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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.
Anyone work for Merrill Lynch, Morgan Stanley or other financial?
- Thread starter BucNateR
- Start date
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.
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