The Jerry Maguire of Morgan Stanley

“Fact: The wire houses can not grow their market share in the retail investment market. Stagnant at best and at worst contracting, the situation calls for objective, fresh thinking. Stagnation has led to a system of organized bribes amongst wire houses just to keep their most desirable producers and to attract the most desirable producers from competitors. A truce has been called on litigating these brokers’ departures complete with their customer lists, which in part has led the bribe bidding up higher and higher to unprofitable levels. The current system of paying bribes will hasten the decline of the wire houses.”

A branch manager from Morgan Stanley penned a letter that’s been lighting up the web this week about the death of his firm’s business model, which is now playing out in slow motion. There’s some major soul searching going on here. A Merrill advisor sent it over and mentions that it articulates how many wirehouse veterans currently feel.

Click over to read the whole thing.

Former Morgan Stanley Manager Pens ‘Culture Treatise’ (AdvisorHub)

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