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Morgan for relatively new licensed rep?

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Feb 13, 2008 8:54 pm

[quote=xbanker]If you haven’t left in a years time, you’re the equivilant of Hal Holbrook in Wall St. [/quote]

If you want to leave, go ahead and leave.  But don’t try and say one year with a firm is a long time.  That’s just silly.

Maybe in your one full year of experience one year seems like a long time, but that ain’t saying much.

Feb 22, 2008 1:11 am

I was recently in the MS training program and my district was definitly looking for reasons to let the trainees go.  I had AUM of 550k with a 250K account on it’s way (ACATS were signed) and they let me (and every other trainee in the district) go because I didn’t hit the 600k minimum AUM for your first quarter, first quarter revenue minimum was $4500.00 (which I had over $5400.00 not counting my incoming account).  Point is, if you think you can hit the numbers it’s a great place, but right now, they aren’t doing any probabtion periods or cutting you any slack.

  As far as training, it was very good for the first 4 months, but once you hit production you were basically on your own.  We were each basically given 1500 names/numbers to cold call on and the rest was on us.  This might all depend on your district though so I would definitly ask about ongoing training and marketing support before you decide to accept a position.   Good luck to you!  
Feb 23, 2008 12:37 am

brain.ra, Where are you now? The one positive aspect of being in such a difficult program with that reputation is that everyone knows it and considers getting cut no big deal. I’ve heard a manager say he liked that someone “had the balls to try Morgan.”  Getting cut from Joe’s regional firm for lack of production would probably raise an eyebrow but I don’t think anyone will see your situation as a negative in the same way.

Feb 23, 2008 2:39 am

I agree with you xbanker, I actually hide a recruiter from ML calling me before MS let me go and now I’m trying to decide between taking the position with merrill or going with a more corporate type job with fidelity.  I posted a topic under the rookie section asking for advice between the two jobs and i’m getting some good feedback.

  I think MS has a great program and it's a great company if you don't need a lot of hands on training and you can bring in the assets.  It definitly pushes you to the limits .  I could definitly use some advice on choosing between the two jobs though if anyone wants to check out my other post (don't want to hijack your thread)
Feb 23, 2008 3:12 am

No prob at all. I was hired by ML a little over a year ago but unfortunately it took them so long that I was already in my current role at a firm similar to Fidelity. Go with ML. Discount land is a dead end, and there would be NO reason at all to bring clients of your own to that environment. The few people who would start your career at a wire would just be one drop in the bucket before starting over again in the next quarter at Fido, Chuck, TD, Scottrade, etc.

Feb 23, 2008 4:57 pm

Your story is pretty much the case…I was in a large branch and saw about 300 trainees get blown out over 6 years.  Maybe 3-4 have survived.  I would say those odds are bad, I would go in a different direction.  This business is dead, especially for new people.  I think once this generation of people 50 years and up now, pass on, this business will be almost extinct.  Pretty sure in 50 years people will look back and say “there were actually people who sold you investment products/ideas and you paid for that”? 

Feb 23, 2008 10:46 pm

As long as people have fear and greed we will have a job. As each day goes by and things are more global the need for a pro gets larger and larger.

Feb 25, 2008 6:05 am

Feb 25, 2008 12:20 pm
fritz:

Your story is pretty much the case…I was in a large branch and saw about 300 trainees get blown out over 6 years. Maybe 3-4 have survived. I would say those odds are bad, I would go in a different direction. This business is dead, especially for new people. I think once this generation of people 50 years and up now, pass on, this business will be almost extinct. Pretty sure in 50 years people will look back and say “there were actually people who sold you investment products/ideas and you paid for that”?



People generally don't like to move accounts and deal with the hassle unless they have a very good reason for it. Therefore, if you are young and make it at a wirehouse, you are in a wonderful position as the successful FA population continues to age===someone has to help manage the accounts of people that retire and/or slow down. Of course not everything is sticky, but ALL the data suggests this business is the opposite of dead. It is just difficult to gain people's trust and therefore there is a limited supply of people who can make a living at it...which is great for those who can.