Morgan
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Most of the people here who are former Jones people don’t even know what they’re talking about anymore.
Spiff- Once again I give you props for continuing to defend the mother ship. Please respond to my question or B24 or any active FA at Jones. Do you still own your book once a transfer broker comes back to Jones under the new program? Can they leave with the assets that they brought...what about new assets? This is a pivotal distinction that reqires clarification.I guess we were typing at the same time! Thanks for clarifiying.
I believe this a roadblock for many transfer reps to come to Jones. Most wirehouse reps would tell you that they own the relationships. Why would any firm pay for recruiting or retention bonuses if they didn't own anything...[quote=Spaceman Spiff]I’m not going to take offense, but I am going to ask you why you believe that.
You don't say that you've ever been with Jones, so how can you make the Kia/Lambo comparison if you've never driven a Kia? I'm not saying that Jones is a better company than Morgan. It's certainly different. What I am saying is that if you are formulating your opinion of Jones based on what you read here, then you're missing the biggest part of the picture. Most of the people here who are former Jones people don't even know what they're talking about anymore. [/quote] I don't want to start a pointless back and forth with you about Jones versus Morgan (or any other top level wirehouse, assuming anyone can name one these days). I don't know you and I don't have the desire to offend you, and in the very end, it just amounts to opinion. I just wanted to state a widely held view of Jones in the industry.[quote=footsoldier]I guess we were typing at the same time! Thanks for clarifiying.
I believe this a roadblock for many transfer reps to come to Jones. Most wirehouse reps would tell you that they own the relationships. Why would any firm pay for recruiting or retention bonuses if they didn't own anything...[/quote] If that's your logic, then yes, I do own my book. Because if I went to a wirehouse and told them I had $50MM in AUM and $500K T-12, they'd pay me a recruiting bonus too. In reality you only own what you can take with you. If you believe you own you own book, but upon leaving find that half of your clients stay with your last B/D, then you really didn't own it. If you really did own it, you'd have moved the entire thing. Again, this isn't a Jones specific issue. The only Jones issue is the ability to sell your book. I don't know for sure, but I wouldn't think that a MER FA could sell his book to a MS FA. I'm sure MER would have some issues with that. So, in that instance, who owns the book?Spiff, you are a bit behind (not due to Jones this time): SB and MS are about to be one and the same. Therefore, they will be able to handoff at retirement. Between firms—no, can’t be done (not legally anyway).
What are you talking about?
Just kidding. I know about the SB/MS deal. I just wasn't paying that much attention to the companies I was using as examples. So, as far as foot's question about book ownership, in the non-indy world, nobody truly owns their book. They all belong to the mother ship. To prove that point further, what happens to the clients of all these guys from the wires that are getting laid off? Do their clients get laid off too? Nope. They get split up among the wolves who are left after the sheep are slaughtered. If those advisors owned their books, wouldn't they have to receive some compensation for the clients they leave behind?OK…good; wouldn’t want the facts to get in the way of your example (good job editing your post). Yes, accounts “belong” to the mother ships, but clients get a large vote in the matter and each of our goal should be to always take care of people so that they’ll vote our way, if ever necessary.
I don't think any FAs have been laid off (yet). Some either will be axed or squeezed out with a ridiculously low payout. The sheep with a few brains run away in anticipation of the wolves coming, and if they have done a good job, they demonstrate "ownership" of their book by having clients follow them.I just received an offer at MS - 90% up front, with a bunch of back end bogies. Total deal comes to 220%, with a 9 year bind. T12 $800 los 10. But, is it the place to be?Anyone know the pay grid on Morgan and transition package for 500k producer los 8
I just received an offer at MS - 90% up front, with a bunch of back end bogies. Total deal comes to 220%, with a 9 year bind. T12 $800 los 10. But, is it the place to be?[/quote] If you want a wirehouse, yes. Where are you now?[quote=skbroker]Anyone know the pay grid on Morgan and transition package for 500k producer los 8
I just received an offer at MS - 90% up front, with a bunch of back end bogies. Total deal comes to 220%, with a 9 year bind. T12 $800 los 10. But, is it the place to be?[/quote] If you want a wirehouse, yes. Where are you now?[/quote] WS[quote=maddog][quote=skbroker]Anyone know the pay grid on Morgan and transition package for 500k producer los 8
Morgan is the only wirehouse to be at now…
With Smith Barney technology and operations combined with Morgan Stanley’s research and platforms it will be the best place to manage money as a wealth advisor. If you do alternative investments and want the banking platforms you can get that there as well. There are reasons to be at a large national firm especially if you have clients all around the country that want to have a local branch near them.
BC-
Last one standing unitl they need more TARP money! I keep scratching my head trying to figure why reps feel they need the big company behind them when they consistently shoot themselves in the foot. How about the new corporate jets for MS execs with the new hangar...cost to shareholders 18M? I wonder what's going to happen when there aren't any firms competing for talent. Could it be that a different world is coming where FA's actually have to work for our compensation instead of living of retention bonuses. Regionals and indies are in prime position to take market share.Good comment footsoldier. In addition to which, as an indie, you can go after anyone you want to . As a soldier in the new MSSB army, they cant prospect any clients of the 20,000 brokers at their firm.