Changes at MS
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well, if either of you recruiters can place me (a noob) in a local MS or AGE branch, please do!
[quote=JCadieux] [quote=mikebutler222][quote=JCadieux] [quote=mikebutler222] <?:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" />
You mean a hard time keeping the successful trainees onboard? What do you base that on?
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Successful trainees keep calling and asking me to help them find better jobs.
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They're "success", but they want a "better job"? You mean in a bank channel so they don't have to build a book? What are their criticisms that they want "better"?
Having said that, just what are the odds that a recruiter doesn't have an agenda when talking to brokers about what's "better" elsewhere...<?:namespace prefix = v ns = "urn:schemas-microsoft-com:vml" />
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I'd have to check my records, but I'm pretty sure 100% of our placements out of MS last year went into other wirehouses. My practice is over 90% wirehouse, and probably higher than that at the trainee/transition level. These successful trainees are leaving Morgan for the same reasons as other successful brokers: Better support and less chaos.
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Oh spare me. People who know anything about the biz know going from one wirehouse to another won't get you "better support and less chaos". People leave for one of three reasons; 1) A CHECK 2) Personal issues with management 3) They leave voluntarily before they leave INvoluntarily. There's a fourth, far less common, personal reasons, but that usually involves having to relocate for family reasons.
[quote=JCadieux]
My point is that the number of calls from Morgan Stanley FAs at all levels has skyrocketed in the past year. [/quote]
Between people trying to take advantage of the press coverage, those trying to avoid the cuts from last Summer and the rare old-time DW guy scared to death of being anything other than a stock-of-the-day jockey, I don’t doubt it. Then again, that ship has sailed.
I know two guys that jumped last Summer, when Mack (who, btw, was welcomed back by brokers) returned. Both said it was for the check and the press coverage gave them the “cover” they needed with clients as a reason. One also held a long simmering issue with a particular manager (not a BOM) and this made it all easier.
[quote=JCadieux]
But headhunters in this industry have a big incentive to help you find a firm where you'll be successful and happy. We don't get paid unless you place AND STAY for at least six months.
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ROFLMAO, SIX MONTHS? How often does someone not last six months? I’m sorry, pal, and I admire your willingness to speak up, but I have to say that’s all a steamy pile of Tyco. You guys cash that check and never look back.
I get call after call from you guys each with the same patter, talking about how everyone tells them how horrible it is at my current firm, how it’s going to be sold, how there will be another MASSIVE round of cuts, etc., and how Nirvana waits right around the corner at the local UBS/SB/ML/Wachovia Office where THEY really know how to take care of brokers. It’s such a scam. It doesn’t even seem to matter if THOSE guys are currently in the paper over some scandal or another, they’re still better than sliced bread.
There will be some differences among the wires - individual branch culture, some minor tech advantages (or disadvantages). Payouts will be fairly similar (with the exception of Wach.'s unique plan). Different reps will respond differently to them. ML is a great firm, but not right for everyone - same with SB, UBS, etc.
Other than that, it's same s#!t different day.
[quote=SethDavis]well, if either of you recruiters can place me (a noob) in a local MS or AGE branch, please do![/quote]
When we talk about recruiting transitions/trainees, we’re usually talking about people with experience but no book to move. Branch managers pay us to find trainees with good track records and an above-average shot at making it. I don’t know about the other recruiters here, but my firm usually don’t work with candidates that don’t already have a Series 7 and some related experience.
As a true beginner you’re probably better off cold calling your local BMs and making a pitch directly. Build a business plan before you call and make it part of your pitch. It’s a long shot, but they’ll respect you for having the guts to call. If your business plan is solid, then you’ve got a shot.
This is especially true in the case of AGE, since they don’t work with multi-firm headhunters like us.
Good luck and keep us posted.
[quote=Biasedrecruiter]Joedabrker: You would probably like to swap tax returns with me.[/quote]
Maybe.
I rather doubt it.
You know what they say about those who assume?
joe - looks like someone has challenged you to a my @#$% is bigger than your @#$% contest.
Is anyone else reminded of an ambulance chasing attorney when you read posts by BrokerRecruit or JCadeiux? Maybe it is just me… wait… I hear sirens.
Go back and read my posts, Kool-Aid chugger. When have I solicited someone on the board? Do I have my contact info posted at the bottom of my posts or in my profile?
Read some of my last posts, especially on this board. When have I told someone they need a recruiter?
Spend more time working on your reading comprehension and less door-knocking, smart guy.
[quote=BrokerRecruit]
Do I have my contact info posted at the bottom of my posts or in my profile?
Read some of my last posts, especially on this board. When have I told someone they need a recruiter?
[/quote]I'm not aware that having my web address on my signature is a violation of the board's policy. If that's the case, I'll gladly remove it. I realize that most of the people on the forums are anonymous, but I choose not to.
I give a lot of free advice on this board. My post answering SethDavis' question above is a good example. I can't place him, but I still took the time to suggest ways that he could break into the business. That's not what I would call "ambulance chasing".
JCadieux-
I have no problem with you having your info on the board and my comments were by no means an attack on you. Simply a shot back at Incredible Hulk regarding his assumptive comments regarding my motives in being a contributor to the forum.
Hulk is an idiot... Another new poster running onto this forum posting ridiculous comments without knowing cr$p about the business. Personally, I welcome BR and Jcad's comments, as it is always interesting to gain a greater feel for the marketplace....
[quote=Incredible Hulk]Is anyone else reminded of an ambulance chasing attorney when you read posts by BrokerRecruit or JCadeiux? Maybe it is just me... wait... I hear sirens.[/quote]
Are you silly? I think most of us (that have any sense) appreciate the way BrokerRecruit, JCadeiux, and rrbdlawyer (Bill Singer) interact on this board. They answer our questions (within reason), give us insight from their field of expertese, and their input may keep us from making mistakes in the future.
My hat's off to them.
[quote=exEJIR]
Are you silly? I think most of us (that have any sense) appreciate the way BrokerRecruit, JCadeiux, and rrbdlawyer (Bill Singer) interact on this board. They answer our questions (within reason), give us insight from their field of expertese, and their input may keep us from making mistakes in the future.
My hat's off to them.
[/quote]Thanks for the compliments, y'all. Your checks are in the mail.
[quote=JCadieux] [quote=exEJIR]
Are you silly? I think most of us (that have any sense) appreciate the way BrokerRecruit, JCadeiux, and rrbdlawyer (Bill Singer) interact on this board. They answer our questions (within reason), give us insight from their field of expertese, and their input may keep us from making mistakes in the future.
My hat's off to them.
[/quote]
For eleventy kabillion dollars?
Thanks for the compliments, y'all. Your checks are in the mail.
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[quote=blarmston]
Hulk is an idiot... Another new poster running onto this forum posting ridiculous comments without knowing cr$p about the business. Personally, I welcome BR and Jcad's comments, as it is always interesting to gain a greater feel for the marketplace....
[/quote]
ditto. high fives for blarm!
[quote=BrokerRecruit]
joe - looks like someone has challenged you to a my @#$% is bigger than your @#$% contest.
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Sadly my @#$% really isn't that impressive. I didn't score so well in the genetic lottery on that front.
My 'tax return' as he puts it, is just fine. I'm completely happy with it. It's private and don't share it with anyone but my spouse. But he had to open that door a crack and I couldn't let it pass without comment. Having said that, I'm secure enough at my own success in life that I'm not taking the bait to carry this any further.
I figured you wouldn’t. I think the editors (or whoever oversees this forum) should enlist a very thorough screening process for new members.
[quote=BrokerRecruit]I figured you wouldn’t. I think the editors (or whoever oversees this forum) should enlist a very thorough screening process for new members.[/quote]
Nah, characters like Hulk and Big Easy and CPAFP add color. The moderators have at times imposed censorship and I didn’t like it at all. I like the idea that folks can speak their minds.