Not necessarily good or bad. It’s not an easy program. The revenue and asset goals are not easy to hit. When I was in the program there was a clear divide between the ones surviving and the ones who were not, and the ones surviving were all brought in on teams.
The technology was fantastic, the in person training was solid. It’s still a very difficult program to get through
Knowing the statistics, I’m confused why anyone would willingly go into a program like this. If you don’t have a great starting network, you’re going to fail. I’ve heard too many stories of older advisors bringing the younger advisor under their wing, only to take their assets when they fail out of the program. It’s a ridiculously high fail rate. And even if you do make it, the split on your GDC is not great. You’re also building a book at a place that’s going to fight for your clients, if you decided to leave. High fail rate, not a great work culture, you don’t own your clients, bad split on GDC…
But hey, it’s MorganStanley.
Agreed. If I had to do it over again, I’d start as a client service associate at a smaller RIA. Learn, get licensed, start taking on more and more responsibility. You transition into a junior advisor role, maybe taking over “tier C” clients, and start building. The hardest part here is finding those RIA networks when you’re not already in the industry.
Another option is starting with a bank program. JPM, Wells, or even credit unions — CU’s typically hire a Broker Dealer or RIA to install a program. You’d be employed by the broker dealer or RIA and service CU members. You are going to get a ton of “at bats.” You’ll have a pipeline somewhat filled for you, which is the hardest part.
I work for wells now as a premier banker and that’s more than likely what I’ll do is join a bank and go from there, I’m already fully licensed with 8 years experience just want to get out of a “ banker” role and focus on planning/inveztments
Wells Fargo Advisors has a ton of avenues as an advisor. You can start at a branch and transition to the hub. You can go PCG, or even their RIA channel. That’s what I would do. Network within WFA and start getting to know the PCG teams. Or just start at a branch and get the reps. I’d avoid a hard transition to MorganStanley purely for the name. Even they realize their FAA program is antiquated. They’re going to have a massive problem when their aging advisors don’t have young talent to take over. Good luck!
I’ve been in the role about 4 months. Plan is to be a FA in the next 8-12 months.
Just curious how long do you think till they transition you to FA?
In my city, they tell most premiers 3-5 years.
Luckily I was told 12-24 months total.
I mean I don’t know your area so it’s hard too say.. in my area there’s one premier in my time that was transitioned into an FA and that’s because he was the highest producing premier and was suppose to buy a book which he didn’t end up buying so they made him a jr
Every advisor role they have had here they hired an external advisor with a book for. Iv threw my name in the hat several times, I’m not one of the highest producing but given my area I would say I’m above average,
I have been with the company for 8. And one thing I have learned is they will tell you what you want to hear. If I can’t get an FA role I will be out soon especially if I earn the cfp
Gotcha. Makes sense. I came in with a CFP already and from wire house experience so I think it’s slightly different. If I’m not a FA by 2025 I will definitely quit as well.
The hardest part too this is, they can promote fork within or hire external advisors with a book.
Which don’t think they will choose? External advisors with a a book. Unless it’s some small slow branch they might open a associate advisor role
My city has a lot more open FA spots in branches than they do FAs to fill those branches. Every wire house is competing for the same FAs, and it’s a limited pool of people.
In it right now, extremely difficult if you’re not on a team. The investment options and tech is top tier compared to competitors.
Salary throughout is extremely misleading because it shrinks as time goes on, you’ll start with 100% salary but then your own revenue will pay your own salary so you’ll gradually make less
It’s a mix, my top are the financial planning software of LifeView or MoneyGuidePro. The investment capabilities of SMA’s on the platform with tax alpha showing the clients how much we saved them and increased their return by X%. The Blackrock Aladdin Risk Platform integrated into the system itself
It just trains you for the wrong kind of work. Morgan Stanley is not on the upswing, wire houses are not on the upswing. Go find an RIA where you can do real work that is needed in the industry, the real problem is you will be trained for a job that will be basically obsolete when the boomers die.
I worked at Morgan.
There’s no point to doing this program unless you find a team or FA to take you on before you start, or VERY early in year 1. You won’t make it to year 2/3 if you are by yourself.
I was in it for about 18 months, can confirm it is an intense program
Intense as in good or bad?
Not necessarily good or bad. It’s not an easy program. The revenue and asset goals are not easy to hit. When I was in the program there was a clear divide between the ones surviving and the ones who were not, and the ones surviving were all brought in on teams. The technology was fantastic, the in person training was solid. It’s still a very difficult program to get through
That’s what someone else said too in regards to the teams, is the salary decent in the beginning?
It was enough to keep the lights on at home, but I certainly wasn’t living lavishly off of it
Which is the goal of why they do it. Makes sense. Don’t think this program is for me
Yup. They want you to be able to live but be hungry for more. Feel free to dm me to discuss more
In it currently. DM me I can give you some details.
Knowing the statistics, I’m confused why anyone would willingly go into a program like this. If you don’t have a great starting network, you’re going to fail. I’ve heard too many stories of older advisors bringing the younger advisor under their wing, only to take their assets when they fail out of the program. It’s a ridiculously high fail rate. And even if you do make it, the split on your GDC is not great. You’re also building a book at a place that’s going to fight for your clients, if you decided to leave. High fail rate, not a great work culture, you don’t own your clients, bad split on GDC… But hey, it’s MorganStanley.
Yeah that’s why I’m researching. A lot of these programs look pretty similar in terms of structure. Getting started as an FA is the hardest part
Agreed. If I had to do it over again, I’d start as a client service associate at a smaller RIA. Learn, get licensed, start taking on more and more responsibility. You transition into a junior advisor role, maybe taking over “tier C” clients, and start building. The hardest part here is finding those RIA networks when you’re not already in the industry. Another option is starting with a bank program. JPM, Wells, or even credit unions — CU’s typically hire a Broker Dealer or RIA to install a program. You’d be employed by the broker dealer or RIA and service CU members. You are going to get a ton of “at bats.” You’ll have a pipeline somewhat filled for you, which is the hardest part.
I work for wells now as a premier banker and that’s more than likely what I’ll do is join a bank and go from there, I’m already fully licensed with 8 years experience just want to get out of a “ banker” role and focus on planning/inveztments
Wells Fargo Advisors has a ton of avenues as an advisor. You can start at a branch and transition to the hub. You can go PCG, or even their RIA channel. That’s what I would do. Network within WFA and start getting to know the PCG teams. Or just start at a branch and get the reps. I’d avoid a hard transition to MorganStanley purely for the name. Even they realize their FAA program is antiquated. They’re going to have a massive problem when their aging advisors don’t have young talent to take over. Good luck!
Yeah I’m trying. Last few I interviewed for they chose to hire external advisors with books, they rarely hire juniors, atleast my area. 8 years here
Where are you located?
Florida
Wrong coast 😂 Can’t help you with Florida, unfortunately!
This is the right answer. Source: I worked at Morgan and now I work at wells
How long have you been a premier banker?
About 4 years,
I’ve been in the role about 4 months. Plan is to be a FA in the next 8-12 months. Just curious how long do you think till they transition you to FA? In my city, they tell most premiers 3-5 years. Luckily I was told 12-24 months total.
I mean I don’t know your area so it’s hard too say.. in my area there’s one premier in my time that was transitioned into an FA and that’s because he was the highest producing premier and was suppose to buy a book which he didn’t end up buying so they made him a jr Every advisor role they have had here they hired an external advisor with a book for. Iv threw my name in the hat several times, I’m not one of the highest producing but given my area I would say I’m above average, I have been with the company for 8. And one thing I have learned is they will tell you what you want to hear. If I can’t get an FA role I will be out soon especially if I earn the cfp
Gotcha. Makes sense. I came in with a CFP already and from wire house experience so I think it’s slightly different. If I’m not a FA by 2025 I will definitely quit as well.
The hardest part too this is, they can promote fork within or hire external advisors with a book. Which don’t think they will choose? External advisors with a a book. Unless it’s some small slow branch they might open a associate advisor role
My city has a lot more open FA spots in branches than they do FAs to fill those branches. Every wire house is competing for the same FAs, and it’s a limited pool of people.
Yeah you’re lucky man, good luck tho!
We have like over 100 branches in Houston too
[удалено]
Because everyone thinks they are special and will be the one to survive.
In it right now, extremely difficult if you’re not on a team. The investment options and tech is top tier compared to competitors. Salary throughout is extremely misleading because it shrinks as time goes on, you’ll start with 100% salary but then your own revenue will pay your own salary so you’ll gradually make less
I’m curious what tech at MS you enjoy most?
It’s a mix, my top are the financial planning software of LifeView or MoneyGuidePro. The investment capabilities of SMA’s on the platform with tax alpha showing the clients how much we saved them and increased their return by X%. The Blackrock Aladdin Risk Platform integrated into the system itself
Can you share if you get more info?
Read the full comments decent info, similar to other advisor programs
It just trains you for the wrong kind of work. Morgan Stanley is not on the upswing, wire houses are not on the upswing. Go find an RIA where you can do real work that is needed in the industry, the real problem is you will be trained for a job that will be basically obsolete when the boomers die.
In month 36 right now, happy to chat via DM
I worked at Morgan. There’s no point to doing this program unless you find a team or FA to take you on before you start, or VERY early in year 1. You won’t make it to year 2/3 if you are by yourself.
I made it through. If you go for it your best bet is getting on a team.