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Jul 29, 2009 1:50 pm

Sorry I can have the depth of knowledge you do.  I'm pretty sure 12b1's are paid but really have no idea, hence my question.  Can you take me under your wing and show me the world?

Jul 29, 2009 1:54 pm
chief123:

[quote=voltmoie]That’s good advice, thanks.  This is a stupid question but do we still get paid 12b1 fees on C shares? 

My goals are based on a rolling 12 month period that started after I got my can sell.

  Seriously???[/quote]

How we get paid can be one of the most confusing things for a new broker to learn, and the funny thing is the less you worry about getting paid the more you will get paid.  It's embarrassing to admit but for the first 6 months I was in the business I thought B shares paid the broker nothing upfront and a 1% trail for 7 years before turning into A-shares.
Jul 29, 2009 2:07 pm

[quote=voltmoie]

Sorry I can have the depth of knowledge you do.  I'm pretty sure 12b1's are paid but really have no idea, hence my question.  Can you take me under your wing and show me the world?

[/quote]   That would be a 1% trail GDC per year, Voltmeister, with .25% paid quarterly.
Jul 29, 2009 11:46 pm
voltmoie:


Don’t “wow” me, son.  If you are so clueless go ask some of those reps. in your region what to expect and then set your personal goals.  My personal goal is 7mm 1st year with 2mm in advisory solutions. No idea if they are low or high but some type of target is better than none, at least for me.

  Are you in Seg 2 already? When is your goal for seg 3? How much/how many clients do you have in Adv. Sol. so far? For first year goals that's agressive, but I think doable... now I have to re-think my own goals...
Jul 30, 2009 12:16 am

75K year 1 not easy and there is no way you will hit that on 1 account every 1.5 month

Aug 5, 2009 12:55 pm

Similar situation to you.  I have been interviewing at MSSB and EDJ.  Got call should have offer at MSSB tomorrow.  Not sure what to expect.  Is it true that you don't get any comp in under 100k household account?  I know things will be very tough but looking for better understanding how comp, bonuses, etc. factored.  I am definitely leaning toward MSSB over EDJ but think concerned if will end up getting small accts initially and they won't even count.  Is comp generally all based on AUM?  Seemed like that is what goals on business plan were but then prior poster talked about additional fee based breakdown etc?  How is training with MSSB to pass 7 etc.?

Aug 5, 2009 1:02 pm

Having worked at EDJ, I would say go with MSSB.

Aug 5, 2009 3:57 pm

If you think you can get $10 million aum in your first year in the business, then go for it. If not EDJ. 

Aug 5, 2009 7:47 pm

[quote=lucky7]

Similar situation to you.  I have been interviewing at MSSB and EDJ.  Got call should have offer at MSSB tomorrow.  Not sure what to expect.  Is it true that you don't get any comp in under 100k household account?  I know things will be very tough but looking for better understanding how comp, bonuses, etc. factored.  I am definitely leaning toward MSSB over EDJ but think concerned if will end up getting small accts initially and they won't even count.  Is comp generally all based on AUM?  Seemed like that is what goals on business plan were but then prior poster talked about additional fee based breakdown etc?  How is training with MSSB to pass 7 etc.?

[/quote]   75k is the minimum household size for non-fee based accounts. 25k-75k you'll get paid if the assets are fee based (wrap platforms, c-shares, trail paying annuity, etc). Under 25k you get nothing. However, FA under five years this does not apply. You can get paid on everything but it encourages you to not take small stuff.   As far as Series 7. You got two months to study, and you are expected to do nothing else. You get one shot or you get canned.
Aug 6, 2009 12:24 pm

Thanks so much for the insight.  This is very helpful detailed info.  Is this industry standard or info specific to MSSB Reach for Excellence program? 

Aug 7, 2009 3:28 am

Well, I’m almost a week in, so maybe I can add a little more insight.  The pass rate for the series 7 at MSSB is 95%.  I have been studying like a madman… it’s great so far.

A few thoughts on the branch.  I think this is a million times better thank Jones (for me anyway).  Wholesalers bring by lunch almost every day.  It’s nice because I can leave my private office (notice I say office, not basement), for 20 minutes, learn about some new products, get a free lunch and get back to work.  There are several veteran advisors around all day to answer questions and bounce ideas off of.

I really love the resources the firm provides as far as marketing materials, cold call scripts, email and mail templates, drip campaigns, etc.  Plus, they have really cool products for the HNW crowd (alternative investments, hedge, private equity, etc).

There are two new FA’s that are about 6 months in production and I know that one of them hasn’t sold squat!  He complains about how hard things are and how bad the market is… he works from about 8-6:30 or so… and I have only seen him on the phone twice (his office is right next to mine).

I have been working from about 7-7 each day and I can say that I am usually the first to arrive and the last to leave.  If anyone washes out at my branch, I can say laziness is a big factor.  Usually the place is pretty empty by 5:30 or 6 PM.  I undertand the veterans don’t have to work much, but it’s amazing to see the newer guys go home so early.

Well, so far I have been averaging about 96% on my Series 7 quizzes, but I don’t want to leave anything to chance, so I better get back to work!

Aug 7, 2009 12:49 pm

The benefits of a wirehouse(or so i would assume since I started at EDJ)…The scripts, mail templates, drip campaings, etc… And proven producers to bounce ideas off of…



At jones you are isolated from everyone and people in my region always lied about what worked for fear that you would use it(Jones clients are finite) in your area 2 miles away. If I was to start over I would have applied at wirehouses instead of EDJ

Aug 7, 2009 1:16 pm

Thanks everyone for the info.  I got offer.  Better than I thought so didn’t know if should try to negotiate or if that would send wrong message since you still get comped once commission covered.  Wasn’t real clear on how non asset accounts like life, annuities etc. worked toward AUM numbers or if they didn’t count toward training goals.  Still looking over all papers but think this is definitely best home for me.  EDJ takes forever to even go through all there phone interview hoops.  I started talking to them a month ago and they just want to schedule first face to face interview now.  They also asked for so much income docs from prior work and self-employed earnings.  I was a bit irked to have them insist on getting my 1040’s plus all my business tax schedules for my LLC to even consider me to for a 12month 20-30k salary base position.   Kept on saying due to regulations but no other company asked for it?

  I am still waiting on benefits info from MSSB.  Do you have any data on that?  Also does everyone wears suits during training or just business casual?
Aug 7, 2009 1:19 pm

Dress as if…

Aug 7, 2009 1:20 pm

Right right gotcha

Aug 7, 2009 7:53 pm

DAMN Im all stressed out because im waiting for the Sales Manager to get back on Monday so i can call him and find out what their decisions are. Im so stressed i feel like calling one of the group managers now… This waiting for MSSB thing is killing me!

Aug 8, 2009 5:33 am

Anybody hired onto a team with MSSB/WFA and if so what did the split entail. I am actually looking to add a junior partner and want to be fair. Not sure whether to pay salary or % of commissions.  Thanks!

May 11, 2010 8:01 pm

greetings im trying to find out whats in the online assesment with morgan stanley..i know some of it its math and sales..do amy of your remember any specific questions etc? thanks

May 11, 2010 8:01 pm

greetings im trying to find out whats in the online assesment with morgan stanley..i know some of it its math and sales..do amy of your remember any specific questions etc? thanks