MSSB: what is the wait time from verbal offer to actually recieving an offer letter

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Rwarchol5's picture
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Joined: 2010-05-14

Have been given a verbal offer from MSSB, and it has been a week and no offer letter.  I am licensed,  so I need to join an excessing class and thats delaying the start date and offer letter.  Has anybody been in this situation before, or can anybody give a little insight as to how long they waited for offer letter?thank you!

Rwarchol5's picture
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Joined: 2010-05-14

any help would be much appreciated.

wealthnation's picture
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Joined: 2010-04-22

I am in the same boat as you. What did they offer you as a base salary?

FApath's picture
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Joined: 2010-04-04

 If they've decided "yes" already then your followup call to ask for the businss would be welcome, If they've already decided No, then you learn of the objection on the spot but even that is sometimes a tric kto see how yo ucan overcome the objection.You're in sales? You want the job? You believe you've won it?  Have the confidence to make the call as if they are a prospective client.  nothing to lose and everything to gain.  

Rwarchol5's picture
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Joined: 2010-05-14

wealthnation:  offered 45, but negotiated...  when were you give the verbal offer?  Have you been given the go ahead yet?  Were are you located, I am in NJ...

wealthnation's picture
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Joined: 2010-04-22

Rwarchol I sent you an email.

HM Kroesus's picture
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Joined: 2010-05-01

Just had my interview today... Went pretty well, very likely that I may receive an offer in a week or two... Worried about salary offer though as I'm currently on the low-end

newguy44's picture
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Joined: 2008-08-29

My suggestion is this: Make sure you are being hired onto a team. Three weeks ago 120 people were fired by MSSB. The company changed the criteria mid stream and let EVERYONE go from three training classes unless they were on a team. Thank you for brining in a $4 million in new assets in 12 months. Bye now. Be careful what you wish for, and make sure you will be on a team. When I interviewed the BM said teams are the future. I asked if I would be a part of a team. Nope. You will be on your own.  

Young N Hungryy's picture
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Joined: 2010-06-24

Did you guys get the written offer? I have been given a verbal offer and waiting for the written one. They are doing a background check now. How much longer should it take? What other tests do you have to complete after business plan and background check.. drug test, business plan overview, etc? Please let me know. Thanks!

neloza's picture
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Joined: 2010-07-02

I just started the hiring process with MSSB.  Went to branch that is close to my house and talked with the branch manager and that got the ball rolling.  Did the online application and got an email with a link to take an online assessment, after reading other posts it seems like it contains some basic math/sales stuff.  After the online assessment how many more hoops do I have to jump through to get an offer? Thanks

BigFirepower's picture
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Joined: 2010-07-09

newguy44 wrote:My suggestion is this: Make sure you are being hired onto a team. Three weeks ago 120 people were fired by MSSB. The company changed the criteria mid stream and let EVERYONE go from three training classes unless they were on a team. Thank you for brining in a $4 million in new assets in 12 months. Bye now. Be careful what you wish for, and make sure you will be on a team. When I interviewed the BM said teams are the future. I asked if I would be a part of a team. Nope. You will be on your own.   Wow, that bears repeating to folks... I've done this for 19 yrs, and I have never seen a climate worse for starting off new. Working for a team, or successful indy, or going in as a licensed SA is the only possible way to go.

neloza's picture
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Joined: 2010-07-02

I read that thread and did some research and teams is definetely the way to go.  I did not apply at the branch that is close to my home for that exact reason.  I applied at a branch that is two hours away but is part of large metro area and that particular branch has a lot of teams and cooperation among the FAs.  I talked to others there and the more established FAs (3 to 7 years in) are always looking to work with a new guy to do the heavy lifting but at the same time they help the new guy in meeting the required goals.  Same level of help can be found working as part of an established team.

BigFirepower's picture
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Joined: 2010-07-09

neloza wrote:I just started the hiring process with MSSB.  Went to branch that is close to my house and talked with the branch manager and that got the ball rolling.  Did the online application and got an email with a link to take an online assessment, after reading other posts it seems like it contains some basic math/sales stuff.  After the online assessment how many more hoops do I have to jump through to get an offer? Thanks For me, first interview, to first working day was 3-4 months. I hate to tell you this, but it is a long and tiresome process. I was unemployed and a baby being born at the time. Talk about stress! Long time ago, but I'm sure it hasn't changed too much. I'd suggest that you keep pounding pavement, don't be too sure of yourself in landing this gig just yet. The last thing you need, is a month or two to go by, and then have this "sure thing" fall through.

neloza's picture
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Joined: 2010-07-02

I hope things have changed and it does not take 3-4 months.  I was previously going through the Edward Jones circus..excuse me, hiring process and it was insane.  I did a bunch of phone interviews, had to talk to several FAs, administer a survey in my neighborhood then more interviews, after several months of this dog and pony show I took a job as a personal banker because I could not continue waiting around not getting paid, bills were starting to pile up (I was not working at the time).  At least now I am employed and having to wait a few months to go through the process will not be a big deal financially.  And yes, I plan on being a pest on the recruiter and BM (without annoying them) just to make sure they get the message that I am serious about this.  This is a sales job and I figure that if show them perserverance right from the start it will help in convincing them to hire me.

BigFirepower's picture
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Joined: 2010-07-09

Neloza. Any opportunities at the bank you joined? Your description of the Ed Jones hiring process confirms that nothing has changed in 19 years. The stupid Iq tests... do they still ask you if you "spit", or get "really mad" at times? But, once I'd jumped through all those dumb hoops, got my 7, it was as EASY as pie after all that in looking for a different gig over the years. Nobody cared that I had a few credit dings back in the early 90s, and nobody gave a rats butt that I'd never gone to College. The ONLY thing that mattered, was "CAN YOU SELL???".  Oh, yes I can...If you really belong in this biz, man is it great. Now, I work 30 hrs per week, have a long list of industry friends, and I've already played 100 rounds of golf this year. And as of Spring 2009, I'm now Indy and don't have to listen to any more of that stupid Fortune 500 crappola! 

squash2's picture
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Joined: 2010-03-09

BigFirepower wrote:newguy44 wrote:My suggestion is this: Make sure you are being hired onto a team. Three weeks ago 120 people were fired by MSSB. The company changed the criteria mid stream and let EVERYONE go from three training classes unless they were on a team. Thank you for brining in a $4 million in new assets in 12 months. Bye now. Be careful what you wish for, and make sure you will be on a team. When I interviewed the BM said teams are the future. I asked if I would be a part of a team. Nope. You will be on your own.   Wow, that bears repeating to folks... I've done this for 19 yrs, and I have never seen a climate worse for starting off new. Working for a team, or successful indy, or going in as a licensed SA is the only possible way to go. Your posts smell of someone who never prospected..

squash2's picture
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BigFirepower wrote:newguy44 wrote:My suggestion is this: Make sure you are being hired onto a team. Three weeks ago 120 people were fired by MSSB. The company changed the criteria mid stream and let EVERYONE go from three training classes unless they were on a team. Thank you for brining in a $4 million in new assets in 12 months. Bye now. Be careful what you wish for, and make sure you will be on a team. When I interviewed the BM said teams are the future. I asked if I would be a part of a team. Nope. You will be on your own.   Wow, that bears repeating to folks... I've done this for 19 yrs, and I have never seen a climate worse for starting off new. Working for a team, or successful indy, or going in as a licensed SA is the only possible way to go. Your posts smell of someone who never prospected..

BigFirepower's picture
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Joined: 2010-07-09

squash2 wrote:BigFirepower wrote:newguy44 wrote:My suggestion is this: Make sure you are being hired onto a team. Three weeks ago 120 people were fired by MSSB. The company changed the criteria mid stream and let EVERYONE go from three training classes unless they were on a team. Thank you for brining in a $4 million in new assets in 12 months. Bye now. Be careful what you wish for, and make sure you will be on a team. When I interviewed the BM said teams are the future. I asked if I would be a part of a team. Nope. You will be on your own.   Wow, that bears repeating to folks... I've done this for 19 yrs, and I have never seen a climate worse for starting off new. Working for a team, or successful indy, or going in as a licensed SA is the only possible way to go. Your posts smell of someone who never prospected.. So right you are. I had a 100m+ book just handed to me one day. Man, that was just awesome, so easy. And when I started my own firm, 30 days after the bottom of 2009, It all just fell in my lap all over again. No, I wouldn't know the least thing about prospecting, as I'm only inclined to use hapless rookies to prospect for me, then boot them to the curb when it suits me. You got me!

neloza's picture
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Joined: 2010-07-02

BigFirepower wrote:Neloza. Any opportunities at the bank you joined? Your description of the Ed Jones hiring process confirms that nothing has changed in 19 years. The stupid Iq tests... do they still ask you if you "spit", or get "really mad" at times? But, once I'd jumped through all those dumb hoops, got my 7, it was as EASY as pie after all that in looking for a different gig over the years. Nobody cared that I had a few credit dings back in the early 90s, and nobody gave a rats butt that I'd never gone to College. The ONLY thing that mattered, was "CAN YOU SELL???".  Oh, yes I can...If you really belong in this biz, man is it great. Now, I work 30 hrs per week, have a long list of industry friends, and I've already played 100 rounds of golf this year. And as of Spring 2009, I'm now Indy and don't have to listen to any more of that stupid Fortune 500 crappola! Bank were I work does not have a comprehensive FA position available.  I know I can sell and sell through cold calling because I've done it before and had success before as an insurance agent.  In fact that is the reason why I think they have shown an interest in me.  If I get hired,  I know that the first few years is going to be survival mode for me.  I plan on prospecting heavily during that time whether I am on a team or not. 

squash2's picture
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Joined: 2010-03-09

BigFirepower wrote:squash2 wrote:BigFirepower wrote:newguy44 wrote:My suggestion is this: Make sure you are being hired onto a team. Three weeks ago 120 people were fired by MSSB. The company changed the criteria mid stream and let EVERYONE go from three training classes unless they were on a team. Thank you for brining in a $4 million in new assets in 12 months. Bye now. Be careful what you wish for, and make sure you will be on a team. When I interviewed the BM said teams are the future. I asked if I would be a part of a team. Nope. You will be on your own.   Wow, that bears repeating to folks... I've done this for 19 yrs, and I have never seen a climate worse for starting off new. Working for a team, or successful indy, or going in as a licensed SA is the only possible way to go. Your posts smell of someone who never prospected.. So right you are. I had a 100m+ book just handed to me one day. Man, that was just awesome, so easy. And when I started my own firm, 30 days after the bottom of 2009, It all just fell in my lap all over again. No, I wouldn't know the least thing about prospecting, as I'm only inclined to use hapless rookies to prospect for me, then boot them to the curb when it suits me. You got me!Then why say it is impossible to make it unless you join a team?? Tons of advisors are making it right now and not on a team. 

UhOhWhatNow's picture
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Joined: 2010-07-10

Be careful with the team thing...  It works best if you have a disadvantage that you have no control over, like being very young.  You make the calls and set the appointments... then the senior member does the meeting and closes the deal.  There are lots of versions, but new business is usually split 50-50.  The bottom line is USUALLY that an experienced guy wants to grow but doesn't want to prospect.  Unfortunately, it seems pretty common that the new guy doesn't cut it, so what was 50-50 becomes 100 to the senior guy.Unless somebody offers you a "sweet" deal, it seems that people that come in with no disadvantages are better off going solo, but there are tons of variations (like if the senior guy gives you a cut of his existing book) that might still make joining a team a good idea.It's a difficult decision to make and, if it goes sour, and can get ugly.

BigFirepower's picture
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Joined: 2010-07-09

squash2 wrote:BigFirepower wrote:squash2 wrote:BigFirepower wrote:newguy44 wrote:My suggestion is this: Make sure you are being hired onto a team. Three weeks ago 120 people were fired by MSSB. The company changed the criteria mid stream and let EVERYONE go from three training classes unless they were on a team. Thank you for brining in a $4 million in new assets in 12 months. Bye now. Be careful what you wish for, and make sure you will be on a team. When I interviewed the BM said teams are the future. I asked if I would be a part of a team. Nope. You will be on your own.   Wow, that bears repeating to folks... I've done this for 19 yrs, and I have never seen a climate worse for starting off new. Working for a team, or successful indy, or going in as a licensed SA is the only possible way to go. Your posts smell of someone who never prospected.. So right you are. I had a 100m+ book just handed to me one day. Man, that was just awesome, so easy. And when I started my own firm, 30 days after the bottom of 2009, It all just fell in my lap all over again. No, I wouldn't know the least thing about prospecting, as I'm only inclined to use hapless rookies to prospect for me, then boot them to the curb when it suits me. You got me!Then why say it is impossible to make it unless you join a team?? Tons of advisors are making it right now and not on a team.  Tons of advisors are "making it"? REALLY? I KNOW otherwise.... Granted, you're right, my broad brush stroke of "only possible way" is probably not accurate either.  Anyone either dedicated enough, hard working enough, too stupid to quit, or just plain lucky can make it any old time, regardless of rates, market, whatever. Certainly describes me beating my head against the wall for many years.  And it would be poor form for me, or anyone else come on here and give any discouraging words to folks like you trying to make it happen. I'll watch that....

eulamarcia's picture
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Joined: 2010-07-20

BigFirepower wrote:newguy44 wrote:My suggestion is this: Make sure you are being hired onto a team. Three weeks ago 120 people were fired by MSSB. The company changed the criteria mid stream and let EVERYONE go from three training classes unless they were on a team. Thank you for brining in a $4 million in new assets in 12 months. Bye now. Be careful what you wish for, and make sure you will be on a team. When I interviewed the BM said teams are the future. I asked if I would be a part of a team. Nope. You will be on your own.   Wow, that bears repeating to folks... I've done this for 19 yrs, and I have never seen a climate worse for starting off new. Working for a team, or successful indy, or going in as a licensed SA is the only possible way to go. I would agree up until you said the part about the licensed SA. Been one a couple of times and was shown the door when the stuff hit the fan. Said they couldn't afford me anymore...

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