Morgan Stanley - Is this Morgan Stanley's "read my lips" moment?
My hunch is we'll see an increase in FAs fleeing MSSB come January 2011 and into Q1 as the first year retention drops off. All I hear from FAs, especially those from the Legacy SB side, is misery and frustration.
The SB brokers i speak to are miserable because they feel that MS modus operandi is to be product pushers. SB brokers come from a Planning culture.
Also their clients are beeing feed to death. If i client has $800,000 with them, they pay a fee of something like $75 if its in an IRA, because they didnt hit the million dollar threshold. With no exceptions.
I know a number of SB FA's from 400k producers to $2MM producers who have one foot out the door, some waiting for their deals to end, others just doing their due dilli
Eh. It's human nature. If your firm merges it USED to be heaven on Earth and now it's a bucket shop.