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Aug 25, 2006 3:08 am

[quote=NASD Newbie]

[quote=rook4123]I can't speak for the states out west, but in the south in my opinion its

1- ML
2-SSB
3-MS
4-UBS

This is just on reputation around here.
[/quote]

In the South you must never forget about Wachovia--Pretending that Prudential Bache was a non-entity is a terrible mistake.

Also, don't forget AG Edwards, they too are a big presence in the south.

And so is Ray Jay--especially in Florida, but they have big branches in Atlanta and Charlotte.

[/quote]

Good thing we have the old fart to remind us who the players are .... boy how forgetful we can be ....... NOT.

Aug 25, 2006 11:24 am

[quote=compliancejerk]

Good thing we have the old fart to remind us who the players are .... boy how forgetful we can be ....... NOT.

[/quote]

There are a lot of kids reading this forum who are looking for information about the industry.

What do you think is more benefical to them, having a retired senior excutive discuss what's out there, or a clerk earning $18 per hour sneering something like you did above?

Why don't you only chime in when you KNOW that what  you have to say will be interesting to a 22 year old who is about to go on an interview or who is using Google to turn up opportunities in his home area?

Actually, why don't you just go back to work.  Are you sure you have all the appropriate forms signed for that latest new account?  Did you get Mr. Jone's executor's signature on everything?  Don't forget the affadavit of domicle, it's such a bummer when you do.

It's curious that you have not been flamed by Joeboy--he likes to pretend that the only job necessary in a broker/dealer is the producer.  I'm sure he has great respect for a compliance clerk.

Aug 26, 2006 3:32 am

nice input

Aug 26, 2006 5:36 am

[quote=NASD Newbie][quote=compliancejerk]

Good thing we have the old fart to remind us who the players are .... boy how forgetful we can be ....... NOT.

[/quote]

There are a lot of kids reading this forum who are looking for information about the industry.

What do you think is more benefical to them, having a retired senior excutive discuss what's out there, or a clerk earning $18 per hour sneering something like you did above?

Why don't you only chime in when you KNOW that what  you have to say will be interesting to a 22 year old who is about to go on an interview or who is using Google to turn up opportunities in his home area?

Actually, why don't you just go back to work.  Are you sure you have all the appropriate forms signed for that latest new account?  Did you get Mr. Jone's executor's signature on everything?  Don't forget the affadavit of domicle, it's such a bummer when you do.

It's curious that you have not been flamed by Joeboy--he likes to pretend that the only job necessary in a broker/dealer is the producer.  I'm sure he has great respect for a compliance clerk.

[/quote]

In reality I would say the comliance clerk, while annoying at times, is FAR more important than the BOM or the Vice President of Paperclip Procurement(such as yourself).

You, Newbie, are the one who is in the habit of flaming folks.  I merely point out the truth when I see it!  Because it challenges your one-dimensional world view, you see it as 'flaming'.  I think not!!
Aug 26, 2006 1:22 pm

Joeboy, you know darn well that a constant theme of  yours is "overbearing compliance"--which certainly affects you more than somebody on the administration side who you never even met.

Do you think that UBS should try to operate without an individual to oversee several hundred branches and all that goes into making them run smoothly?  Is that what you're saying?

Aug 26, 2006 2:50 pm

[quote=NASD Newbie]

Joeboy, you know darn well that a constant theme of  yours is "overbearing compliance"--which certainly affects you more than somebody on the administration side who you never even met.

Do you think that UBS should try to operate without an individual to oversee several hundred branches and all that goes into making them run smoothly?  Is that what you're saying?

[/quote]

nasd oldster

seems you are the one that got flamed

this appears to be a common theme with you oldster. please leave us producers alone and go back to your canoe, dog and wife ... if they'll have you.

Aug 31, 2006 4:48 am

1. SB (I work for them)

2. ML

3. UBS (the only one of the top 5 that did not make me an offer/turned me down)

4. AG Edwards (really impressed with the local office)

5. Morgan

6. Wachovia

Aug 31, 2006 5:06 am

[quote=NASD Newbie]

Joeboy, you know darn well that a constant theme of  yours is “overbearing compliance”–which certainly affects you more than somebody on the administration side who you never even met.

Do you think that UBS should try to operate without an individual to oversee several hundred branches and all that goes into making them run smoothly?  Is that what you're saying?

[/quote]

No I do NOT know darn well that it is a constant theme of mine.  Show me one post where I express that thought, much less use the term "overbearing compliance".

No actually, compliance is important.  Frustrating at times, perhaps, but a very necessary evil.

Actually I think the recurring theme has been 'over bearing expensive branch managers (and sales managers).  Such as what you -occasionally- used to do on an interim basis.
Aug 31, 2006 5:32 pm

1)  Smith Barney: broad platform, less restrictions on who you can do business with, very classy firm

2)  Merrill Lynch: Biggest player, most recognized, excellent platform

3)  Morgan Stanley: If they can pull it all together with Gorman, this might jump to #2 for me.  I say #3 mostly because of Gorman, without Gorman I'd place these guys last.

4)  AG Edwards:  Great company with a nice, laid back culture and fantastic platform.  Not the place you want to be if you want to be around a lot of big producers though, they have a lot of smaller to midsize producers than the above 3

5)  UBS:  I don't know much about these guys from personal experience, but they are a big player with a sophisticated platform.

Aug 31, 2006 9:02 pm

agree dude!

Aug 31, 2006 9:09 pm

[quote=dude]Smith Barney: less restrictions on who you can do business with... [/quote]
I've read this before, but I don't know what it means. Is this due to less in-branch competition?  Less private banking competition?

Aug 31, 2006 9:27 pm

Essentially it means that they don't reduce payouts (as far as I'm aware) for smaller accounts eg: <$50,000 or <$100,000 like Morgan Stanley and Merrill Lynch do. 

Aug 31, 2006 9:30 pm

Although I didnt start the thread I must say thanks for the info and reaffirming my choice in SB.

Sep 1, 2006 11:58 am

One bit on SB, however small it may be.  Should you want to switch
offices for whatever reason (say from the east side of town to the west
side of town) good luck.  The offices are very proprietary and
moving is not something they do.

Sep 1, 2006 2:06 pm

[quote=tmorris93]I would like to get some input. Which wirehouse do you think would be the best place for a rookie to get started and have the best chance to make it in this business?[/quote]

While these rankings should be helpful to you, I strongly recommend that you put more emphasis on the individual branches.  You chances of success will be increased if you choose a branch that has a good work environment.<?:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" />

 

Another thing you may also want to consider is the saturation of a particular wirehouse in your area.  I came into this business (only two months ago) with a very large network of high-net-worth and ultra-high-net-worth individuals.  I have since discovered that at least 80% of those people already have accounts with my firm.  Since there are strict guidelines about soliciting accounts already with the company, this means that my list of potential clients has been decimated.  Should I have been with another branch I would have at least had the opportunity to bring those accounts over.  With that said, I’m not sure if I would have been better off having full access to acquire clients from my network or if I am better off being at a branch where I can assist entrenched FAs who have many people from my network as clients.  I’m guessing the latter is the best option since it would have been extremely difficult to have people leave a relationship that they have had for many years to take a chance on a newbie.

 

I hope this helps.

 

--WM

Sep 1, 2006 4:53 pm

Excellent post, WM.

Yes, the local situation is very important.

[quote=dude]

Essentially it means that they don’t reduce payouts (as far as I’m aware) for smaller accounts eg: <$50,000 or <$100,000 like Morgan Stanley and Merrill Lynch do. 

[/quote]

Correct.  But they do penalize you for discounting.

There are web sites out there that give more in-depth analysis.  We can’t link to them from here, unfortunately.

There are a ton of variables in the payout grids.  Each firm has its advantages and disadvantages.  And payout is secondary to practice development for most advisors (more AUM trumps payout %).








Sep 1, 2006 5:49 pm

[quote=JCadieux]Excellent post, WM.

Yes, the local situation is very important.

[quote=dude]

Essentially it means that they don't reduce payouts (as far as I'm aware) for smaller accounts eg: <$50,000 or <$100,000 like Morgan Stanley and Merrill Lynch do. 

[/quote]

Correct.  But they do penalize you for discounting.

There are web sites out there that give more in-depth analysis.  We can't link to them from here, unfortunately.

There are a ton of variables in the payout grids.  Each firm has its advantages and disadvantages.  And payout is secondary to practice development for most advisors (more AUM trumps payout %).








[/quote]

I think every firm penalizes you for discounting.....right?

Sep 1, 2006 7:10 pm

According to the OWS report on compensation policies published last March, SB is the only wirehouse with a Payout Penalty for “Discounting penalty/sharing”.

The guide is best known for the payout grids, but the “what lies beneath” section details penalties and bonuses for different situations.

If you’re just looking at average payout percentage, then you’re ignoring some big numbers.  Your compensation will vary from firm to firm depending on their policies.  Some compensation plans reward or penalize FAs on factors such as annuitized business, new growth, LOS, ticket charges, small household penalties or low overall production.

I’m not saying that one firm is better than another.  ALL of these firms are either clients of mine or potential clients.  I am saying that each firm is different.






Sep 1, 2006 7:33 pm

NASD, Why didn’t you list Jones on your list?