Results of the Market?

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Jul 1, 2008 4:04 pm

I would love to get some feedback and thoughts from everyone on whether or not joining a firm like Smith Barney would be a smart move with Citigroups current position. An official 'offer' hasn't been given to me yet, but the branch mgr that I have been dealing with has told me about a couple of 'emergency meetings' that have been taking place this week, which is obviously going to affect the position of bringing on new advisors .....

 
Best case scenario, if an offer is made 'official' do you guys thing thats a good move, or am I trying to jump on a sinking ship??
Jul 1, 2008 4:46 pm

Right now, I think I would only join a major wirehouse if a was joining a team where I knew the players.  To come in "solo", I think you are hanging yourself out there right now.  When you join a team, they have the ability to insulate you if they want you to stay (by shifting assets and production to your number).  It is too easy for wirehouses to cut ties with small producers, especially in an extended market slump.  That is NOT to say that I think anything bad of SSB or any other wire.  It's more a function of what has happened the past year in the fin srvc industry and in the market. 


 
I also don't think SSB is a "sinking ship".  I think Citi might be, but the wealth management unit (SSB) is doing just fine.  Worst case, they sell SSB, but the wealth management unit would stay intact regardless of where it went.
Jul 1, 2008 9:08 pm

Finale1


What part of the country are you in?
I am at SB, in management, and havent heard about any "emergency meetings". (although i am not naive enough to thnk that meetings arent going on at the Sr mgmt level that will result in huge changes.)
Curious what other information you have.
Jul 2, 2008 8:04 am

i am in Houston, TX .....






thanx Broker24, as I don't think I will be part of a 'team' persay ... at least not that I know of ...
 
and as far as the meetings, I know he told me it was last Thursday, and he has been out of the office since, so the 'emergency' might have been exaggerated from his end ... but any meetings that take a branch mgr out the office for that long seems like an emergency to me !!
Jul 2, 2008 12:51 pm

finale1,



Did they mention anything to you about training? I was just offered a position by SB, but they said that my official start date was not until November because the earlier training classes are already full. So this may change your decision if it is the same for you.



I completely understand where you are coming from being concerned. I too am planning on joining the industry this November. That means that my production date will be sometime in March or April of 09. I just hope the economy is going in a better direction by that point.



On the other hand, some people say this is a great time to get started in the business because people that are losing money are more likely to try and stop the bleeding by hiring a professional advisor. While I think that thought is valid, I don't know that these people would want to hire a brand new advisor that was just out of training.





Jul 2, 2008 2:21 pm

well, since I'm already licensed, it would be a little different for me ... My main focus is the 403 (B) market place, but I am tired of dealing with teachers ...


I actually talked to the mgr over in the office I was looking to be apart of this morning, and he told me that there is going to be a 'hold' on everything until the earnings reports come out on the 18th of this month .... he told me to follow up with him that Tues after, bc thats when they have their mgr meetings ....
 
as far as the training, I would be joining a class that just finished taking the exams, which is pretty much when branch and product training would begin ...
 
 
Jul 2, 2008 4:38 pm
iceco1d:
finale1:

well, since I'm already licensed, it would be a little different for me ... My main focus is the 403 (B) market place, but I am tired of dealing with teachers ...


 Amen to that brotha!  (Shhh...my wife is a teacher!).
 
 
Finale1,
My wife is a teacher too. Good move. You really want no part of those cheapos. My luck, my wife is the only teacher I know, of all he friends, who loves to gamble and doesnt give two shits about money
 
The training progams are pretty much full up. I just hired a guy for the program - we had to put him in the last class of the year, which has a hire date of December. But he is already S7 registered, so his start date is Feb 09, and his production start date is May 09.
We are shorthanded on Sales Assistants so we are bringing him in early to fill in that role, otherwise I might not have gotten him.
 
The meetings you refer to must have to do only with that region. I was in a divisonal meeting today and there are no emergency meetings going on.
Good luck.
Jul 2, 2008 5:21 pm

thanks for the good info everyone ....

 
and "CHEAPOS" couldnt be a better description !!! I mean, If I have to sell one more time that a teacher needs to take advantage of a 403(B) thats offered for them, I'm going to scream
Jul 2, 2008 6:11 pm

One thing I will add about the SB training dates is that you can request your BOM to put you on a waiting list for earlier classes.  I know my future BOM is doing this.


 
The further out SB has to go, the more likely some people will end up not taking the job.  I am sure you have all heard the expression "Time kills Deals." 
 
On the other hand, if you are employed now, I think it is GREAT to get the extra time to start getting all of your ducks in a row.  As you know the clock starts ticking soon enough.  I like the idea of getting some time to start networking, etc.  I can't say I am with SB, but I can certainly start putting myself in the right places.
 
prato, is their a point where you guys are just not going to be allowed to hire anyone?  I mean if we are already to December or January,  isn't there a point where SB would just say "lets hold on and not make any offers until we get caught up a bit."
 
 
Jul 2, 2008 7:45 pm

I mean, If I have to sell one more time that a teacher needs to take advantage of a 403(B) thats offered for them, I'm going to scream

 
Why should a teacher take advantage of this?
Jul 2, 2008 9:59 pm

same reason why we take advantage of our 401k's .... Long term investing and building our net wealth !!

 
Public school teachers (well most, K thru 12) don't have 401k's bc they are in the public sector ....
Jul 2, 2008 10:03 pm

The problem is the 403b market isnt as regulated, and there are a TON of options out their: people selling fixed accts, variable, index annuities, etc .... unlike our retirement (in the private sector) where most of us just shell over the cash to our 401k friend Fidelity ....

 
there are a couple of rules and regs that go into effective in Jan 09 that will weed out some 403b competitors, but the point was when you have to sell the fact you need to save for your retirement, you know its going to be a loooooooooooooooooooong day ....