Morgan Stanley Reviews in Chicago, IL | Glassdoor

Morgan Stanley Chicago Reviews

Updated April 17, 2017
16 reviews

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Chicago, IL Area

3.0
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Morgan Stanley CEO James P. Gorman
James P. Gorman
3 Ratings

16 Employee Reviews

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Pros
Cons
  • There is a tough work life balance (in 296 reviews)

  • Long hours to establish business; longer time to establish clientele would be helpful (in 337 reviews)

More Pros and Cons

  1. 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.


  2. 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

  3. "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.


  4. Helpful (1)

    "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.


  5. "Registered Associate"

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

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

    Pros

    - Good work life balance. Only 8AM - 4:30PM Monday thru Friday
    - Full suite of benefits

    Cons

    - Possibilities for advancement few and far between.
    - Brokers have huge egos and will treat you accordingly.


  6. Helpful (1)

    "Financial Advisor Trainee Program"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Anonymous Employee in Chicago, IL
    Former Employee - Anonymous Employee in Chicago, IL
    Doesn't Recommend
    Neutral Outlook
    No opinion of CEO

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

    Pros

    They pay for all the Licensing fees, Lots of Products, you meet plenty of experienced FAs

    Cons

    Prelicense materials are bad, training Program set you up to fail, churn and burn through the Trainees, Older established FAs don't care about the Trainees, they whole Program does not work.

    Advice to Management

    Scrap the Program and start over. Or a least 6 months of month Zero to learn how to succeed


  7. Helpful (1)

    "Typical Wirehouse environment"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Financial Advisor in Naperville, IL
    Former Employee - Financial Advisor in Naperville, IL
    Doesn't Recommend
    Neutral Outlook
    No opinion of CEO

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

    Pros

    Gives you the illusion you are a valued employee with countless options to become successful, but....

    Cons

    ....not as exactly as advertised. I was lucky, one of the lucky few that realized that once you have the tools to become a successful Financial Advisor you leave quickly when your guaranteed salary expires, to earn a living wage outside as an independent advisor to get away from the elephant in the room, the grid payout. There are no tools or support (especially support from corporate to market for clients) that will make you successful. If you are a Tier 1, other successful Advisors or groups will try to "team" with you to help you build. Or they are actually doing is try to lock up your AUM if you fail or leave, so other advisors don't get access to your book. You also can become a slave to their practice doing all the menial work keeping you from the prospecting you need to do to survive. Hiring you is just a scam for you to bring another 5-10 million of new assets into Morgan Stanley until you fail.

    Advice to Management

    Actually teach the tools needed to become successful instead of training on high capture proprietary products most clients shouldn't really have.

  8. "The experience was constrained."

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Intern in Chicago, IL
    Former Employee - Intern in Chicago, IL
    Doesn't Recommend
    No opinion of CEO

    I worked at Morgan Stanley part-time (Less than a year)

    Pros

    From the short term experience I had, with the small group I worked with, if you like saying you work for a major bank, in a high rise building on the 60th floor, and you get to wear a suit every day, without mentioning, what it is you do or how the atmosphere is when you are at work, this would be recommended.

    Cons

    Such a monotonous and boring routine, no room or trust to handle more demanding tasks.

    Advice to Management

    Get involved with your lower associates, be a role model and seem interested in not only your personal needs.


  9. "job"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Senior Registered Associate in Chicago, IL
    Current Employee - Senior Registered Associate in Chicago, IL
    Doesn't Recommend
    Neutral Outlook
    Approves of CEO

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

    Pros

    close to home
    know what to do

    Cons

    same old job every day

    Advice to Management

    na


  10. "Educational and market driven"

    StarStarStarStarStar
    Former Employee - Wealth Advisor in Chicago, IL
    Former Employee - Wealth Advisor in Chicago, IL

    I worked at Morgan Stanley full-time (More than 5 years)

    Pros

    Valuable experience, educational training, exposure to new areas.

    Cons

    Work life balance, gender gaps, limited opportunities to move up.

    Advice to Management

    Focus on internal growth of employees.


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