20 yrs of FA Bull---t!
9 RepliesJump to last post
15 years at Smith Barney and 5 at Morgan Stanley and I am tired of all the bull-you-know-what ! Basically trying for an escape plan but I need some walk away cash. Upfront repayment is over so I can move but want to get out of the business. Need some advice and I KNOW I can get it here....
I manage a bit less than $50 million in an office in South Florida (MSSB) and have roughly 165 clients. I just want to walk away from it all so I'll probably team up with a rookie to make sure my clients don't get shotgunned around the office. I'm sure he'll appreciate it too. Anyway.......how can I capitalize on the fact that I have been working with these too firms without even a HS Diploma. 10th. grade education....at best. NO BS degree and no fancy smancy MBA either. Just hung with the right crowd, wore the right suits, rolly and talked the talk. By the way, not even 1 complaint or arbitration for all of those years. Does anone think that I can get paid to tell my story ? Would anyone buy it ? Would anyone care ? I don't even want to consider indy anymore.
That sucks. Doesn't MSSB have some sort of retirement program for those leaving the business? I know at Jones, we have a Succession Plan that allows you to get paid for your book (about 1x T-12 paid over 3 years). Maybe that wouldn't work for you since you are not "retiring", but maybe it would make sense. If you pitch it to your manager the right way, you can convince them that this is the best way for the firm to retain the assets at the firm/office. Otherwise, you are sort of screwed. There's very few ways to sell a wirehouse book other than internally.
As far as selling your story....I don't think so. If had been wildly successful and had a very large book and were a huge producer perhaps. I agree with B....Your best option is to do a sunset arrangement or sell your book to another FA in your office. that is the only way you are going to cash out.
I think in all probability your being with Morgan for only 5 years (doesnt matter that you came from SB and they merged) will preclude you from entering into a sunset arrangement that the firm provides. If you have a good relationship with your BM, talk to him, maybe he can broker a deal. Unfortunately, the wires don't have too many of those types of BM's anymore.
Edit - Actually - here's a thought - talk with the local BM's at the other wires. If they have a junior broker they are high on, with enough experience to handle your book, maybe you could make a deal where you take a check, partner up with the Junior guy, with an understanding that even though you took a check, you could leave in two years, as long as you don't take another job in the industry. They get the assets, you get the money. win-win
You've got loads of options. If you think you're the first MSSB FA who's in this place.. think again. They're keeping me busy all year!