Pros
The benefits were far and away the selling point to work at MS, from the health insurance to the client perks. I had the opportunity to take clients and prospects to hear from experts in the field, usually at high end dining establishments, as well as sporting events. Customer service was very high on the priority list at Morgan, as it should be in Financial Planning. There were extra efforts to cater to the clients beck and call. And almost all of these events were covered 100% by the company. In addition to the events, the Morgan Stanley name provided needed credibility in an unstable investment environment. At the time of my employment, they and Merrill were the only two large investment firms not owned by a bank. In addition to client perks and strong health benfits, Morgan Stanley provided matching gifts to msot charitable contributions and promoted community service, both by sponsoring some local events as well as providing specific dollars if you had a viable pet project in your community. I thought this was great, especially since the DFW market is growing and getting a large number of prospects from other markets on the coasts, where real estate is performing much worse.
Cons
Unfortunately, the client catering came at a price, one that was usually too high. Commission rates were a bit above average, and the constant account fees seemed to nickel and dime clients. As Finanical Advisors, we were provided a small account to help alleviate some of those fees for our larger clients, but it was never enough to completely respond to the concerns of our entire book. There was a tiered fee structure that rewarded larger accounts, but the way it was set up, a client could have as much as $249,999 and still be subject to a $150 fee for their account. I saw this as fairly ridiculous and a bit preventive on the sales side.
