Morgan Stanley Dean Witter
Here are all of the comments RR heard from Morgan Stanley Dean Witter brokers.
A
"Our equity research is the best, best in the field. Our level of
ethics and integrity is also very high. Our operation/back office is
certainly not the best. It needs work."
B
"Appreciate full-service online."
C
"Research is good and advertising. Need better support in the way of
sales assistants, etc."
D
"Firm has clear sense of where to take firm 10 years and beyond. Trains
brokers to be productive with clear vision of how we will be able to
thrive, add value in the future. The operation assistance is suspect as
is quality of research, but that is a universal complaint."
E
"Market [ourselves] well, [Good] name recognition. Analysts are good,
well respected. No negatives."
F
"Good M&A, aggressive growth. [But] don’t know how they hire
brokers."
G
"[The firm] does things you expect very well. I don’t like the
recent Internet push. I can do without the
‘do-without-your-broker’ packets they’ve sent
clients. [Branch manager] is a fanatic. He smiled at a sales assistant
and said ‘Good morning.’ She said ‘good
morning’ back and he berated her for 20 minutes because she
didn’t smile at him when she said ‘good morning’
back. Guy is a nervous breakdown waiting to happen. He’s facing a
mutiny here."
H
"Research is good. Nothing bad."
I
"They do very little poorly, they’re hell-bent on being
exceptional. Sales assistants’ compensation is poor."
J
"I think we do most things well. One of the premiere firms on the
Street. Research is as good as it gets."
K
"The best thing here is the freedom--the freedom to develop my business
the way I want to. The focus I want on products and sales approach. I
have total freedom, whatever fits my personality. If that means
pursuing certain products or seminars, or cold calling, I have free
rein."
L
"Everyone who was here at Dean Witter before the merger feels much
better. There’s a lot more to this company than there used to be.
The research is better. The products and services are better. The
public image is higher. The internal morale is higher. Morgan Stanley
is just a terrific firm to work for. There’s a synergy. Just look
at stock price. It’s doubled twice since it went public."
M
"Love it here. I have the freedom to sell anything I want, and the
quality of research is great. It’s a world apart since Morgan
Stanley came on board."
N
"There’s a great work ethic here. They don’t pressure us on
what to sell. The client comes first, that’s the message from
senior management. I’ve met our CEO Phil Purcell, and I have
confidence in him and in John Mack, the president and COO. Access to
senior management is excellent."
O
"Their best quality is their research and the timeliness of it.
It’s unbiased and they don’t pull any punches with it.
However, we need more sales assistants. I don’t like having to
pay the salary for the one we use."
P
"CEO Phil Purcell is a genius. He knows where the industry is going and
he’s got great focus. That’s why our firm gets A+ ratings.
The merger with Dean Witter in 1997 helped a lot. We went from good to
world-class with Dean Witter’s institutional power. I like the
new ad campaign ‘Getting Connected.’ We’re tops in
fixed income and munis."
Q
"The industry is changing dramatically and our firm has adjusted to
these changes. However, there’s still some residue from the 1970s
and 1980s--rookies are still encouraged to dial for dollars and they
push cold calling to the new people. The problem is they’re
hiring kids right out of college who haven’t established any
business contacts. It would be better if they hired more people who
have established a network for success."
R
"The firm gives us a much broader range of clients, access to a higher
level of money management. In the past, a client needed a $5 million
minimum to access that level of money management. Now, they’ve
brought the minimum down to $100,000."
S
"I plan on retiring here. I have no personal problems. I anticipate a
long and healthy career. Headhunters have called, but I won’t
talk to them."
T
"I think it’s a fantastic firm. I’ve become a millionaire
working there in the last few years. It’s a very dedicated firm
to its clientele. Brokers are secondary to clients, and that’s
the way it should be. Clients come first. Management is visionary.
They’re going in the right direction."
[Benefits] "That’s a sore spot. I think we should get stock
options."
[Branch manager] "Of all the managers, he’s the best one I ever
had. He cares about clients first."
[Hiring/recruiting] "They’re wasting their money."
[Quantity/quantity SAs] "I would give that a 2 [out of a 10]. We
don’t have enough.
U
"You can tell [by the responses--mostly 10’s] that I love my
firm."
V
"Our name has tremendous clout and name recognition. People will talk
to you when you call. They create a very professional environment for
us."
[Strategic Focus] "The philosophy of providing everything a client
needs, ‘one investor at a time,’ is one of the firm’s
strength."
[Operations] "Sometimes the back office gets a little weak, mistakes
are made, and I find that they’re not getting information back to
us in a timely manner."
[Sales ideas] "There’s actually almost too many ideas but not
many are specific enough."
W
"Between our e-mail capability and our research capabilities, the
constant information we receive and filter out to clients is the best
on the Street. The only downside is that the firm’s growing too
fast and the support system is just catching up with the growth.
It’s not terrible, but these are problems associated with growing
pains."
[Research] "It’s great."
[Quote/info] "Our technology is phenomenal."
X
"We’re pretty high on the scale as far as technology available to
us. We have a lot of analysts who make the star list every year.
That’s one of the reasons our research is so strong."
[Focus] "I like the direction the company is taking, getting away from
a commission base to more of a fee-based business."
[Quantity] "The quality’s good, we just need more."
Y
"The numbers tell it all. This is the best firm on the Street. They are
superior in every category and the stock has shown it. I’ve been
here a long time. I wouldn’t be here if I didn’t believe
they were the best place for brokers and clients."
Z
"We work for the best. We’re world-renowned and with our
investment bankers and outstanding research, it doesn’t get much
better. I don’t think you’ll see too many people leaving
here for the competition."
[Hiring/recruiting] "They are certainly hiring a lot. I’m not
sure if what they’re getting, in terms of quality, is really as
good as it could be. Maybe I set my standards too high."
[Training] "It’s ongoing. You can take advantage of any number of
training programs."
AA
"Lots of freedom, no one looking over your shoulder. We have the
ability to get any and all information we need from the research
department. There’s a lot of enthusiasm among all the employees
here, not just the brokers. The stock prices are doing well so no
one’s complaining anyway."
[Operations] "This could use a little improvement. Sometimes it comes
down to the individual person in the department. Most of the time
they’re pretty good, occasionally you run into someone who is
less qualified, and then you have problems."
AB
"The reputation of the company to the public is very strong. Our
research is also very strong. This is a growth company that has been
great for the stock price."
[Payout] "You always want more, but you have to be realistic."
[Training] "Not as much as I’d like to see."
AC
"We have good, upper management people. I’d like to see better
support, knowledgeable assistants and more of them."
[Strategic focus] "The overall corporate vision is good, they see where
the trend is heading and then they try to help us meet the
future."
[Quality/quantity SAs] "Lousy, but that’s reflective of a strong
market and the difficulty that exists in finding the right, qualified
person to come to work for very low pay."
AD
"The firm is incredibly focused and financially very strong. Our only
weakness is on the sales assistant support side particularly at branch
level."
[Quality/quantity SAs] "It’s a black eye for us. Low pay and high
turnover is not a good combination."
AE
"Compared to our peer group we have a lot more going for us. We have
the resources we need to run our business well, great research, great
products and a great mixture. This bodes very well for whatever we want
to offer our clients."
[Quality/quantity SAs] "Everyone could use more sales assistant
support. I do see improved quality so there’s hope."
[Training] "There are many accelerated training programs, such as
estate planning or 401(k)s, if we want to participate."
AF
"Thirty-four years in the business. This is a prestige firm recognized
throughout the world. The Morgan Stanley name will get you into certain
doors."
AG
"I’m happy as a lark. If I weren’t married I’d work a
24 hours a day. It’s the greatest job in the world. I’m
part of a three-person team."
AH
[Strategic focus] " I’m an old marketing man, and I don’t
think they know what they’re doing. I have a fee-based business,
so some of these questions don’t apply."
AI
"What the firm is doing well? Technology, investment banking,
everything."
AJ
"The payout is not good compared to competitors. We have the best
information, the best strategies. It’s absurd that a discount
broker with no service gets paid better than we do. The public has to
get away from the idea that they can get something for nothing. People
want discounts and wirehouse firms to cut costs by cutting money to
brokers. There needs to be a change in strategy. In this business you
get a lot of professionals handling a lot of money, and you hear on
CNBC about bonuses brokers make. America has more blue-collar
millionaires today, but they have to pay for what they get. You could
go to a car dealer 15 years ago and negotiate a price; now you
can’t do that. We live 45 minutes from the casinos in Biloxi. We
have to change the image that the market is not a gamble. I teach
classes to educate people. Somebody has got to turn this business
around!"
AK
"What the firm is doing well? Underwriting business, IPO and secondary
offerings."
AL
"Mary Meeker getting $15 million last year is a crock--no one is worth
that kind of money except maybe Phil Purcell. We have outstanding
management here; I’d hate to see what our stock would do if
Purcell retired. He’s a real visionary and leader, which is what
any company needs. We are running, not walking, toward the Internet.
Still, our online services are disappointing. I thought we were ready
last October, but I’ve heard lots of complaints from clients
about their statements online [etc.]. I haven’t heard many good
reports."
AM
"We’re well-positioned on the Street; we stay out of trouble.
Need more operations support at the branch level; they’re making
us wear lots of hats."
AN
"MSDW is one of the best firms on the Street. After 27 years here
I’ve seen other firms come and go, and we are definitely a
player."
AO
" I consider us the No. 1 name on the Street [been here 15 years,
entire career as a broker], we’re perceived as head and shoulders
above the rest in retail."
blog comments powered by Disqus
