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driven's picture
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Joined: 2006-06-22

I would appreciate advice from a seasoned Financial Advisor in regards to my career path.  I was recently let go from one of the top 5 full-service brokerage firms due to a corporate restructure.  I was there for 11 months and it was my first time as an Financial Advisor.  After I passed all of the tests I was thrown out to the sharks.  I met all of the average asset and revenue goals but was still included in the lay off :-( Now that I have experienced the environment of a major firm and how difficult it can be, I want to know if joining another top 5 firm is the right thing to do? I was offered a position with ML, but I'm holding off to make sure that it is the right career decision.  I'm young, 27 yrs. old and want future success not instant gradification.  Where would I be able to build a solid foundation?  A bank BOA, Wells Fargo? ML? Charles Schwab?Please Help! Thanks!

troll's picture
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Joined: 2004-11-29

driven wrote:I would appreciate advice from a seasoned Financial Advisor in regards to my career path.  I was recently let go from one of the top 5 full-service brokerage firms due to a corporate restructure.  I was there for 11 months and it was my first time as an Financial Advisor.  After I passed all of the tests I was thrown out to the sharks.  I met all of the average asset and revenue goals but was still included in the lay off :-( Now that I have experienced the environment of a major firm and how difficult it can be, I want to know if joining another top 5 firm is the right thing to do? I was offered a position with ML, but I'm holding off to make sure that it is the right career decision.  I'm young, 27 yrs. old and want future success not instant gradification.  Where would I be able to build a solid foundation?  A bank BOA, Wells Fargo? ML? Charles Schwab?Please Help! Thanks!
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So you were one of the 500 casualties from Morgan Stanley then?

driven's picture
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Joined: 2006-06-22

Joedabrkr,Yes, I was part of the 500 :-(
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cranky sob's picture
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Joined: 2006-06-15

Don't fool yourself...you were canned for low production. The corp. restructuring was designed to can low producers. Perhaps you don't have what it takes to make it.

tjc45's picture
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Joined: 2005-05-06

cranky sob wrote: Don't fool yourself...you were canned for low production. The corp. restructuring was designed to can low producers. Perhaps you don't have what it takes to make it.
Very possible that driven was let go for low numbers. On the other hand, vets of the majors have witnessed all kinds of political BS that has ended careers. We've all seen people shown the exit regardless of their numbers.
Still, cranky makes a good point. If you were let go because of numbers you need to reevaluate before you continue. What's going to change?
Talk to recruiting ace. A good recruiter can help you evaluate where you are as well as where you want to go.
On your own SB, AGE, RJ, RBC are all good firms. And ML is good too.
 

bankrep1's picture
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Joined: 2004-12-02

The wirehouses are no place for a young guy to start in this business unless they're supporting a team, find a community bank, credit union or independent that will hire you.  I recommend if you want to be in this business long term commit to education get some credentials.  I like the CFP.  Some time at a mutual fund company might not be bad either, but if you want to advise people you need a salary to keep you afloat while you get experience and get older.

driven's picture
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Joined: 2006-06-22

bankrep1,Thanks for your help.  I'm going to look into Wells Fargo's Jr. Financial Consultant position.  Does anyone else have any advice?
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anabuhabkuss's picture
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Joined: 2005-05-02

I have spoken to a few of the trainees with MS and it would be safe to say that a lot of the people that were let go were not on a team. In this day and age, it is crucial that someone young like yourself (and me) be put in a position with someone who has a vested interest to see us succeed.
With that said, you need to look around and find someone with a need for a third wheel. Do not concern yourself with where to go , rather, worry about where is the opportunity and then look at the firm (you don't want to partner up with someone at First Investors or Priamerica...trust me).
Find a team, not a program. Goodluck.

maybeeeeeeee's picture
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Joined: 2005-02-24

First of all, I applaud you for laying it all out there.
Can you say how much revenue and assets you had in your first year?  do you think you could go after any of those accounts.
To start from scratch again would be excrutiating.  I would contact some independent LPL or RJ people by you and ask if they would like some help.  Then negotiate salary and comission.
A bank might not be bad.  Just make sure you are not locked into some small groups of mutual funds. and no stocks.
best of luck and keep us informed.

Soothsayer's picture
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Joined: 2005-02-24

11 months is not long enough in this business to levy a final judgement on someone who is sincere about succeeding, and doing what is right for clients.  There are plenty of million dollar+ producers today who weren't rippin' it up right out of the gate.  I might suggest a bank, Ameriprise, or even (agh!) Eddy Jones.  It's not a bad place to start, just bad place to waste your career.  Good luck!

driven's picture
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Joined: 2006-06-22

Soothsayer,Thanks for your support. 
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JCadieux's picture
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Joined: 2005-01-23

cranky sob wrote:

Don't fool yourself...you were canned for low production. The corp. restructuring was designed to can low producers. Perhaps you don't have what it takes to make it. I don't believe that a failure at MS in the current environment is evidence that you'll never make it.  MS is a very tough environment right now.I've talked to a lot of current and former MS trainees over the past
year.  All of them (both successful and failing) have told me that they
are seeing very little training or marketing support compared to other
firms.Be sure to ask your recruiter or hiring manager at ML about how the training and support will be different at ML.  If he convinces you that you will receive the support and attention that you need, then I say go for it!I should note that ML is one of my customers, so my opinion may be biased.  But the important message here is that Cranky Sob's comments may be a little harsh considering the recent problems at ML.

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