Morgan Stanley's new short leash
Beware of accepting positions within Morgan Stanley's RFE program. New folks are being cut at 90 days if they are not at quota.
Pardon my ignorance, but what is RFE and what is the quota?
Beware of accepting positions within Morgan Stanley’s RFE program. New folks are being cut at 90 days if they are not at quota.
Reach For Excellence. It is billed as a two year program for new financial advisors.
Here’s a question regarding MS, that I’d be interested in hearing opinions on:They have been recruiting at an amazing pace. I think its all over the country, not just where I am, in the Northeast. I have to believe in my area at least, that half their FA's are on deals that still have at least 7 years to run. One office in my area, has only 3-4 FA's not on a deal, and thats out of about 40-50 FA's. So the question is, if this continues for just a little while longer, they have their sales force basically locked in. Is that step one of their process to sell the co, an more important, is step two the slashing of support big time, to cut expenses, i.e. great bottom line, company sold, brokers bitching and moaning?
Ive heard through the grapevine that they are looking for a buyer…Wachovia at this time is first in line. Still just a rumor though…
On quotas for trainees: having standards to get something done is a GOOD thing, not a bad thing.
I don’t think Morgan Stanley’s FA force is going anywhere. Guys (and ladies) in the middle of a deal can jump over to another wirehouse and get made whole if they are ticked off enough. Plus, any company that is slightly inclined to look at what they buy can’t afford to take on FAs just waiting to roll off a deal–if the producers go away, they have bought absolutely nothing. As long as you have a portable book, this idea that you can be put upon by The Man at a wirehouse seems dumb to me.
The original post to this thread mentioned that MS’s “RFE” quotas/hurdles are being made tougher, both in terms of required numbers and that brokers are being let go for failing to hit the 90-day bogie. The same is true at ML with it’s revamp of the training program into yet another abbreviation (PDP, POA, PMD). I’m out of the training period so what information I have is second-hand, but I heard that the first quarter’s hurdle is 1.25 million and if you miss it you’re gone. There is no discretion–no matter how much they love you, how much your clients love you, how hard you work, or anything.
The firm is just tightening the reins.