I am interviewing for a position as an FA with Morgan Stanley. I was
curious if anyone had any specifics about the firm. I searched the
forum and found some info about a large number of layoffs that took
place there. Are things better now? What's the culture like there?
The layoffs of reps over 11 yrs in the biz, doing under $225 was two years ago (IIRC). The culture across the firm is good, but what matters to the individual rep is the culture in thei specific office. I can’t help you with that last one, ask some newbies there.
[quote=gonzotjt]I am interviewing for a position as an FA with Morgan Stanley. I was curious if anyone had any specifics about the firm. I searched the forum and found some info about a large number of layoffs that took place there. Are things better now? What's the culture like there?
depends which location you're in...if you're in the southern california area, PM me, I have had some experience with several advisors/managers there.
It depends on the branch, branch manager, and hopefully a good mentor. Be wary of those senior brokers looking to “team up” with you.
What exactly should we “beware” about? Do they just want us to do the grunt work w/ out adding much value to us as rookies? Obviously, there is some type of agenda right? But I’m sure there can be a mutually beneficial relationship too.
Morgan Stanley is a great Investment Bank. They do a good job with top producers, but FOR TRAINEES…They Suck!!!
Unless you’re joining a team, save yourself some time and go to a firm with a “real” training program. As far as layoffs, not only they canned 1,000 FAs with over 5 yrs experience, they also laid off 500 TRAINEES… after James Gorman said they were not laying off any FAs after the first layoff.
Their explanation: the second layoff were of “FA trainees” not FAs. Tomato tomato.
But forget the layoff, that might have been a one-time event (2 occasions, but one act). Their training program is non-existent. ASK how many trainees have made it in the past 5 years. What kind of support they get from managers, etc. At my branch the answer was: zero and zero. I was NJ, 50+ FA branch, about 12 trainees in my year there.
The hurdles now may be 8MM in AUM. I’m not sure. They used to be very low. In terms of what to “beware” of senior brokers, you need to be smart. If you are going to split your commissions with a senior broker you need to measure what you are getting in return. Some will say that you are getting their “expertise” in help ing you close business. That may be total BS. Now if you are getting the use of their SA (sales assitant) to help with opening accounts and ACATS, it may be worth it to you. You have to decide where you need help, if you need it at all.