Hiring Process at MSSB

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Oct 1, 2009 6:08 pm

I took the online assessment (They told me I got an A and passed, no idea what that means), met with the BM a few times, wrote two business plans…he offered to be a sole proprietor, team associate, or sole proprietor as a Jr. Partner with him.  I believe I have to meet a Regional guy and the background check, not sure if there is any other steps.  He has one other Jr. Partner.  Any feedback, pros or cons to Jr. Partnership with BM.  He said it would be 50/50 but I know as a BM he needs to build a book of business.  He said it would be a win win because we would both have flexibility at the end of the 3 year base pay term.  He did this with another guy a long time ago and now he just gets 100 K per year just for helping him build his book and he contacts certain clients every once and while.  Another question is what is the base salary starting that I should expect?   I would like above 50 K.  He told me he would go to the meetings to help close deals, but my concern is how will he have time with one other Jr. Partner and the other responsibilities of a BM.  Any feedback would be greatly appreciated.

Oct 1, 2009 6:34 pm

I’m in a similar boat. I interviewed with the BM (with business plan), two days later met with two FA’s. After the meeting with the FA’s, BM told me he’d call me in a week or two. Is this standard procedure?

Oct 1, 2009 6:41 pm

I have been going through this process for almost 3 weeks now.  I was suppose to do background check but they realized I hadn’t done the Online Assessment.  So I did that and they said I got an A and I passed.  I guess they grade the first two sections which were more math and conclusion testing, then I guess the pass part was the personality/sales test.  I still need feedback about the Jr Ptr aspect of the offer.  Also what would I expect as starting salary.  Is that salary negotiable or take it or leave it?

Oct 1, 2009 7:22 pm

I wasn’t told about any partnership. As far as the salary goes, I think it depends on how you negotiate/previous job.

Oct 1, 2009 7:26 pm

I’m in the Chicago area if that helps?  Maybe things are done different here?

Oct 1, 2009 8:09 pm

In chicago they ask for w2s or 1040 to make sure they aren’t paying you more than you were making before… std is $50K in chicago

Oct 2, 2009 8:42 am

Never heard of the Jr. Partner thing.  Sounds like it might not be a bad deal though.

Oct 2, 2009 9:30 am

I’m extremely impressed with the BM he is a very sharp guy and his background is very impressive.  That is why I’m comfortable with it.  I made around 45 K in 2008 but it was for a crappy call center and I didn’t have my degree, now have finance degree or the additional Graduate Internship.  I’m hoping to at least get 45 K.  Can I negotiate it?  Also, they expect you to be on salary for 3 years so I need something I can live off of. 

Oct 2, 2009 12:20 pm

I am in a similar process as well…I started out by filling out the online app and attached resume on 9/18.  I then took the assesment exam on 9/22.  I had lunch with an FA that I know at the branch on 9/29 and discussed the industry and the dynamics of the branch.  I met with the Asst. BM yesterday and discussed my assesment results and chated about the expectations of the job.  I am now waiting to meet with the BM…  So far I have not asked many questions about the starting salary, bene’s and perks, I have just discussed my passion for the industry and my desire to help folks succeed at their financial goals.  we did discuss the expectations and what the potential split would be.  Does anyone know what the benefit package looks like?  I am especially interested in the medical plans offered and what the associated costs are?  I have a 8 year old son with special needs and I’m curious as to what the med plan looks like… TIA for any feedback!

Oct 2, 2009 1:38 pm

I’m interested in finding out more about the benefits and the overall package as well.  This process is so unclear.  I have no idea what other steps are involved except meeting with a regional manager and a background check.  Who knows, I just have to sit back and wait.  I don’t want to keep harrassing them.