Smith Barney...Stay or Leave?

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Jan 14, 2009 9:22 am

Any Smith Barney guys thinking about leaving?  If so, why and where do you look to go?

Jan 14, 2009 9:51 am

I know 5 guys that are forming a group and going ind. with RJ.  I left 18 months ago to buy into a small ind. firm.  The largest hitters and their team members will not go anywhere.  It would be dumb for them to move.  I just can't imagine the top 3 or 4 guys leaving.  They are all over 50 and doing large #'s and have been in that system 20-25 years.  Some of the over 50 gang that are middle of the road producers don't want to leave either.  I can see some of the younger guys that are not on a team leaving, as they have told me it is just becoming too hard to make a living, and do business the right way.  I had one call me the other day to ask me what being an RIA was like.  He doesn't even like me that much, but I got the sense he was fishing.

Jan 14, 2009 11:25 am

I left last week to a small indy firm also.  And I agree with DixieK9--the larger producers won't be leaving.  But if you're a producer under $500k who will be treated like the chaff under new MS management, I think you have to be very carefully looking into your options, NOW.

Jan 14, 2009 3:06 pm

I left roughly one year ago.  Went indy.  I was at SB for ten years and grew to hate the place.  I am VERY happy with my decision but I did a lot of work in prep to leave. 

I love my new office and I love not having to deal with the incompetent management
over there.  It  is no surprise to me that C is sinking.  It took them seven years and seven months to ruin a good company "SB" but they managed to do it.   I am making more, have better opportunity to take care of my clients and I have no one treating me like I was dirt.   
 
 
Jan 15, 2009 4:34 pm

Well, I for one, am gone, good by and good riddance...LOS 9, T-12 = 714...

I'm sick of paying all the overhead for the fools in NYC!!! The only thing they've done sucessfully is to wreck a once great firm and loose a lot of people money.  C management at both middle and upper level are a joke...GREAT EXAMPLE OF ABLE WEALTH MANAGEMENT!!!!

I honestly feel like a sucker for having waited so long to go...

Jan 15, 2009 4:44 pm
Bodysurf:

I left last week to a small indy firm also.  And I agree with DixieK9--the larger producers won't be leaving.  But if you're a producer under $500k who will be treated like the chaff under new MS management, I think you have to be very carefully looking into your options, NOW.



Sounds like you've been talking to a few managers. I'm hearing the same from folks I know. I hear much has already been discussed on conf. calls. Retention will be clear and swift. <$500k unless LOS 2 or 3 or less I hear need to saddle up and ride fast.

Jan 16, 2009 1:58 pm

C--No longer are they sinking.  They sunk.  It's great to know all the morons in NY have "or had" a good amount in C stock.  You get what you deserve.  You treat people like garbage...like disposable assets, make poor strategic decisions time and time again and

finally it all comes home to roost.   Now in 09 I'm going to take assets from you.