or a non-college grad, even…

MS doesn't hire FA trainees without a college degree. Not only that, you still have to pass the 7 to move on, and college degree or not, some people just don't get it. A guy in my "class" who has a degree and was very educated and well spoken just got a 54. Needless to say he was shown the door. This attests to the idea that you don't need a college degree to be considered intelligent, not are you automatically deemed unintelligent when you do not possess such a degree.

Mike, Goldman Sachs thinks its own poop doesn't smell and they have always been "holier than thou." Their IPO spinning and analysts whoring those crappy tech stock firms they took public will never be forgotten nor will Abby Joseph Cohen shilling that piece of crap Enron less than a year before it imploded.

Goldman Sachs took Refco public last year and no one will ever forget what a dog that pig was. This year their biggest dog was Xethanol (XNL:Amex). They were lead manager on their SPO.

Lehman doesn't play the "holier than thou" game and never has. I was not happy with what Bear did 10 years plus ago and am very glad they no longer clear for bucket shops/boiler rooms. Penson's clearing for the penny stock boys (PNSN:NDAQ) these days. Great, let 'em have all of that biz they want.

All  firms have had their issues/scandals over the past 10 years. I am glad that mess with Bear is over. I am sure Morgan Stanley employees are glad Phil and his Dean Witter crew are long gone, too.

Have a nice weekend, Mike (everyone else over here, too)!

What is First Investors all about? I had a lady bring a million bucks to the bank and she wouldn’t sit down with me said she was going there to the manager. I would like some dirt if there is some.

[quote=bankrep1]What is First Investors all about? I had a lady bring a million bucks to the bank and she wouldn't sit down with me said she was going there to the manager. I would like some dirt if there is some.[/quote]

How can you claim to be a professional in this business without knowing what First Investors is all about?

[quote=bankrep1]What is First Investors all about? I had a lady bring a million bucks to the bank and she wouldn't sit down with me said she was going there to the manager. I would like some dirt if there is some.[/quote]

It's so nice to have little guys like you to serve the poor folks with your pie charts and fixed annuities. That way, we big boys don't have to mess with them. Why would someone with money sit down with a child at a bank? Banks aren't positioned in people's minds as a place to go to make money. It's where we put our play money for our checking accounts.

<?:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" /> 

I should have clarified myself a little better. 

I am ranking these firms according to who targets the highest net worth clients.  Make no mistake MS, ML, SB, are among the most elite in the business.  But you can solicit to a lower let worth clientele in comparison to Goldman or Credit Suisse.  The real root of this comparison is Private Wealth Management vs. Retail.  

As far as “1/4 the resources” comment goes:

I imagine dealing with such large amounts of money these PWM reps would have easier access to CPAs and Lawyers.  When you are a retail broker with Merrill, you have to develop your own network of professionals.  At Bear Stearns I think it’s a given that these resources are a phone call away.    Another difference can be seen in the training programs.  PWM is more a team effort where retail is more survival. 

Lastly what are my qualifications?

Lady, you don’t want to go down this road with me…

Bond Guy,

<?:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" /> 

Can you tell me more about going indy?  Why would you leave a wirehouse to go to RJ- I think that’s where you are working?  Not to discredit RJ, it’s a good firm, but I would think you would thrive more at a wire.

DirtyDelta

What gave you the impression that BG is affiliated with RJ?  I think he’s at a wirehouse…

[quote=DirtyDeltaBro]

<o:p> </o:p>

I should have clarified myself a little better. 

I am ranking these firms according to who targets the highest net worth clients.  Make no mistake MS, ML, SB, are among the most elite in the business.  But you can solicit to a lower let worth clientele in comparison to Goldman or Credit Suisse.  The real root of this comparison is Private Wealth Management vs. Retail.  

As far as “1/4 the resources” comment goes:

I imagine dealing with such large amounts of money these PWM reps would have easier access to CPAs and Lawyers.  When you are a retail broker with Merrill, you have to develop your own network of professionals.  At Bear Stearns I think it’s a given that these resources are a phone call away.    Another difference can be seen in the training programs.  PWM is more a team effort where retail is more survival. 

Lastly what are my qualifications?

Lady, you don’t want to go down this road with me…

[quote=DirtyDeltaBro]

Bond Guy,

<?:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" /> 

Can you tell me more about going indy?  Why would you leave a wirehouse to go to RJ- I think that’s where you are working?  Not to discredit RJ, it’s a good firm, but I would think you would thrive more at a wire.

DirtyDelta

[/quote]

I'm not indy, so I can't help you. Wires offer lots of support and a lot of ass chewing motivation. indy, you're it, chief, cook and bottle washer. Give advice and run the office.

There is no wrong answer. It's about lifestyle and personal choice.

AGE and Ray Jay and Edward Jones should all be grouped together,
Merrill to my knowledge has about the same resources as Goldman etc.
They even use some alternative investment vehicles, like hedge funds
etc. I think you should read more and post less dirty. 

Rook:<?:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" />

This is a place for rookies and others to have questions answered.  Needless to say, I don’t think I should post less.  I should post more.  I agree I do need to read more.   

 Joe:

You are totally correct. I don’t know for sure if SB has ¼ of the resources Goldman has.   That’s why I titled the topic “the way I see them”             

I do know managing an account worth 20 million is much more complicated than managing a account worth 200k.  I know that new Goldman rookies work in teams, where new brokers at ML work on their own.  Lastly, I have herd stories of the elaborate clientele appreciation events Goldman hosts.  Goldman Private Wealth Management reps will spend more on one individual client as opposed to a retail broker at SB.

I would think Goldman’s Private Wealth Management reps could generate the same production and AUM with 5 accounts, where reps at SB would need 10 accounts. Because of the larger value of those 5 accounts, there are more tax implications, trust, and estate issues.  So because of the large value of the accounts at Goldman, I would think their rookies have easier access to lawyers, and CPAs?      

Am I correct -Joe?

Ultimately, I started this post because I want to know what the difference is between my self and a rookie at Goldman, Credit Suisse, etc.

I know they come from better schools.  Their qualifications destroy mine.  But I really want to know if they have better on the job resources than I do ..  

Dirty Delta Bro     

[quote=ymh_ymh_ymh]

 I was not happy with what Bear did 10 years plus ago and am very glad they no longer clear for bucket shops/boiler rooms. [/quote]

Ymh, I don’t want to keep this thread running forever because most every firm has a skeleton or two, or three in the closet, but while we’re lauding BSC and whitewashing it’s record, I thought a follow-up would be worthwhile.<?:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" />

It wasn't 10+ years ago, it wasn't just bucketshops like A.R. Barron (although that was the highest profile case and led to criminal charges) it was trashy little fourth tier firms that proudly put “cleared through Bear Stearns” on every surface they could print it on as if that gave them some legitimacy. Bear also took a massive hit in the mutual fund trading scandals, and as far as I can tell the corner offices are all intact. The wiff remains.

As to GS, I think you have them confused with Frank Quattrone’s CSFB when you’re talking about internet stocks, and Abby is about as good as it gets. If we’re going to trash her because a year before Enron collapsed she was a believer, you’re going to have to make room for about 95% of Wall Street in the that category, and you’ll have to include Forbes and Fortune mags as well. In fact, it would be interesting to know what BSC was saying about the big E.

Mike, Abby can't call tops or bottoms worth a flip and Refco and Xethanol were much more recent than mutual fund market timing. Goldman Sachs smells to high heaven, Mike.

PRUSec took the worst hit on mutual fund market timing and that's why the DOJ slapped a "deferred prosecution" agreement on PRUdential Financial.

[quote=DirtyDeltaBro]

  Their qualifications destroy mine.  But I really want to know if they have better on the job resources than I do ..  

Dirty Delta Bro     

[/quote]

You mean credentials, not qualifications, don't you?

Two things:

Better credentials don't matter. if they did I'd be selling shoes right now.

Secondly, the Goldmans of the world are going after a different market than most of us. They are fishing for the plus ten million prospect, while most of us are going for something less than that. Not that there's anything wrong with going after the super wealthy. It's just that the competition changes and goes to another level. For private wealth managers, this is were their bread is buttered.

As for on the job resources? Lets see:

You've got a brain, they've got a brain

You put your pants on one leg at a time, they put their pants on one leg at a time.

You've got ambition, they've got ambition

You've got self confidence, they've got self confidence

So let's add it up.... yep, you've got all the resources they have.

Get your pants on, use your brain, fortify that self confidence, and use that ambition to show those Goldman guys that there's a new sheriff in town.

Not the answer you were looking for, but still, a complete list of everything you need to be a success. Well... that and a decent pair of shoes.

There is something else--it's called, for lack of a more gentle term, class.

It comes with being well born, well trained, and well educated.  It comes from moving in the "right circles."

It all comes together in an adult who is "well mannered."  That means far more than knowing what fork to use when having dinner with the ultra rich--it's an attitude, it's how you shake hands, it's how you speak, and dare I say it's how you write.

The idea that a guy with tens of millions of dollars is going to form some sort of bond with Bob Broker who stumbled into this business because he was unable to get any other job is fiction.

The ordinary stock broker has a better chance of making it in the NBA than he would landing the ultra high net worth client.

[quote=Soon 2 B Gone]

There is something else–it’s called, for lack of a more gentle term, class.

It comes with being well born, well trained, and well educated.  It comes from moving in the "right circles."

It all comes together in an adult who is "well mannered."  That means far more than knowing what fork to use when having dinner with the ultra rich--it's an attitude, it's how you shake hands, it's how you speak, and dare I say it's how you write.

The idea that a guy with tens of millions of dollars is going to form some sort of bond with Bob Broker who stumbled into this business because he was unable to get any other job is fiction.

The ordinary stock broker has a better chance of making it in the NBA than he would landing the ultra high net worth client.

[quote=Soon 2 B Gone]

There is something else--it's called, for lack of a more gentle term, class.

It comes with being well born, well trained, and well educated.  It comes from moving in the "right circles."

It all comes together in an adult who is "well mannered."  That means far more than knowing what fork to use when having dinner with the ultra rich--it's an attitude, it's how you shake hands, it's how you speak, and dare I say it's how you write.

The idea that a guy with tens of millions of dollars is going to form some sort of bond with Bob Broker who stumbled into this business because he was unable to get any other job is fiction.

The ordinary stock broker has a better chance of making it in the NBA than he would landing the ultra high net worth client.

[/quote]

Within certain social circles, true. Generally, not true. At least not true based on my experience.

Many wealthy individuals were not born that way and are more than likely to give joeaveragebroker a shot at showing his stuff. As for the silver spoon crowd, it's case by case.

Looking at the list of top 100 brokers, how many came from wealth?

[quote=ymh_ymh_ymh]

Mike, Abby can't call tops or bottoms worth a flip [/quote]

Nobody calls tops or bottoms, don't be fooled. The bigger question is who is listened to, and Abby's top tier. BSC doesn't ever have a player on their roster in her league.

[quote=ymh_ymh_ymh] and Refco and Xethanol were much more recent than mutual fund market timing. [/quote]

You want to compare a $250MM fine paid in March of 2006 to a couple of IPO dogs? Refco was a case of CEO fraud that hit not just GS, but BoA and CSFB and it looks like GS wasted some money buying into XNL, but hardly crimes....

You really want to get into who's IPO'd the biggest dogs? I doubt BSC would shine next to GS on that count.

[quote=ymh_ymh_ymh]PRUSec took the worst hit on mutual fund market timing and that's why the DOJ slapped a "deferred prosecution" agreement on PRUdential Financial. [/quote]

Well, at least we all have "We're not as bad as Pru" to hang our hats on