Morgan Stanley Reviews in Chicago, IL | Glassdoor

Morgan Stanley Chicago Reviews

Updated February 8, 2017
80 reviews

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Chicago, IL Area

3.9
Star Star Star Star Star
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Morgan Stanley CEO James P. Gorman
James P. Gorman
25 Ratings

80 Employee Reviews

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Pros
  • Work-life balance is the best out of any job I have seen (in 293 reviews)

  • Challenging work environment that keeps you on your toes (in 256 reviews)

Cons
  • The work-life balance is similar to that of other banks (in 280 reviews)

  • Long hours to establish business; longer time to establish clientele would be helpful (in 324 reviews)

More Pros and Cons

  1. "Consultant"

    Star Star Star Star Star
    • 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. "CSA"

    Star Star Star Star Star
    • 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.


  3. Helpful (1)

    "N/A"

    Star Star Star Star Star
    • 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


  4. Is this helpful? The community relies on everyone sharing – Add Anonymous Review


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

    Star Star Star Star Star
    • 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.


  6. Helpful (2)

    "Program Manager"

    Star Star Star Star Star
    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.


  7. "Client Service Associate"

    Star Star Star Star Star
    • 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.


  8. Helpful (1)

    "Financial Advisor"

    Star Star Star Star Star
    • 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.


  9. "GREAT PLACE"

    Star Star Star Star Star
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Vice President Capital Markets in Chicago, IL
    Former Employee - Vice President Capital Markets in Chicago, IL
    Recommends

    I worked at Morgan Stanley full-time (More than 10 years)

    Pros

    Professional, Fast paced, Intense, fun, great experience

    Cons

    hard Work, Long Hours, Chaotic, Pressure


  10. "Intern"

    Star Star Star Star Star
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Intern - Hourly in Chicago, IL
    Current Employee - Intern - Hourly in Chicago, IL
    Recommends
    Positive Outlook

    I have been working at Morgan Stanley part-time (Less than a year)

    Pros

    Great opportunities and a great work environment

    Cons

    Being successful in the business is difficult


  11. "Great, Intelligent, Caring People"

    Star Star Star Star Star
    Former Intern - Wealth Management Intern in Oak Brook, IL
    Former Intern - Wealth Management Intern in Oak Brook, IL
    Recommends
    Positive Outlook

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

    Pros

    I was surrounded by people who genuinely wanted to offer the best of service to their clients and guarantee an entirety of services to clients. The workplace had a fantastic culture and people treated me like a valued member of the team. Everybody wanted to get to know me, and I had a great experience.

    Cons

    The on-boarding process is very lengthy. However, the HR rep at our branch was very friendly and easy to work with.

    Advice to Management

    Continue to enable advisers to provide the entire financial picture to their clients. Keep investing in people and try your best to retain the amazing human capital at the Oak Brook branch!



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