Anybody know if MSSB is still hiring trainees?

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Apr 15, 2009 3:50 pm

Friend of mine was recently let go by ML as a POA....$10MM in assets one year in biz. Had two interviews with SB and has not heard back. Heard they only hired into teams, but knew of some new independent hires.

 
Thanks!
Apr 15, 2009 4:42 pm

Being hired onto a team sounds like a great deal.

Apr 15, 2009 6:00 pm

The new guys at wires who were able to join a team didn't get cut. He sounds like an All Star and still lost his job. What's wrong with being employed versus job hunting?

 
I agree with you regarding going indy. IF he can move most of that--and how hard can it possibly be to sell against a wirehouse right now?--he would be loving life pretty soon.
Apr 15, 2009 8:19 pm

I think my branch is still hiring trainees-Mid Atlantic, second-tier city (Not NYC)


Still, I would be leary of the merger, I just think anyone who comes on now may be in line to get cut when cuts do happen. It sounds doomsday, but that's based on MS's prior history.  It happened at MER/BAC, it will happen here. 
Jun 24, 2009 10:33 pm

I just had in interview recently and was hired onto a team, i haven't gotten the details yet, but if i build a book in the team, and i want to go off on my own is that possible, how do the clients i brought in get divided up?

Jun 24, 2009 10:48 pm

Where is he located?

Jun 25, 2009 10:14 am
akmpres:

I just had in interview recently and was hired onto a team, i haven't gotten the details yet, but if i build a book in the team, and i want to go off on my own is that possible, how do the clients i brought in get divided up?

 
I don't know the answer to your question, but I can tell you that it sounds as if you're in a fantastic situtation to be able to work alongside some seasoned vets who can teach you the ropes and make you a competent advisor ten times faster than if you were working alone.
 
Congratulations and good luck.
Jun 25, 2009 2:07 pm

He would not have been let go had he hit this mark of AUM. ML training requires a certain asset hurdle, PC hurdle, and priority HH hurdle...someone at his level at month 12 would not have been let go, because his goals would have been easily hit. SB would have hired him or found room on a team for someone who can resonably explain in detail how he averages 800,000 a month in new mony. There is a reason they interviewed him twice and then he never heard back...no offense. We have all been on the other end.

 
ML did a level of layoffs in Feb. that amounted to around 1000 trainees or so, but only to those with little to no hope of making it through the training program. He would not have been in that group unless he had done zero to no production on these assets which would be almost impossible.

 
There is way more to this story. That said, it is a tough business...tell him to dust himself off and get back on the horse. I know people that have had to drum up 25-30 opportunities to stay in this business. Ed Jones will hire him. Seriously.
Jun 25, 2009 2:25 pm
Behavioral_FA:

He would not have been let go had he hit this mark of AUM. ML training requires a certain asset hurdle, PC hurdle, and priority HH hurdle...someone at his level at month 12 would not have been let go, because his goals would have been easily hit. SB would have hired him or found room on a team for someone who can resonably explain in detail how he averages 800,000 a month in new mony. There is a reason they interviewed him twice and then he never heard back...no offense. We have all been on the other end.

 
ML did a level of layoffs in Feb. that amounted to around 1000 trainees or so, but only to those with little to no hope of making it through the training program. He would not have been in that group unless he had done zero to no production on these assets which would be almost impossible.

 
There is way more to this story. That said, it is a tough business...tell him to dust himself off and get back on the horse. I know people that have had to drum up 25-30 opportunities to stay in this business. Ed Jones will hire him. Seriously.
 
Not necessarily. You know it's easier to get into Harvard than to be hired by Jones, so he's really going to have to be the cream of the crop.
Jun 26, 2009 2:05 am

Fortuntely, he was since offered a job by both MSSB and Wells. In complexes in new England and the Mid Atlantic, ML POAs who were at or above hurdles were part of the December and January layoffs.

Jun 29, 2009 6:14 pm

Still waiting for the offer letter! I got a verbal offer mid last week, do i now wait for something in the mail now?