Great for getting licenses, poor at training, no real mentoring.
Pros
Probably the best capital markets research anywhere Worked with smart people Payouts were reasonable Client events are great client retention and new business development tools Starting salary is adequate, you just don't know how long you'll be there Fees are transparent but clearly selective
Cons
Where do I start? "Training" is almost all electronic. Industry (including MSSB) typically doesn't mentor at all, but will tell you it does. No marketing except what you pay out of pocket. Managers are almost all also producers who resort to fulfilling their management duties by signing off on compliance forms because they are trying to maintian their own demanding clients too. Too many services. If yu don't walk in with a decent book of business and some expereince already, you're in trouble. There is no hope -only cannibalism from other firms. Where will the industry get new talent when all you guys do is eat your seed corn (new FAs)? What's working today to get new business? No one at MSSB knows (or if they do, they aren't telling). Activities are not enough - you must say the right things on the phone and cause doubt about your prospect's existing relationship or sell FEAR. I was part of a nationwide layoff that downsized FAs regardless of how long they were in production. Some guys were only there 30 days and the decision to layoff came down. Does it makes sense to spend $100K training and licensing someone and then lay them off even before their clients sign the ACAT? MSSB not only doesn't care about it's employees. It doesn't care about clients with less than $1mm. Accounts less than $25K get hit with ridiculous fees and are neglected (a MS decsion, not SB). Technology upheaval. So many problems that C-level Mgt threatens replacing entire division. This is not something easy to fix, but still confounds FAs and clients. No ability for average FA to work remotely and don't bring your laptop to work, or you could be fired and lose your license! No social media for anyone not in the top 5% producers. Ridiculous policy.
