| Topic Name: |
Fisher Investments? legit or shady? |
| Message Name: |
Former Employee |
| Date Posted: |
07/03/2005 |
| In Reply To: |
I would love to give you my thoughts but.....
It totally depends on what you did at those major firms......and also what position you're applying to at Fisher.
|
| Message: |
I was googling my old firm and came across this forum.
Like all companies, FI has many good/bad attributes.
Bad:
1) Management often treats employees as very expendable. Lots of people get fired but in fairness they are the worst performers. I think FI uses the Jack Welch bottom 10% gotta go strategy.
2) Entry level non-sales positions pay poorly and you get inundated with work. However, after a year or so you can be promoted to a very nice position and pay grade that at most firms would take years to accomplish.
3) A very few people are involved in portfolio decisions. You are talking the Investment Commmittee (Ken, Jeff Silk, and Teufel) and maybe 6-10 or so research people who don't really do research but more implementation issues for clients.
4) Work can be very boring. Entry level sales is mostly cold/warm calling. They asked to receive information either recently or in the past (sometimes the WAY past) and so most know your name. Client services is basically selling the company position and focusing clients on thinking long term rather than focusing on individual stocks. If you can't help yourself from talking about the markets you will not be a good Investment Counselor. Focus on the long term and the company message.
5) Essentially 3 people make portfolio decisions...everyone else is in sales, marketing, or service.
6) Senior management at the firm (except Ken, Sherri Fisher, and Silk) are young(under 40), VERY well paid (since they've been there since the firm was managing like 3 billion and Ken is loyal to people who do a good job for him), and not likely to leave unless they retire. So if you want to be a big hitter at that firm you are probably out of luck though as the firm grown more middle and upper middle management positions present themselves. Only position you can expect to make big six figures or 7 figures (on rare occassions) is outside sales.
Pros
1) Entry level sales pays great and can be a stepping stone ultimately to outside sales which can pay ALOT. It is, however, a brutal job and you really need to be the type of guy who can put his nose to the grindstone and pound pound pound calls all day every day.
2) Investment counselor position is very cushy. The job is designed so clients can reach you most of the time so you don't have a ridiculous # of clients. After a few years you should be making 6 figures. However, if you are not a star there you may find yourself pushed out the door once you start making real money.
3) They have a star system. If you are a top performer believe me you are VERY happy there. You will make plenty of money.
4) Hard work is appreciated. It is not a culture where sucking up gets you promoted...there are metrics for every important position at the firm and you will be judged on those metrics. In fact sucking up actually gets you mocked.
5) The company is very strong in sales/marketing which sets it apart from most companies. Some here have mocked that but if you can't sell your product what's the point? It's not going out of business.
6) You basically have a firm where everyone with 3 years of experience(who has had a normal career progression) there is making 6 figures.
7) Salespeople are provided their leads. No generating your own leads which makes the job much easier.
Why did I leave? I was bored. I felt like a drone even though I was a very good (almost great) performer when I was there. Honestly, unless you wanna do sales this company is probably not the greatest place. But if you are a good (or God forbid GREAT) salesperson I recommend doing everything in your power to get your foot in that door cause you'll make plenty and you are treated as stars (unlike most financial firms where sales guys are monkeys on the phone). If you read Ken and his father's books they really believe having a top notch sales capability is a key component of any dominant company. And the firm is managed as such.
|
|
