Morgan Stanley Smith Barney

www.morganstanleysmithbarney.com
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1 person found this helpful  

Horrible company!

  • Comp & Benefits
  • Work/Life Balance
  • Senior Management
  • Culture & Values
  • Career Opportunities
Former Employee - Senior Registered Associate in Chicago, IL
Former Employee - Senior Registered Associate in Chicago, IL

I worked at Morgan Stanley Smith Barney full-time (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 ManagementAdvice

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

Doesn't Recommend
Negative Outlook
Disapproves of CEO

506 Other Employee Reviews for Morgan Stanley Smith Barney (View Most Recent)

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  1. 2 people found this helpful  

    Financial Ad visor Trainee

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Financial Advisor Trainee in Boca Raton, FL
    Former Employee - Financial Advisor Trainee in Boca Raton, FL

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

    Pros

    Nice office locations and office decor.

    Cons

    No training and they just want to be introduced to your contacts and steal your book of business and give it to the senior people. All you really are is a low paid-lead generator for the senior people.

    Advice to ManagementAdvice

    Horrible training program. Treat your people better.

  2.  

    Good Training Poor Follow Through

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Financial Advisor in Chicago, IL
    Current Employee - Financial Advisor in Chicago, IL

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

    Pros

    Good training program that allows you to get licensed and trained to be a financial advisor. Co-workers are some of the best advisors in the industry.

    Cons

    Managements lack of understanding of the business. Focus is on top level producers and not trainees.

    Advice to ManagementAdvice

    Focus on the future of the business which are your trainees. Baby boomer FA's are nearing retirement, then what?

    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO
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