Considering Morgan Stanley & Smith Barney
I am considering a career change - I have spent the last 5 years successfully establishing, growing, and managing the largest game studio in the Midwest. I have an MBA and before grad school worked as an Investment Banking analyst after a stint with a successful start-up. So I know the markets, understand the financial industry, and have a great sense of what being an entrepreneur really is all about.
More importantly is what I do not know - and that is sales techniques and what the FA job is really all about.
I'd love feedback from either new FAs at SB, ML, or MS or experienced FAs.
What can I expect as far as compensation for the first couple of years - how do payouts work - what level of AUM is typically needed - what are the training programs like - etc...
I have read that the avg production for MS reps is $855k - is this true? how long would it typically take to reach the asset base needed to hit this level of production?
ML's gone, and there's no telling what'll happen to SB and MS.
You might want to keep your day job for the time being. This could get really ugly.
I think SB is safe under Citigroup. And I think ML will be fine too, just a big hit to their ego.