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Great learning experience but with high expectations and very little support

  • Comp & Benefits
  • Work/Life Balance
  • Senior Management
  • Culture & Values
  • Career Opportunities
Current Employee - Financial Advisor Trainee
Current Employee - Financial Advisor Trainee

I have been working at Morgan Stanley full-time (more than a year)

Pros

-Compensation for study time to focus 100% on series 7, series 66, insurance
-Training sessions at Headquarters in NY and encouragement to connect with successful FA's
-Attempts to build in weekly training sessions at the branch level

Cons

-Position is currently built for older, experienced individuals to succeed. Without an established affluent network, it's difficult to meet the requirements under the given timeline
-Very little opportunity for partnering if you weren't hired for a specific group
-Sink or Swim mentality

Advice to ManagementAdvice

The way the current FAA program is set up, the firm spends a substantial amount of money training individuals to succeed at different firms. It's rare for younger individuals to have an established affluent network, and building one takes time. Compound that with a lack of experience in the investment industry and young FAA's start to hit their stride just about the time they get let go. What's missing is a strong mentorship program. Young FAAs need successful models from whom they can learn effective habits - it's not effective just to provide info. Much of the ramp up time is wasted figuring out effective practices. My suggestion would be to redefine "partnerships" so that established FA's looking to take the next step can take on an FAA as a jr partner without it affecting their compensation and making it an established practice for the majority of new hires. The military follows the "watch one, do one, teach one" model, I think it would be a far more effective use of capital to have an older FA as a consistent resource to a new advisor. It would also build in better day-to-day accountability.

Recommends
Positive Outlook
Approves of CEO
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  1. Things Have Changed For The Worse

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Financial Advisor in New York, NY
    Former Employee - Financial Advisor in New York, NY

    I worked at Morgan Stanley full-time (more than a year)

    Pros

    Interviews were once quick, with only a cold calling test. No business plans, no personality or math tests, no managers strining you along, no group interviews. I suspect bringing on Smith Barney caused the firm to go to hell.

    Cons

    Interviewing has gone to the dogs. This is a firm that desperately wants to be Merrill Lynch. It will never happen.

    Advice to ManagementAdvice

    Give up the wannabe schtick and bring back the professionalism once present.

    Doesn't Recommend
    Negative Outlook
    No opinion of CEO
  2. VP

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Anonymous Employee in New York, NY
    Current Employee - Anonymous Employee in New York, NY

    I have been working at Morgan Stanley full-time (more than 8 years)

    Pros

    Great Firm, Great Culture, Good opportunities to learn and grow

    Cons

    Top heavy. Poor Compensation. Mobility is limited.

    Advice to ManagementAdvice

    Keep the culture. Reduce the heirarchy.

    Recommends
    Approves of CEO
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