Morgan Stanley Smith Barney Reviews in Chicago, IL Area

Former Employee – worked at Morgan Stanley Smith Barney full-time for more than 10 years

Pros – None to praise about after joint venture with MS. Things just went downhill fast!

Cons – - Healthcare was changed Blue Cross Blue Shield to United Healthcare for benefits... costs went up as well
- Technology and policies cumbersome
- Management does not listen... it's all about the bottom line
- No room for advancement at branch level- approached management to try something new in career- was constantly told... yes we'll work on that, and yet nothing happened. Just getting lip service
- at mercy for advisors to pay you extra and bonuses. Firm base salary very low
- It's all about the FA"s.... operations and other staff are a line item... extra cost for the firm.
- no recognition for doing good work
- absolutely no flexibility for work/home life balance. Only the FA's get that luxury.

after the merger, things only got worse, horrible management, backwards policies, more paperwork.
Overall stressful place to work in. After 15 year at Smith Barney, it was time to leave. Leaving the firm was my own personal decision. It was a dead end job to nowhere.

There was also frustration with FA's in the office as well, they were not listened to by management.
Payout was decreased.... for certain accounts. They are all for pushing their own MS products.
Also frustrating to FA's was the abundance of fees being charged to clients with assets lower than a million.
MS is trying get into Wealth Management and get the million and over clients.... majority of millionaire clients are already established. There first choice would not be MS.... most wealthy affluent people manage their assets with other high end banks that do cater to the rich no fees, elegant offices etc.

MS is a wanna be and they should just give up......

Advice to Senior Management – Recognize your employees for a job well done--- whether it be a lunch, bonus, extra time off.

More flexibility for operational staff and support staff- with work and home life balance.

Increase pay!!!!--- the only people you pay well are the fat cat FA's and managers with insane salaries and bonuses.

Listen to your employees.... however... I take it most of the management are "Yes" people for corporate in New York

No, I would not recommend this company to a friend – I'm not optimistic about the outlook for this company