Thinking about making a move

MSSB is probably more screwed up than WFA.  They have yet to feel the full pain of thier merger.  They are giving nice offers because it is a crappy place to work.  If it was wonderful, would they have to pay you a ton to go there?  I would say if you are thinking about them, just take your foresk*n money and stay at WFA.  Why risk losing a chunk of your clients to your branch if you are not improving the scenery? 

I moved to Stifel a few months back.  It has been hard, but very much worth it.  If you liked AGE, Stifel is like coming home.  PM me for details.

I left SB a week before it became MSSB. Glad i did.

I stay in touch with friends over there. People are not happy.

They have instituted policies that really annoy clients. Every account that is opened MUST be an FMA (Cash Management Account) which they charge the client $150 a year for. Otherwise the account doesnt get opened. They raised the fee for IRA's to $90. They dont pay on accounts under 100k. To avoid fees, you need to have $1 million. Imagine telling an 800k client that they wil be forced to pay $150 for a cash management account that they dont need?

Glad i left and went Indy. The check that i would have gotten by going to another wire, i make up in 3 years, and i own my business. to the OP, think about that

I just recently left WFA/AGE/WS for MSSB.  I looked at every firm out there, big wire, regionals, banks, and the indy route.  I think every firm out there has it's positives and negatives.  You just have to find the ones where the negatives will not affect your type of business that much.  Personally I have never really had any complaints about fees, so it wasn't that big a deal to me, but it may be a huge roadblock for others.

Bottom line, ask other FA's you know that have left for other firms, BM, etc.  They will give you the rundown on everything.  You will find good advice on this board after you filter through the sarcasm.

Oh, none of the above applies to Jones.  They really do suck.

One thing that bothers me, it feels like the bank is calling all the shots.  My impression is that it could only get worse and would be better off moving to a firm where their primary concern would be advisors.  Does anyone else get that impression from WFA?

As an EX AGE guy who now has his own firm, I speak with a lot of AGE/WFC folks in my recruiting efforts and don't know a single one who is happy.  Many are "just hanging on" until they no longer owe bonus money etc.  As you may know, large numbers have left since the sale of AGE.

[quote=Golfer75]

One thing that bothers me, it feels like the bank is calling all the shots.  My impression is that it could only get worse and would be better off moving to a firm where their primary concern would be advisors.  Does anyone else get that impression from WFA?

[/quote]

You are right.  It wil only get worse.  How many times has Stump addressed WFA?  Do you think they really have plans to expand the firm in a way that is good for the advisors and the clients, or good for the bank?

Best make sure the kind of business you bring is what they want. I had what I consider a great offer from them. I use an options hedging strategy. They don't want money managers they want asset gatherers. Had I moved I would have been screwed. Glad I insisted on speaking with margin, options and complience as the local manager said yes yes yes but they said no no no.

Thanks for the comments Gaddock.  I run covered call portofolio along with selling puts.  I take a  very hands on approach to my client's potfolios.  Are you saying they would frown upon this investment strategy or were  you doing something a little more complex?  I was under the impression they would have no problem these basic option strategies.

Don't let the money blind you!  They have yet to go through their systems merger.  Remember how that went with WFA?  They kill clients with fees.  It won't be a problem until you leave and the other brokers in your office call your clients and ask them if they realize that it will cost them $500 more per year if they go with you.  Remember, they will tell you what you want to hear to get you to move since the local manager gets a bonus for bringing you over.

Golfer,

Take a look a my prior post and give me a call.  Your business is not only no porblem here, but rather a good fit.  Additionally, we have other product almost none of our other competitors offer.

Mike Jordan

218-681-7344

Thanks a lot for all the posts here..I gladly appreciate and also learned a lot here.

[quote=Golfer75]

Thanks for the comments Gaddock.  I run covered call portofolio along with selling puts.  I take a  very hands on approach to my client's potfolios.  Are you saying they would frown upon this investment strategy or were  you doing something a little more complex?  I was under the impression they would have no problem these basic option strategies.

[/quote]

No problem, just will not get paid on alot of the trades.  They want you to go out and bring in assets and let them manage it;  period end of story.    If it was such a great place, why would they need to give you such a big check! Make sure the manager is not a snake (most of them are) and get everything in writing (even your comp on the type of business you do).  I wouldn't consider a wirehouse without a gauranteed comp plan in writting for at least as long as the contract they want you to sign.  Good luck and ask more questions before you jump ship.

Consider FiNet - make the move there and you can leave later without the vultures in your office descending on your book.

Quote: They have instituted policies that really annoy clients. Every account that is opened MUST be an FMA (Cash Management Account) which they charge the client $150 a year for. Otherwise the account doesnt get opened. They raised the fee for IRA's to $90. They dont pay on accounts under 100k. To avoid fees, you need to have $1 million. Imagine telling an 800k client that they wil be forced to pay $150 for a cash management account that they dont need?

Wow! Sucks to be there. As a client and a rep.

There is so much misinformation here it's unbelievable.  Don't listen to people that think they are experts but work at other firms. MSSB is a great place to work. I should know because I've been there for 15 years. My manager is a great guy and supports my business.  Yes, there are a few new fees that are a minor annoyance, but this is the case at every firm.  In addition, we are given a pool of money to refund fees if it becomes a problem.  You can work for the biggest and the best wire on the street with the deepest resources or you can work at some third tier joke of a firm that's going to disappear soon in a merger.  You choose.

Then why are they loosing brokers at such an alarming rate?  I can see the koolaid stains on your lips like a kid who jusy had an icepop!  You could be treated very well and be the teacher's pet but, the numbers don't lie.

Retention Award!

I did not select the up fron bonus and did not sign a contract.  Instead , I am paid an annual amount. 

I have resigned and have no intention of paying that back.

Anyone have any experience with WFA collecting on the retention paid to AGE brokers by Wachovia?

They will go after you for the last payment you received I believe

The takeover of SB by MS has sucked. The culture has changed tremendously. Yes, they now fee clients to death. They have changed the payouts, and given haircuts acrosst he board. It is frustrating to say the least. It led me to go indy... glad I did!

While it is true that there are some real questions about the direction of MSSB, i would submit that it is probably less screwed up than WFC and BAC.  The new fees and changes to the small account policy are obviously being made by some bean counter who will hopefully be downsized soon.  I don't really believe anything anyone in the majors say above local BOM (and only half from him).  It really has turned out a lot like Major League Baseball.   The players use to be identified with the teams they played for.  Now who knows who is on what team from year to year.  It is about the money. 

People that jump from one wire to another...it is always the money.  Those who went indy....good luck.  That move makes more sense.  To go wire to wire means you are broke!  We all know that.  And guess what your clients will too.  you have done a piss poor job of managing your own.  And for those that are on the third and fourth move.........remember the dinosaurs?  where did they go?