MS G Day Friday

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Feb 13, 2006 10:24 pm

Gorman's a comming!!!!!


http://www.investmentnews.com/article.cms?articleId=54414

Feb 14, 2006 1:22 pm

Good Article!!!! Glad I left MS to go Indy. 


Feb 14, 2006 2:24 pm

couldn't read the whole article

Feb 14, 2006 3:33 pm
frumhere:

couldn't read the whole article


frumhere,   You may have to register at investmentnews.com to see the full article. At any rate if I was a MS broker doing under 400k, I would be getting ready to move before the sh*t hits the fan.  IMHO

Feb 15, 2006 9:14 am

doing under 400, but under 5 years.

Feb 16, 2006 6:49 pm
frumhere:

doing under 400, but under 5 years.


Frumhere, keep working hard to get over 350k and you should be ok.


At least for a year or two.

Feb 17, 2006 10:02 am

NY_Broker, according to your sources how much should brokers with an LOE between 3-5 years be doing to be insulated from management restructuring?

Feb 17, 2006 11:09 am

It's a wide range.  At 5, I'd imagine you would need to be at at least $250k or so.  I would imagine the would start out at the old $50k/year rule.  Could be wrong.  Happens all the time. 

Feb 17, 2006 6:57 pm

Just my opinion, but it sounds like Gorman will be cutting overhead before he starts chopping brokers.  My guess is goodbye RVP's, sales managers, proprietary fund wholesalers, etc.  I could also see him consolidating branches and closing unprofitable ones.  All good moves as far as I'm concerned. 

Feb 20, 2006 9:28 am

If you look at his track record at Merrill, he did all of these things very early on.  There are already a handful of branches on a short list of those to be closed, that were announced to the brokers a few weeks ago. 

Feb 21, 2006 10:28 am

such as

Feb 21, 2006 10:58 am

I have a buddy at MWD who works in a small satellite branch with about 7 FA's. The capacity is for around 18-20. A few weeks ago a 'consultant' came through the branch to check things out. He is thinking that the branch will get closed or another nearby branch will be merged into that one. Either way, he is speculating that some brokers will be doing some interviewing in the next few months.....

Feb 21, 2006 11:52 am

Who knows.  My question is, who gets hit most when the $hit hits.

Feb 22, 2006 1:14 pm

http://registeredrep.com/news/gorman-at-morgan/


I read in the article that minimum production is now 250k with los greater than 8 years. When did they increase it. Also in the investmentnews.com article it states that the minimum is going to 350k under Gorman.


If anyone knows offices that are closing, post the locations please.

Feb 22, 2006 1:31 pm

250k was with the last cuts, but i think there was some kind of age addendum. 

Feb 22, 2006 1:55 pm

I thought it was 225k. What do you mean age addendum?

Feb 22, 2006 3:47 pm

The locations I have heard of are in small cities where the cost of running the business is not justified.  From what I've heard, they would rather these producers go to the competition, simply because they're not 1st or 2nd quintile producers anyway.

Feb 22, 2006 4:14 pm

did not effect me, but i think there was something in there about people older than 50 or something like that, but i can't remember that. 

Feb 23, 2006 1:04 am
NY_BROKER:

http://registeredrep.com/news/gorman-at-morgan/


I read in the article that minimum production is now 250k with los greater than 8 years. When did they increase it. Also in the investmentnews.com article it states that the minimum is going to 350k under Gorman.


If anyone knows offices that are closing, post the locations please.




There was a cut, it effected LOS8 and greater with under 225k trailing twelve. There is no "250k minimum" and any talk of cuts for those below $350k is a guess. If you look at the median production point, making a cut at $350k lops off better than 3000 brokers.

Feb 23, 2006 9:04 am

Cuts $350k and under would be a nightmare for MS.