The nation's four wirehouses – and their CEOs – fare pretty well among the employees and job candidates sharing thoughts about companies on websites such as Glassdoor and Vault.
Based on reviews by employees and former employees,
Glassdoor.com rates Morgan Stanley, Merrill Lynch, Wells Fargo and UBS AG between 3.2 and 3.6 stars of out a possible five stars.
The results vary a bit more when people are asked whether they would recommend that a friend work at a firm, with about 74% recommending Merrill Lynch and 58% recommending Wells Fargo.
Specific comments about each of the financial firms tend to focus on criticisms, such as long hours or a lack of training, and acclaim for what they've learned or the smart people they've worked with at the firms.
(More: Wirehouses still attracting adviser talent)
Glassdoor.com also allows reviewers to rate companies' chief executives.
GORMAN ON TOP
As of last Friday afternoon, Morgan Stanley's James Gorman had an 87% approval rating, Merrill Lynch's Brian Moynihan had 79% approval, UBS' Sergio Ermotti had 78% and Wells Fargo's John Stumpf had 77%.
Vault.com asks financial professionals questions and ranks the 50 “best” banking companies in terms of quality of life and overall prestige. The 2015 list names Morgan Stanley No. 3, UBS No. 19, Bank of America No. 22 and Wells Fargo No. 26.
The value of such ratings and rankings based on anonymous comments can be debated. But the importance of a company's “employer brand” in attracting and retaining talent – especially in a competitive
hiring market such as the one for financial advisers – is worth considering.
REPUTATION COUNTS
Reputation plays a major role for prospective hires, said branding consultants from ManpowerGroup Solutions. Many job hunters today extensively research employers, and sites like Glassdoor are part of that due diligence.
“While firms can't control what their people say, firms can embrace the idea that people do talk, and try to create an authentic employee brand,” said Sarah Peiker, a ManpowerGroup practice leader and author of a research report on the topic.
Begin by asking employees what attracted them to the firm and what makes them stay, she said. Employers may be surprised that salary usually isn't the most important factor.
What workers wants from their jobs has shifted in recent years to a place where “happiness is trumping everything else,” Ms. Peiker said.
The desire for happiness incorporates salary, respect for high-performing work and opportunities for advancement, she said.
(More: Incentive compensation should align with firm goals)
“Seeking a better employer brand is not a marketing thing,” Ms. Peiker said. “Look at the culture of the company, it's what helps you attract people and keep people.”
ONE FOOT OUT THE DOOR
Ron Edde, a recruiter with Millennium Career Advisors, said that he doesn't put much stock in such sites like Glassdoor.
Typically the people who make comments on such online sites are those who have moved to a different firm or are planning to move, he said.
“You rarely have people reporting how happy they are, they usually have one foot out the door,” Mr. Edde said.
He finds the most valuable way to help an adviser who is thinking about moving from one wirehouse to another is to have the adviser speak to professionals who have already made that particular switch.
Representatives for Morgan Stanley, Merrill Lynch, Wells Fargo and UBS AG either didn't respond to requests for comment or had no immediate comment.
