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Anyone work for Merrill Lynch, Morgan Stanley or other financial?
- Thread starter BucNateR
- Start date
FistingIvan
New member
i am on 2 week paid vacation right now, benefits are tremendous
FistingIvan
New member
Ganryu said:
Is that so ? You think so because I made that decision for you, think about it.
A
Apöllo
Guest
The movie boiler room sucked
FistingIvan
New member
BucNateR said:
I work for Merrill Lynch Financial Center in Seattle, Washington. If someone doesn't belive me, go ahead and pay me a visit when I am back in the office on January 6th. My title is a Financial Advisor, I absolutely love my job and plan on keeping it for long time to come.
FistingIvan
New member
Apöllo said:
Fuken piker.
asiansINC1
New member
Know several people on the Street in NYC.
It's long hours but good pay.
It's long hours but good pay.
FistingIvan said:
How long have you been doing this?
What were you doing before this?
How long did it take to get clients?
I was told the first two years I'd have to work:
Mon and Tues: 7:30 - 6:30
Wed and Thurs: 730 - 730
Fri: til 530
Sat once a month....
How are bonuses? How often are they?
How many out of 20 start out actually make it as a FA?
If I do this, I'd be selling my business which has been my life for the last 10 years or so...big decision, I want to make sure I really want to do it!
Thanks again!
FistingIvan
New member
Ganryu said:
Give me a holler when you plan on visiting Seattle again.
Ganryu
Well-known member
Thanks bro. BTW, when I was there a few years ago, I ate lunch at this downtown deli. The workers were rude (in a fun way), and I had the best turkey sandwich I have ever had. Any idea what that place is called. I have been jonesing for some Pagliacci's (sp?) pizza for about 2 years now also.FistingIvan said:
There are so many tiers of "working for" these companies that it is hard to answer your question.
You can't compare working is private equity for Morgan Stanley with being one of those "one client at a time" douchebags. It's two different worlds. Do you want to help a married couple making $65K a year retire by showing them how to ladder Treasury Securities, or do you want to work in capital markets?
What do you want to do? How much do you know about finance?
Usually, without certain educational or business credentials, the only jobs you can really get are things like "financial advisor", which is similar in class and status to "insurance agent". Some of them make money, but you're still a joke.
I get a ton of calls from asset management people. I use a well-known commerial bank that has a private wealth mangement section. I wouldn't even touch a financial advisor, and I'm not rich enough to join a private equity fund. When I am, I will. No one worth dealing with uses "fiancnail advisors" of the type you are considering.
You can't compare working is private equity for Morgan Stanley with being one of those "one client at a time" douchebags. It's two different worlds. Do you want to help a married couple making $65K a year retire by showing them how to ladder Treasury Securities, or do you want to work in capital markets?
What do you want to do? How much do you know about finance?
Usually, without certain educational or business credentials, the only jobs you can really get are things like "financial advisor", which is similar in class and status to "insurance agent". Some of them make money, but you're still a joke.
I get a ton of calls from asset management people. I use a well-known commerial bank that has a private wealth mangement section. I wouldn't even touch a financial advisor, and I'm not rich enough to join a private equity fund. When I am, I will. No one worth dealing with uses "fiancnail advisors" of the type you are considering.
FistingIvan said:
Do I ask for FistingIvan?
Someone I know must have consulted on the movie Boiler Room because alot of those cheesy sales pitches they gave I have used myself when I worked for Lehman Brothers in Atlanta. I never worked for any penny stock firms but the hard sell tactics were very accurate of young brokers. That's why I got out. I just couldn't stomach doing what the guys that did well were doing to get ahead.Dial_tone said:
Do I ask for FistingIvan?
Boiler Room was based pon thie firm Josephthal and Co.
I know a guy who worked there. Cool stories - bags of cash, lots of drugs, outright lies, shell company in mexico.
Stockbroker is pretty low on the end of the financial spectrum though.
MattTheSkywalker said:
Matt,
Parts of this I agree with...I know there is a stigma to being a financial advisor or broker. However, I also know many brokers that work for or have Merrill, Morgan Stanley, and Bank Of America and they are cool people, not as much salesmen/women as those from AXA, Edward Jones, and others...
Actually, Merrill targets people with $1 million and up...in ten years, they'll not even target those, it'll be $10 mill and up.
Thanks, though, I know where you're coming from and it's something I am thinking of before making the leap!
Buc
BucNateR said:
You're overlooking one impotrant thing:
People with over $10M will not allow their wealth to be managed by anyone with less than impeccable credentials.
I get calls from Merrill Lynch as well as other banks - some really top notch investment banks have private wealth mgmt - Goldman, Sachs allows private accounts with $3M and CSFB used to allow it with $1M.
The thing is, those services all provide their clients with people who have advanced degrees from top schools. My friend worked at CSFB and tried to get me to open an account - he has an MBA from Columbia.
You're not going to get anywhere near someone with $10M without those credentials - those people just won't use the service.
See what I mean? No rich peson is going to turn money over just because "Merrill" is pitching them.
PM me if you want.
You will have a chance of getting some "new money" clients with $10million; people who find themselves suddenly wealthy (think internet) and unaware there are real asset managers out there.
For the most part you'll be dealing with anyone who has $10K and is willing to give it to you; preferably he/she will have $100K in the market already and makes their own decisions. You don't want to have to go through their accountant or spouse to get a yes.
For the most part you'll be dealing with anyone who has $10K and is willing to give it to you; preferably he/she will have $100K in the market already and makes their own decisions. You don't want to have to go through their accountant or spouse to get a yes.
i work for an investment banking firm in NJ the pay is good bonuses even better and all benefits are paid for.. the hours can be CRAZY if there is a big deal going on or if "something" has to get done ..
hence this is my 13th hour here.. and im a PROGRAMMER!!!
if you like the field and can stand the hours its pretty cool.. but im already starting to think about another job somewhere else.. CA or FL i think..
it is also a good industry if you are self motivated and willing to bust your ass to improve your own career..
hence this is my 13th hour here.. and im a PROGRAMMER!!!
if you like the field and can stand the hours its pretty cool.. but im already starting to think about another job somewhere else.. CA or FL i think..
it is also a good industry if you are self motivated and willing to bust your ass to improve your own career..
collegiateLifter
New member
Investment bankers are in the same tier of people as lawyers.
TouchingMyBalls88
Banned
It all revolves around lies...
collegiateLifter said:
Pretty general statement, though success as an investment banker can open other financial doors....
OMGWTFBBQ
brobe
All of the good IB firms hire out of my college, unfortunately I don't think I did well enough in school to get into any of them.
I am very close to getting a position at one of the big name hedge funds here - very psyched about that since it is pretty much my dream job.
I would say I'm a few months out.
I am very close to getting a position at one of the big name hedge funds here - very psyched about that since it is pretty much my dream job.
I would say I'm a few months out.
collegiateLifter
New member
MattTheSkywalker said:
I am reffering to them being sharks, a proffession as a whole without ethics or morals other than 'will i get in trouble.'
I was interested in both professions at one time, though i discovered recently that investment banking's deteriorated a lot over the past few decades.
work for morgan stanley here, i work under 2 brokers that pull in some good accounts(200Mil+) basically i help out with the reporting and selecting new funds if they are underperforming, for what i do i'm overpaid and underworked which is always good, education is MBA getting my CFA now might look into getting a CTA....trades for the day TRO, FORM, MSGL, RIMM 65 puts
My firm is not shark like we do not do many deals as we are a small firm working with smaller sized institutions so we tell them to sell if it makes sense for them not for us.. i do agree that across the industry there are many sharks/snakes .. so at least i dont have that guilt.. not that i would really care...
its just the hours and overall craziness that can get to you i think..
its just the hours and overall craziness that can get to you i think..
Mandinka2
New member
OMGWTFBBQ said:
Considering you are located in one of the hedge fund centres of the world that is not such a massive achievement.
Matt - if you're net worth exceeds $20m. you are well in excess of the average private equity investor , particuarly in the indirect market (not my first choice either as it happens). Finally be aware of survivorship/marking to market bias when looking at past returns some of these fund offer.
- Actuary for major reinsurer
OMGWTFBBQ
brobe
Mandinka2 said:
How much does that pay and what sorts of bonuses do you get?
If I can't get this hedge fund thing, then I will be looking at reinsurance since that is big here too.
I'm curious which reinsurer you are with - is it based here (legally)?
Feel free to PM me if you don't want to discuss it on here.
Mandinka2
New member
You bet your tax-havened ass it's big there 2. Let's see , it's pretty much a standard $200k for qualifieds plus bonuses , if you work for a reinsurer then it goes up dramatically cos of volatile profit signatures BUT there is an average time to qualify of 10.6 years for the major professional exam centres so major cojones are required if you want to pull thru quickly. Many of the reinsurers in Bermuda are niche market players writing terrorism and derivative type contracts so if you go down that route I assure you that you will be well placed to go into investment banking if that is your choice. Check your PMs for the answer to your other question.OMGWTFBBQ said:
Mandinka2
New member
Actually , what i meant to point out is that often actuarial work should not be your main goal if you wish to make money - just try and get into reinsurance sales - I have seen slips for $10m. and upwards written on the back of restaraunt serviettes. Best of luck with it. Actuarial work is exactly that - work.
what type of firms are hiring programmers or system analyst/ data modelers/ what not.. these days or will be starting to hire again..
i work for a company now but i am quickly out growing the company... any ideas on where i should move to next.. i would like to stay in the finance realm because i have done
"financial" programming / data modeling for 4 years now ?? and id rather keep expanding in that area..
if anyone has some real ideas or thoughts please post pm or email me
i work for a company now but i am quickly out growing the company... any ideas on where i should move to next.. i would like to stay in the finance realm because i have done
"financial" programming / data modeling for 4 years now ?? and id rather keep expanding in that area..
if anyone has some real ideas or thoughts please post pm or email me
Mandinka2 said:
Mandinka - would be interested to see how many people we might know in common. I am friendly with some people invovled with re-insurance, though it's not their primary business.
As for private equity investors, many of the people I am affiliated with are invovled with much bigger numbers - does your $20M figure refer to the contribution by the capital source(s)?
I'll PM you in the not too distant future.
collegiateLifter
New member
Judo Tom said:
All of the big houses are though.... Goldman Sachs wasn't until the 80's I believe but that days long gone.
Testosterone boy
New member
I have similar sentiments though my experience was at Merrill.Dial_tone said:
Do I ask for FistingIvan?
The first year is hell, don't kid yourself.
Selling a business to be a stockbroker? Personally I would never do that.
I have two small businesses and make about $90/hr working part time. I would get out for a decent opportunity in Australia in a heartbeat but that is a different subject.
My main business is absolutely thriving since I made some changes last year, I just can not see a future for America doing what we are doing.
Good for the optimists, I am a pessimist. Sorry about a slight thread derailment.
Matt....if you read this. You have been out of the Army for three years or so. Making $650,000/yr, how can you be worth $20,000,000? Perhaps I misread something.
Back to brokering, we had a guy who made over a million/year. Biggest asshole I ever knew. Bar none.
Lumberg
New member
sawastea said:
don't blow us away with the answers to his questions bro.
Anyways I worked at Goldman Sachs a while back, they are really into the honesty thing, they like all companies have a Chinese Wall between the borkerage and IB branches and they are sticklers about it.
It's a dog-eat-dog world, if you are genuinely interested in the field do it but once you learn the basics it's not all that interesting. It't all about who you know and positioning yourself, that's not what I'm about. I'm more about substance.
collegiateLifter
New member
Lumberg said:
the motto in investment banking is 'can i get this deal done.'
Goldman Sachs used to not have conflicts of interests with its customers but as mentioned due to reforms in the 80s, it does now. In a dog eat dog world, conflicts of interest mostly lead to dishonesty.
Mandinka2
New member
Hi Matt , sorry for gettin back so late to you - i have been in reinsurance since late 2002 and the actuarial world is quite a closed environment.MattTheSkywalker said:
Yes the $20m. figure refers to the contribution by the capital sources - over 20 investors that's a maximum of $400m. which would be more than sufficient for most development capital/restructuring based funds , and probably far in excess of most venture capital fund requirements.
Like hedge funds there are general capacity limits with full draw downs on commitments never taking place.
It is a buisiness that takes no prisoners. Exposes every element of yourself ..... Think of the movie the Gladiator.
I am a seasoned day trader....
If you do it. Dont let anyone see your emotions. You will get eaten alive. But if you figure it out.... the rewards are tremendous to every part of your life. .... I am talking specifically of working with other peoples money... not daytrading.- oh and day trading--- is not gambling......
I am a seasoned day trader....
If you do it. Dont let anyone see your emotions. You will get eaten alive. But if you figure it out.... the rewards are tremendous to every part of your life. .... I am talking specifically of working with other peoples money... not daytrading.- oh and day trading--- is not gambling......
Testosterone boy said:
I'm not in the $20M range, and a lot of what I do have is equity that is hard to value now (private firms). Maybe when it is sold I can reach some of those numbers.
I have some friends who work in the private equity field (if you;re not familiar with it, think of longer term, bigger dollar venture capital) and I was interested in Mandinka2's take on it.
Mandinka2
New member
MattTheSkywalker said:
My honest take on it is this : only get in unless you have a long standing relationship with those who are working the fund. There are spectacular losses to be made there - but because these funds are sunk they are never reported in the statistics behind private equity fund performance - survivorship bias.
Despite this for a high tax bracket individual such as yourself there are very limited reporting regulations and so it often generates decent net returns despite not doing so on a gross basis over a diversified portfolio.
Additionally there are other biases since the underlying securities are not traded - it's all high risk highly volatile stuff with a huge degree of confidence in the fund mamgers required. Additionally I think the marketing managers receive outrageous commission levels for the amount of work involved (.... another nice little earner for OMGWTFBBQ).
the survivorship levels can vary from around 10% on seed capital to 80+% on development capital.
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collegiateLifter
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MattTheSkywalker said:
come on now matt. What are you doing with equity that you can't value? Gambling?
Mandinka2
New member
That is the definition of private equity - no exit route via the second market. If you are firmly in control of the investment or if you have VERY sound reason to trust the peolpe to whom you delegate that control and believe that they can generate value then these sort of investments can pay off like no other besides flat out gambles (e.g. derivatives or global hedge funds).collegiateLifter said:
collegiateLifter
New member
Mandinka2 said:
Ahhh i suppose that depends on your conception of the definition.
In my book a share of a company has an intrinsic value. The market's "valuation" is an entirely different matter.
Mandinka2
New member
collegiateLifter said:
Equity is "private" when it is not publicly traded. That's why you cannot exit out of it. Typically private equity funds will choose to invest in one or a number of companies , with many of these funds specialising in a specific type of equity capital provision - venture , seed , development , restructuring or buyouts/buyins.
You are correct in saying that a share of a company possesses an intrinsic value since shareholders are entitled to residual profits and assets but that intrinsic value can even be negative depending upon the method of incorporation/construction with Lloyd's syndicates being (in)famous examples of unlimited liability structures. Since these shares are not traded on any exchage then the funds themselves typically derive subjective values of their securities (so called marking to market) , but typically these values do not demonstrate the true volatility of the underlying value or indeed their true worth (hence a bias).
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