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Starting Salaries at ML, UBS, SB

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Jul 7, 2006 5:34 pm

[quote=entrylevelFA]I think their 2 year AUM goal is $12MM, not sure I would imagine 1/3 of that is the 1st year.  That would make it an even $2MM/quarter, but I'm not sure.  I'd tell you for sure but I never made it through to recruiting!   Also, I have no idea what the revenue targets would be.[/quote]

You're not sure about what?  You have no idea about what?

$2 million per quarter would equal $12 million two years?

Jul 7, 2006 8:09 pm

[quote=maybeeeeeeee] [quote=iconsult100][quote=Indyone]

[quote=mikebutler222]In the interest of candor, when you post one of

these comparisons, how about noting that you’re only paid to recruit for

SB?[/quote]



That thought crossed my mind also…and why you’re at it, some of

us might be curious where Morgan Stanley comes in at…



[/quote]



MS only pays a salary in year 1, but in year 2 it’s a salary plus 50%

payout ( on anything but stock & bond trades). There is also a stock

bonus at the end of year 2 of 20% of your revenue (also excluding stock

and bond trades).



In this example the total could be as high as $7,000 cash plus $800 in

stock.



Keep in mind that this may have changed in the last 30 days since

Gorman is on a cost cutting tear.



[/quote]



Do you know the first year asset and revenue targets? Thanks.

[/

QUOTE]



I just met with a VP other day for a look-me up and down interview. He

told me first year goal is $10M AUM.



He said 5 year goal to be successful is $100 AUM.



It could have been a scare tactic though. I’m guessing not many people

nationwide get to $100 AUM at 5 years.
Jul 7, 2006 8:22 pm

First year target is $8mil. By year 2, you should be at $18 trailing 145k at least (think 75k per yr for the first 3 yrs). If you’re not there by then, you’re not necessarily on minimum standards list, but you better damn well accept that this (industry) might not be the place for you to be. In fact you’ll more than likely not even see yr 2 if you do not hit yr 1 standards.

Jul 7, 2006 9:46 pm

[quote=lovetoraise]


He said 5 year goal to be successful is $100 AUM.



It could have been a scare tactic though.  [/quote]

It is.

Average AUM at Morgan is only about $55M. 


Jul 7, 2006 10:13 pm

I don't really think the training targets matter.... if you are just barely hitting them, you are doomed anyway.

Jul 7, 2006 10:15 pm

[quote=JCadieux] [quote=lovetoraise]

He said 5 year goal to be successful is $100 AUM.

It could have been a scare tactic though.  [/quote]

It is.

Average AUM at Morgan is only about $55M. 

[/quote]

It's a little higher now that we've lost so many people.  I think Gorman said is now about 70M and the revenue is about 560k.  (i might be off a little).  In a few years though, they want the average to be 100M and 750k.

Jul 7, 2006 10:55 pm

[quote=iconsult100]

I don't really think the training targets matter.... if you are just barely hitting them, you are doomed anyway.

[/quote]

That's exactly right. AG.E's training program wants me to hit 30k the first year. If that becomes a problem, then I shouldn't even be on this forum. Where it does get complicated is if you're on a team and are structured to where, after your split, you're able to achieve that goal. That's what stresses me at night.

Jul 8, 2006 9:15 pm

SB Goals -   5-7M  in AUM in your 1st year of PRODUCTION - so if you join them without a Series 7, then that means 5-7M by the end of your first 18 months from date of hire.  VERY REASONABLE.

And yes, I AM biased.  SB is a great program, and hard to beat by any of the other wirehouses.  So why spend my time recruiting for any other company?

I didn't mention Morgan Stanley because, well, until the dust settles there they really aren't comparible to the others.  In fact, I have heard from some of my candidates that they aren't even hiring again for a few months until things clear up.  I would be happy to learn from someone if I am wrong in that regard...

Jul 9, 2006 9:02 pm

[quote=RecruitingAce]

I didn't mention Morgan Stanley because, well, until the dust settles there they really aren't comparible to the others.  In fact, I have heard from some of my candidates that they aren't even hiring again for a few months until things clear up.  I would be happy to learn from someone if I am wrong in that regard...

[/quote]

You're wrong. Happy?

BTW, since you're only paid to hire for SB shouldn't your comments be read with that n mind?

Jul 9, 2006 9:03 pm

[quote=JCadieux] [quote=lovetoraise]

He said 5 year goal to be successful is $100 AUM.

It could have been a scare tactic though.  [/quote]

It is.

Average AUM at Morgan is only about $55M. 


[/quote]

It obviously was a scare tactic, but as others have pointed out, your AUM number is now pretty dated.

Jul 10, 2006 1:55 pm

[quote=RecruitingAce]SB Goals -   5-7M  in AUM in your 1st year of PRODUCTION - so if you join them without a Series 7, then that means 5-7M by the end of your first 18 months from date of hire.  VERY REASONABLE.[/quote]

What is the goal for year two and year three?

Jul 10, 2006 6:12 pm

Opie -

Year 2 is 10-14M, and Year 3 is 17-20M

Jul 10, 2006 6:16 pm

Hey Mike -

When you say that Morgan Stanley is hiring, do you mean they are hiring into their training program as well right now?  Of course they are hiring established producers, but I specifically recruit for company training programs.

Can you be more specific?

Thanks.

Jul 10, 2006 7:29 pm

[quote=RecruitingAce]

Hey Mike -

When you say that Morgan Stanley is hiring, do you mean they are hiring into their training program as well right now?  Of course they are hiring established producers, but I specifically recruit for company training programs.

Can you be more specific?

Thanks.

[/quote]

I'm told they are currently hiring trainees for the training program. If/when I have more info I'll pass it along.

Jul 11, 2006 11:56 pm

[quote=RecruitingAce]And yes, I AM biased.  SB is a great program, and hard to beat by any of the other wirehouses.  So why spend my time recruiting for any other company?

I didn't mention Morgan Stanley because, well, until the dust settles there they really aren't comparible to the others.  In fact, I have heard from some of my candidates that they aren't even hiring again for a few months until things clear up.  I would be happy to learn from someone if I am wrong in that regard...[/quote]

I think this guy would beg to differ with you...

"Morgan Stanley hired Wesley Tate, a broker who produced $2.7 million in commissions and fees over the past year with Smith Barney in Oakbrook, Ill.

While at the Citigroup Inc. unit, Mr. Tate managed about $245 million in client assets, said Christy Pollak, a Morgan Stanley spokeswoman."

Jul 12, 2006 3:07 am

Indyone,

Allow me to clarify.  It is my understanding that Morgan Stanley is not currently hiring anyone into their TRAINING program.

Jul 12, 2006 12:05 pm

[quote=RecruitingAce]

Indyone,

Allow me to clarify.  It is my understanding that Morgan Stanley is not currently hiring anyone into their TRAINING program.

[/quote]

That's not the case. I'm told people are being hired for it, although I haven't seen it myself.

Jul 12, 2006 2:18 pm

I’ve seen some instances across the country where they have built their trainee pool.  It has been much more selective than in recent years, but they have brought on the “exceptional” candidate.  Much like the high selectivity of Smith Barney.