MS Management Changes

No, but they changed the name of the brokerage division to: “Morgan Stanley Global Wealth Management”. I guess a name change is all you get for $29 million.

Gorman has alluded to management changes.  Possibly restructure or downsize the regions.  Anything at this point is a guess.  We’ll find out more in the days to come.  The only sure thing is that there will be significant changes.

They ordered out Chinese for lunch.  Gorman had the Moo-Shu pork, and got the plum sauce all over his white shirt and tie.  The delivery guy described him as a “sh*tty tipper.”  That’s all I’ve got so far.

[quote=Soothsayer]They ordered out Chinese for lunch.  Gorman had the Moo-Shu pork, and got the plum sauce all over his white shirt and tie.  The delivery guy described him as a "sh*tty tipper."  That's all I've got so far.[/quote]

I heard some joke about chinese soup...can't remember the joke, but I think the soup was cream of Sum Yung Gai...

More news from the meeting.  My source tells me that Gorman used the mens room at the morning break, and allegedly returned to the meeting without washing his hands.  Yuck!  I don’t know for sure whether he went #1 or #2. 

He probably wiped with a hundo…

Sooth, is that some sort of power potty move to complement the power lunch?

Apparently, Gorman was given a list of top producers in the firm to call and speak with individually.  He called one rep, asked how things were going and the rep told him “things were going great - I just handed in my resignation and I’m moving to another firm.”

[quote=BrokerRecruit]Apparently, Gorman was given a list of top producers in the firm to call and speak with individually.  He called one rep, asked how things were going and the rep told him "things were going great - I just handed in my resignation and I'm moving to another firm."[/quote]

That was right after Gorman discovered the CBS back lot where the moonlandings were faked, right?

[quote=mikebutler222]

[quote=BrokerRecruit]Apparently, Gorman was given a list of top producers in the firm to call and speak with individually.  He called one rep, asked how things were going and the rep told him "things were going great - I just handed in my resignation and I'm moving to another firm."[/quote]

That was right after Gorman discovered the CBS back lot where the moonlandings were faked, right?

[/quote]

The moon landings were faked?  Man is my world coming crashing down around me today. 

[quote=dude][quote=mikebutler222]

[quote=BrokerRecruit]Apparently, Gorman was given a list of top producers in the firm to call and speak with individually.  He called one rep, asked how things were going and the rep told him "things were going great - I just handed in my resignation and I'm moving to another firm."[/quote]

That was right after Gorman discovered the CBS back lot where the moonlandings were faked, right?

[/quote]

The moon landings were faked?  Man is my world coming crashing down around me today. 

[/quote]

Be serious Dude, you ALWAYS thought they were faked, and Bush and the Tri-Lateral Commission was behind it 

[quote=mikebutler222][quote=dude][quote=mikebutler222]

[quote=BrokerRecruit]Apparently, Gorman was given a list of top producers in the firm to call and speak with individually.  He called one rep, asked how things were going and the rep told him "things were going great - I just handed in my resignation and I'm moving to another firm."[/quote]

That was right after Gorman discovered the CBS back lot where the moonlandings were faked, right?

[/quote]

The moon landings were faked?  Man is my world coming crashing down around me today. 

[/quote]

Be serious Dude, you ALWAYS thought they were faked, and Bush and the Tri-Lateral Commission was behind it 

[/quote]

Oh........... You mean it wasn't Skull and Bones and the Illuminati? 

[quote=dude][quote=mikebutler222][quote=dude][quote=mikebutler222]

[quote=BrokerRecruit]Apparently, Gorman was given a list of top producers in the firm to call and speak with individually.  He called one rep, asked how things were going and the rep told him "things were going great - I just handed in my resignation and I'm moving to another firm."[/quote]

That was right after Gorman discovered the CBS back lot where the moonlandings were faked, right?

[/quote]

The moon landings were faked?  Man is my world coming crashing down around me today. 

[/quote]

Be serious Dude, you ALWAYS thought they were faked, and Bush and the Tri-Lateral Commission was behind it 

[/quote]

Oh........... You mean it wasn't Skull and Bones and the Illuminati? 

[/quote]

It was before you found out Kerry was in S&B, now they're just dandy 

[quote=mikebutler222][quote=dude][quote=mikebutler222][quote=dude][quote=mikebutler222]

[quote=BrokerRecruit]Apparently, Gorman was given a list of top producers in the firm to call and speak with individually.  He called one rep, asked how things were going and the rep told him "things were going great - I just handed in my resignation and I'm moving to another firm."[/quote]

That was right after Gorman discovered the CBS back lot where the moonlandings were faked, right?

[/quote]

The moon landings were faked?  Man is my world coming crashing down around me today. 

[/quote]

Be serious Dude, you ALWAYS thought they were faked, and Bush and the Tri-Lateral Commission was behind it 

[/quote]

Oh........... You mean it wasn't Skull and Bones and the Illuminati? 

[/quote]

It was before you found out Kerry was in S&B, now they're just dandy 

[/quote]

I never liked Kerry and frankly don't Kerry if he was in the Skull and Bones either.

[quote=dude][quote=mikebutler222][quote=dude][quote=mikebutler222][quote=dude][quote=mikebutler222]

[quote=BrokerRecruit]Apparently, Gorman was given a list of top producers in the firm to call and speak with individually.  He called one rep, asked how things were going and the rep told him "things were going great - I just handed in my resignation and I'm moving to another firm."[/quote]

That was right after Gorman discovered the CBS back lot where the moonlandings were faked, right?

[/quote]

The moon landings were faked?  Man is my world coming crashing down around me today. 

[/quote]

Be serious Dude, you ALWAYS thought they were faked, and Bush and the Tri-Lateral Commission was behind it 

[/quote]

Oh........... You mean it wasn't Skull and Bones and the Illuminati? 

[/quote]

It was before you found out Kerry was in S&B, now they're just dandy 

[/quote]

I never liked Kerry and frankly don't Kerry if he was in the Skull and Bones either.

[/quote]

Sure... I believe you.... 

So…any updates?

We’ve been recruiting from MS for a long time now.  We’ve been getting a lot of “wait and see” from established producers.

HOWEVER, we’ve been getting a lot more “call me in X
months” recently.

The clock is ticking…

ouch…changes on the news wire

According to WSJ, Gorman will be eliminating all layers between himself and regional management.  Very bold move.  My hat’s off to him.

[quote=JCadieux]According to WSJ, Gorman will be eliminating all layers between himself and regional management.  Very bold move.  My hat’s off to him.
[/quote]

Sounds like a smart idea to me!

ANyone hear additional info?

frumhere

Maybe you should go indy and forget those corrupt bast---turds

update?

[quote=JCadieux]We've been recruiting from MS for a long time now.  We've been getting a lot of "wait and see" from established producers.

HOWEVER, we've been getting a lot more "call me in X months" recently.

The clock is ticking...


[/quote]

I have a feeling that ship has sailed. Morale is greatly improved and Gorman and Mack seem to have connected with the brokers. Again, just a guess on my part, but I suspect those leaving now are purely going for a check, not something going on at the firm.

[quote=Greenbacks]

frumhere

Maybe you should go indy and forget those corrupt bast---turds

[/QUote]

Ain't it great that all the corruption in the biz is in one place and how indies are all uniformly Boy Scouts?  

[quote=frumhere]ANyone hear additional info?[/quote]

Not beyond the 7 regions getting cut to 4 and new districts within being formed. He got rid of an entire level of management with a single cut.

Ultimately, I think that MS decision to essentially hire ML to fix their retail division was the smart one. The firm is essentially a joke out here, with very little to show for what has been a massive investment in personnel (huge transition checks) and offices (best decorated). Ultimately their problem is cultural and right now ML has the best culture. Also, ML is the only firm that seems to be able to grow its business and the brand right now.

[quote=san fran broker]

Ultimately, I think that MS decision to essentially hire ML to fix their retail division was the smart one. The firm is essentially a joke out here, with very little to show for what has been a massive investment in personnel (huge transition checks) and offices (best decorated). Ultimately their problem is cultural and right now ML has the best culture. Also, ML is the only firm that seems to be able to grow its business and the brand right now.

[/quote]

That's an intersting POV. Just what is it about the culture that's the problem. Did the old DW not have a presence out in your area? Sounds like you're saying they had to build one from scratch when MS and DW merged.

BTW, Gorman tells the joke that the folks at MS shouldn't worry that he's going to "Merrill Lynch the place" since he "spent six years trying to un-Merill Lynch Merrill Lynch".

Could someone tell me why MS allows their brokers to charge up to 3% on a wrap acct? I would love for someone at MS to justify that for me.

LPL would also allow me to charge 3% if I wanted.  Just because it is possible, though, doesn't mean that a lot of folks are doing it.  How many wrap accounts have you come across charging 3%?  I generally charge 1%.  If I had to wipe the client's butt, I might be inclined to charge 3%.  If you think that's high, you should look at hedge funds.

You sound like you work for Edward Jones.

[quote=mikebutler222]

I have a feeling that ship has sailed. Morale is greatly improved and Gorman and Mack seem to have connected with the brokers. Again, just a guess on my part, but I suspect those leaving now are purely going for a check, not something going on at the firm.

[/quote]

good to hear - do you see any more cuts in the near future?

Unless you are wiping your clients bum, how can anyone (MS or LPL etc.) justify a 3% wrap? And yes, I do drink the green kool-aid.

That shows just how out of touch you EJ "a" share salesman are. no real investment firm charges 3% for wraps. The competitive going rate is 1.25 - 1.5.

Now go back to your green office so you can talk transfer clients into selling their "a" share wrap programs so you can put them back into "a" shares for the commish and trips.

[quote=Incredible Hulk]Could someone tell me why MS allows their brokers to charge up to 3% on a wrap acct? I would love for someone at MS to justify that for me.[/quote]

You must mean an SMA account. I think you'll find 3% is common top end in the biz for the smallest accounts (under $200k), before the breakpoints kick in. I've yet to hear of anyone actually charging it and the discounting policy is very positive. The flat fee rates have a top end, IRRC of 2.25 at the highest.

[quote=VinR1][quote=mikebutler222]

I have a feeling that ship has sailed. Morale is greatly improved and Gorman and Mack seem to have connected with the brokers. Again, just a guess on my part, but I suspect those leaving now are purely going for a check, not something going on at the firm.

[/quote]

good to hear - do you see any more cuts in the near future?

[/quote]

Nah. Very thing's subject to change, but I can't see any right now.