| | I was recently enticed away from my firm by another large financial
firm, Morgan Stanley. It's one thing for to apply for a job but it
feels different when others try to lure you away. It gives you a sense
of accomplishment in that others have actually recognized your talent
and skill.
At my old firm, the department that concentrated on Latin and South
America wealth management involved 147 different groups. Even with
this type of heavy competition, we were still the top group.
With Morgan, it seems that they only have about 40 groups. I'm not
sure about the exact numbers but it's almost 1/4th the size since
Morgan spends most of their time concentrating on other sectors. This
is a strong market that they haven't tapped into with force yet.
The deal was enough to pull me away from the firm I was with for almost
8 years if you include my internship. While I'm excited about the new
perks as well as new challenges and opportunity, I do have a sudden
pang of guilt for leaving the firm that took care of me for so long.
One of my downsides (or upside, depending on how you look at it) is
that I'm loyal...almost fanatically at times. I've given the firm an
almost human soul. What makes matters worse is that I had to burn some
bridges in order to make this move. Long story short, I didn't quit
because, in the financial industry, quitting and giving you a two weeks
notice would give the firm time to move your clients to other
advisers. I had to completely catch them by surprise in order to give
them little to no time to react. Once I was at my new firm, I was able
to call the most important clients and "steal" them.
However, the package offered was just that much better. 22% more
money. Higher title. More upward movement. Less competition which
translates into more profit and credit coming due to my group. Not to
mention better technology and back office support.
I look forward to my new position and all it's challenges and perks equally. Time to move to Park Avenue.
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| | Posted 3/8/2008 11:02 PM - 915 Views - 6 eProps - 3 comments
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