Citi PWM Exodus

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XCitiFA's picture
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Joined: 2009-12-09

That would be risky. If I were leaving this week it would be by Weds or Thurs morning the latest. Even if FINRA is opened on Friday, the 18th, they will be inundated with transfer requests and if they don't get to it by the time they leave, what can you do, you'll be in limbo for 2 weeks............Don't chance it!!

XCitiFA's picture
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Joined: 2009-12-09

Can someone put some names of the departed FA's on here. There is no risk to them once they've officially resigned........ Names and cities where they were located.....................
This is what Citi forced people to do and these people will thank Citi in the end!

shantom1's picture
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Joined: 2009-10-28

I agree, this would be a terrible weekend, they'd be best off going MLK weekend in Jan.

excitr1011's picture
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Joined: 2006-10-19

Did 10 reps really leave from Cali?? Wow

burtonfinancial1's picture
Joined: 2008-09-30

These are hard numbers.. ie... confirmed numbers of those who left last week. There are probably more beyond these that I'm not aware of.  And no,  I will not give names. If you know people in these regions, you're probably already aware of who left. 2 FAs left in Vegas - both went to Wells2 FAs left in the North East- both to Wells  1 FA left in Chicago area- went indy6 FAs in So. Cal left between Thursday and Friday last week- most to Wells Fargo I'm told1 FA in TexasI won't be surprised to see another 12-15 get out by Thursday this week. It's hard to reach clients right  now, but you also have 2 weeks of real down time to focus on reaching key clients. There's good and bad.  FINRA will be heavy with movement from all firms through the week, it's always a big move week historically.  People in this group include: 1) followers- those who won't leave until they see some major players leave. 2) Slow movers.. those who know they're leaving but have to get VERY comfortable with it, 3) Late arrivers.. those who finally realized their cheese has moved. The next wave of movement out of Citi will be the the Fridays leading up to the MLK holiday with the Friday just before the holiday being probably the biggest single move day. Thereafter it'll reduce to a trickle.  I'm sure the Citi brass will pretty much know their go forward headcount for 2010 after the MLK holiday. You'll also see a new push on recruiting around this time as they already realize they're loosing a slew of their potential rainmakers for the "new" model.

shantom1's picture
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Joined: 2009-10-28

3 in NY left on Friday that I know of, 2 to a local bank and I don't know about the third...

bshares's picture
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Joined: 2009-06-30

2 $250-300k producers left for LPL in a North suburb of Chicago on Friday.  If I were an LPL recruiter, I'd be half tempted to randomly visit any decent reps left in the branches.  I mean, it's not like they run the risk of encountering a manager.  When was the last time one of those useless AIMs stopped in to ask how they could help springboard your practice?!  If anything, the recruiter would have to elude bankers to avoid getting lassoed into another checking account.

XCitiFA's picture
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Joined: 2009-12-09

Are there any updates on the exodus?

burtonfinancial1's picture
Joined: 2008-09-30

No new updates on the 'exodus'... maybe a couple left today or go tomorrow, but movement will halt till Jan for the most part.  Meantime... C closes at $3.20... markete has little confidence. I cannot image an easier "I'm moving'" story to tell than that for an FA bailing out of Citi. 

Christo's picture
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Joined: 2009-07-14

Burtonfinancial1, you really need to get over it.  You're in a business where you eat what you kill, you of all people should know that this business is competitive and that you are only as good as your last day.  You sound like a girl that got dumped and you just won't let it go.  This thread needs to end, we all know how you feel about Citi and this "exodus" that you speak of really hasn't occurred.....let it go man.

jay197372's picture
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Joined: 2009-08-04

Its not so easy to get over getting screwed when your company promised you for years it was going to run the business a certain way and then "changes its mind"   and  takes years of hard work away in one fell swoop....   you obviously didn't lose anything from this transition which would make you a manager, a sales assistant or Debbie ...

NOVA's picture
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Joined: 2005-01-11

Christo wrote:Burtonfinancial1, you really need to get over it.  You're in a business where you eat what you kill, you of all people should know that this business is competitive and that you are only as good as your last day.  You sound like a girl that got dumped and you just won't let it go.  This thread needs to end, we all know how you feel about Citi and this "exodus" that you speak of really hasn't occurred.....let it go man.
 
Get over what?  He had good comments re UBS - which turned out to be true - then more about C - which are turning out to be true.  Some of these firms a walling us off, every week another layer of bricks.  It's helpful when your colleagues show you the cracks in the wall or where the next brick is getting placed.

EASY/E's picture
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Joined: 2009-01-13

In my marketplace people have left but they were not on a team. These people had to leave once management decided that they would not have a forgivable draw and would be paid 25% on transactional business.   Those that have been forced onto a team can take more time to investigate their options.  They are feeling the stress but not the immediate pain of not having the income to pay the bills next month out of income vs savings.
One guy (production over 500k) was not invited to be on a team because he was a bit of a douche and not well liked by the senior team member in his area. Another team left before the bigger teams formed. I dont expect an exodus, rather a slow drain over time as people make up their mind as to wether they can succeed in the new environment.  I think some team leads actually want their teamates to leave so that they can keep their books.  I think it sort of depends on who you teamed up with. 
I think more people have left than the ones burton has confirmed.  He does not mention any in Florida and I have heard of at least 4 leaving form there. 

MrBig's picture
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Joined: 2009-02-05

I don't think any team leads really want the teammates to leave. If they do, then they don't get it. The end result will be more profitable for everybody if everyone just builds the fee-based biz the right way. If all teammates pull their weight, then the team lead will make more money as well as everyone on the team. If the teammates don't pull their weight, the team lead isn't really going to have to worry about those teammates because C isn't going to pay the floor to someone not producing. It's all there in the comp plan.

XCitiFA's picture
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Joined: 2009-12-09

Mr Big sounds like a manager holding on to his/her job by a thread until the boom drops. More profitable??? Only for the company! Are there FA's who still believe anything management says?? If they truly believe that this is being done in the best interests of them and their clients, how did they get this far...............

MrBig's picture
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Joined: 2009-02-05

Nope, but XCitiFA sounds like an annuity peddler that had no choice but to leave so he could keep selling annuities somewhere else.

burtonfinancial1's picture
Joined: 2008-09-30

1) I'm not a C broker so I don't have to make the easy decision to find greener pastures2) Don't care who moves or stays.. no dollars in this one- stay, move, same to me. 3) Find it very funny that some douche tells me to end my string? screw you and good luck 4) C brokers are done, whether they recognize it or not, it's not me.. it's your world - go have it! My friends in and outside of C all know how 'baked' that platform is. 5) I'll continue to kick tail in my office either way and continue to share what I know so those who care to hear it, can at least add this to their arsenal of information. I've been around and know too many people who've migrated into bank based and other platforms to keep my mouth shut and say nothing. Have a nice day!

XCitiFA's picture
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Joined: 2009-12-09

Mr big, I left b4 the company screwed me like they're screwing you. If you have kool-aid running through your veins, then good luck to you. Not only do I sell annuities but I also sell managed, fee-based accounts. As a matter of fact, I have the ability to sell anything that I deem appropriate to my clients. The difference is, I don't work for a happy meal B/D where one size fits all.
How can you look your clients in the eyes and tell them that what you did for them before isn't good anymore and now they all have to have fee-based accounts?? Do you really believe a fee-based account is good for everyone except the company? I hope you stay at Citi and I really hope you're there when they package the whole crappy platform and sell it to Schwab or maybe Ja***.
Mr Big is either management or the poster child for what's wrong with our industry (C.A. or F.D.).
Burton....Good for you, don't take any sh*t from these douches, who obviously dont have the balls to be honest with themselves or their clients!! (assuming they have clients or aren't in management)!

Christo's picture
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Joined: 2009-07-14

1) I'm not a C broker so I don't have to make the easy decision to find greener pastures You admit it yourself, so how can you talk about the "exodus" (or the second coming of the demise of Citi)2) Don't care who moves or stays.. no dollars in this one- stay, move, same to me.  Once again, if you don't care, why do you feel that you have to post repeatedly about the evil innerworkings of Citi? The economy changed, therefore the business model changed.  Those FA's that sold annuities here and there and then never spoke to the client again should have expected this.3) Find it very funny that some douche tells me to end my string? screw you and good luck That's very poignant, hit a nerve did I???
 4) C brokers are done, whether they recognize it or not, it's not me.. it's your world - go have it! My friends in and outside of C all know how 'baked' that platform is.  The C broker is not done.  For those that forged a relationship with their client and didn't leave them twisting in the wind after that annuity was slipped to them will do just fine.  The FA who wasn't showed the door has already proved his or herself and will excell in a team environment, and once again, if it's "my world" why do you care? 5) I'll continue to kick tail in my office either way and continue to share what I know so those who care to hear it, can at least add this to their arsenal of information. I've been around and know too many people who've migrated into bank based and other platforms to keep my mouth shut and say nothing. Burt, they come and the go, or like you say, "they migrate".  That is a fact of the business, more power to them and you. 
 
PS  THANKS FOR WISHING ME LUCK, MERRY CHRISTMAS.

burtonfinancial1's picture
Joined: 2008-09-30

Christo,You're great. Keep it up. You've not struck my nerve, but clearly this entire thread has gotten your panties in a bunch. Please do come back over time and continue to tell me I'm wrong when all goes well at C.  Please also throw me some kudos when another 25-35 FAs leave in the coming weeks as they will do. I'm not here to encourage or applaud failure at C. This is the "what's up at firms" section for a reason and I happen to have a good number of friends at C from my years around this business.  You mentioned evilworkings.. I did not and I wonder why you'd slam C in such a way given your clear affinity for the bank.

Christo's picture
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Joined: 2009-07-14

I get a kick out of reading some of these posts, but I think I've heard it all before....oh yeah, Chicken Little! The sky is falling, the sky is falling! All that I can tell you is that the acats are not rolling out and the phones are still ringing off the hook.  I guess we'll have to continue this thread prior to the next long weekend (MLK).  Oh and by the way, Chicken Little is a myth and the sky is not falling.  Mlgone, I'll be waiting for another one of your insightful little quips that don't contribute whatsoever. 

Christo's picture
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Joined: 2009-07-14

This thread sure got quiet.  Isn't MLK day a week from today? Still waiting for the second coming of that "Exodus".

shantom1's picture
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Joined: 2009-10-28

Well, they have lost over 60 FA's year over year.  With only 500 or so I would call that a pretty big move.  They got their checks this week and I know of a few who are going this Friday. 

borei's picture
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Joined: 2009-07-24

Christo wrote:   Isn't MLK day a week from today?

It isn't today.

burtonfinancial1's picture
Joined: 2008-09-30

1) MLK day is a week from today... as you all certainly know! 2) This week, Friday, 1/15 will mark the departure of a number of BIGGER producers.. those on teams and more than likely advisors who've said for months, "I'm going to stick around". 3) MORE will be leaving the following Friday.  Don't trust me.... just check in 12 days from now. 4) There remains an immense amount of uncertainty and C has held their cards close the the vest and they let out bits of info here and there. All part of the game. Been there.. done that.

shantom1's picture
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Joined: 2009-10-28

Funny part is that they still don't know their 2010 payout grids! (as of last week)

XCitiFA's picture
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Joined: 2009-12-09

Tick........Tock!!!

Greenbacks's picture
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Joined: 2004-12-21

shantom1 wrote:Funny part is that they still don't know their 2010 payout grids! (as of last week)
 
 
WOW! You would have to be hard up for a job to stay there

burtonfinancial1's picture
Joined: 2008-09-30

I heard another big producer in Chicago area left late December.. to Cambridge. That makes a couple moves to the indy world by some of the largest upper mid west C brokers. 

mrclutch's picture
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Joined: 2006-09-23

Citi is going to drop another pretty big announcement in the near future that has to do with their private wealth platform.  Can't say anything yet, but remember where you heard it first!

MrBig's picture
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Joined: 2009-02-05

U people for real? Who doesn't know their payout grid? And platform announcement was a long time ago.

Christo's picture
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Joined: 2009-07-14

somehow I think Christo will be the last one at the dance before he realizes the party is over..........

That's funny, at least your wife will be keeping me company at that dance.....

SoapySmith's picture
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Joined: 2010-01-13

tick....tick....tick....

mrclutch's picture
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Joined: 2006-09-23

Mr Big, the announcement about the platform change is totally separate from what has already been announced.  What I'm referring to has not been announced yet, trust me.

SoapySmith's picture
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Joined: 2010-01-13

tick....tick....tick....

shantom1's picture
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Joined: 2009-10-28

So, do you think Citi has someone stationed if front of the fax machine?

burtonfinancial1's picture
Joined: 2008-09-30

some BIG FAs at C are rolling out today. Some have bounced on East coast already.. by end of day, C will have lost some key players. A couple of recruiters both said they're aware of over $2B in AUM attached to today's FAs in motion.  What's interesting is that these big FAs are going to wires like Merrill, UBS, WFA, etc.  Think anyone in NY even noticed? 

burtonfinancial1's picture
Joined: 2008-09-30

SORRY... I have been duly corrected by a couple insiders Pm'ing me.. thanksSo FAR.. I and stress so far, I've been told that a confirmed $4.6B in AUM has LEFT Citi in NY and in the Midwest TODAY alone. 3 of the biggest players and some other team members left in NY, UBS was the big recipient so far. I hear ML is killing it in CA and has some big movement happening there, but it's obviously early in the day.  ML was reported to be writing the LARGEST check anywhere for the $500k+ guys.  

NY Guy's picture
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Joined: 2010-01-14

A friend of mine at Citi said they lost 3 people from his region today. 2 from long island I think and 1 from brooklyn. 1 did 2 close to 2 mill I think another did around 1 mill and another did around 750k.

I called another friend who is a real big citi guy to confirm from him but havent heard back from him yet

burtonfinancial1's picture
Joined: 2008-09-30

Confirmation on the NY guys.. 3 at least today. Some left in CA, TX and IL today as well, not sure on numbers there exactly. 

shredder's picture
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Joined: 2007-06-04

$2.4MM team of 5-6 in Westchester/Putnam County left last week for WF Advisors....(poor saps)

shantom1's picture
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Joined: 2009-10-28

Henry? Ted?

TickTock's picture
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Joined: 2010-01-16

5+ left today in Chicago, moved all of the lead guy's assets to a new 2009 hired hack from LaSalle/BofA (screwing the guys who have been there for 10 plus years). New hire wasn't even on a team. Other guys clients are being called by the "team leader" - no one else trusted to call the clients. Chicago had 70 FAs on 12/31/08, now down to 25 and ticking.   Time to arrange another all day downtown meeting with the big cheese from New York to remotivate the last of the crew. Starting to look like Survivor, except the players vote themselves off the sinking island. Terry Dial's 2009 new hire has clearly had impact! oops Ms. Dial got canned this week! Must have been another "client centric move.
 
PS. CPWM FA's are not authorized to use a fax machine, nor their CSA.

SoapySmith's picture
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Joined: 2010-01-13

hehehehe.......

excitr1011's picture
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Joined: 2006-10-19

What's next? For the folks that stay , at least for now... Does this thing fold?

SuperGal's picture
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Joined: 2010-01-15

They can all move to Texas and work at the call center cuz that's where all the accounts will be housed.

excitr1011's picture
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Joined: 2006-10-19

Haha... Your right....

TOP BROKER's picture
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Joined: 2006-06-18

mrclutch wrote:Citi is going to drop another pretty big announcement in the near future that has to do with their private wealth platform.  Can't say anything yet, but remember where you heard it first!

TOP BROKER's picture
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Joined: 2006-06-18

mrclutch wrote:Citi is going to drop another pretty big announcement in the near future that has to do with their private wealth platform.  Can't say anything yet, but remember where you heard it first!
mrclutch,
Just wondering when you expect this big announcement???

Vikram Pandit's picture
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Joined: 2010-01-23

What is Fifth Third offering in Chicago?
S.H. (Loop) 1/8
M.S. (Loop) 1/8
G.G. (Buffalo Grove) 1/15
D.O. (Schaumburg) 1/15
G.B. (Chicago) 1/7
M.C. (Loop) 11/19 (I canned him)
S.M. (Calumet City) 11/04
S.B. (Chicago) 11/17

Their has to be more at Fifth Third then just the chance to work with Maria Holmes?

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