Goldman Sachs

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Aug 23, 2006 7:45 pm

   


I am very curious about GS.  Can anyone tell me about that organization, private advisors, and any personal experiences? They carry the reputation of being the most exclusive investment form in the world.  <?:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" />


 


You have to have a minimum net worth of 10 mil before they will even consider working with you. And if you are not Ivy League forget about working for them.  You have no chance.   


 


I almost forgot, PLEASE FOR THE LOVE OF GOD DO NOT GIVE ADVICE UNLESS YOU KNOW WHAT YOU ARE TALKING ABOOUT.  It seems to me lately we have had people on this forum that go to an interview, and all of the sudden they feel they are qualified to give advice. 


 


If you are that K guy or the metro moron please don’t type any thing.  I want to hear from Joe, dude, NASD, etc..  The people who are actually in the business..




Regards:



Shmer33


Aug 23, 2006 8:00 pm
Shmer33:

   


And if you are not Ivy League forget about working for them.  You have no chance.   





Thats absurd.  Even NYC IBD hires from a lot of LACs and reputable state schools. Regional offices are less selective. 

Aug 23, 2006 8:03 pm

You pretty well nailed it.  Years ago I had a good friend who went with them as an institutional broker because he had a huge book already.


I think they're one of the firms who contacts people they want to talk to about joining them and essentially ignores resumes being submitted by people trying to get a job with them.


The only way I can think of getting into Goldman is to be recommended by one of their clients--or perhaps a producer who would arrange an interview.


They're so damn exclusive that they don't even send people to traditional NASD and SIA gatherings--that would be below them I suppose.  Also they don't have much to learn or share with firms like Merrill or Smith Barney because they're so much different.

Aug 23, 2006 8:14 pm

Thats absurd.  Even NYC IBD hires from a lot of LACs and reputable state schools. Regional offices are less selective. 



 Bro i am just stating what i have heard about the quality of their candidates. 


How are they so much different from SB MS and merrill??

Aug 23, 2006 8:35 pm

They arent all that different, just much more exclusive.  As there is a jump b/w MS retail and PWM, there is a jump b/w MS PWM and GS PWM (or whatever they call it).  However, there's not a huge functional difference.  The platform is better and has more hf/pe type things that are better suited towards huge accounts.  The brokers are generally much better qualified to be HNW advisors and of a higher pedigree (though there are exceptions and certainly people at retail wirehouses that are of similar competency).  Jobs are had through connections (stating the obvious) and the like.  also, some top bschool grads become GS brokers, whereas they would have little interest in starting from scratch at SB, ML, MS etc

Aug 23, 2006 8:51 pm

That from a guy who got fired at Morgan Stanley.


Read the first sentence above, "They arent (sic) all that different, just much more exclusive."


Where I sit being much more exclusive is being very different.

Aug 23, 2006 8:51 pm

An old neighbor of mine works for them.  His bonus last year was 5 million (according to his mom).  If you get a chance to talk to them, do it! 

Aug 23, 2006 9:01 pm
NASD Newbie:

That from a guy who got fired at Morgan Stanley.


Read the first sentence above, "They arent (sic) all that different, just much more exclusive."


Where I sit being much more exclusive is being very different.



I see why people hate you.

Aug 23, 2006 9:11 pm

That from a guy who got fired at Morgan Stanley.


Read the first sentence above, "They arent (sic) all that different, just much more exclusive."


Where I sit being much more exclusive is being very different


This is why NASD is an asset to this forum.  No one knows the business better, and he enrages everyone continuously (nothing against you xmsbroker).


 

<?:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" />

I am not saying xmsbroker got the axe, I am saying NASD is industry educated and experienced.   


 


Call it like it is...

Aug 23, 2006 10:31 pm

Your perceptions are generally accurate.

They also make a ton of money trading their own capital(as a firm).

Ironically, last time I looked at their mutual funds they were REALLY bad!

Aug 23, 2006 10:37 pm
Shmer33:

   


I am very curious about GS.  Can anyone tell me about that organization, private advisors, and any personal experiences? They carry the reputation of being the most exclusive investment form in the world.  <?:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" />



You have to have a minimum net worth of 10 mil before they will even consider working with you. And if you are not Ivy League forget about working for them.  You have no chance.   



I almost forgot, PLEASE FOR THE LOVE OF GOD DO NOT GIVE ADVICE UNLESS YOU KNOW WHAT YOU ARE TALKING ABOOUT.  It seems to me lately we have had people on this forum that go to an interview, and all of the sudden they feel they are qualified to give advice. 



If you are that K guy or the metro moron please don’t type any thing.  I want to hear from Joe, dude, NASD, etc..  The people who are actually in the business..




Regards:



Shmer33




Make no mistake Shmer...NASD Newbie worked around our business for quite a while, but spent very little time in it.

Aug 23, 2006 10:50 pm

Now they have the largest hedge fund in the world. Also, I know an
independent broker in Tampa, and just last week I asked him to his
knowledge what Goldman's minimum was. He said that they will work with
you if you have several million. You probably have to be referred. I
know they target private business owners and real estate tycoons. If
you go to their website most of the people are foreign. Like it was
said, you better be Ivey League educated or forget about working there,
and probably know someone. Last comment, I read an article I belive in,
the mag Wall Street. It was GS president talking about recruiting
current brokers. His comment that the ones in the 2-3mm production
range which is their average or requirement aren't that quick to join
up b/c the payout is so much less at about 25%, and they are
comfortable. That begs the question, If you were offered a job with GS
even with a pay decrease, would you go?

Aug 23, 2006 11:14 pm
Shmer33:

That from a guy who got fired at Morgan Stanley.


Read the first sentence above, "They arent (sic) all that different, just much more exclusive."


Where I sit being much more exclusive is being very different


This is why NASD is an asset to this forum.  No one knows the business better, and he enrages everyone continuously (nothing against you xmsbroker).


 

<?:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" />

I am not saying xmsbroker got the axe, I am saying NASD is industry educated and experienced.   



Call it like it is...



Whatever floats your boat.  If I got the axe, I wouldve picked (or switched to) a slightly more discreet moniker...


"Where I sit being much more exclusive is being very different."


Not in important ways.  Its not like GS has products that get their clients 20% annualized returns w/out much risk.

Aug 23, 2006 11:16 pm

In regard to their primary businesses, GS is objectively better than the competition, which is why their PWM is so exclusive.  And why their mutual funds sell even though they suck. 

Aug 23, 2006 11:17 pm

Look, I doubt anyone here can provide any real inside perspective on the company.  Their brokers operate on a much different level with their customers, generally work in teams of 5 and work much closer with the manufacturers of investment products (investment bankers) then your average wirehouse guy.  Each member develops a specialty and is the lead for a target of 20 clients each with a minimum of $10 million (although they do take accounts with less).  I have heard of guys competing for some accounts that had $5 plus million that were mostly in poor performing Goldman Sachs mutual funds and other investments that were not all that inspiring.  I imagine that those with higher balances get great access to house underwritten issues and some pretty tony Ultra High Networth investments ( Private Real Estate, Mezzanine Loans etc....).  They will take guys who aren't from the Ivy Leagues, but they must be top of class and are usually under 5 years and at $1 million in production.


I'd really love to hear from any current or former GS brokers as well. 

Aug 23, 2006 11:44 pm

I took an account away from GS. Not the complete household, but an account. To quote Ron Burgundy "I mean that thing is good." Teams of 5, wine and dine, fly in and make clients believe they are "mystical". My belief is packaging is fantastic, performance is prudently above average. However, if you are fortunate enough to have the opportunity to work for them ... do it. Perception is normally reality. We may know better but the client may not. In other words if they want a Rolls Royce and you are trying to convince them a BMW is just as good they just may not buy it. Some people may want the expert from NYC, Chicago or wherever to tell them the same things you may be saying but they do it with more certainty, a better suit and a more prestigous address.

Aug 24, 2006 12:07 am

I understand it is not uncommon for their brokers to treat their clients to elaborate vacations and other expensive gifts..


 <?:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" />


What the hell.. if a guy is giving you 50 million the cost of a few nights in the Bahamas is a joke...


But how does that comply with the $100 annual rule? 
Aug 24, 2006 1:54 pm

well put skolbrother,well put

Aug 24, 2006 2:17 pm
rook4123:

Like it was
said, you better be Ivey League educated or forget about working there,
and probably know someone.



Last time I visited Baylor, I met students who had interviewed with and received offers from GS.  I'm sure everybody will agree that Baylor is NOT an ivy league school.

The kids struck me as very sharp, and I'm confident that they got their offers through merit.  Not connections.

(Before I get a flood of calls, let me clarify that it was a speaking engagement.  I do not place recent college graduates.)

Aug 24, 2006 3:26 pm
Shmer33:

I understand it is not uncommon for their brokers to treat their clients to elaborate vacations and other expensive gifts..


 <?:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" />


What the hell.. if a guy is giving you 50 million the cost of a few nights in the Bahamas is a joke...



But how does that comply with the $100 annual rule? 


If the broker goes along it's considered entertainment--entertainment is not limited.