Anybody have experience working at a wirehouse branch that is part of a multi branch complex? My understanding is that in these arrangements, there are 2, 3 4 branches run by a complex manager, and each branch has a resident manager.How does this work? Is the resident manager usually producing, or non producing? Where is the line that separates the responsibilities and job of the complex manager and teh resident manager?
My office is under that arrangement. I believe every resident manager is in production, at least within our complex. The RM is responsible for the day-to-day administration of the office, along with producing. I tell mine there is no way I would ever want that job. I don’t care what kind of additional compensation he receives. The worst part of the job, in my opinion, is putting up with the bitching from the FAs and their assistants.
BondoIs the resident manager involvved in coaching, working with trainees, setting up branch marketing events, and other sales and marketing functions, or is that the complex manager? What is the primary role of the complex manager?
[quote=pratoman]BondoIs the resident manager involvved in coaching, working with trainees, setting up branch marketing events, and other sales and marketing functions, or is that the complex manager? What is the primary role of the complex manager? [/quote] The RM in my office handles all of that. I honestly think he is more hands-on than some of the other offices. That is reflected in the fact our office outperforms larger offices within our complex. I honestly am not sure what the complex manager does besides tow the company line.
I’ve got some good friends at ML that are under this arrangement. The RM handles all the admin stuff (profitability, overhead, staffing, etc.), but the offices are both very small, so he is pretty much a producer with office responsibility. There are mostly vets in his office, so the oversight of the producers is minimal.
We were just aquired by another firm that uses the complex platform structure. The BOMs get a relatively small salary in the 100k range, and are expected to produce. My BOM had to reinvent himself to make this work. While he has a small book, he was primarily making it on his salary which was in the 300k to 400k range before bonus.The big difference in responsibilities is in compliance. The complex carries almost all the compliance weight. They also make all the compliance calls. As an example, mutual fund switches will be covered and approved by the complex compliance director instead of the BOM. Which, of course, is just fine with my manager. The BOM's duties are sales management and recruiting. They are big on recruiting.