"Today the ad that involves a guy being told by his doctor to make an incision in his chest is very catchy.  I think it's AG Edwards, but I'm not sure and I've been around forever.  If I cannot rermember the name of the firm, the ad is not as effective as it should be."

Edward Jones.

AG Edwards' commercials have people caring for their nest egg.

[quote=NYC_1]Thank you inquisitive, I heard that ML wants only high
net-worth clients, and I know it’s not that easy to get them. That’s
sad that if you won’t make above their requirement - you get
fired. On the other hand its name and reputation is strong which
would make most potential clients more comfortable doing business. I do
look at other companies, because I want to other doors open in case I
dont get the job. I went to MS web page but never found where to apply
for FA position. Which companies would you recommend?[/quote]



As far as Morgan Stanley, call your local branch and see if they are hiring trainees.



I would recommend that you find a firm that’s right for you.  It
is quite possible that none of the big wirehouses will be right for
you.  Don’t limit yourself to just the big wirehouses.  You
may fit in better at a smaller regional, a very small regional, or even
a local financial planning firm.  Maybe even a bank branch.



One thing you want to be aware of is that there are some dirty,
disgusting companies out there.  The big wirehouses are more
widely discussed.  Information about them is easier to find.



You’re just going to have to identify some companies and talk to
people.  Try to talk to some people working at the company doing
what you want to do.  Management isn’t going to say, “we are a
terrible company to work for.”  But some people already working
there might…



If you know anyone personally who has a financial advisor, ask them if
they are happy with the person and company.  Then call that
advisor and see if he or she will talk to you.  It can’t hurt.

"Rightway, I happen to think that long-term, that these big brokerage
houses are going to go to salaried financial advisors.  What are
your thoughts on that?

Do you think Merrill is going to keep payouts where they are at forever?  Are you that naive?"



I have heard this since I got in the business in 1992.  I think it
could happen, but the banks programs will take the lead in this, not
the wires.  It is a concern, but not the one at the top of my
list.  I asked an LOS 31 about this today and he said they were
talking about 30 years ago.  I think in my career lifetime they
will continue to squeeze the lower end, juice up the higher end, and
let the middle fester.  You will see a focus on growth, not just
stagnant annuitized revenue.  Low Salaried replacements
though?  Not for a long time.

  Salaried financial advisor's right or wrong I do not know, but  I have seen my billable hours going up for the last couple of years. People also do not seem to mind paying them as they did several years ago! Times are changing! I am glad I am an independent CFP so I can go what ever direction the consumer needs to go be it commissions or fees or hourly.  

Hey Put and Stan--

Sent them another $1.4 million dollar ACAT on Friday.  That makes my career to date score something like:  Soothsayer $8 million, Mother Merrill $0.  Oh, and you should see the account I'm bring over.  The broker is damn lucky he still has his license.  He'd get eaten alive in arbitration if the client were the vindictive type. 

[quote=Soothsayer]

Hey Put and Stan–

Sent them another $1.4 million dollar ACAT on Friday.  That makes my career to date score something like:  Soothsayer $8 million, Mother Merrill $0.  Oh, and you should see the account I'm bring over.  The broker is damn lucky he still has his license.  He'd get eaten alive in arbitration if the client were the vindictive type. 

Okay, okay, Put.  I also transferred a 78K fixed annuity from TransAmerica, and ACATed a 110K account from Piper Jaffray in the last couple of weeks.  I think Merrill will be concerned enough to step up their recruiting effort with me.  I feel like I should somhow feel bad for the losing broker, but I don't.  When your work sucks this bad, you deserve to lose accounts.  I always hear about all of these slick tools, platforms, technology, etc. available at Merrill.  My message to this dumbass, "FEEL FREE TO USE JUST ONE OF THEM!" 

BTW, I did post an "A" score on my 7, but I have to admit to studying my ass off for it.

Hey Put--

I looked at an account today from Smith Barney.  740K.  Inception date of the account was July of 2000.  1.75% wrap fee.  Statement was 21 pages long.  Care to guess the "total performance" and the "net of fee performance" over the last 5 years?  I keep hearing that these guys and Merrill are the gold standard, but every single time I actually get my hands on one their "high net worth" client's statements, I just laugh my ass off.  Are these guys for real?  Daddy smells another ACAT........

[quote=Soothsayer]

Hey Put--

I looked at an account today from Smith Barney.  740K.  Inception date of the account was July of 2000.  1.75% wrap fee.  Statement was 21 pages long.  Care to guess the "total performance" and the "net of fee performance" over the last 5 years?  I keep hearing that these guys and Merrill are the gold standard, but every single time I actually get my hands on one their "high net worth" client's statements, I just laugh my ass off.  Are these guys for real?  Daddy smells another ACAT........

[/quote]

What was their performance? I'm just curious.

[quote=Roger Thornhill][quote=Soothsayer]

Hey Put--

I looked at an account today from Smith Barney.  740K.  Inception date of the account was July of 2000.  1.75% wrap fee.  Statement was 21 pages long.  Care to guess the "total performance" and the "net of fee performance" over the last 5 years?  I keep hearing that these guys and Merrill are the gold standard, but every single time I actually get my hands on one their "high net worth" client's statements, I just laugh my ass off.  Are these guys for real?  Daddy smells another ACAT........

[/quote]

What was their performance? I'm just curious.

[quote=Soothsayer]

Hey Put–

I looked at an account today from Smith Barney.  740K.  Inception date of the account was July of 2000.  1.75% wrap fee.  Statement was 21 pages long.  Care to guess the "total performance" and the "net of fee performance" over the last 5 years?  I keep hearing that these guys and Merrill are the gold standard, but every single time I actually get my hands on one their "high net worth" client's statements, I just laugh my ass off.  Are these guys for real?  Daddy smells another ACAT........

To set the record straight, I have never called Stanbrown “Browneye”.  I very much respect Stan as a member of the forum, and do not attack and deliver disparaging remarks about others unless I am attacked first.

[quote=Soothsayer]To set the record straight, I have never called
Stanbrown “Browneye”.  I very much respect Stan as a member of the
forum, and do not attack and deliver disparaging remarks about others
unless I am attacked first.[/quote]



What I said was for the boys and girls to watch for you to do it, not that you had done it yet.

Rightway--

You nailed it.  SMAs and fee-based business are all fine and good, but sooner or later you had better deliver the groceries.  BTW, 0.64% before fees (5-year annualized), and -1.37% net of fees (5-year annualized) ain't gonna cut the mustard.  Sounds like you are doing a much better job with your clients, and I commend you for that.  I won't feel bad when I transfer this account.  I can't remember who it is that always asks, "Where are the clients yachts?"  In this case that I mention, the client provided all of the capital, took all of the risk, and came away $50K lighter.  The broker told some bullsh*t asset allocation story and came away $65K to the better.  Is this type of arrangement, or at least this kink of outcome, the next target of regulators?

That perormance is so poor, and perhaps the SB rep is to blame, but
clients need to take a little responsibility as well- as it is, they
did by seeing you.  But along the way if an investor is going to
be a strategic allocation type, they should AT MINIMUM get performance
reports back to the respective weighted indexes.  I realize most
firms and reps don’t supply it, but we do.  It keeps us
honest.  Congrats on the new client.