Firm rankings .. the way I see them
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Tier One:
Goldman
Credit Suisse
Lehman Brothers
Rankings:
No idea
Qualifications:
If you work from one of these firms you are educated: JD or MBA form a top ranked state or Ivy League school. Consider yourself the absolute best of the best in the financial services industry. These firms have a number of investment vehicles to manage money, not much different from the wirehouses. The main difference is the advisors here have grater access to other in-house professionals: CPAs, lawyers, money managers, etc.
Working here, you are part of a team.
Income:
75k – unlimited
Tier Two:
Rankings:
Merrill or Smith Barney- they continuously move from one and two Morgan Stanley UBS Wachovia AGEQualifications: Consider yourself special. These firms don’t extend offers to just anyone. You must have a 4 year degree, and some professional accomplishment to be offered employment. Advisors don’t have ¼ of the resources as the tier one firms. Good research and other resources. However in most cases it is sink or swim.
Income:
40k – unlimited
Tier three:
Rankings
1. Raymond James
2. Edward Jones
Qualifications: Similar to the tier two forms but not nearly as stringent. I know RJ has more options as opposed to Jones: better management, software, and compensation packages. I also know Ray Jay reps are much happier than Jones reps.
Income:
Same as tier two
Tier 4:
Ranking No Idea
WR
American Express
Qualifications: Simple, there are none. These firms often conn young grads into starting with them. Basically, they are a place to start for some. If you work here it doesn’t mean your are dumb you just couldn’t get into any other firm. I know a few successful brokers who started here. Keep your head up.
Trash Tier:
First Investors
Primerica
There are absolutely no qualifications to work here. You don’t even need a high school diploma. Put Trader said it best when he used the word “Run” to describe these firms. In fact, if you work here you are running a pyramid scam.
Dirty Delt[quote=The Hunt]Bear Stearns ?[/quote]
+1 on Bear Stearns.
Agree on the the trash level.
Income and other facts not accurate on tier 2 firms. First problem, these firms aren't second tier, well, except for AGE. I would rate these firms as top tier, or if you'd like, top tier minus.
[quote=ymh_ymh_ymh]
Bear Stearns? BSC?
Breakfast of Super Champions...that's what it is.
[/quote]
Well, they would be if they hadn't whored out their name for so many years allowing nasty little firms that did nothing more than clear through them to post their names on doors and stationary with "cleared through" under it, as if there was some genuine connection. It was like Tiffanys letting pawn brokers use the name for a few bucks. For the money they made clearing they associated themselves with some of the worst elements of the retail trade. For that alone they’ll never be the equivalent of GS or LEH.<?:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" />
Ancient history, Mike.
Did you see Sue Craig's article on Goldie Lox today (page A1 of the Journal).
[quote=ymh_ymh_ymh]
Ancient history, Mike.
Did you see Sue Craig's article on Goldie Lox today (page A1 of the Journal).
[/quote]Not that ancient, YMH. I tend to agree with Mike, that it will(and should) taint BSC's reputation for a while, although "never" might be a little strong a word to use.
I used to work in the MetLife(Pan Am) building at 200 Park Avenue when I was a rookie. It was kinda cool to go just a couple blocks north to the old BSC HQ building and see all the chauffered Rolls waiting outside to pick up the brokers and clients around the market close.
[quote=ymh_ymh_ymh]
Ancient history, Mike. [/quote]
No, it isn't, and it happened under Cayne's watch
[quote=ymh_ymh_ymh]
Did you see Sue Craig's article on Goldie Lox today (page A1 of the Journal).
[/quote]
Yeah, it's really something. You're so far removed from our existance that it's like a local club champion, or maybe #50 in the PGA money list reading about Tiger's endorsement deals.
Advisors at SB or ML dont have 1/4 of the resources that GS and LEH do? Care to elaborate on that Dirty???
[quote=DirtyDeltaBro]
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Qualifications: Consider yourself special. These firms don’t extend offers to just anyone.
[/quote]Correct.
[quote=DirtyDeltaBro]
You must have a 4 year degree, and some professional accomplishment to be offered employment.
[/quote]Sorry, but incorrect. Although a college degree is a plus, about 15% of our placements at our wirehouse clients do not have college degrees.
I sould probably point out that these degreeless candidates are remarkable people. Like you said, Bro, they don't take just anybody.
However, the absence of a degree does not automatically disqualify you.
I got hired at Morgan Stanley without a college degree, so JCadieux is correct.
Although Grammar Police would say that he is remarkable....I'm just a wirehouse flunky.
Mike, Morgan Stanley's "house mutual fund" scandals happened a lot more recently than Bear's AR Baron issues.
Joe, Bear's problems haven't quite been forgotten but they're in the distant past relative to issues other firms had.
[quote=ymh_ymh_ymh] <?:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" />
Mike, Morgan Stanley's "house mutual fund" scandals happened a lot more recently than Bear's AR Baron issues. [/quote]
MS's mutual fund issues, bad as they were, (and they were awful) happened under another administration and didn't have the consequence of linking the firm's name to the sl*g of the industry for decades. They also managed to get caught up in the wave of many other firms mutual fund late trading scandals.
What makes it worse for BCS is that they play in another league, a league where connections and appearances mean much more than they do in the broad market of the retail brokerage world. No, the wiff of whoring that fine name will stick with BCS for a long time, and GS and LEH won’t be quick to let them shower it off.
[quote=dude]
I got hired at Morgan Stanley without a college degree, so JCadieux is correct.
Although Grammar Police would say that he is remarkable....I'm just a wirehouse flunky.
[/quote]
At least you're not a margin clerk flunky like grammar police.
[quote=My Inner Child][quote=dude]
I got hired at Morgan Stanley without a college degree, so JCadieux is correct.
Although Grammar Police would say that he is remarkable....I'm just a wirehouse flunky.
[/quote]
At least you're not a margin clerk flunky like grammar police.
[/quote]
It is sad that firms like Morgan Stanley will hire the uneducated to represent them to their clients.
This industry should be out of reach of those without MBAs.
[quote=Soon 2 B Gone][quote=My Inner Child][quote=dude]
I got hired at Morgan Stanley without a college degree, so JCadieux is correct.
Although Grammar Police would say that he is remarkable....I'm just a wirehouse flunky.
[/quote]
At least you're not a margin clerk flunky like grammar police.
[/quote]
It is sad that firms like Morgan Stanley will hire the uneducated to represent them to their clients.
This industry should be out of reach of those without MBAs.
[/quote]
I don't see that happening until financial planning becomes a "need". As of now, it is a "want" and salesmanship is more important than having an MBA.
[quote=Soon 2 B Gone][quote=My Inner Child][quote=dude]
I got hired at Morgan Stanley without a college degree, so JCadieux is correct.
Although Grammar Police would say that he is remarkable....I'm just a wirehouse flunky.
[/quote]
At least you're not a margin clerk flunky like grammar police.
[/quote]
It is sad that firms like Morgan Stanley will hire the uneducated to represent them to their clients.
This industry should be out of reach of those without MBAs.
[/quote]
I'm not uneducated.
Just because I don't have a piece of paper from a college doesn't mean that I'm not educated.
It's called 'self directed learning'. It's amazing what a library and/or a good bookstore can do for you. You should visit one sometime Soon 2 B Back.
[quote=Soon 2 B Gone]It is sad that firms like Morgan Stanley will hire the uneducated to represent them to their clients.[/quote]
I wonder if they'd hire a non-college gard today. I couldn't say, but I'll look into it.
[quote=Soon 2 B Gone]
This industry should be out of reach of those without MBAs.[/quote]
Nah, I have a Masters degree, but I can't see it as a minimum.....