepherd in people.

Jan 24, 2007 12:53 pm

We had a 2 day seminar with Alliance Bernstein that talked about how their Private Wealth Mangers do it. 


It's all about building the relationships with CPAs and estate attorneys.  They have a very defined process with precise topics etc. for each of the first 3-5 meetings.  If I remember correctly, In 2005 the AVERAGE AB Private Manager brought in something like $85mm.  Once the money is in, they have nothing to do with the money management, they just manage the relationships.


On another note, I was at a small dinner 2 years ago with Ranji Nagaswami (dfenite spelling error) who is their chief market strategist or something.  I was blown away by her.  Since that time I've done more Alliance Bernstein funds than any other fund company.

Jan 24, 2007 3:48 pm

You can punch holes in Bernstein. They use proprietary investment managers, have limited or no capabilities in AI, and these guys are asset gaterers only.


That being said, they have a defined and repeatable process and they get it done. The number for average FA inflow was more like 50M last year- ridiculous....

Jan 25, 2007 12:29 am

Any more detail on how they approach CPAs and Estate guys?  Is this somthing you wirehouse people try and do?

Jan 25, 2007 6:29 am

Is this somthing you wirehouse people try and do?



I don't know what the training programs consist of these days at wirehouses.

But when I went through it, it was "Here's your desk, your phone, and 1000

D&B cards. Now, pitch 'em this new closed-end fund. I want to see you

book at least 10,000 shares."



Bernstein and a few other organizations have a homogenous team.

Everyone uses the same playbook, same script, same product. Its not

brokerage, its asset management, Big Difference.

Jan 25, 2007 10:13 am
futureadvisor:

Any more detail on how they approach CPAs and Estate guys?  Is this somthing you wirehouse people try and do?


Check with your local AB wholesaler.  They have a whole program where they show non AB advisors what they do - I'm sure it is by no means as comprehensive as the training that the Bernstein advisors go through but it certainly is a good overview.  The wholesaler in our region is more than happy to talk about it.  I think they actually have a teaching module on it.

Jan 25, 2007 8:00 pm

I know its not exactly the same as brokerage but they are still targeting the same clients even though they may do it a little differently.  Is there a reason why this approach would not work at a wirehouse, they seem to be quite successful doing it?  I am not a broker so I don't have a wholesaler... 

Jan 25, 2007 9:32 pm

oh boy...here we go again.

Jan 28, 2007 5:20 pm

Thanks everybody for their insight. Does anyone have any knowledge of their compensation structure?

Jan 28, 2007 7:25 pm
dedub01:

Thanks everybody for their insight. Does anyone have any knowledge of their compensation structure?


I think it's eleventy kabillion dollars.





couldn't resist

Jan 28, 2007 10:34 pm
NOFX:

[quote=dedub01]Thanks everybody for their insight. Does anyone have any knowledge of their compensation structure? [/quote]


I think it's eleventy kabillion dollars.





couldn't resist


Why resist?


Good man!