Changes at MS
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[quote=JCadieux]
[quote=mikebutler222]
[quote=JCadieux]
Yes, they are hiring a “limited number” of trainees.
But they’re also having a difficult time retaining the good ones.
[/quote]
You mean a hard time keeping the successful trainees onboard? What do you base that on?
[/quote]....because they had no idea how hard it could be?
Successful trainees keep calling and asking me to help them find better jobs.
[/quote]
[quote=JCadieux] [quote=mikebutler222]
[quote=JCadieux]
Yes, they are hiring a "limited number" of trainees.
But they're also having a difficult time retaining the good ones.
[/quote]
You mean a hard time keeping the successful trainees onboard? What do you base that on?
[/quote]
Successful trainees keep calling and asking me to help them find better jobs.
[/quote]
They're "success", but they want a "better job"? You mean in a bank channel so they don't have to build a book? What are their criticisms that they want "better"?
Having said that, just what are the odds that a recruiter doesn't have an agenda when talking to brokers about what's "better" elsewhere...
[quote=blarmston]Of the past 6 hires into our training program, 5 have been from MS here in town. And 4 of them are actually good and will probably make it...[/quote]
You hire people from other firms to enter your training program? Is it something tracked for people who already have their licenses or is it back to square one?
When we hire people from other firms if they don't already have a serious established book they go through a "transition program" to learn about firm specific products and procedures. Is that the sort of thing you're talking about? Either way, they're not called trainees and it isn't called a traingin program.
Been lurking around for a while. MikeButler222 seems to have a good grasp on the industry and MS in particular.
And yes recruiters have an ajenda.
I recruit first and second quentile brokers for Smith Barney nationally.
Actually I am surprised this board allows blatent self serving comments.
Smith Barney unlike Merrill Lynch refuses to pay recruiters for trainees, I can not add much to new brokers comments or concerns.
[quote=Biasedrecruiter]
Been lurking around for a while. MikeButler222 seems to have a good grasp on the industry and MS in particular.
[/quote]
The check is in the mail
Is anyone excited about the outlook of this business?
ABSOLUTELY.
MB222- it depends on their tenure. We have had MS guys come right in and start producing based on LOS and we have others who enter our training program....
[quote=fritz]Is anyone excited about the outlook of this business?[/quote]
Oh yes
[quote=mikebutler222][quote=JCadieux] [quote=mikebutler222]
You mean a hard time keeping the successful trainees onboard? What do you base that on?
[/quote]
Successful trainees keep calling and asking me to help them find better jobs.
[/quote]
They're "success", but they want a "better job"? You mean in a bank channel so they don't have to build a book? What are their criticisms that they want "better"?
Having said that, just what are the odds that a recruiter doesn't have an agenda when talking to brokers about what's "better" elsewhere...
[/quote]I'd have to check my records, but I'm pretty sure 100% of our placements out of MS last year went into other wirehouses. My practice is over 90% wirehouse, and probably higher than that at the trainee/transition level. These successful trainees are leaving Morgan for the same reasons as other successful brokers: Better support and less chaos.
In all fairness, I get calls from unhappy brokers throughout the industry. No single branch or firm is a perfect fit for everybody. Any trainee performing well in any program has options. My point is that the number of calls from Morgan Stanley FAs at all levels has skyrocketed in the past year.
And yes, I admit my bias. Nobody should take free advice on an Internet forum without considering the context. I have favorite clients just like everybody else. But headhunters in this industry have a big incentive to help you find a firm where you'll be successful and happy. We don't get paid unless you place AND STAY for at least six months. And a low candidate retention rate can cost you your contract. Our bias is balanced by self interest.
for the life of me, i still don’w know why anyone would use a recruiter. if someone is doing 250k in 4ys los, they could just call the branch themselves. why the need for the middleman?
[quote=frumhere]for the life of me, i still don'w know why anyone would use a recruiter. if someone is doing 250k in 4ys los, they could just call the branch themselves. why the need for the middleman?[/quote]
I can hear the record needle scratch across the record.
Trust me, I am not trying to be a jerk. I just don’t know why to ever use one. Any recruiting is a courtship process. We are all in sales and therefore would/could/should ask enough questions before moving to get a feel for the manager. Furthermore, most of us started as trainees with 0AUM and took the job and it did not matter is the guy was a raving lunatic.
I agree, frum. If you're a first quintile producer at a wire and the other BMs in the area don't know who you are, something is wrong with that picture.
The fact of the matter is that any rep can simply pick up the phone and call across the street to Merrill, UBS, whoever - and make the jump and negotiate the same deal themselves for the most part. There are a few situations where a recruiter may help, but it's a small percentage of the time (usually 2nd and 3rd quintile for wires).
I do most of my work in moving OSJ groups to one specific independent BD that would be considered small to mid-sized. Great story, great benefits for reps that want to make that jump. At MS, you're going to know what is going on (generally) at ML, SB, etc.
Something goes round and round in my head; "a fool who represents himself"
No, you will not get the same deal if you pick up the phone yourself, unless you have a previous relationship with the BM. Some BM do not even know what they can do within their own firm.
[quote=Biasedrecruiter]
Been lurking around for a while. MikeButler222 seems to have a good grasp on the industry and MS in particular.
And yes recruiters have an ajenda.
I recruit first and second quentile brokers for Smith Barney nationally.
Actually I am surprised this board allows blatent self serving comments.
Smith Barney unlike Merrill Lynch refuses to pay recruiters for trainees, I can not add much to new brokers comments or concerns.
[/quote]Dude you really oughta try proofreading, or using a spellcheck program.....
frum--I sorta see your point, but isn't that like saying, "why should any investor use a broker/advisor to pick a mutual fund for him? You could just use Morningstar or ______ to learn all you need to know."
If ALL you do ALL day is talk about deals, firms, offices, moving, etc., it stands to reason you'd know more than the amateur, which in this case is you and me. And if the cost doesn't come out of your pocket, why WOULDN'T you use a recruiter?
The bottom line is this - a recruiter who thinks that reps can’t do this without them is a fool. I am here to assist and educate on opportunities. Plain and simple. Maybe I work with better BMs or something, but I have never had to “coach” them on what the FA wants the deal to look like or how to approach that subject. They are usually smart enough to figure that out on their own and partner in with corporate when appropriate. The others have no idea what the hell they’re doing if they don’t know to think outside the box to land a producer that’s the right fit for the company.
[quote=Cowboy93]
If ALL you do ALL day is talk about deals, firms, offices, moving, etc., it stands to reason you'd know more than the amateur, which in this case is you and me. And if the cost doesn't come out of your pocket, why WOULDN'T you use a recruiter?
[/quote]My point exactly. Nobody's saying that you must use a recruiter. But you will benefit from using a recruiter.
If you haven't moved before, we can educate you on all of the components of the deal. You need to consider bonuses (up front and back end), payouts, marketing support, legal issues and platform differences. Every broker has unique needs.
You don't have to meet with every branch manager in town to find the best fit for your practice. We can help you narrow it down to a short list right at the start. We're a layer of anonymity. We can ask a branch manager general questions about his or her level of interest without disclosing your identity.
We have information that you don't. Not only do we know who is offering better deals, but know management's likes and dislikes at the regional and branch level. Wouldn't it be nice to know something about the branch manager before you make that first call?
We know which firms and branches are the best fit for your niche. If you specialize, we can help you focus on firms and branches that offer the best support for your needs. The more information you have, the stronger your negotiating position. You have more perceived value coming from a headhunter. You are the "buyer" not the "seller" in the negotiation.
Every practice is different. Every broker has unique needs. If you care about more than the size of your forgivable loan (and you should), then you'll definitely save time and hassles by using a headhunter.