MWD brokers leaving in droves!
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There has been a ton of brokers leaving this firm. Not just rookies and none performers, but vetern club members! We are losing our best brokers. Why? Because we are paying for recruits and treating recruits better then there loyal employees. The press has been painting such a bad picture on us brokers that the good ones feel cheated.
I am hearing the same. It looks like the big producers are starting to jump off a sinking ship. Or maybe they {the big producers} are leaving MWD before thier clients jump ship.
Morgan Stanley has always sucked compared to the rest of the wirehouses, all of whom suck, too.
I read an article written about recruiters... one recruiter said "If you're not calling on M.S. brokers, it's nearly malpractice."
Dont get me wrong this is a fine firm that will take several years before the intergration is complete. But in the meantime the managers job is to recruit. Therefore he will spend more time with a recruit than there loyal brokers. This is a terrible, and make the good brokers feel like second class citizens. I hope managment reads these forums. (I doubt it since they are probably sending out there resumes.)
Brokers who are looking for a checkare going to change companies, whether they're going to a better place for their clients or not. The bad press MS has gotten the past 6 months has given them something they an say to their clients. I don't blame them, that's business. They also leave a good number of accounts behind for those of us who know that tomorrow the press will be after some other company.
I really don't get the complaint that manager are "spending more time" with recruits. That's always the case, everywhere, and just why would you want your manager spending time with you anyway? I spend as little time as I have to with mine. He's a good guy and all, but I'm not here to make new friends.
inconsult,
Where did you see that article? I'd like to see what they had to say.
I'm a recruiter and have had success even before the major cahnges with MWD brokers. The only downside about drilling as many people at MWD is that they are getting hounded so much right now, that the ones left are essentially not giving the time of day.
I completely understand where they're coming from...It's like getting a call from a telemarketer trying to sell you steak knives in the middle of dinner with your family. The key is to spread it out and establish relationships.