Whats it like for rookies at Morgan Stanley SmBar?

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Oct 23, 2009 12:41 pm

I'm currently working at a small independent BD. Basically, the job right now amounts to telemarketing for below-minimum wage and it seems like it will be like that for about a year, as i pay back for my sponsorships. then i have the option to form a joint account with my boss and continue to open new accounts while he trades them, or, strike out on my own and basically sink or swim. I was wondering if it was very different starting out at a big wirehouse like Morgan Stanley Smith Barny. What kind of base salaries do they offer rookies? How easy is it getting new business with such a recognizable brand behind you? Does being a young FA there also basically amount to cold-calling all day and virtually nothing else? Responses will be much appreciated.

Oct 23, 2009 1:01 pm
twoeyeguy:

I'm currently working at a small independent BD. Basically, the job right now amounts to telemarketing for below-minimum wage and it seems like it will be like that for about a year, as i pay back for my sponsorships. then i have the option to form a joint account with my boss and continue to open new accounts while he trades them, or, strike out on my own and basically sink or swim. I was wondering if it was very different starting out at a big wirehouse like Morgan Stanley Smith Barny. What kind of base salaries do they offer rookies? How easy is it getting new business with such a recognizable brand behind you? Does being a young FA there also basically amount to cold-calling all day and virtually nothing else? Responses will be much appreciated.



 
 
I am a new guy at MSSB.  Most of my day is cold calling.  However, we do get a decent livable base salary for about 2.5 years before you are at $0.  The salary is between $36K - $60K depending on experience.  It's not easy getting new business anywhere.  YOu have to bust your hump to get this business.  Most of the time people will throw you a bone to see how you do if they are interested before they start moving the bulk of their monies over.  I do seminars also, but only about one per quarter.  I have found my time is best spent on the phone.  It's like still telemarketing but doing it to help people and to build a business.  Nothing wrong with telemarketing as long the products are actually viable, and everyone and their brother needs financial services wether they realize it or not.
 
It can both help and hurt with the name behind you.  The nice thing is we are owned now pretty much by Morgan Stanley, so we can say they paid back their TARP.  Yes, they were a mess like everyone last year but they got the government out as quick as possible.  Also, almost everyone has at least heard of Morgan Stanley or Smith Barney, so you get more recognition.  All that said, it's still just as cold as calling from Joes Investments, Inc. when you think about it.
 
Hope that helps.
Oct 23, 2009 11:35 pm

Stop posting the same topic everywhere two eyes.

 
f***ING ROOGLE
Oct 23, 2009 11:45 pm

whats a roogle