Best Wirehouse or Regional for launching a career?

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Jul 20, 2018 4:18 pm

Hello all, due to family circumstances I may be moving and the cities I’m likely to move to don’t have much in the way of traditional finance jobs. My career has been spent in capital markets/investment banking and corporate banking both at a middle market firm and a bulge bracket. I’m considering making the move to a FA role in a Southern lifestyle oriented city think Wilmington, Charleston or Savannah. I’d appreciate more color on the wirehouse training programs as well as regional firms like Raymond James and Scott & Stringfellow. I’m well aware that the role is more sales-oriented and quite frankly that’s one of the primary appeals of it.

I have looked at the various wirehouse firms and wondered is there really much of a difference between UBS, Merrill, WFA and MS? Are regionals any better of a choice?

Jul 25, 2018 10:36 pm

In particular does anyone have color on Morgan Stanley’s FAA program, UBS, Merrill PMD, Scott and Stringfellow, Stifel, Raymond James, Baird or Hilliard Lyons? Anyone else worth a look?

Jul 26, 2018 11:06 am

I had interviewed with MS. Fairly agressive targets with pedestrian payouts. They did have a number of advisors/advisor groups that were near retirement in my area that would have been a possible fit. They ultimately didn't extend an offer after implying one was coming. Perhaps a good thing..?

Jul 30, 2018 9:29 pm

kbusch65 wrote:

I had interviewed with MS. Fairly agressive targets with pedestrian payouts. They did have a number of advisors/advisor groups that were near retirement in my area that would have been a possible fit. They ultimately didn't extend an offer after implying one was coming. Perhaps a good thing..?

Very interesting, was this in the southeast? What size city/branch? I would really appreciate if you could say what the hurdles were.

Aug 1, 2018 1:24 pm

I'm in suburban Chicago. They really expect $5M a year in AUM growth as a minimum. I thought that was aggressive as a friend at Ed Jones had told me they looked for growth at about half that rate. Not sure if that is accurate info or not..