[quote=Chi-town Tyro]

What is the salary range MS BOM’s can personally authorize for trainees?

I have a verbal “intent to hire” from the local BOM at Morgan Stanley.  We’re meeting next week to discuss salary and training dates.  I understand that they typically offer $40K for entry-level candidates.  He also told me that he was willing to “pay up” for people with experience.   I’m not extremely concerned with salary numbers over the long run, but I believe that I can get $50K-$55K and I want to make sure I get the best up-front deal possible.

About me: former Marine; stint as an investment banking analyst; currently established and selling B2B for a Fortune 10; excited to transition to the brokerage business.

Any insight or level-set to these expectations is appreciated.

[/quote]


They will base your pay from a percentage of what you’re making now. Typically, they will pay 75% of your current salary.  You’ll need to show them a W-2.

Why would you want to get into this biz from scratch. Do you have any idea how tough this biz is?

[quote=$$$$$]Why would you want to get into this biz from scratch. Do you have any idea how tough this biz is?[/quote]

Some of us are stimulated by challenges.

Nice reply, Many of us are stimulated by a challenge and would not be satisfied unless it was tough. There is so much whining and complaining on this forum. If you want it bad enough you will suceed, those that tell you how tough it is spend more time thinking about failure than they do success. I too am in the interview process and have absolutely no doubt that I will succeed. Good luck to you and happy holidays.

mktsystms: thanks for the info!



$$$$$: thanks for the
comment.  I think I will pack my bags and board up the
windows.  On second thought, “tough” is my middle name and I look
forward to taking the field.

More hot air from another wannabe producer. 

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

If you are educated and are coming from the United States Marine Corps you should have the discipline to make it trough your first year. 

Of course it does not hurt to have a long list of contacts and people who are waiting to help you get started- but if you are a disciplined and a determined individual who knows how to use a telephone and calculator you will have a chance of getting started.

Good luck Chi-town Tyro and welcome to MS (assuming you accept the offer).  Feel free to pm me also if you have any MS specific questions.

[quote=Chi-town Tyro]

What is the salary range MS BOM’s can personally authorize for trainees?

I have a verbal “intent to hire” from the local BOM at Morgan Stanley.  We’re meeting next week to discuss salary and training dates.  I understand that they typically offer $40K for entry-level candidates.  He also told me that he was willing to “pay up” for people with experience.   I’m not extremely concerned with salary numbers over the long run, but I believe that I can get $50K-$55K and I want to make sure I get the best up-front deal possible.

About me: former Marine; stint as an investment banking analyst; currently established and selling B2B for a Fortune 10; excited to transition to the brokerage business.

Any insight or level-set to these expectations is appreciated.

[/quote]

dude fark the salary don’t worry about it unless you absolutely must have it to pay your bills…the higher the salary the higher the expectations and the more the branch manager and the sales manager will be crawling up your ass every morning to see what you had for dinner the night before…

if you want to be in the biz and think you have what it takes, take the standard package and then make it your goal to hit your numbers and get off the tit early…and then start making some real money…

[quote=joedabrkr]

[quote=Chi-town Tyro]

What is the salary range MS BOM’s can personally authorize for trainees?

I have a verbal “intent to hire” from the local BOM at Morgan Stanley.  We’re meeting next week to discuss salary and training dates.  I understand that they typically offer $40K for entry-level candidates.  He also told me that he was willing to “pay up” for people with experience.   I’m not extremely concerned with salary numbers over the long run, but I believe that I can get $50K-$55K and I want to make sure I get the best up-front deal possible.

About me: former Marine; stint as an investment banking analyst; currently established and selling B2B for a Fortune 10; excited to transition to the brokerage business.

Any insight or level-set to these expectations is appreciated.

[/quote]

dude
fark the salary don’t worry about it unless you absolutely must have it
to pay your bills…the higher the salary the higher the expectations
and the more the branch manager and the sales manager will be crawling
up your ass every morning to see what you had for dinner the night
before…

if you want to be in the biz and think you have
what it takes, take the standard package and then make it your goal to
hit your numbers and get off the tit early…and then start making
some real money…
[/quote]

I agree completely and I'm not looking at the salary too closely.  I had heard about earnings caps at some firms.  That seems inconsistent with the feedback I've gotten -- and it doesn't seem like that's how MS would reward success anyway.  I like your strategy better and will chalk the rest up as B.S. ….

go get-'em jarhead…hoorah!

[quote=joedabrkr]

[quote=Chi-town Tyro]

What is the salary range MS BOM’s can personally authorize for trainees?

I have a verbal “intent to hire” from the local BOM at Morgan Stanley.  We’re meeting next week to discuss salary and training dates.  I understand that they typically offer $40K for entry-level candidates.  He also told me that he was willing to “pay up” for people with experience.   I’m not extremely concerned with salary numbers over the long run, but I believe that I can get $50K-$55K and I want to make sure I get the best up-front deal possible.

About me: former Marine; stint as an investment banking analyst; currently established and selling B2B for a Fortune 10; excited to transition to the brokerage business.

Any insight or level-set to these expectations is appreciated.

[/quote]

dude fark the salary don’t worry about it unless you absolutely must have it to pay your bills…the higher the salary the higher the expectations and the more the branch manager and the sales manager will be crawling up your ass every morning to see what you had for dinner the night before…

if you want to be in the biz and think you have what it takes, take the standard package and then make it your goal to hit your numbers and get off the tit early…and then start making some real money…
[/quote]

I have to disagree with you on this one.  He needs to try to get every penny he can get when it comes to salary.  The AUM and production numbers that MS requires a new FA to hit are the same no matter what the person’s salary is.  If he hits the ‘leaders’ numbers at 12 and 18 months, then he will have full salary for two years. 

[quote=mktsystms]

[quote=joedabrkr]

[quote=Chi-town Tyro]

What is the salary range MS BOM’s can personally authorize for trainees?

I have a verbal “intent to hire” from the local BOM at Morgan Stanley.  We’re meeting next week to discuss salary and training dates.  I understand that they typically offer $40K for entry-level candidates.  He also told me that he was willing to “pay up” for people with experience.   I’m not extremely concerned with salary numbers over the long run, but I believe that I can get $50K-$55K and I want to make sure I get the best up-front deal possible.

About me: former Marine; stint as an investment banking analyst; currently established and selling B2B for a Fortune 10; excited to transition to the brokerage business.

Any insight or level-set to these expectations is appreciated.

[/quote]

dude fark the salary don’t worry about it unless you absolutely must have it to pay your bills…the higher the salary the higher the expectations and the more the branch manager and the sales manager will be crawling up your ass every morning to see what you had for dinner the night before…

if you want to be in the biz and think you have what it takes, take the standard package and then make it your goal to hit your numbers and get off the tit early…and then start making some real money…
[/quote]

I have to disagree with you on this one.  He needs to try to get every penny he can get when it comes to salary.  The AUM and production numbers that MS requires a new FA to hit are the same no matter what the person’s salary is.  If he hits the ‘leaders’ numbers at 12 and 18 months, then he will have full salary for two years. 
[/quote]

excuse me mktsystems…you are more than welcome to disagree, but on what basis?  Don’t I recall you saying that you are completely new to the retail business?   I know you said you’re an experienced trader, but how do you know how branch managers and sales managers behave in this business?  How many have you observed first hand?

Yes the numbers may be the same for everybody, but the guys and gals who are facing high expectations because they were given an above average salary are going to be expected to surpass those hurdles more quickly than others, and they will be given far less slack if they have a slow month or slow quarter.  It’s simple, they’re simply costing the firm(and often the branch) more with a high training salary…

[quote=$$$$$]Why would you want to get into this biz from scratch. Do you have any idea how tough this biz is?[/quote]

Unlimited top end. That's what attracted me to work and motivated me to work the unbelievable hours necessary to succeed in this business

My history: I was making over 100k a year in sales by age 23/24. At age 24 I went solo and started my own company, a basement waterproofing company. When it rained, it was truly raining diamonds for me. As head of that company I was making over 300k a year by age 26. That's the year I started company number two, a contract helicopter charter company. I invested every dime of my own hard earned, bootstrapped from zero, money into company number two. I then sold company number one and invested every dime of that money into company number two. All for naught. As it turns out Bell JetRangers eat cash. And Bell 206 LongRangers eat rookie operators. Did you know that a tail rotor assemby for a JetRanger ll in 1980 money was $15,000. A hot section cost $25,000 and a new engine was $80,000. Times that by the seven helicopters I was running and it was a real lesson. It didn't help that one of my instuctors crashed our training ship, a Hughes 300c crimping that business. He then crashed it's replacement. He walked away from the ship, and onto the unemployment line. Then somene stole the engine from our logging helicopter. The FBI found it in a swamp, dumped by the stupid theives who didn't realize the every part was stamped with an ID number. But we were done logging. A windstorm wrecked one of our ships. Carrying only rotors in motion insurance I ate the $60,000 cost. Buying a Piper Navajo to do the cancelled check run in IFR weather turned out to be a money loser. The weather had become a curse. And then it was over. The landscape changed. Progression had taken over. The market went to twin turbine full IFR helicopters. I leased a new Bell 222 ( airwolfe type) for about $15000 a month. But it was over, too little too late. I was out of cash. I made one last stab at trying to get hospitals in NJ to buy medivac helicopters with me running them via a management contract. The NJ state police snipped that venture by lobbying the legislature in NJ to allow only the state police to operate medivac helicopters in the state. And so it was. I was officially done. By age 29 it was all gone. No money, no company, no income. I went from driving a Porsche to a used 5 year old, oil burning Volkswagon Rabbit. I had to finance it. At the end in a desperate attempt to save the company I went on the hook to a bank for a pile of dough. I sold everything I owned including pawning my television sets and artwork. I managed to pay off the debt. I found out that my friends weren't my friends.

Fortunately, I wasn't penniless for long. I went to work for one of my business number one competitors. Back to sales. I worked for this company for about a year reestablishing a low six figure income. But I hated it. So off I went in search of a new sales career.

I interviewed at several, seems like dozens, of firms in at least a half a dozen different industries.

As I went through the process I always asked this question: How much is your top guy making? The replies always came back from 60 to 100k. I got plenty of offers which I declined.

When I interviewed for this position I asked the question as my usual course of business. The manager directed my attention to the corner office and replied "That guy is a millionaire from this business. The next office over, he's a millionaire too, all from this business. We have plenty of people making $200,000 or more who aren't millionaires, but the point is it's up to you. The money's here if you want to make it. We'll give you enough rope to make something or hang yourself. It's up to you."

I said "I'm in" he said not so fast that there were a battery of tests etc to complete and then we'd go from there. Five weeks and half a dozen interview meetings later he extended an offer. That offer was $18,000 dollars salary the first year, and then $1500 a month for six months the second year. And for that I walked away from a six figure sales position.

I made over 100k my second year. From there my best income year was in 2000 at about $440,000, taking 12 years to top my previous best of just under 400k in 1989.  Most years are are in the $300s. Nothing is straight line. The first seven years were straight line then a life changing event knocked my income down by 2/3. Rebuilt from there and not working my ass off now. I'm taking time to figure out the next move. I could dive back in, up the hours again and push hard going for a double in five years or stay on the beach, let the business continue on it's slowwwww climb.

The good news is I'm no longer broke. The bad news is I'm no longer broke.

Tough? Look at what I went through before I found this. You be the judge.

Enjoy the challenge.  I know a Lt. Col. RET who is failing now.

Anyone who splits hairs over salary is not right for this job.

This is a commissioned sales job.  You have to ask people for money and close sales.  You have to be creative and proactive.

Salary is just to keep you fed.

Do you know wealthy people who will trust YOU with their money? How long will it take you to bring in $20million in assets?  You will need about that much to draw 1% a year to draw $200,000 in revenue.  Your share of that will be about 45% or $90,000.

The 75% of W-2 is a guidleine.  If a branch manager is willing to pay you more, they ttypically need to get approval from a district manager.

I have seen salaries as high as $100K, but only under unique circumstances.  The higher salaries come with higher expectations. 

As this string has outlined, the salry is not important long term.  Getting in the leadership category is critical for you.

My only concern based on what you said about your background is realizing that you are now a salesman, vs. and analyst.  You need 2 face to face appointments a day and need to bring in $125K in new assets every week to make leaders at MS.  Can you do that?  Tha is the real question.

[quote=vbrainy]

Enjoy the challenge.  I know a Lt. Col. RET who is failing now.

Anyone who splits hairs over salary is not right for this job.

This is a commissioned sales job.  You have to ask people for money and close sales.  You have to be creative and proactive.

Salary is just to keep you fed.

Do you know wealthy people who will trust YOU with their money? How long will it take you to bring in $20million in assets?  You will need about that much to draw 1% a year to draw $200,000 in revenue.  Your share of that will be about 45% or $90,000.

I don't think this question is "splitting hairs" and I don't believe I've positioned myself that way. Your other points are valid and are ones that I had an opportunity to address and defend during my interviews with multiple firms.  Thanks for the double check!

P.S. I know other people that are named after smurfs and they are economy-sized douche bags ... but I would never assume that of you without knowing the facts.  Accordingly, I’m sure there are many reasons why the “Lt. Col.” is failing other than the fact that he served his country.

[quote=bXpress]

The 75% of W-2 is a guidleine.  If a branch
manager is willing to pay you more, they ttypically need to get
approval from a district manager.

I have seen salaries as high as $100K, but only under unique circumstances.  The higher salaries come with higher expectations. 

As this string has outlined, the salry is not important long term.  Getting in the leadership category is critical for you.

My only concern based on what you said about your background is realizing that you are now a salesman, vs. and analyst.  You need 2 face to face appointments a day and need to bring in $125K in new assets every week to make leaders at MS.  Can you do that?  Tha is the real question.

[quote=joedabrkr]
excuse me mktsystems…you are more than welcome to disagree, but on what basis?  Don’t I recall you saying that you are completely new to the retail business?   I know you said you’re an experienced trader, but how do you know how branch managers and sales managers behave in this business?  How many have you observed first hand?

Yes the numbers may be the same for everybody, but the guys and gals who are facing high expectations because they were given an above average salary are going to be expected to surpass those hurdles more quickly than others, and they will be given far less slack if they have a slow month or slow quarter.  It’s simple, they’re simply costing the firm(and often the branch) more with a high training salary…
[/quote]

My basis is that I work with MS. We’re talking about getting a potential two year salary in what is a full commission job. MS uses the same numbers standards for all trainees, no matter their salary and no matter their location in the country.  A new trainee gets one shot to determine his salary, and I see no reason not to attempt to get the highest salary possible. (it’s your first opportunity to sell yourself.)  As far as expections go, if MS has higher expectations for a trainee then the trainee has for himself, then that trainee should have never been hired in the first place…no matter his salary.  Personally, I expect to be the best. (the most AUM and production in the shortest period of time.)  I have never understood people who aim for average.

BondGuy:

The good news is I'm no longer broke. The bad news is I'm no longer broke.

Tough? Look at what I went through before I found this. You be the judge.

-----------------------------

That's an intense background, Bondguy! I've always believed that what determines whether you'll succeed or not is how you handle failure... Congrats Bondguy, you passed!