ADVICE 21 and graduating Interning at JMS

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Aug 6, 2007 10:49 pm

ok so im going into my senior year at UAlbany in NY. (Biz admin degree fin and mgt concentration) I am currently interning for a firm called Janney Montgomery Scott. They love me there because I do all of their bitch work. Basically doing a whole lot of nothing, except gofer work. (Which i was told I wouldn't be doing) Anyway, I pretty much have a job with them after I interview for a full time position, if I want it. They said I would have to move to Philadelphia if I got the job, which is where their HQ is. Would this be a wise decision to work for them? or should I hold out and try and get in somewhere else? This industry is impossilble enough to get into and the only reason I have the internship is through a family connection.



Thanks guys, I'm just a 21 youngin looking to get in early and make some $

Aug 6, 2007 10:59 pm

Your twin JimYoung posted the exact thing TODAY.  Did you bother to read that at all before you posted your exciting piece?  How are we to decide if you should move to Phili and work at this place?  Use the search feature.  It's pretty lame to read the same crap over and over again

Aug 6, 2007 11:11 pm
snaggletooth:

Your twin JimYoung posted the exact thing TODAY.  Did you bother to read that at all before you posted your exciting piece?  How are we to decide if you should move to Phili and work at this place?  Use the search feature.  It's pretty lame to read the same crap over and over again



No, I do not believe a requirement was for me to read other people's posts. What a joke this is. I'm asking for legit advice about the firm. Why bother posting if you are just going to be a...cratch that, I won't waste my time. Don't even comment, I don't want to hear anything you have to say. 

Aug 6, 2007 11:17 pm

JMS is a firm with poor senior mgnt and a confused identity. BOMs are selected through the old boys network and are untrained. As are the regional mgrs. The regional guy in Philly has a rep as an asshole of the first magnitude.  


By the way, In Philly JMS is known as sleepy hollow. Their training program is a non starter when put up against the real programs run by the majors. For a trainee with options it would be a poor place to begin a career. However, for a 21 year old who is unlikely to get a nod from a major it's a start. Be forewarned though, you better succeed there. Once there you won't be marketable to a major wire or super regional unless you become a top quintile producer. Even then, moving to a firm that's got it's act together might be a challenge.


Their HQ is block away from my office. We know them well.


Sorry if you don't like this answer, but you asked.

Aug 6, 2007 11:18 pm

blah blah blah.  For a 21 year old who doesn't know enough to do your own research on your own options, you sure sound neat.

Aug 6, 2007 11:20 pm
snaggletooth:

blah blah blah.  For a 21 year old who doesn't know enough to do your own research on your own options, you sure sound neat.



guy, wtf? go get laid or something. You seem to have a lot of pent of tension

Aug 6, 2007 11:24 pm

Bond, Thanks for the information. I really appreciate it. Do you happen to know Patrick Maas in NY?

Aug 6, 2007 11:43 pm

Stop trying to make jokes Phixx.

Here's my personal advice...
Very similar to you I wanted to break into the business. I worked for an insurance company 6 months, learned a great deal, charmed everyone, had some success, but most importantly got all my licenses. I will be signing on with a wirehouse by Friday. Basically, I leveraged one position into the other. Work on your interview skills, charm people.

But please, don't come on here and try to rip on people and make jokes, it's very annoying.

Aug 7, 2007 8:35 am

Until recently Janney was run by a guy named Jim Wolitarski who is one of the better guys in Wall Street.


Under his leadership the firm lost its independence to Penn Mutual, meaning it will almost certainly have capital but will find it difficult to spread its wings much beyond its niche market in the Mid Atlantic.


The firm has a decent reputation for fair dealing.  Moving to Philly for a home office slot would be a great idea--moving just to be a broker in a Philly area branch may not be worth the effort.


Broker jobs are not so difficult to get that it makes sense to leave your home territory unless you're moving into the ranks of the managers and executives.

Aug 7, 2007 10:53 am
Devil'sAdvocate:

Until recently Janney was run by a guy named Jim Wolitarski who is one of the better guys in Wall Street.


Under his leadership the firm lost its independence to Penn Mutual, meaning it will almost certainly have capital but will find it difficult to spread its wings much beyond its niche market in the Mid Atlantic.


The firm has a decent reputation for fair dealing.  Moving to Philly for a home office slot would be a great idea--moving just to be a broker in a Philly area branch may not be worth the effort.


Broker jobs are not so difficult to get that it makes sense to leave your home territory unless you're moving into the ranks of the managers and executives.



DA, my guys said Jim was the problem, not the solution. Yet, to be fair he was charged by PM to shed the sleepy hollow image and increase profitability. He increased profits via numerous payout cuts. Janney is a regional firm, with regional level support for its sales force(read low support), yet, now pays its FAs at the same level as the major wires. This doesn't sit well with reps as the reason for the decreased profitability, when this push took place in the 02/03 time frame, was market driven. No layoffs, no cost cutting, Jim just slashed payouts time and again and put a big smile on PM's Board of directors.



The advantage of working at JMS use to be that although an FA, because of reduced support and product exposure, would typically capture a smaller slice of the pie than their wirehouse competitors their payout on that slice would be much higher than that of the wirehouse brokers. Thus one could make a very nice living at JMS. Under Wolitarsky that changed. Now the JMS FA makes the same payout as his/her wire counterpart but without the tools to increase the pie slice.


That JMS needed to conduct a nationwide search for Wolitarsky's successor speaks to the weak mgnt of the firm. The weak mgnt is systemic with some very unprofessional managers running the suburban Philly branches. The Philly BOM is an exception and a good guy. The Philly regional guy is your worst nightmare of an ego in supervisor's clothing.


Lastly, JMS was owned by PM before Wolitarsky took over in 2001.

Aug 7, 2007 11:01 am
phixx:

Bond, Thanks for the information. I really appreciate it. Do you happen to know Patrick Maas in NY?


Sorry, I don't know him. Most of the guys I know are in Philly's suburbs.


JMS has some talented advisors. I have several friends who work for them.


If this is your only option then take it. You'll find out if you're as good as you think you are. And if you are, you'll succeed. Working with the local team or at least using what you've learned will serve you well.


Still, your age is a major factor against you. The good news is that everyday you move closer to it not being a factor. In your shoes I would look to get a sales position in another industry. Learn, excel and come back to this in 5 years.

Aug 7, 2007 11:05 am

I hear Philly has great Philly Cheesesteaks.

Aug 7, 2007 11:12 am
pretzelhead:

I hear Philly has great Philly Cheesesteaks.



Along with the best soft pretzels, bagels, and cream cheese.


If you don't run at least 3 miles a day here you are in serious trouble.


Which is why we have the Art Museum steps. We can all do Rocky runs everyday.

Aug 7, 2007 12:08 pm

So what do you think BG- is McNabb done or what???

Aug 7, 2007 3:27 pm
BondGuy:
pretzelhead:

I hear Philly has great Philly Cheesesteaks.



Along with the best soft pretzels, bagels, and cream cheese.


If you don't run at least 3 miles a day here you are in serious trouble.


Which is why we have the Art Museum steps. We can all do Rocky runs everyday.



You ever been to "Happy Time" in Chinatown?  There's no sign.

Aug 8, 2007 7:50 pm
blarmston:

So what do you think BG- is McNabb done or what???


McNabb is lookin pretty good at camp. Andy says he's still the guy and i believe him.


There is some distance between Reid and McNabb, so that's something new. Lurie is talking big saying this is our season. That's new too.

Aug 8, 2007 7:58 pm
snaggletooth:

Your twin JimYoung posted the exact thing TODAY.  Did you bother to read that at all before you posted your exciting piece?  How are we to decide if you should move to Phili and work at this place?  Use the search feature.  It's pretty lame to read the same crap over and over again



Actually I think this post was concise and to the point.  Unlike Jim Young, too, this fella doesn't seem to be insistent that he's ready to become an FA, just get a job at Janney's headquarters.

Why not cut him a little slack?  He asked nicely....

Aug 8, 2007 9:04 pm
pretzelhead:
BondGuy:
pretzelhead:

I hear Philly has great Philly Cheesesteaks.



Along with the best soft pretzels, bagels, and cream cheese.


If you don't run at least 3 miles a day here you are in serious trouble.


Which is why we have the Art Museum steps. We can all do Rocky runs everyday.



You ever been to "Happy Time" in Chinatown?  There's no sign.



No, I've never been there. However, in my opinion the best chinese food to had in our area is at a small place in Cherry Hill NJ  called Ming Garden.


Philly has a food venue for every taste and price range. If I'm not having lunch with a client I usually eat at the cart in front of United Engineers Plaza on 17th st. It's across the street from Liberty Place, the two big buildings shown in aerials when Philly sports are on TV. Clients who want a flavor of what it's like to work in a big city sometimes get taken to the cart for lunch as well. it's good food for not a lot of money. Clean too!

Aug 9, 2007 12:51 am
BondGuy:
pretzelhead:
BondGuy:
pretzelhead:

I hear Philly has great Philly Cheesesteaks.



Along with the best soft pretzels, bagels, and cream cheese.


If you don't run at least 3 miles a day here you are in serious trouble.


Which is why we have the Art Museum steps. We can all do Rocky runs everyday.



You ever been to "Happy Time" in Chinatown?  There's no sign.



No, I've never been there. However, in my opinion the best chinese food to had in our area is at a small place in Cherry Hill NJ  called Ming Garden.


Philly has a food venue for every taste and price range. If I'm not having lunch with a client I usually eat at the cart in front of United Engineers Plaza on 17th st. It's across the street from Liberty Place, the two big buildings shown in aerials when Philly sports are on TV. Clients who want a flavor of what it's like to work in a big city sometimes get taken to the cart for lunch as well. it's good food for not a lot of money. Clean too!



Ummm...I don't think Pretzelhead was talking about a Chinese restaurant called "Happy Time".  But I do think the special on the menu everyday is a "happy ending".


I will say cart food is some of the best...I could literally eat it everyday.

Aug 9, 2007 11:41 am
snaggletooth:
BondGuy:
pretzelhead:
BondGuy:
pretzelhead:

I hear Philly has great Philly Cheesesteaks.



Along with the best soft pretzels, bagels, and cream cheese.


If you don't run at least 3 miles a day here you are in serious trouble.


Which is why we have the Art Museum steps. We can all do Rocky runs everyday.



You ever been to "Happy Time" in Chinatown?  There's no sign.



No, I've never been there. However, in my opinion the best chinese food to had in our area is at a small place in Cherry Hill NJ  called Ming Garden.


Philly has a food venue for every taste and price range. If I'm not having lunch with a client I usually eat at the cart in front of United Engineers Plaza on 17th st. It's across the street from Liberty Place, the two big buildings shown in aerials when Philly sports are on TV. Clients who want a flavor of what it's like to work in a big city sometimes get taken to the cart for lunch as well. it's good food for not a lot of money. Clean too!



Ummm...I don't think Pretzelhead was talking about a Chinese restaurant called "Happy Time".  But I do think the special on the menu everyday is a "happy ending".




Thanks snag. That thought crossed my mind.


I won't eat in Chinatown. Too dirty. One can only wonder what else you could catch there.