Morgan Stanley Reviews in Chicago, IL | Glassdoor

Morgan Stanley Chicago Reviews

Updated August 18, 2017
83 reviews

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Chicago, IL Area

3.6
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Morgan Stanley CEO James P. Gorman
James P. Gorman
26 Ratings

83 Employee Reviews

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Pros
  • Work-life balance is the best out of any job I have seen (in 332 reviews)

  • Morgan Stanley provides their employees with a great work environment as well as senior employees that truly care (in 293 reviews)

Cons
More Pros and Cons

  1. Helpful (1)

    "Consultant"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Institutional Consultant in Chicago, IL
    Current Employee - Institutional Consultant in Chicago, IL
    Recommends
    Positive Outlook
    No opinion of CEO

    I have been working at Morgan Stanley full-time (More than 10 years)

    Pros

    Well recognized brand, strong investment platforms that allow you to utilize outside money managers, mutual funds and ETF's that are priced at competitive level. Strong Institutional devision with Graystone Consulting, that allows financial advisors the ability to select Graystone Consultants that are knowledgable in the $20-$500 institutional space.

    Cons

    Company is not run by people that came from the wealth management. Client experience is not as important to Morgan Stanley as it was in the Smith Barney environment. Managers decision making capabilities in centralized and they branch managers have to manage up. The firm has decided to build its own CRM and performance report which has been very challenging and costly.

    Advice to Management

    Focus on Client experience and service, listen to the employees that service the clients. Stop building multiple large groups that do the same thing and then communicate different messages to the financial consultants. Increase investments to focus on decentralized community philantropic endevours


  2. "Wealth Management Intern"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Wealth Management Intern in Chicago, IL
    Former Employee - Wealth Management Intern in Chicago, IL
    Recommends
    Neutral Outlook
    Approves of CEO

    I worked at Morgan Stanley part-time

    Pros

    Good name, Looks good on resume

    Cons

    New hires do not like their work

    Advice to Management

    Make more of an effort to keep the young talent that enters your firm

  3. "Morgan Stanley - Retirement Planning Internship"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Intern - Hourly in Chicago, IL
    Former Employee - Intern - Hourly in Chicago, IL
    Doesn't Recommend
    Negative Outlook

    Pros

    Learned a lot about financial markets

    Cons

    Not a lot of growth, Not treated well as an employee

    Advice to Management

    Provide more opportunities for interns to grow


  4. Helpful (1)

    "Family and friends first"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Public Aid Advocate in Chicago, IL
    Former Employee - Public Aid Advocate in Chicago, IL

    I worked at Morgan Stanley full-time (More than 3 years)

    Pros

    Flexible if you're a student and show hardworking skills.

    Cons

    Your compatriots try to sabotage you.

    Advice to Management

    Treat employees like professionals and as if it were daycare.


  5. "CSA"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Contractor - Anonymous Contractor in Chicago, IL
    Former Contractor - Anonymous Contractor in Chicago, IL
    Recommends
    Positive Outlook
    Approves of CEO

    I worked at Morgan Stanley as a contractor (Less than a year)

    Pros

    Consistent and great work hours.

    Cons

    Lack of vertical career movement.


  6. Helpful (1)

    "N/A"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Anonymous Employee in Chicago, IL
    Current Employee - Anonymous Employee in Chicago, IL
    Positive Outlook

    I have been working at Morgan Stanley full-time (More than 10 years)

    Pros

    Professional environment, experienced employees and opportunities for advancement.

    Cons

    No regard for loyal, high performing employees with over 10 years experience at the firm. Bonuses/salaries are not competitive with other firms. Support staff is kept to a minimum, which is not advantageous for either employees or clients of the firm.

    Advice to Management

    N/A


  7. "What you would expect from an I-Bank"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Executive Director in Chicago, IL
    Former Employee - Executive Director in Chicago, IL
    Recommends
    Positive Outlook
    Disapproves of CEO

    I worked at Morgan Stanley full-time (More than 8 years)

    Pros

    Full spectrum of corporate cash and non-cash compensation

    Cons

    First and foremost it's an I-Bank and proprietary trader. All other business units are secondary at best.

    Advice to Management

    Morgan Stanley management do not take advice. They're a pedigreed breed that stick to their own.

  8. Helpful (2)

    "Program Manager"

    StarStarStarStarStar
    Former Employee - Senior Program Manager/Engagement Manager in Chicago, IL
    Former Employee - Senior Program Manager/Engagement Manager in Chicago, IL
    Doesn't Recommend

    I worked at Morgan Stanley (More than 3 years)

    Pros

    Challenging work and opportunities; company in streamline mode allowing resources to get involved in areas outside prime roles which is a learning opportunity.

    Cons

    Extremely long hours and lack of management support; as company streamlining folks are let go abruptly and not handled in a professional manner.

    Advice to Management

    Empower your senior resources and support them as needed vs. staying not being engaged nor available as needed. Manage transition in a more thoughtful manner.


  9. "Client Service Associate"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Client Service Associate in Chicago, IL
    Current Employee - Client Service Associate in Chicago, IL
    Recommends
    Positive Outlook
    Approves of CEO

    Pros

    Great work environment. A lot of different teams and advisers to work with.

    Cons

    Hard to use vacation without falling behind.


  10. Helpful (2)

    "Financial Advisor"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Financial Advisor in Frankfort, IL
    Former Employee - Financial Advisor in Frankfort, IL
    Doesn't Recommend
    Negative Outlook
    Approves of CEO

    I worked at Morgan Stanley (More than a year)

    Pros

    Great company, global leader of wealth management. Benefits and training is constant.

    Cons

    Extremely challenging to succeed. Financial advisers are hired for their networks. MS does little to help you with leads. You must find a way to gain clients through cold calling, buying lead lists, networking and working your networks. Failure rate in the first three years is 90% taking into count of sons and daughters taking over father's and mother's book of business, those that have worked as FAs with other companies and those that are new to the business. Finding someone to partner with on their book of business is important.

    Advice to Management

    Work with individuals on a weekly basis to help them plan, access, and succeed. MS invests much in training and benefits. The 90% failure rate is a statement that much improvement is needed. Matching them with a mentor who reviews their daily activity and help them focus on what will work, how they approach it, and help them find what works could improve the failure rate dramatically. Even a 50% failure rate is too much, driving up recruiting costs and loss opportunity. FA turnover also gives clients a bad image for Morgan Stanley. Unless FAs can acquire large amount of assets under management the pay will not be sufficient. Spending close daily supervision of activity company training assets are being wasted. More training is needed to help people connect, gain rapport, bring the client on board and manage the relationship. Very little training in this area. Most training is on financial instruments and that is great. If the company spent the same on the soft people skills training failure rates could be dramatically reduced and client satisfaction could also be dramatically improved.

    This is one great company, but you rapidly get the feeling that they hire many and see who sticks. This puts them at risk for robo-advisers in the long run. Over train the soft people skills and then use the team experts and money managers to satisfy client needs. FAs are the front line people and the reason clients are with MS. Focus on the relationship training from day one, map out daily activities, monitor and help FAs in training succeed.


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