Ms says trainees and new FAs will “gain” from this. Since staying
brokers will accumulate more assets, they may want to focus on HNW
clients and may be prone to sharing smaller accounts (50-75K or less)
and give a break to newbies.



Any thoughts?

I just got into production, hired back in April, I don’t see any “breaks” being given to anyone. No one in our office was let go. They have been very fair with me. It is what you make of it. I am not looking for any handouts. I would rather develop my own client base then have to deal with a client that was unhappy from a previous broker. I am perfectly capable of screwing things up on my own-I don’t need to pick up someone elses mess. Not goal orientated and structured, get out of the business because you are going to get eaten alive! Do your job, hit your goals, service your clients, rinse repeat.

[quote=assetgatherer]I just got into production, hired back in April, I
don’t see any “breaks” being given to anyone. No one in our office was
let go. They have been very fair with me. It is what you make of it. I
am not looking for any handouts. I would rather develop my own client
base then have to deal with a client that was unhappy from a previous
broker. I am perfectly capable of screwing things up on my own-I don’t
need to pick up someone elses mess. Not goal orientated and structured,
get out of the business because you are going to get eaten alive! Do
your job, hit your goals, service your clients, rinse repeat.[/quote]



So much wisdom from a newbie…

[quote=SaySo] Ms says trainees and new FAs will “gain” from this. Since staying

brokers will accumulate more assets, they may want to focus on HNW

clients and may be prone to sharing smaller accounts (50-75K or less)

and give a break to newbies.



Any thoughts?



[/quote]

The only thing I did more than hire trainee’s as a former MS manager, was fire trainee’s. You will be getting accounts that generate no revenue. Pray that a senior broker supports you. The dirty little secret at MS is that 90% of the trainee’s don’t make it. You are just a number on their challenge goals, nothing more. Ask you manager if it really matters to him financially if you suceed? He will not be in that office in five years to reap any of the business you bring in. He has a training number to hit, that is not based on how well you perform. In fact, if you do really well the bonus comes out of his branch’s P&L, which costs him money. Enjoy!!

Hey F-D...

I am condidering the mgm't route at MS...what are your thoughts?

It still is a buddy system. I would tell you to cut a guaranteed deal before you become a manager at MS. They promise the world and do not deliver. Check how MS managers rank in pay against the competition, dead last. It’s a brown-nose culture that Alonso set up for managers, and as long as Burke and Sanchez are there it will continue.

It's hard to cut a deal if it is something you want and they can giv eit to you. 

Are there certain metrics, ratios or the like i should be concerned with when looking at an office to hang my hat re:bonuses and the like?

[quote=F-DPatrick]The only thing I did more than hire trainee’s as a
former MS manager, was fire trainee’s. You will be getting accounts
that generate no revenue. Pray that a senior broker supports you. The
dirty little secret at MS is that 90% of the trainee’s don’t make it.
You are just a number on their challenge goals, nothing more. Ask you
manager if it really matters to him financially if you suceed? He will
not be in that office in five years to reap any of the business you
bring in. He has a training number to hit, that is not based on how
well you perform. In fact, if you do really well the bonus comes out of
his branch’s P&L, which costs him money. Enjoy!![/quote]



Thanks F-D,



I wish I had heard this from you before I took the job. But I like it.
I know the odds are against trainees, but I think it’s worth a shot. I
am confident because 1/3 of my class probably won’t pass the 7/66
(slacking, not studying…), the other 1/3 are too ‘green’, fresh out
of college to make it after the 7/66/31. I am with the remaining 1/3
that have strong chances of passing the 7/66/31/Insur. and decent
chances of making it after the 1st year.



It’s worth a shot, the rewards are worthwhile. You said 90% fail the trainee program… the way I see it, 10% pass!



I have been a top 1% business student, excelled in an outside sales
career during school, and am hungry for a rewarding career. I will make
it.



Thank you for your advice, makes me look at management differently. I hope I’m not being naive, but I have faith I will make it.

I am new to the business, but with the payout % that I have seen, I wonder why anyone would still be in this business after 8 years and only 250k in production?

[quote=ringo][quote=tmorris93]I am new to the business, but with the payout % that I have seen, I wonder why anyone would still be in this business after 8 years and only 250k in production? [/quote] [/quote]

Come on.....if you could make $100,000 per year, by doing as little as possible, why would you leave???? 100 hundred grand is still a pretty darn good income. Do you know how many accountants are killing themselves with 90 hour work weeks, to make a hundy?? Middle managers at companies...same thing.  

[quote=assetgatherer]I just got into production, hired back in April, I don't see any "breaks" being given to anyone. No one in our office was let go. They have been very fair with me. It is what you make of it. I am not looking for any handouts. I would rather develop my own client base then have to deal with a client that was unhappy from a previous broker. I am perfectly capable of screwing things up on my own-I don't need to pick up someone elses mess. Not goal orientated and structured, get out of the business because you are going to get eaten alive! Do your job, hit your goals, service your clients, rinse repeat.[/quote]

Spoken like a true veteran of 60 days in production!! Here is some FREE advice....start looking for handouts!

F-DPatrick

How is Cedero doing?  What about Jeff Schwartz?

I just saw Cedro with a sandwich board outside of McDonalds.  

[quote=moneyadvisor]

[quote=ringo][quote=tmorris93]I am new to the business, but with the payout % that I have seen, I wonder why anyone would still be in this business after 8 years and only 250k in production? [/quote] [/quote]

Come on.....if you could make $100,000 per year, by doing as little as possible, why would you leave???? 100 hundred grand is still a pretty darn good income. Do you know how many accountants are killing themselves with 90 hour work weeks, to make a hundy?? Middle managers at companies...same thing.  

[/quote]

250k in production ain't $100k in gross income. It's more like $80k at a wirehouse.

[quote=SaySo] [quote=F-DPatrick]The only thing I did more than hire trainee’s as a

former MS manager, was fire trainee’s. You will be getting accounts

that generate no revenue. Pray that a senior broker supports you. The

dirty little secret at MS is that 90% of the trainee’s don’t make it.

You are just a number on their challenge goals, nothing more. Ask you

manager if it really matters to him financially if you suceed? He will

not be in that office in five years to reap any of the business you

bring in. He has a training number to hit, that is not based on how

well you perform. In fact, if you do really well the bonus comes out of

his branch’s P&L, which costs him money. Enjoy!![/quote]



Thanks F-D,



I wish I had heard this from you before I took the job. But I like it.

I know the odds are against trainees, but I think it’s worth a shot. I

am confident because 1/3 of my class probably won’t pass the 7/66

(slacking, not studying…), the other 1/3 are too ‘green’, fresh out

of college to make it after the 7/66/31. I am with the remaining 1/3

that have strong chances of passing the 7/66/31/Insur. and decent

chances of making it after the 1st year.



It’s worth a shot, the rewards are worthwhile. You said 90% fail the trainee program… the way I see it, 10% pass!



I have been a top 1% business student, excelled in an outside sales

career during school, and am hungry for a rewarding career. I will make

it.



Thank you for your advice, makes me look at management differently. I hope I’m not being naive, but I have faith I will make it.

[/quote]

[quote=MSdog][quote=moneyadvisor]

[quote=ringo][quote=tmorris93]I am new to the business, but with the payout % that I have seen, I wonder why anyone would still be in this business after 8 years and only 250k in production? [/quote] [/quote]

Come on.....if you could make $100,000 per year, by doing as little as possible, why would you leave???? 100 hundred grand is still a pretty darn good income. Do you know how many accountants are killing themselves with 90 hour work weeks, to make a hundy?? Middle managers at companies...same thing.  

[/quote]

250k in production ain't $100k in gross income. It's more like $80k at a wirehouse.

[/quote]

No......$250,000 gross.....is.....$100k  - $125,000. depending on the account. You LOSERS who make crap up, and spew unfounded information regarding the practices of "the wires" are just ignorant!

AB=37%

Trans=34%

SO if you are 50/50 at 250k, your paycheck would be $88,750...I just want to know where the other $161,250 goes! 

Moneyadvisor-were you born pissed off or did you have to work at it?

i did’nt think anyone noticed??