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Smith barney4/30/2023 On the other hand, Krawcheck says, it is Smith Barney that is best positioned to hit such a target, because of its early start in catering to high-net-worth clients. It’s also audacious to sketch out such a big goal for a company whose brokers are still reeling from the aftermath of the Wall Street research scandals, in which Salomon Smith Barney’s Jack Grubman became the symbol of client-be-damned, investment bank-driven research. Indeed, last year, Smith Barney’s average gross production per rep fell to $386,000–down from $510,000 in 2000. ![]() It’s not only a big jump for these advisors, who are already among the most productive in the industry, it’s a highly ambitious target at a time when average annual production across the business hovers around $300,000 and when many books are shrinking. That’s where Krawcheck and her team plan to lead Smith Barney reps. "March to a million," she says, mantra-like, although she doesn’t give a time frame to reach this goal. ![]() "A million," she says, pausing to let the number sink in. It’s simple: Krawcheck wants Smith Barney advisors to more than double their average annual production to $1 million. Krawcheck has a plan in mind that will keep them very busy. On the other hand, the 12,500 men and women in Smith Barney’s broker sales force might want to think about going long Starbucks. For someone who has logged a half-million miles in the seven months since Citigroup Chairman Sanford Weill recruited her to restore the credibility of Smith Barney and lead the business through its toughest slump in a generation, doing this sans caffeine is nothing short of amazing. No, what’s really surprising is that she does not drink coffee. It’s not even that she arrived at this position precisely because she was a high-profile critic of Wall Street research long before it turned into a $1.4 billion black eye. It is not her age (38), her gender or her confidence that sets her apart. Barlow explains that although it is a large commitment, spending “about 40 hours a week either in the office or working at home, this internship is a great opportunity and I have enjoyed it immensely so far.Sallie Krawcheck, CEO of Smith Barney, is unique among Wall Street executives. Passing this exam will allow him to become a licensed financial advisor and equities broker. He is also involved in telemarketing with prospective clients and the summer will conclude with Barlow taking the Series 7 Financial Certification Exam. ![]() Barlow is able to attend weekly investment seminars given by market analysts and mutual fund managers which complement his study of multiple investment and marketing strategies. He analyzes the holdings of current and prospective clients while managing his own portfolio, which he currently has with Smith Barney. The internship appears to be a perfect learning experience for Barlow, who is an economics and political science major with a strong foundation in athletics and leadership at HWS.īarlow says that, as a student athlete, he has gained “invaluable traits of leadership, discipline, time management, and most-importantly teamwork- all the while encouraging a competitive spirit.” On campus, Barlow recently completed the Centennial Center’s Leadership program, through which he and his colleagues coordinated a spelling bee at the Geneva Boys and Girls club, volunteered at the Community Lunch Program and spent time on campus with youth from Geneva.Īmong his internship responsibilities, Barlow says he researches various funds and equities and presents his investment suggestions to the financial advisors and branch manager. The job is located in Tempe, Ariz., and is an easy commute from his family in Phoenix. ![]() This summer, Hobart student Michael Barlow ‘11 has landed an internship with Morgan Stanley Smith Barney, where he holds a wide range of responsibilities.
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