Wirehouse training program

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Oct 3, 2005 5:59 pm

When going through a training program at UBS, or Smith Barney, are you held to a select list of products to use or can you sell whatever you feel is appropriate for your client and still make your numbers?

Oct 5, 2005 11:53 am

Can someone please help me out with my question above.  I have some interviews coming up and want to be informed about this beforehand.


Thanks!


Oct 5, 2005 12:45 pm

I have not worked there.  The customers I see from UBS are pushed into in house funds.


I am at RJ.  We have no quotas.  No funds to push.  We assess customer's needs and sell what is best for them.


What do you want to sell your family and friends?

Oct 5, 2005 3:40 pm

Exactly what I am looking to hear.  I am looking for  a firm with some sort of training program though.  Do you know anything about Scwab?


Thanks

Oct 5, 2005 5:26 pm

Exactly what you want to hear? C,mon I love having enthusiasm for your firm, but it doesnt matter what the topic is-Maybe will undoubtedly lace his posts with how great RJ is ... As for Shwab, the training program is decent. A buddy went through it, gained experience, built relationships with accounts handed to him, then jumped to another firm and trasnferred 70% of his quality accounts over and has been running ever since.

Oct 5, 2005 6:15 pm

Blarnstorm


I guess I should clarify - I was just looking for some insight into what type of product I could be expected to sell during the term of a training program.  I have heard different things.  What is your experience or what have you heard about what type of product one is expected to sell to make production numbers?  Thanks for the info on Schwab.



Oct 5, 2005 8:42 pm

I have heard that you arent pushed to sell any particular product or program, but this was about 2 years ago. Sorry I cant be more insightfull.


We have a Schwab branch in our building, and the FA's that are in there look like degenerate's, wearing gaudy Polo shirts and wrinkled khakis. Overall, a joke. Not important, just wanted to toss that out there to the people's...

Oct 5, 2005 9:01 pm

You should not be pushed to sell certain investments.  It is whatever is best for the client.  I think many of the brokerage firms have taken away sales quotas of inhouse products away from the managers.  Too many compliance issues. 


I do think that you will be encouraged to do annuitized products ( not annuities but products and investments that pay you little but continously over time).

Oct 6, 2005 11:49 am

Blarnstorm and Help - I appreciate your insights. 


I have no problem at all with annuitized products, I think that by and large if you have good managers to choose from or can use a wrap program - then they can be more in the best interest of the client over many other unpackaged straight commissioned based products.  It depends on the situation though, I feel commissioned based is still appropriate in many circumstances, especially when there is little management involved.


I agree that it should be whatever is best for the client.  A good friend of mine from MS who has been in the business there for 17 years told me that he thought that MS still pushed "sticky" productse.  He defined "Sticky" products as ones that are proprietary to the firm, not just mutual funds, but closed end funds and others.  And that these were the products that "counted" towards your sales goal and that if you used individual stocks, bonds and other non-sticky products, they didn't count towards your goals.  There was a feeling that some of the other big houses have changed their ways and are becoming more "client centric" (the new catch phrase), but that MS is not putting to much into changing.



Oct 6, 2005 1:34 pm
newone:

Exactly what I am looking to hear.  I am looking for  a firm with some sort of training program though.  Do you know anything about Scwab?


Thanks


What makes you think RayJay doesn't have a training program.  We have a great one.  While you are studying to pass your 7 & 66 (which they pay for) your branch will train you.  Then you are off to Florida for 4 weeks (split into 2 week intervals) and the home office for great training.  Again paid for by the company.  YOU own your book from day one.  The president and Mr. James will tell you that to your face.  What more could you want?

Oct 6, 2005 2:57 pm
newone:

  A good friend of mine from MS who has been in the business there for 17 years told me that he thought that MS still pushed "sticky" productse.  He defined "Sticky" products as ones that are proprietary to the firm, not just mutual funds, but closed end funds and others.  And that these were the products that "counted" towards your sales goal and that if you used individual stocks, bonds and other non-sticky products, they didn't count towards your goals.  




That's not at all what I hear from friends there. In fact, MS has not been in the rolling out Closed End Fund business until their first in a decade recently. I also asked about "sales goals" and what counted towards them. I'm told there is no such thing as "sales goals" but that transactional business is paid out at a slightly lower grid than asset based business. I think you'll find that that's true at most every wirehouse.

Oct 6, 2005 8:32 pm

"I'm told there is no such thing as "sales goals" but that transactional business is paid out at a slightly lower grid than asset based business. I think you'll find that that's true at most every wirehouse."


There are sales goals, but they are a JOKE. A buddy just came over from MS down the street, and he even said that MS brokers knew that they were inferior compared to SB,ML, and UBS. Doesnt exactly inspire confidence when battling with the boys  eh?


You are right, annuitized gets a SLIGHTLY higher payout

Oct 6, 2005 10:52 pm

I heard from a Morgan Stanley newbie that their "goal" is $1 Million
net new assets A YEAR!!  LOL!  Who can live off that once you
get off salary?