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Financial Advisor Associate Program

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

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

Pros

The FAA Program is a great place to get your licenses and get the training you need to launch a financial advisory practice. The firm has excellent resources, technology, name recognition. The salary paid during the first part of the training program is important as you try to build your business.

Cons

It is very difficult to meet production goals. Invariably, unless you are part of a team you will not make it through the training program. It is clear that the true goal of the program is to bring in new assets and retain those assets. The trainees are merely cogs in the machine and 90 percent of trainees don't make it - whether it is as the end of year 1, year 2, or year 3. Many go on to other firms and do fine so all is not lost, it can just be a little depressing when you figure it all out.

Advice to ManagementAdvice

You need to revamp the wealth management training program so that you are keeping more of the young blood in the firm. It takes 3 to 5 years to build a viable practice so the firm should lower some of the production goals initially and extend the salary for a bit longer. There should also be better coaching on the team process since ultimately the successful advisors are the ones that are on teams. In this day and age the solo practitioner who can build a business by cold calling is gone. Coach your branch managers on this fact since many of them have been singing the same "back in my day" song for too many years.

Recommends
Neutral Outlook
Approves of CEO
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  1. Spent my day prospecting for new accounts and taking appointments

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Financial Advisor Associate in Ann Arbor, MI
    Former Employee - Financial Advisor Associate in Ann Arbor, MI

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

    Pros

    Total freedom and unlimited income potential. You can run your own business and get excellent training and support along the way

    Cons

    Quarterly quotas are unrealistic and unattainable. You are always worried about losing your job.

    Advice to ManagementAdvice

    Lower the expectations and goals to build enthusiasm for the role.

    Recommends
    Positive Outlook
    Approves of CEO
  2. Great benefits not a lot of mobility

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

    I have been working at Morgan Stanley Smith Barney

    Pros

    Great location, benefits are excellent, small and fun group

    Cons

    Not a lot of room for expansion for the legal team

    Recommends
    Positive Outlook
    No opinion of CEO
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