[quote=johnnieblack]

The cost of living here is extremely high, and the hours for this job are much longer than those of a typical rookie broker. (They said 60 hrs/week is likely for the first year). I think this justifies a salary closer to that of the financial analyst's, but I don't want to ruin my
chances by fighting for more $$$.

Any and all insight would be appreciated.

Thanks.[/quote]

Oh no, they're expecting you to work 60 hours a week?

I'll bet most of those who post on this forum wish they could work so little.

…I should have said any and all constructive insight would be

appreciated.



Like I said, I’m new to the forum, and this is my first job out of school. I’m

just going off of what the 2 wealth advisors i’ve talked to said to me. The

first said that FA’s don’t spend nearly as much time in the office as the

analysts and the second said to expect at least 7-7, 5 days a week.



Now can you answer my questions, or do you just post here to practice

sarcasm?

In this business your pay is based on performance.  Also, the hours you work.  NO matter what others say, the two are not always connected.

I see young brokers work 10 hour days and WASTE most of it.

At my office, bringing in money and revenue cures everything.  As long as I do that, my branch manager leaves me alone.  I probably work 35 hours in the office per week.  But I am always prospecting everyday every time I meet someone.

good luck.

Thanks,



    I understand the whole performance side of the business. I’m all for a

meritocracy…which is why I’m excited about the changes at the firm. My

concern is for this first year. WMA is a training position, and I won’t be able

to start building a book if/when I become a FA.

[quote=johnnieblack]


3) This is my first corporate job. I know it’s a bad idea to bring up salary
before an offer is discussed. When is an appropriate time?[/quote]

There is nothing wrong with asking about a position’s salary range at any time in the process.

Don’t expect them to commit to a certain number until the offer phase, but it’s okay to ask for a salary range before or during the first interview.  Believe me, they won’t mind telling you.   If the job is below your salary range then you’re wasting everybody’s time.

Regarding fairness, the salary ranges for entry-level jobs tend to be pretty firm.  If they lowball you and you think you can get more elsewhere, then thank them for their time and move on.  Be sure to let them know that compensation is the key reason for your rejection, since it will help them understand that they’re below market.  Maybe they’ll fix it for the next person.

FA’s work out of the office johnnieblack. Not all clients want to make a trek downtown to see their broker. Office hours and work are not mutually exclusive. Meeting clients is what it is about. Most of the time you can’t do that in the office.

The position you are looking at was only created a year ago.  It is Morgan Stanley’s attempt to build verticle teams.  If you work hard and prove your worth, a successful rep will most likely add you to his team.  If you don’t get invited to hook up with someone, they may give you the option to go it alone in the training program.  Working in a verticle team will greatly improve your chances of success, however, it will also limit your upside.