I wanted to know if trainees in the Smith Barney program upon their return from Hartford are put in teams under a Senior Broker. If so, how often does this happen and for how long? Or are all rookies granted autonomy to build their book.
Partnering is encouraged but not enabled to any meaningful degree. Autonomy is the rule...not an exception.
New FAs...unless they are exceptions to all rules, rarely are asked to partner with senior FAs. They ahve to have a special connection or something unusal to offer the senior FA. After all...all the senior FA to do is wait for you to fail and whatever you managed to bring in will be reassigned to him anyway, by the branch manager.
Funny thing. I've already been approached by several brokers here in my SB branch to work with them and I'm headed to Hartford in July. That means I will not be able to bring in business until August. So, I'm having a different experience here than most trainees at SB I'm guessing.
In general, established brokers want to bring on someone to make THEIR life easier. Give them the problem clients/accounts, have them prospect like crazy, etc. When it blows up, the established broker will keep most of the new accounts, and get the rest when the rookie leaves. Sad but true.
If they really want you, have them pay you a salary or a % of the overall gross. Get it in writing. This will separate the legitimate offers from the wolves in disguise.
After all...all the senior FA to do is wait for you to fail and whatever you managed to bring in will be reassigned to him anyway, by the branch manager.
If you know you're going to be leaving becasue you're washing out of the business distribute your accounts to other brokers BEFORE announcing your departure. Tell the client that you're leaving but that you have asked a trusted associate to watch out for them.
Do it quickly because word will spread fast, but it's a great way to cut the branch manager's prejudices out of the redistribution game.