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Wirehouse for new FA?

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Jan 14, 2009 8:21 am

With all the consolidation, is going to a wirehouse a good idea for someone starting out fresh as an FA?  Granted, I have a decade of experience in "the biz", but not as an FA.  If you think it is still a good idea, which wirehouse(s) would you recommend, and why?

Your input is greatly appreciated.

As additional background, I was considering SB, MS and ML, with a strong lean toward SB.  In addition to the uncertainty surrounding the new MS/SB venture, I am now reading about private discontent among existing SB brokers and that they, and their clients, are fleeing from SB like rats from a burning building.

Talk amongst yourselves!
Jan 19, 2009 6:26 am

Talk with the BOMs at the wires in you’re town to get a feeling for where you think you’d have the best chances of succeeding.

Jan 19, 2009 9:51 pm

I would stay clear of any wires that have been in the news.  Prospecting is tough enough, when you mention that the firm you work for has needed a bailout…it’s just one more hurdle you don’t need to jump.

  I would look at RBC Wealth, Jones, or a regional firm/bank.
Jan 19, 2009 10:25 pm

[quote=Baba Booey]I would stay clear of any wires that have been in the news.  [/quote]

I think that eliminates the wires!