Citi Morg Commercial
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Yeah i saw it yesterday… terrible… “we have over 135 year of managing money” too bad we couldn’t manage our own.
Almost as bad as the Wachovia AG Edwards commercials that ran for a while, until they became someone else… Man i would be pissed if the name on my account kept changing over and over and over again.
Just thought they could come up with a better commercial that didn’t ignore the reason they combined
[quote=Greenbacks]
I laugh when I watch Citi-Morgs new commercial. They state they brought the two firms together to better serve there customers and they have so many years experience managing money. But everyone know they brought the firms together because Citi could not manage there own assets and was going broke I do feel for the reps that are stuck there How can you sit in front of your clients and keep a straight face and tell them that you to trust the company you work for. [/quote] Not to mention the fact that MS didnt have the money to buy SB so they had to do it on the layaway plan.Yeah, I’m real upset to work for the largest and best brokerage in the country. I’m also upset that they paid me a pile of money to just sit in my chair. Virtually every other firm is losing ground and MSSB is getting stronger. It’s really tearing me up.
I was at SB until this past January. Good firm for an FA. Assuming your not doing north of $1m, Let’s be real, if your clients are really your’s, why would you continue to work there and take down a 40% payout when you could be at an Indy/Regional firm like mine and have a 50-65% payout depending on production? I would even make the argument that I have access to more product, services and technology than at a wire. I know it’s a better place for clients …no tiered money market rates, no minimum ticket charges, no minimum HH or you don’t get paid, more competitive margin and nonpurpose loan rates, lower account fees, etc, etc, etc. I guess you could argue that we don’t have research (which you can easily get for $20 per month) and we don’t have proprietary product (mostly alt investments these days), but when has that ever been a positive. Just my two cents, not trying to start a pissing match.
I agree with you that if you’re a lower-end producer with lower-end clients, an Indy/Regional is the place to be. If you have clients that actually have money they don’t need to worry about the minimum HH, tiered money market rates, account fees, etc. Despite all the BS on this board about how great it is to own Joe Blow financial and get a higher payout, if you want to be in the big leagues you work for a wire and after all the recent consolidation, MSSB is the clear leader.
[quote=Lex123]I agree with you that if you’re a lower-end producer with lower-end clients, an Indy/Regional is the place to be. If you have clients that actually have money they don’t need to worry about the minimum HH, tiered money market rates, account fees, etc. Despite all the BS on this board about how great it is to own Joe Blow financial and get a higher payout, if you want to be in the big leagues you work for a wire and after all the recent consolidation, MSSB is the clear leader. [/quote]
Careful, Lex. The ex-Jones Indy group here has quite a complex…
I can’t believe this Lex guy is trying to tell us that MSSB is strong and the best wire in the business. I guess he doesn’t remember when C was $.90 and MS was $6.
There is no longer a legitimate reason to work for a major wire....they used to get away with paying a 40% payout because of name recognition and prestige, that's gone now. Can you imagine calling a new prospect, "Hi Mr. Smith this is Jimmy Three Sticks from Morgan Stanley Smith Barney." Mr. Smith, "wow are you guys still in business? Or did you get bailed out or what?"This is going to be fun.
Somebody explain the numbers to me. My “country” independent ass can’t comprehend. Somebody explain the math how a million dollar producer is better off at a wire.
[quote=Moraen]This is going to be fun.
Somebody explain the numbers to me. My “country” independent ass can’t comprehend. Somebody explain the math how a million dollar producer is better off at a wire.[/quote]
Free business cards.
Can't just be business cards. Must be the stationary as well.[quote=Moraen]This is going to be fun.
Somebody explain the numbers to me. My “country” independent ass can’t comprehend. Somebody explain the math how a million dollar producer is better off at a wire.[/quote]
Free business cards.
KOOL f***ING AID
I drank it, but i threw up. SB has lost 2500 brokers since the deal was announced. Thats as of a month ago. Yes a lot of them are lower level, but a lot of them are $1MM plus. Its great that you got a big check. Dont spend it. You might want to give it back. The business model is changing. And not for the better. I could go on, but i aint in the mood to get in a pissing match. Indie, and/or regional isnt for everyone. You need the strenght of your convictions, and you need to be bold. Especially making the move from a wire. But for me, all i know is that i do the same amount of business and make almost double, i run my business the way i want and i dont have to listen to all the parents bank wholesalers trying to shove bank products down my throat. JMHOOk, Ok. I was being a little over-the-top on purpose to elicit some harsh responses for my own entertainment. Seriously though, you’re not seeing the total package. There are so many bonus programs the 40% really ends up being more like 50-60% for higher producers. In addition, you may get paid more as a million dollar producer at an Indy/Regional, but what is the probability that a guy STARTING there is going to become a million dollar producer? Very very low.
Lex, very true. Which is why it's a good idea to start at a wire or regional and then leave.Ok, Ok. I was being a little over-the-top on purpose to elicit some harsh responses for my own entertainment. Seriously though, you’re not seeing the total package. There are so many bonus programs the 40% really ends up being more like 50-60% for higher producers. In addition, you may get paid more as a million dollar producer at an Indy/Regional, but what is the probability that a guy STARTING there is going to become a million dollar producer? Very very low.
What is the probability of someone being a million dollar producer anywhere? I'd like to see it compared across regionals, wires, banks and independents. My guess is that every place will fall within two standard deviations, 95% confidence.
Sportsfreakbob,
It's probably a bit of a cliche, but I think the multi-million dollar accounts feel more comfortable at a big firm. I'm not saying it's right, it's just the way it is. I think this is the advantage to the wire, not the inherited accounts that you mention.
Guess it depends on the person and the relationship.
I left a month ago, got most of my clients signed to acat already. Including every one of my accounts over a million. Not saying this in a self serving way. Just noting that they all came, no matter the level of assets. Had a few who needed to do their due dilligence, but they all came. Friend of mine who did the same had the same experience. Dont know too many other people who went from wire to indie, so i guess you could call this just anecdotal. Would be interesting to here from others who have gone from Wire to indie in the last year or so. What was your experience?[quote=Chazzy]
[quote=Lex123]I agree with you that if you’re a lower-end producer with lower-end clients, an Indy/Regional is the place to be. If you have clients that actually have money they don’t need to worry about the minimum HH, tiered money market rates, account fees, etc. Despite all the BS on this board about how great it is to own Joe Blow financial and get a higher payout, if you want to be in the big leagues you work for a wire and after all the recent consolidation, MSSB is the clear leader. [/quote]Careful, Lex. The ex-Jones Indy group here has quite a complex…[/quote]
DING DING DING. WE HAVE A WINNER! The whiners on this board are amazing. They all claim to be big shots who were mistreated by the big firms. Now they’ve re-discovered life with their office next to a Quiznos. The truth is, we all have these clowns in our office. They whine when they end up with no SA, an interior office, and no T&E money. Yet, when you ask why they aren’t working harder, they say “I had a $10k day today”. Its amazing. Face it, if you want to manage $50k rollovers in MF wrap products, go indy or to a regional. Cheat old folks out of $5k in ‘planning fees’ for some BS software that the wires offer for free. Then stick them in your annuities and get your 8% load. Pikers!