Smith Barney vs Morgan Stanley

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Sep 9, 2008 3:32 pm

I've interview with both of these firms and I really enjoy both of them as compared to ther firms.

My questions is simply this from advisors that have worked at these firms or knowledge of these firms.

What is there difference between training?

Difference of success rate if any?

Basically the pros and cons of both firms.

This information is invaluable from you guys.  I would appreciate if this thread does not get into why a wirehouse or why these firms. 

Thanks

Sep 9, 2008 3:52 pm

both are quility firms. focus on the office enviroment, branch manger, and compensation & goals.

Sep 9, 2008 6:47 pm

thanks vin.

I have heard that sb still sends there trainees to texas or new jersey for two weeks.  Is that still cold calling or what exactly does that entail?

If its cold calling who are they calling?

Sep 9, 2008 9:17 pm

SB sends you to Warren, NJ for two weeks. It's sales training intensive. You go with a list of 1000 business leads generated at the branch level to cold call from training where trainers can link in on the calls. The days run from 7 am to 6 pm (8 pm on one night only) and include Saturday...you work 13 of the 14 days.

Sep 9, 2008 9:32 pm

Slight correction - yes you go to Warren NJ for two weeks, and bring 1000 leads to call. But Mom's post might give the impression that the entire two weeks on cold calling. I'm sue this wasnt the impression intended. You do spend time calling and you do have the trainers listening in and giving constructive criticism. But the entire time is not spent on this. Its a week at most, i believe a little less. A lot of time is spent learning how to put a financial plan together and present it. You are given case studies, you role play 1st and second meetings (first being discovery, second being presenting the plan). You arre given help in marketing yourself, presenting your value prop ,, etc.

The big difference on a national levvel between the two firms is that at MS the training is up to the branch, the first year, then if you make the numbers, afte the year, you get to go to fomal national trainning. If you dont you are gone. SB sends you to the national training center for 2 weeks afte 4 months of in branch training, and THEN, after the 2 weeks, you go to national trianing before you start production. After the two weeks you start production, then about 3 -4 months later, you go back to Warren for another week.
 
The comment that the BOM and the branch are very important is great advice.
Sep 10, 2008 2:28 am

So would you say that Smith Barney has "better" and more formalized training then morgan stanley.

Also if I go to a MS office how do I find out which branch does more extensive training.  GREAT STUFF on the SB Training.

Can anyone give any more detail on the MS training Reach for excellence program.  I heard there have been some changes in the last couple years.

Sep 10, 2008 8:58 pm
younggunz:

So would you say that Smith Barney has "better" and more formalized training then morgan stanley.

Also if I go to a MS office how do I find out which branch does more extensive training.  GREAT STUFF on the SB Training.

Can anyone give any more detail on the MS training Reach for excellence program.  I heard there have been some changes in the last couple years.

I cant say its better because i've never seen the MS program up close and personal, only heard of what they do from others. I do think, if i was a trainee, i would want that formalized training before i start production, not after 1 year of killing myself.
 
As far as which branch will give you more attention, just ask the manager. What do you do to help your trainees and assure their success? Whats the structure of the training in the branch. Do i get a mentor-a Senior broker that i can talk to when i have issues, who wont make me a cold caller?
Sep 10, 2008 9:31 pm

Thanks Sports: No, I didn't mean to imply that ALL you do is cold call. I should have been more clear. PSI  is sales intensive: methods, approaches, role playing, friendly competition between tables (about 8 per table of trainees).

Intersession training (at 6 mos production) is now CBT and conference call based. It's no longer at the regional hq.

PSII is at 10 mos production. That's the next visit to Warren.


Sep 10, 2008 9:58 pm

Didnt know that they went to conference calls for the second session. I'm sure its budget.

Did you go thru the training? Or are you an NDO?
PM me if  you;d like.
Sep 10, 2008 11:50 pm

I would say go to the firm or branch were the most brokers have torched their accounts during this market.  If like pas  down markets, the rats will leave the ship soon and you will be there to inherit the accounts.  When you call the clients you can sayyou never sold that crap and they will stick with you.

Sep 22, 2008 6:25 am

Can anyone give some detail regarding both firms training for the 7, 66, and 63? Thanks

Sep 22, 2008 12:00 pm

Regarding MS.  Their training program has changed.  That said, it was very good at consultative selling.  They also have the trainees do case studies and practice opening and closing meetings to try and close new business.  The training used to be in Dallas, but I believe it has been moved to Westchester NY.

Sep 22, 2008 12:48 pm

anyone know about compensation during training for someone coming in from another industry with a good network and solid background?

Sep 25, 2008 9:24 am

MS used to take 75% of your previous compensation or up to a certain dollar amount.  Geography comes into play too (higher salary in NY vs, say Alabama).  Also, your experience and book of contacts play a role as well.  If it appears that you have enough qualified contacts to hit the ground running, you may be able to negotiate more.


Remember, it is not about the salary.  If you are too focused on the salary and not the long range commission and fees, then this is not for you.
Feb 12, 2009 3:42 pm

Which did you choose and how are you doing at it? 

I am considering the same currently. 

ODS