MSSB and Chase
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It seems that MSSB and Chase bank are on a hiring spree. What once were very selected firms for the financial advisor position has pretty much welcomed everyone with arms wide open.
I see a lot of my recent college graduate buddies scooping up jobs at MSSB these days. Did they lower their production? recruitment standards? eliminate the base pay? or what is going on here...I surely must be missing something.
I can’t tell you anything about MSSB, but I know Chase is hiring because the WaMu merger has left many branches, especially on the West Coast, with little or no FA coverage.
Thanks Ron! On the website, it says it’s hiring “Financial Advisor Associate” position…but the job desciption makes it sound like it’s an ACTUAL FA position. Can you clarify?
[quote=ChrisVarick]Thanks Ron! On the website, it says it’s hiring “Financial Advisor Associate” position…but the job desciption makes it sound like it’s an ACTUAL FA position. Can you clarify?[/quote]
FAA is the job title given to new hires w/o a license. The FAA program stretches through the first 60 months of employment. After that time (or if you produce over $400,000 in a year), you graduate to the FA payout grid.
FAA’s are eligible for certain bonuses FA’s can’t receive.
MSSB is the new town slut. They pretty much hire anyone these days. It’s pretty hysterical. They were once two of the most coveted firms. AHHH what a fall from grace. BAHAHAHA.
Everyone is the new slut in town…There isn’t a firm on the street that isn’t hiring. Their revenues are down because of the transition to feebased and the market collapse last year. And the wires keep doing there two-step were they jump firm to firm to recruit people…
It's interesting because on the website it says in order to apply for the FAA position, you are required to have a Series 7 and 63. First 60 months? How is the pay?[quote=ChrisVarick]Thanks Ron! On the website, it says it’s hiring “Financial Advisor Associate” position…but the job desciption makes it sound like it’s an ACTUAL FA position. Can you clarify?[/quote]
FAA is the job title given to new hires w/o a license. The FAA program stretches through the first 60 months of employment. After that time (or if you produce over $400,000 in a year), you graduate to the FA payout grid.
FAA’s are eligible for certain bonuses FA’s can’t receive.
[quote=iceco1d]
Not to change the subject, but I’ve heard things like “revenue is down because of the transition to fee-based” etc., a lot lately.
Correctly me if I’m wrong, but I would think that while fee-based guys are hurting, income-wise, transactional guys are (or were, last year) on the border of extinction?
I mean, last year, it wasn’t strikingly simple to get people to move money.
My OSJ actually told me that [fee-based] saved him this year. I have no point of reference, because I’m basically all asset-based fees. Just looking for a POV.[/quote]
I was referring to the good old fashion stock and bond traders. There was a lot of volatility last year(lots of trades) for those type of guys to increase there production, while all a fee-based guy can do is hope to bring in enough assets to cover the decreasing fee rev.
Have two friends at jones, similar producers $400-500K, except one does all C shares,advisory and MAP… While the other does individual bonds, stocks and some funds. The second guy(stock and bonds) increased his gross last year, while the “fee-based” guy fell because there was nothing he could do to generate revenue on fall fee accounts.
There is a reason guys like bondguy and others who have a transactional based business are still cranking out production…
Couldn't be more incorrect. FAA is the term for any advisor who has been at the firm for less than 18 months. The first 18 months you get a small salary and a better grid. After 18 months you become FA no matter what your production is. Chase won't hire an outside candidate who isn't licensed. There is never a bonus at any stage. Production percentage only.[quote=ChrisVarick]Thanks Ron! On the website, it says it’s hiring “Financial Advisor Associate” position…but the job desciption makes it sound like it’s an ACTUAL FA position. Can you clarify?[/quote]
FAA is the job title given to new hires w/o a license. The FAA program stretches through the first 60 months of employment. After that time (or if you produce over $400,000 in a year), you graduate to the FA payout grid.
FAA’s are eligible for certain bonuses FA’s can’t receive.
[quote=Squash1] [quote=iceco1d]
Not to change the subject, but I've heard things like "revenue is down because of the transition to fee-based" etc., a lot lately.
Correctly me if I'm wrong, but I would think that while fee-based guys are hurting, income-wise, transactional guys are (or were, last year) on the border of extinction?
I mean, last year, it wasn't strikingly simple to get people to move money.
My OSJ actually told me that [fee-based] saved him this year. I have no point of reference, because I'm basically all asset-based fees. Just looking for a POV.[/quote]
I was referring to the good old fashion stock and bond traders. There was a lot of volatility last year(lots of trades) for those type of guys to increase there production, while all a fee-based guy can do is hope to bring in enough assets to cover the decreasing fee rev.
Have two friends at jones, similar producers $400-500K, except one does all C shares,advisory and MAP.. While the other does individual bonds, stocks and some funds. The second guy(stock and bonds) increased his gross last year, while the "fee-based" guy fell because there was nothing he could do to generate revenue on fall fee accounts.
There is a reason guys like bondguy and others who have a transactional based business are still cranking out production..[/quote] Yeah the transaction guy at Jones increased production because he sold people out of their funds/stocks and bought individual bonds because the client was scared. The fee based guy did the right thing by telling people to hold on.
Chase doesn’t care if you have a book or not. If you bring assets over great, but they won’t give you any benefits or help by doing so.
Hey ron, is the built in client base(prospects) really worth it to switch over?
For me it was. I am not a big glad hander or networking / seminar type of guy. I was doing cold calling and door knocking and it was a slow road. (I posted my numbers for my first 2 years under another topic) People are in the bank because they need to address a financial situation and it is much easier to start a conversation then by jumping out of the bushes. It moves the sales process along much quicker, but for that you only get a 30/35% payout.
Is that because everything you guys bring is an annuity with 15 years of surrender charges and or comes with a possible lawsuit ???Chase doesn’t care if you have a book or not. If you bring assets over great, but they won’t give you any benefits or help by doing so.
[quote=Ron 14]
For me it was. I am not a big glad hander or networking / seminar type of guy. I was doing cold calling and door knocking and it was a slow road. (I posted my numbers for my first 2 years under another topic) People are in the bank because they need to address a financial situation and it is much easier to start a conversation then by jumping out of the bushes. It moves the sales process along much quicker, but for that you only get a 30/35% payout.
[/quote] All kidding aide. Is it even possible to bring your clients with you if you go indy? Don't you have a contract with teeth? Do you think the bank thinks they are your clients or theirs?Ask Omar. He is doing it right now without a problem. Its like any other firm, if the clients switch “on their own accord” they really can’t come after you.
Is that because everything you guys bring is an annuity with 15 years of surrender charges and or comes with a possible lawsuit ??? [/quote] He asked about bringing assets into the bank, not leaving the bank.[quote=Ron 14]Chase doesn’t care if you have a book or not. If you bring assets over great, but they won’t give you any benefits or help by doing so.
Is that because everything you guys bring is an annuity with 15 years of surrender charges and or comes with a possible lawsuit ??? [/quote] He asked about bringing assets into the bank, not leaving the bank. [/quote] yeah![quote=Gaddock][quote=Ron 14]Chase doesn’t care if you have a book or not. If you bring assets over great, but they won’t give you any benefits or help by doing so.
Couldn't be more incorrect. FAA is the term for any advisor who has been at the firm for less than 18 months. The first 18 months you get a small salary and a better grid. After 18 months you become FA no matter what your production is. Chase won't hire an outside candidate who isn't licensed. There is never a bonus at any stage. Production percentage only. [/quote][quote=MBA2FA] [quote=ChrisVarick]Thanks Ron! On the website, it says it’s hiring “Financial Advisor Associate” position…but the job desciption makes it sound like it’s an ACTUAL FA position. Can you clarify?[/quote]
FAA is the job title given to new hires w/o a license. The FAA program stretches through the first 60 months of employment. After that time (or if you produce over $400,000 in a year), you graduate to the FA payout grid.
FAA’s are eligible for certain bonuses FA’s can’t receive.
Ron hit the nail on the head in regards to Chase.
The other 'FAA' program is what's in place at MSSB.
The confusion is b/c both are using the same terminology to describe their new hire's.
Not incidentally, Chase changed their new hire program & terminology after hiring an exec from SB to head up Chase's Investment Services.