500 Financial Advisor Trainess Fired

Being a Financial Advisor is a tough career-as 500 Morgan Stanley trainess found out yesterday.

“These are individuals who were not tracking toward long-term success in the business,” retail brokerage head James Gorman wrote in the memo about the trainees being let go. He emphasized in the memo that the firm is not making reductions among financial advisors at the firm, which currently has 9,500 representatives, and remains “committed to the long-term growth of our sales force.”

“Over the past four years we have trained approximately 7,000 new financial advisors,” Gorman wrote. “While some of these individuals have been successful, many have not, and, in fact, are struggling to establish viable wealth-management practices in a profession that is increasingly demanding and difficult. It is time to evaluate and redesign our training program to increase the chances for success among its participants.”

I know several readers and bloggers have wondered about the viability of becoming financial advisors and thought you might enjoy this inforamtion-this is a tough but rewarding career choice!
Picture credit: LameCards

One Response to “500 Financial Advisor Trainess Fired”

  1. Larry says:

    Being a successful financial advisor is far easier when you ignore big company training. They immediatley teach you to forward YOUR agenda. That’s what sales people do. Professionals, forward the CLIENT’s agenda. That’s why so many advisors fail;people run away from sales people. It’s why financial advisors are not considered professionals, but rather sales people. I teach about this at How to Gain Financial Independence

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