[quote=BrokerRecruit]

I am working with a MS broker who just
inherited $8M when a large producer left for Merrill a few months
back.  This person is less than 5 years in and found themselves
with a 25% increase in business from one person.  Not a bad deal
if you ask me![/quote]

If that producer is large, that $8M he left behind is something he probably wouldn't even notice.

If you are working with the MS guy, he must be considering moving.  And if so, I can't imagine he'd think he could take that $8M when the other guy couldn't.

A few months may not be enough time to see if he can actually hold on to the account.  The clients may give him a few more months and go somewhere else.  I've seen that happen.

[quote=blarmston]Inqui- This broker told me that when a guy would
leave, some accounts would be placed in his name. He would then contact
them to mine for other assets, opportunities, etc. Admittedly he said
that only 10-20% of those orphaned would ever get serviced and be
considered true clients of his. So what he did was ferret out the
service to junior guys to ‘mine for diamonds’ and split whatever
business was found with them. This has happened consistently for about
the past 12-13 years for this guy… MUST BE NICE…I agree that most
accounts left behind may be cr$p, but its a nice way to get “free
assets” and increase total AUM when brokers leave firms…[/quote]



Even a big office with 100 guys–they couldn’t have more than a few
failures a year.  I can see someone making a few bucks off of
failed reps, but the bulk of his production? 



It’s a shame that one guy knows how to work the clients for referrals
and such when the original could have done the same thing and kept his
job.



Falling into money is always nice.  Every now and then I hear a
story of some chance meeting that turns into a large income stream and
wish it would happen to me!

Falling into money is always nice.  Every now and then I hear a story of some chance meeting that turns into a large income stream and wish it would happen to me!

----------------------------------------------------

Speaking of chance meeting, I had only been a broker for a few weeks and was assigned to be the "Broker of the Day", when a $170,000 new account walked thru the door. Of course, this was 15 years ago when $170,000 meant something! 

Inq,

I have advised the FA to wait until the dust settles with those accounts, so that it doesn't set of a red flag that they are taking the money and running.  They aren't at the offer stage yet, and it has been explained to the hiring BM.  They're both all for it.  A few month difference could mean an extra $50k or so for the FA and more assets for the BM to add to the branch.

For the person that mentioned going to Smith Barney or to Morgan, go to Smith Barney, it’s managed money capability and mortgages and bond inventory are excellent and it is a top notch oranization.  Nothing wrong with Morgan but I believe you will like Smith Barney better.  You all know what your good at, if you are eager and know how to bring in business go hunt, if you can’t do it or don’t want to do it, start kissin ass and hope you get handed accounts, I got into this business b/c I enjoy the hunt and the challenge, if you want to sit around and get handed accounts go to a bank, there is nothing wrong with either way it’s just about knowing who you are.

[quote=stanwbrown]

[quote=blarmston]merrill… And the directors
assistant just told me that the 3 brokers averaged about 7 years and
about 600K in rolling 12, so these guys arent rooks trying to jump
ship, they are decent producers looking to get off the
titanic…[/quote]

The "Titanic" line is a gross overstatement. After all, it isn't as if ML hasn't had high-profile personnel turn-over themselves in the past. Having said that, if they find their clients are talking more about Pursell than about doing business, and if ML's offering a nice check, this would be great timing to jump. It surely gives them a reason they can easily justify to clients they want to move with them.

Correct me if I’m wrong, but it sounds like you work(ed) at Morgan Stanley. So I’d like your opinion on this:

I have been offered a position with MS as a FA trainee. I have no
experience in the financial services arena but am very qualified and
motivated to excel in the position.

Is this a good time to join MS? I expect an offer from AGE in the next
couple of days, but the offer at MS is to start soon. Any advice?

Thanks in advance.

[quote=inquisitive][quote=blarmston]Its a very opportunistic time for MS brokers with
established practices and loyal clients to make a move… Those who
are upset for some reason at MS may want to consider a change of
scenery… And of course those fat transition packages…[/quote]



It is a very opportunistic time for ANYBODY at ANY company to make a
move.  From all firms–not just from Morgan Stanley.  It is a
good time to leave Merrill, too. 



Quite frankly, I have no idea why there would be any sort of mass
exodus from Morgan Stanley because an embattled CEO has agreed to step
down.  It’s not relevant to anything and is nothing more than
hype.  It seems very silly to me the way they are carrying on.



If those Morgan reps want to leave, that’s fine.  I hope their
motivation ISN’T this BS involving Purcell, but rather considerations
for their careers, their clients, and their own financial well-being.



I have no idea why anyone would say “Titanic” in the same sentence with Morgan Stanley.  Silly.





[/quote]



Inquisitive,



Correct me if I’m wrong, but it sounds like you work(ed) at Morgan Stanley. So I’d like your opinion on this:

I have been offered a position with MS as a FA trainee. I have no
experience in the financial services arena but am very qualified and
motivated to excel in the position.

Is this a good time to join MS? I expect an offer from AGE in the next
couple of days, but the offer at MS is to start soon. Any advice?

Thanks in advance.

[quote=doberman]

Maybe NOW would be the best time to stay at Morgan Stanley. Imagine all these brokers leaving. And what happens when a broker leaves? He/She has to try and transfer their book to the new firm.

By staying at MS, a broker may have a shot at retaining the leaving broker's clients, depending on how they're divied up, of course. Even if 80% of the clients transfer, that could leave some juicy ones in the remaining 20% who didn't.

Thanks in advance.