Job Title: Intern
Location: Niskayuna, NY
Submitted on: 09-Apr-05
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Job Title |
Business Outlook
Survey |
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Some tasks were great, others were menial and jobs a monkey could do.
For instance, copying was a very boring but necessary task. I sometimes
felt like a paper pusher. Other jobs, like due diligence for clients
were worthwhile. Cold-calling was a very difficult venture, but Smith
Barney has a great reputation and track record to back it up.
I believe the brokering field is somewhat dated and reached its boom in
the 1960s. At Smith Barney alone, there are nearly 12,000 financial
advisors. Not everyone is good. Many people got burned in the
technology bubble and many a portfolio is being salvaged to this day.
The retension rate is 30% after one year, which states something in and
of itself.
I believe the industry is changing and that only the very best will make
it over time; Smith Barney should be one of those firms. AG Edwards,
Morgan Stanley, and Merrill Lynch are others that will likely last.
Smaller firms like First Investors Corp. have less market share and
potential, but are still growing rapidly. There is a flood of so called
financial investors that really are not helping their clients. Smith
Barney, like any firm, has good and bad people working there. Not all
are smart either. The true players are on Wall Street doing the
research that is churned out to these retail branches.
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