Layoff From MSDW

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Sep 17, 2005 1:55 am

Been a broker with MSDW for 27 years and just got layed off.  Numbers were above standards but supposed compliance issue was my so called probelm  (Fee based accounts being used to much).  No blemishes while I was there.  Office mgr was a nice guy but did not know how to manage.  Never recruited a new broker in the last 5 yrears.  Been loyal to the firm but told them I was retiring under duress.  If any one has a good recruiter please post name and number.

Sep 17, 2005 8:28 am

I'm wondering after 27 years and a book that must be quite large, do you even care? You can take the cream of the crop from your book and make a very nice living as an indy.


Are you not in a better position having the relationships (equity) from your book to go indy than the poor slob who gets laid off everyday at your age and has nothing to rely on??


I say you are, do you agree? Isn't this the benefit about being in this  profession...  unlike the everyday worker bee we are building some equity in the future in case the cruel world decides to "get rid of us" in our golden years or even before that age. We can take our book and allbeit survive nicely. The worker bee has to find another horrible boss to work for.

Sep 17, 2005 12:26 pm

EZ-You are right about taking my clients with me.  I have a very loyal book of clients who have alot trouble saying at MS.  I just have to find the right situation.  Never thought about going Indy.  When you have been at 1 place for 27 years sometimes you lose contact with tthe real world. 

Sep 18, 2005 12:01 am

Rogerz,


Just went indy from the bank channel last month.  Look at the thread under this section entitled Raymond James vs. LPL...lots of good info about both firms and my quest to go indy.  Both are great indy firms where you can get 90% payout and some transition assistance.  Best of all, you get rid of all the corporate BS you've been putting up with.  Trust me, you'll feel like you've been paroled...


Good luck...

Sep 18, 2005 6:53 am

Rogerz,



What was your AUM when you left the bank? What % of your client came with you?

Sep 18, 2005 12:13 pm

Indy,


Thanks for the info.  I will look at the thread.


EZ-


I had a partner at MS.  We split up the duties of managing the money.  We had 85 million.  He is taking care of thinks right now.  He may not want ot leave MS for a while.  Will be looking at all options.   

Sep 19, 2005 10:01 am

Rogerz: Therein lies the rub! You are doing fee biz with a partner who is staying behind!!?? Excuse me but you are screwed UNLESS you expect your (former) partner to give up the clients to you when you land on your feet elsewhere. This whole "convert to fees and partner up" thing is designed to allow our firms (who all love us ya'know) to KEEP THE CLIENT IF WE MOVE OR GET LET GO.

Sep 19, 2005 3:56 pm

I think that is true...

Sep 19, 2005 4:14 pm
Rogerz:

Indy,


Thanks for the info.  I will look at the thread.


EZ-


I had a partner at MS.  We split up the duties of managing the money.  We had 85 million.  He is taking care of thinks right now.  He may not want ot leave MS for a while.  Will be looking at all options.   



You had a partner and were working a joint rep number with 85M in AUM and you were somehow under the $225k cut line? Something in that story just isn't right.

Sep 20, 2005 8:01 am

Rog,


I think you're in trouble if you think you're going to take more than 40-50% of your book.


Sep 20, 2005 9:13 am

what does "Fee based accounts being used to much" mean? 

Sep 20, 2005 9:59 am
frumhere:

what does "Fee based accounts being used to much" mean? 


I was wondering the same thing. I also wonder how, if there was some sort of compliance issue, could it effect just ONE of the partners in a book. I smell something fishy....

Sep 20, 2005 1:52 pm

most of my revenue is fee based and everyone is happy.  furthermore i don't do anything in those accounts b/c systems do not allow you to do anything in those accounts...they are blocked.  still puzzled.