Pros
- you get paid study time for 7/66 if you pass on the first try - coworkers are usually helpful and nice - the company looks good on a resume if it’s your first gig in wealth management - paternity/maternity leave is generous
Cons
- recruiters and job description are deceitful and don’t accurately portray this job at all - first of all, you aren’t a registered rep for a Morgan Stanley field branch. You work for Morgan Stanley virtual advisors. MSVA is a CALL CENTER job. Get ready to be micromanaged and receive messages from managers that aren’t yours if you’re 5 mins late from lunch or break. All they care about is call queues and the call center metrics. - You have licenses to place unsolicited trades but don’t think you’re gonna be able to have conversations with clients around the current state of the market or specific products (your job is to get them to FA’s for that conversation). You generate the business and don’t see any form of comp for it. Except for a year end bonus that is discretionary and maxes out at ~5k. - the recruiter will tell you once you pass your exams your pay will increase which is deceitful. You don’t get the pay bump until youre trades trained which won’t happen till ~6 months into the job or when the training has available seats - you have to be in the job for 1 year to be eligible to move around MSVA ie leadership, maybe a FA, compliance etc. and a year a half to move outside of MSVA. Don’t think you’re gonna come into the job and move to investment banking because that’s just unrealistic (I heard some new recruits talking about the possible move). - the new hire training is basically useless and just about every account you touch is going to have issues that need resolved. The first 2 months on the phones are going to drive you crazy because the “core training” teaches you how to move money and that’s about it. It’s a chop shop to get you from licensing to on the phone - if you leave they require a two week notice but do not disclose it’s same day exit and MS doesn’t pay out earned PTO (besides a few states) so if you do leave be mindful of PTO/sick time you have saved - the FA position with MSVA is honestly a joke and just another warehouse gig. They can only give advice on certain products because the firm has their own rules for them and the comp has been constricted compared to previous years. They’re also in a call center job so when you call the line they sound just as exhausted as you. Don’t send them a client that’s taking out money though because it goes against their metrics and creates friction. - benefits are average, nothing special - good luck getting PTO approved if it’s not 3 months in advance - if you use your sick time and they notice a “pattern” expect a email about it. But they’ll be the first to preach “oh we believe in using all your time that’s afforded to you.” - you won’t be eligible to work from home until you’re fully trained and your manager approves it. The office is packed so if you don’t show up 45 mins before work good luck getting a seat once you’re out of new hire and no longer have an assigned cubicle