Which wirehouse should I start with!

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Aug 30, 2005 1:49 pm

I currently work for a Million dollar producer at a major wirehouse as a Junior broker. I make a combfortable salary and have very little stress.The broker I work with is not retireing for at least 15 to 20 years and is not willing to give up a percentage of his book. I am basiclly at the mercy of him, he can raise my pay, lower my pay, fire me, or make me a partner. I am making a move soon to a major wirehouse to start my own practice, I maybe making a mistake because eventually I could take over the book, but thats a long time from now and who knows what could happen 1 year or 15 years from now. so I decided to take a chance and go on my own. I am 27 and have my CFP. My question is which wirehouse to go with, I interviewed with ML,MS, SB and UBS. How do I choose.

Aug 30, 2005 2:11 pm

Let me get this straight....you have a comfortable salary and very little stress, and you're going to move to another wirehouse to start your own practice?


WHY?


Most juniors see themselves as underpaid and overworked.  Perhaps you should consider making all the preparations for the move, and then before taking the leap go back to your 'big guy' and asking one last time if he'll make you a partner?

Aug 30, 2005 2:16 pm

i would be careful, but I share your dilema. Things don't always work out, especially with the strategizing amongst brokers inside investment firms. You could kill yourself for this guy for 10 years, and that book may go elsewhere, or in 10 years, you could be making big coin, and have a nice life.

Aug 30, 2005 2:27 pm

"I currently work for a Million dollar producer at a major wirehouse as a Junior broker. I make a combfortable salary and have very little stress.The broker I work with is not retireing for at least 15 to 20 years and is not willing to give up a percentage of his book. I am basiclly at the mercy of him, he can raise my pay, lower my pay, fire me, or make me a partner. I am making a move soon to a major wirehouse to start my own practice, I maybe making a mistake because eventually I could take over the book, but thats a long time from now and who knows what could happen 1 year or 15 years from now. so I decided to take a chance and go on my own. I am 27 and have my CFP. My question is which wirehouse to go with, I interviewed with ML,MS, SB and UBS. How do I choose."


If you are currently in the business, how can you not know what firm to choose? You should have a good undersatnding at this point what qualities you are looking for... And what firm may be best suited to complement your abilities, target market, etc. Not to be a di$k, but I wouldnt make you a partner in my practice either if you couldnt formulate deicsion making criteria for changing firms, especially since you have been in the biz.

Aug 30, 2005 3:34 pm
cash0308:

The ultimate measure of a man is not where he stands in moments of comfort and convenience, but where he stands at times of challenge and controversy


I currently work for a Million dollar producer at a major wirehouse as a Junior broker. I make a combfortable salary and have very little stress.The broker I work with is not retireing for at least 15 to 20 years and is not willing to give up a percentage of his book. I am basiclly at the mercy of him, he can raise my pay, lower my pay, fire me, or make me a partner. I am making a move soon to a major wirehouse to start my own practice, I maybe making a mistake because eventually I could take over the book, but thats a long time from now and who knows what could happen 1 year or 15 years from now. so I decided to take a chance and go on my own. I am 27 and have my CFP. My question is which wirehouse to go with, I interviewed with ML,MS, SB and UBS. How do I choose.

Aug 30, 2005 3:44 pm
blarmston:

"I currently work for a Million dollar producer at a major wirehouse as a Junior broker. I make a combfortable salary and have very little stress.The broker I work with is not retireing for at least 15 to 20 years and is not willing to give up a percentage of his book. I am basiclly at the mercy of him, he can raise my pay, lower my pay, fire me, or make me a partner. I am making a move soon to a major wirehouse to start my own practice, I maybe making a mistake because eventually I could take over the book, but thats a long time from now and who knows what could happen 1 year or 15 years from now. so I decided to take a chance and go on my own. I am 27 and have my CFP. My question is which wirehouse to go with, I interviewed with ML,MS, SB and UBS. How do I choose."


If you are currently in the business, how can you not know what firm to choose? You should have a good undersatnding at this point what qualities you are looking for... And what firm may be best suited to complement your abilities, target market, etc. Not to be a di$k, but I wouldnt make you a partner in my practice either if you couldnt formulate deicsion making criteria for changing firms, especially since you have been in the biz.



oh blarm, you're such a hardarse......

Aug 30, 2005 4:01 pm

I suggest you use the same method of choosing a firm that we Little League coaches used when drafting players.  Who has the best looking mothers (in this case assistants)?


If I was 27, had a CFP and wanted to build my own business for the future, I sure would look to go independent.

Aug 30, 2005 4:29 pm

Probably the most important criteria for choosing!

Aug 30, 2005 4:34 pm

I get more pu tang in a month, then most people get in a year. That is the least of my problems. I live in Pu**Y Capital. SOUTH FLORIDA

Aug 30, 2005 4:41 pm

EASY Francis........

Aug 30, 2005 5:20 pm

As another has said, if you haven't done so make sure you've explored everything with your "boss".  Put some thought into it and come up with a business proposal on how you'd ideally like to structure something with him.  Be sure to let him know that you're really happy working with him (even if that's a stretch), but that the reality is you need to begin to see some upside and ownership in the practice.  After all, that's why I assume you got in the business in the first place.  Remind him of all you do for him, the value it brings, the time it saves him for more productive activities, etc.  Maybe since you've been with him his gross has increased at a decent rate -- point out that you've been a factor in that increase.  Perhaps build in some sort of succession plan for his business, even though he may not retire for quite some time -- there's always his death, disability, or a decision to reduce his hours or take an early retirement. Don't force him to make a decision on the spot, but lay it out as something you'd like him to consider & set a date in a week to discuss.


The reality is that if you have been a valuable contributor to his practice he'll want to do what's possible to keep you.  If nothing comes of it, you've lost nothing and can still search elsewhere on your own.


But, also understand that unless you've been able to negotiate some formal "ownership" in some form of partnership agreement, that you're still at his mercy and may eventually have nothing to show for it.

Aug 30, 2005 11:04 pm

I agree with what everyone is saying.   However, you stated you make a comfortable salary with little stress.  In my opinion, the reason one likes this business is that one is never happy with their pay and if you have little stress, you may not be working hard enough.  I think you need to prove yourself before even attempting to speak with him/her about your situation.  You need to bust your balls, or as my wife says, ovaries.  You need to be at the office working before he shows up, and stay after he leaves.  Bust some balls!!!

Aug 30, 2005 11:48 pm

Do you like this guy? The firm? The way they do business? A couple of years ago one of the owners of the firm I work at(a small local insurance/financial firm) "took me under his wing" so that I could eventually take over his book. I was reasonbly new to the biz, fairly new to the firm. There were dicussions of ownership...succession plan etc. It all sounded great. I guess I figured that if he brought it up it must be something he thought out. I inquired a couple of more times, "oh yeah yeah...I've just been so busy". As I hung around and saw some of the things going on, I determined that I didn't want any piece of that place. I bided my time and will start a new gig in a couple of weeks with a major wire. I think that was the right move for me. I was going in a different direction than the party line. Time to move on!



Yeah, maybe I should have pushed, maybe I should have made proposals...I just didn't really feel that good about the situation and didn't really at the heart of the matter trust the guy or the situation. So, I bailed!! Good Luck!!

Aug 30, 2005 11:49 pm

hey money



the line is actually



"Lighten up, Francis..."

Aug 31, 2005 8:25 am

YEs, I think your right. I'm glad somone else got that.