Productive workplace with good benefits but high job turnover
Vice President, Regional Retirement Director (Former Employee) – Gaithersburg, MD – December 2, 2013
Morgan Stanley was a quality Employer that afforded me the opportunity to become a quality specialist in the qualified and non-qualified retirement plan marketplace. The majority of my time was on the road meeting with Financial Advisors, Plan Sponsors and Recordkeeper/DCIO partners. There was a substantial amount of turnover in my position (either through layoffs or counterparts leaving for other job opportunities) which led to very large territories and the challanges which accompanied that size of regions. Sales drove compensation.
Working with some of the best Financial Advisors and Recordkeepers in the business.
Large territories, ambiguity of job responsibilites, inaccurate sales data
Goof name recognition firm. Learned some decent sales skills. Management was OK but catered to the top producers of course. Very competitive, sink or swim culture, but that par for the course in this industry.
Financial Advisor Training Program (Former Employee) – Washington State – November 3, 2017
Bring over a book, buy a book, or work for a relative. 9 out of 10 won't make it past a year without a built-in client base. Little choice in product/solutions for clients with <$250,000. Management still thinks cold-calling can built a book cause it worked for them 15-20 years ago. Little to no web presence for advisors. Good investment research and banking departments. Very little support for new advisors.
Associate (Former Employee) – New York, NY – November 1, 2017
Lots of selfish people especially management who is extremely political and self interested. Constant cliques and dirty politics. Factory style desks. No privacy. Huge turnover which is fully acknowledged and supported by upper management. Uneven workload. You could have nothing to do for a month then work 4 weekends in a row. Sterile workplace, people are very fake. Typical culture is for upper management to blast an email congratulating their department on completion of a project. Lots of smart people. Great junior people.
Poor work life balance, stuffy and sterile, high turnover
Vice President (Former Employee) – New York, NY – November 1, 2017
Excellent promotion opportunities, full of very capable people. Great growth prospects.Technology is not as cutting edge as one expects from an investment bank, specifically on the infrastructure side.
Financial Advisor (Current Employee) – Florence, AL – October 31, 2017
Too much reliance on friends and family for success. Limited by market that I worked in. Unless you have access to high-net worth prospects going in, it is very difficult to earn enough income when starting without any book of business.
Senior Client Service Associate (Former Employee) – New York, NY – October 31, 2017
Overall, a very nice place to work.The FA's are all very friendly. Some of the back office employees were not helpful.I would, though, go back to work for them. A dayn at work starts off with a meeting with my FA. We strategize for the day, what we intend to do. I check the calendar to see if any of the clients need attention. The hardest part of the job is keeping up with the telephone call, they are constant. The best part of the day is 4:00 PM, when the market closes and we can relax.
They promote opportunities for advancement with the company bit only hire contractors initially. After 1-3 years working with the company they may offer you a position or they may have a mass layoff before it is time to promote and increase your pay.
A daily soul sucking grind which I will never be able to truly describe. Meetings which accomplished absolutely nothing and out of touch corporate hierarchy that only cared about meeting numbers and targets.
Senior Service Associate (Current Employee) – Columbia, SC – October 28, 2017
Morgan Stanley is a place where you can learn a lot and work with good people who genuinely care about you. I would like to see more of the New York type job opportunities in smaller cities to help with further advancement.
Director of Firmwide Operations (Current Employee) – Baltimore, MD – October 28, 2017
Morgan Stanley has been a great place to work but the lack of work life balance has created a negative work environment. You have to be able to have a life out of work and as a person with a young family, this has become more and more of a challenge. I absolutely love working hard but the pendulum has swung too far to that side and there is no balance.
A typical work day is at least 10 hours, which is very much in line with the industry and most people seem to be very fine with this. I manage a team in Baltimore and also a vendor team in India. A 10 hour work day is an extremely good day. However, typically the average is 11-12 if not more and currently the hours worked by the team over the course of a month is more in line with working 5-6 weeks worth of hours over the month. There is very little work/life balance which is the stressor for most of my team and the department currently. The problem with this is that it is not just a peak over an end of month period of the end of quarter, it has been this way for a year so most people across the department are at breaking point which is what is driving our attrition.
Workload is partially driven by the product you are supporting and also the location, which as a whole is going through a very tough time as there is direct competition and viable options for other employment which is contributing to the attrition. The problem is, it has continue to go through a tough time for a year and despite the Directors being very vocal and active in playing a part to provide options, ideas and plans of how to proceed there is very littlemore... coming back down the pipeline from senior management.
There has been extremely high turn over across the Director and Officer population and the management is very clearly struggling with the impacts of that. Key person dependency which we have trying to avoid is becoming almost impossible to address. The direct impact on myself has meant that there is very little support from senior management for and across the entire Director population. The analyst and associate population are also being severely pressed due to the continued turn-over at that level as well. Workloads continue to increase because the Firm is very successful and business will naturally increase off the back of that. However, with the turn over happening below and above the Directors the role is increasingly challenging across the board feeding into the above points and statements made.
At the point now where I have to find balance and I cannot find that where I am.less
Vacation benefits are high. 4 weeks paid vacation.
Working private wealth management is not for everyone, but if you're one of them, there is nothing to dislike about this office. The people are great - extremely friendly and helpful - and the view is unbelievable.
Financial Advisor (Former Employee) – Indianapolis, IN – October 25, 2017
they pay for you to study for your series 7/66 no training you will be laid off after 1 year if you fail to acquire $3M in assets under management you should only work here if you think you can acquire $30M in assets under management