cutting the number of divisions in half tomorrow, who will be left without a seat?

?  Didn’t they just do that a few months ago (8 to 4 divisions)?  I think there are some other things to come down the pike soon, like perhaps more producing manager positions replaceing non-producing.

Has anyone heard of any more MS branch closures?

WHERE are you hearing this stuff from?

current employees. i am a former employee that left 10 months ago

[quote=aldo63]

I hear they are

1.raising the AAA fee to 150 - YES

2. changing the basic account fee to 75  - Yes

3. moving the minimum fee for the choice account to 1500 dollars  - Yes & billing on cash.

4. raising the gold client to 750k - No, $500,000

5. low balance fee raised to 25 dollars a quarter - Yes on households under $25,000.

6. change all IRA's to bank deposits (lower cash balance interest) - Yes, they did that last month.

also I heard they are requiring all personel to wear suits. - Yes.

any updates on this and have they mentioned anything about the broker changes( minimums ect)

[quote=Cowboy93]?  Didn't they just do that a few months ago (8 to 4 divisions)?  I think there are some other things to come down the pike soon, like perhaps more producing manager positions replaceing non-producing.[/quote]

The went from 8 regions to 4 regions.  Now they are going to the next level and reducing the districts from like 24 per region to about 18.

Don’t think so…there are only 22 or 23 districts in the whole country (vs. per region).

[quote=Cowboy93]Don't think so...there are only 22 or 23 districts in the whole country (vs. per region).[/quote]

I do know that they are reducing the districts, but I don't know how many we have.  I was told 16 - 18, is going to be the number, that may be nationwide, I dont know.  The branches that were affected were shuffled around last week to their new districts.

OK, that makes more sense.



But are you sure it isn’t that there are fewer branche/district? Or maybe

fewer producing managers and more offices are satellites of the big offices?

That’s what I seem to be seeing and hearing.



One reason I am skeptical about the # of districts going down–I know

restructuring can be done at the drop of a hat, but didn’t they have to pick

someone to be in charge of each district less than 6 months ago? I hope

they are not that dumb to “promote” those people and then move 1/4 of

them out or to another job already.

[quote=iconsult100]

I do know that they are reducing the districts, but I don't know how many we have.  I was told 16 - 18, is going to be the number, that may be nationwide, I dont know.  The branches that were affected were shuffled around last week to their new districts.

[/quote]

If I'm working in the Syracuse branch, what difference does it make if my branch is assigned to a different district?

How will my life change?

Will my clients care?

None; it won’t; no.

So, it's just background noise?

But wouldn't it be a good reason to salve my ego if I don't close a prospect--or worse, if a client leaves me.  Can't I use the turmoil in our firm as a reason?

what is the net effect of the changes? including the changes to account fees and account minimums and stuff…no big deal? what about the suits thing…doesn’t everybody already wear suits at Morgan?

[quote=Cowboy93]OK, that makes more sense.

But are you sure it isn't that there are fewer branche/district? Or maybe
fewer producing managers and more offices are satellites of the big offices?
That's what I seem to be seeing and hearing.

One reason I am skeptical about the # of districts going down--I know
restructuring can be done at the drop of a hat, but didn't they have to pick
someone to be in charge of each district less than 6 months ago? I hope
they are not that dumb to "promote" those people and then move 1/4 of
them out or to another job already.[/quote] 

Several of the district managers held higher positions at the firm, so they were demoted to District Manager, rather than promoted when we went from 8 regions to 4.  I have no clue how many offices have been affect or why, it was just sprung on us last week.

As for the offices, I've heard some have been merged into others and I would guess that as leases come due, we will see more of the smaller offices go away.  I have heard that many of the non-producing managers are having to go back into production, although I don't know the deadline.

[quote=wanda]what is the net effect of the changes? including the changes to account fees and account minimums and stuff....no big deal? what about the suits thing....doesn't everybody already wear suits at Morgan?[/quote]

The fee increase (which happens nearly every year), the money market changes, etc... just make things difficult for the FAs who have to listen to the clients complain about it. 

The suits.... well, I think everyone should, but they don't.

All the other stuff is just a distraction.

Couldn’t attend town hall…any breaking news?

If you have multiple choice accounts will each one be charged $1500 or will you be able to household accounts and spread out the $1500.  If someone who works at MS could answer the question I would appreciate it.