Churn 'em and burn 'em

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Lex123's picture
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Joined: 2006-10-26

We had a couple of upper level MS management thugs visit our SB office for a pep talk.  I've only worked at SB, but I just assumed that all the majors were the same.  If these guys are any indication, we at SB are in for a rude awakening.  They were recommending that the path to success is to plug into the structured product/IPO/ and any other crap that they can pump out of N.Y. to dump on our unsuspecting clients.  It was all very 1980's.  I thought those days were over.  I'm scared.

Coal222's picture
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Joined: 2008-09-29

LOL!!!!!!!!!!!!!!!!

SB is done.. Welcome to MS!!!

ABOM's picture
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Joined: 2008-11-01

the intercapital fund of the month has become the IB structured product of the month. welcome to the mushroom patch.

B24's picture
B24
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Joined: 2008-07-08

I highly doubt it's a reflection of SB as a whole. I can't speak for what the do in NY, but I know a couple guys at SB, and they do pretty typical stuff - MFDs, annuities, managed mutual fund accounts, and a few SMA's. Nothing ecclectic.

Cowboy93's picture
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Joined: 2005-05-10

Reading is fundamental...he is talking about MS culture, not SB.

Advisor238's picture
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Joined: 2009-02-25

Most of what I have seen from MS has been your typical
stuff, mutual funds, etc...

Sportsfreakbob's picture
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Joined: 2008-08-24

I heard the same thing about MS. There was a meeting of a group of SB guys with some MS regional Sales Managers. The MS managers were talking smack about how they were gonna come into the sb branches and teach the brokers how to generate commissions doing bond swaps and how great it was gonna be having that big distribution channel..Sounds pretty scary if your plan is to be at SB for the next couple of years.

Lex123's picture
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Joined: 2006-10-26

That is the phrase I keep hearing -- distribution channel.  I believe even John Mack uttered it on one of our calls.  This is the exact opposite of the client centric model.  Instead of being concerned with the needs and goals of our retail clients, MS (from Mack on down) seems to be much more concerned with the needs and goals of the institutions that are investment banking clients.  Once again retail gets the shaft. 

HAAIC's picture
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Joined: 2009-03-30

Lex123 wrote:That is the phrase I keep hearing -- distribution channel.  I believe even John Mack uttered it on one of our calls.  This is the exact opposite of the client centric model.  Instead of being concerned with the needs and goals of our retail clients, MS (from Mack on down) seems to be much more concerned with the needs and goals of the institutions that are investment banking clients.  Once again retail gets the shaft.  Awwwww....poor baby.

Ron 14's picture
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Joined: 2008-07-10

More great stuff from Hack !

HAAIC's picture
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Joined: 2009-03-30

Ron 14 wrote:More great stuff from Hack ! Failure to thrive at Jones and having to get a job at a bank = HACK

Ron 14's picture
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Joined: 2008-07-10

Talking crap in chat rooms behind a keyboard = Hack

HAAIC's picture
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Joined: 2009-03-30

Trying to sell people what they don't want to buy and wondering why it isn't working = HACK

Ron 14's picture
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Joined: 2008-07-10

I try to lead people towards what they need, not what they want to buy. What people want to buy and want they need is usually the complete opposite.

HAAIC's picture
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Joined: 2009-03-30

Ron 14 wrote:I try to lead people towards what they need, not what they want to buy. What people want to buy and want they need is usually the complete opposite. Who are YOU to decide what they need? How's that working out for you? You failed at jones and now your a bank baby. Hack.

Ron 14's picture
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Joined: 2008-07-10

LOL, look up the term advisor in the dictionary.

HAAIC's picture
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Joined: 2009-03-30

Ron 14 wrote:LOL, look up the term advisor in the dictionary.In which grocery store is your bank branch located?

Ron 14's picture
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Joined: 2008-07-10

The one on the Northeast corner of Chicago Ave and Lake Shore Drive

HAAIC's picture
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Joined: 2009-03-30

Ron 14 wrote:The one on the Northeast corner of Chicago Ave and Lake Shore DriveNo such thing, unless it's in the lake. Kind of like your career.

Conrad Dobler's picture
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Joined: 2009-01-11

Lex123 wrote:
We had a couple of upper level MS management thugs visit our SB office for a pep talk.  I've only worked at SB, but I just assumed that all the majors were the same.  If these guys are any indication, we at SB are in for a rude awakening.  They were recommending that the path to success is to plug into the structured product/IPO/ and any other crap that they can pump out of N.Y. to dump on our unsuspecting clients.  It was all very 1980's.  I thought those days were over.  I'm scared.
 
Sorry, not buying it. Telling people to take a look at SP offerings is one thing, claiming they told you the "path to success" is IPOs, something that's been dead for at least 18 months just isn't believable. You're just not going to be able to make the "SB was interested in the client, MS just wants to pump crap at the client" sale to anyone who knows anything about the firms involved.

Conrad Dobler's picture
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Joined: 2009-01-11

Sportsfreakbob wrote:I heard the same thing about MS. There was a meeting of a group of SB guys with some MS regional Sales Managers. The MS managers were talking smack about how they were gonna come into the sb branches and teach the brokers how to generate commissions doing bond swaps and how great it was gonna be having that big distribution channel..Sounds pretty scary if your plan is to be at SB for the next couple of years.
 
Sounds like watercooler talk from SB guy's who already miss the "good old days" of belonging to Citi. I wouldn't worry about it.

i-add-alpha's picture
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Joined: 2009-04-16

Conrad, you've pegged it pretty well.  It's more about production, no matter how you generate it, and suitability.  MS management will ask you to take a look at those products and use them if they're appropriate.  No way are they trying to change the practice of successful FA's.

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