Citi PWM Exodus

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Fat1's picture
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Joined: 2010-09-09

Hey Has C shut down this stupid program yet?  still have an EFL to settle but they keep on pushing back the arb date.  i left because they are a bunch of liars and went back to the wire side.  %#$% em.Any update appreciated  

burtonfinancial1's picture
Joined: 2008-09-30

There's been some movement out.  A broker in NY left a few days back for UBS I heard.  Another in CA left last Friday, not sure where just yet.  It's just a slow burn now, one here and one there.

XCitiFA's picture
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Joined: 2009-12-09

Fat1,It's just a matter of time. Does anyone have a current update on the switch to Pershing?Rumor is they're not just changing broker dealers but they're folding the whole program into Pershing (BNY Mellon).  Impossible to be profitable with more back office staff then reps......especially with the reps that stayed.Anyone.................?

Buddy Light's picture
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Joined: 2010-04-07

Ahhhhh. Here we are, days are getting shorter, beaches are closed and were all back at our desks! Woo hoo a smaller rep, as mentioned earlier, fled cpwm for the sands of UBS. It was taken notice by tiny Tim and the sr vp's. A sign of panic for a 350m producer? Very interesting- the exact ppl citi was trying to rid itself of. Alas a new rep joined a team in manhattan! He was a "HUGE" producer at chase and was in the process of bringing over a few pennies before chase sent out their gracious TRO. Nice job. I wonder how they sold this pile of s$$t to this mega producer. Sounds more like a clown in a suit. He will fit in. Pershing is looking disastrous. CPWM really has a grip on the future. :(~D===========8. Guess whose mouth it's in?

React speedily to reality
You can't wish it would go away
Invest in your future-
Lewis Booth CFO Ford

Buddy Light's picture
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Joined: 2010-04-07

Alright, I'll tell you. It's in Debby does Dallas's mouth!!! She's a nice girl.

Fat1's picture
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Joined: 2010-09-09

music to my ears- seems every day that goes by any news that comes out is shit.  I want to see this group burn as I have never worked with a bigger bunch of liars than CITI.  their HR was shit, their management was a bunch of bank guys who dont know shot about being an FA then I hear this crap about them trying to peddle accounts off to an RIA to get a cut?  WTF is that?  great- try to close an account and hand the relationship over to some other guy- what a model!!

XCitiFA's picture
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Joined: 2009-12-09

Has anyone heard any recent rumors about CPWM?It has been a while.............................

TickTock's picture
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Joined: 2010-01-16

Very curious, did CPWM go after anyone in a serious way to slow down or stop them from moving assets to a non-protocal firm?   Like another bank?  Most FAs who left got one letter 4 to 6 weeks after leaving, and then another letter 2 to 3 months later once sizable accounts starting moving. But I don't know anyone who ended up in arbitration or with a court order to stop.....

XCitiFA's picture
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Joined: 2009-12-09

TickTock wrote:Very curious, did CPWM go after anyone in a serious way to slow down or stop them from moving assets to a non-protocal firm?   Like another bank?  Most FAs who left got one letter 4 to 6 weeks after leaving, and then another letter 2 to 3 months later once sizable accounts starting moving. But I don't know anyone who ended up in arbitration or with a court order to stop.....Tick Tock,Are you new to the business?? I ask this question to figure out why you would go to a Non-Protocol firm and even more importantly, why another bank program??If you have clients that will follow you, and you've been at C for a few years............ GO INDIE!!!Why deal with this nonsense everytime the bank programs change their (Minds, Structure, Payouts....etc.)? Or better yet, they assign a new "Manager" who "doesn't like you" and wants to change your location........Take control of your destiny and build your business for you and your family....Not for another big corporation that doesn't give a crap about you or your business. If you have any questions, feel free to ask them and I will be happy to offer my advice, and  i'm sure others will help too.Good Luck!!

TickTock's picture
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Joined: 2010-01-16

XcitiFA - thanks for your concern. Very happy where I landed, was doing $500K to $550K for previous 4 years at Citi, after 7 months in production at new firm - just hit $600K with higher payout. So, working like a dog, but quite satisfied ....end of year, time to circle back on those clients left behind....

XCitiFA's picture
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Joined: 2009-12-09
XCitiFA's picture
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Joined: 2009-12-09

McWhinney's Out!!Anyone with insight as to why they would move someone who was so "Successful" in changing the program?What do the current reps think about the move to Pershing?? Is it a positive or a negative?What is client reaction??Thank you.....

TickTock's picture
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Joined: 2010-01-16

Deborah McWhinney, who led a controversial restructuring among Citigroups bank brokers, is moving into a non-advisor role at the global financial giant. McWhinney, ...newly-created position as head of global digital merchant acquiring. She will oversee the banks efforts to help large multinational clients process online, mobile and digital transactions....Retire again! Sounds like a Private Bank personal banker - no license required! LOLBank brokers at Citi left in large numbers starting in 2009 after the bank sold a majority of its Smith Barney brokerage as part of a joint venture with Morgan Stanley. McWhinney, who joined Citi in March 2009, steered the remaining bank brokers toward a fee-only advisory system that involved joining teams or facing a cut in their payout. The bank advisors� numbers dropped from 553 in June 2009 to 307 in February 2010. Most likely even lower. Chicago went from 70 to about 10, Vegas from 10 to 0.Two things that Citis advisors were expecting to come to pass have not done so  yet. Commission-based business continues at Citi, although brokers had concerns it would be dropped by this year. Exactly what Tiny Tim said!  We encourage the advisors to use fee-based because we want them to have an ongoing relationship with clients and have clients in longer-term portfolios. Our intention is to keep the commissions as part of how we do business with clients, McWhinney said. That was always the strategy,... Serious bull crap, she said the opposite in the press and press releases.The other issue that troubled Citi advisors was the banks plan to refer clients to outside RIAs who would pay Citi a fee based on the assets that came over. McWhinney said the plan is on hold as the result of a U.S. Department of Labor ruling last fall regarding the management of retirement assets.  What a crap of lies! There is no ruling against managed accounts for IRAs.Bottom line is the bottom line - disaster - costs are up, revenue is way down. She Fiddled while Rome burned and burned.  Looks like its been set up to sell the assets to anyone who custodians with Pershing and has $10 to take over the headaches.Excellent case study for Harvard Business School or Sloan. How to stear a new course into the rocks with no feedback from the sales organization and surround yourself with yes men/women.

Sportsfreakbob's picture
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Joined: 2008-08-24

Most corporate employees are just useless smoke and mirrors in nice suits. This woman is just another example.

XCitiFA's picture
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Joined: 2009-12-09

Tick Tock,Isn't it amazing the bullcrap back tracking they're doing now that the "Model" is a failure??Anyone else have any insights about the current state of CPWM?? Please feel free..................

Mcwhinney eats it's picture
Joined: 2010-03-23
Popeye $'s picture
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Joined: 2009-06-30

How do you destroy one division of a company and then get a second chance with another division?This broad is like the kids of some wealthy clients, when you wreck your Mustang the parents replace it with a new BMW.

XCitiFA's picture
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Joined: 2009-12-09

Any New News? Besides Debbie being replaced with an Operations guy from Private Bank?

XCitiFA's picture
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Joined: 2009-12-09

Does anyone inside or outside of CPWM have any updates or comments on how the transition to Pershing has been going?The few comments i've heard have not been too complimentary........................DISCUSS!!

BigFirepower's picture
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Joined: 2010-07-09

Wow, looking at the numbers above, Citigroup looks like a complete FUBAR. I tell anyone that asks me, to avoid any major bank other than Wells, if they want to go bank channel. Lousy pay, horrible work conditions, dorks in charge, nasty products, ... I mean, who the heck want's that????I'm free at last, gone indy. But I'd tell a guy or gal to check out the smaller regionals for a good spot. Assets. referrals, and management that actually finds YOU valuable. Find a place with 3-20 reps, and become a big fish in a really small pond. Seriously, why would YOU care, if the pond is small? I loved the small bank I worked for like that, and it made all the diff in the world to my life.

XCitiFA's picture
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Joined: 2009-12-09

FUBAR??

BigFirepower's picture
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Joined: 2010-07-09

F'd up beyond all repair I guess it got coined in the military. 

XCitiFA's picture
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Joined: 2009-12-09

Thank you BIgFirepower!!  

Buddy Light's picture
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Joined: 2010-04-07

DONG DONG DONG the bell tolls for thee- CPWM.

XCitiFA's picture
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Joined: 2009-12-09

Buddy Light wrote:DONG DONG DONG the bell tolls for thee- CPWM. Buddy.... Please enlighten us.......................

Buddy Light's picture
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Joined: 2010-04-07

Listen, the bell is tolling today

XCitiFA's picture
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Joined: 2009-12-09

Buddy, That was a Biggie!! Hopefully the other "Biggies" follow suit!!I'm hearing Bells!!!!

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

1) I heard conversion was FUBAR.  Compensation, Account Openning, Housholding, Performace Reporting... It is all messed up.2) Gate Keeper IC's, are going to be advisors. No longer responsible to channel refferals to teams, phantom outside RIA's, or the call center, but to book business themselves.  In other words, Cheap Labor.  This will be another flop as most are greener than a day old bannana.3)  People started resigning again.  DONG DONG DONG comment, I beleive reffers to an Exodus Part II since I heard  some "biggies" resigned last week.4) I hear mangement is trying to recruit new advisors???  Who in their right mind...  

TickTock's picture
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Joined: 2010-01-16

Regarding conversion, what would a client find unacceptable?  what serious concerns?  I think I saw that cost data did move correctly on some accounts. What about links to Citi checking accounts? or links to annuities for statements?  or performance data on all those managed accounts?Did Pershing support SB Advisor? mixing individual stocks with mutual funds?People are resigning again?  Why? if they put up with it for 15 months change now?  They still have draw guarantees, teams to hide behind, many have 9 year retention bonuses of 1/3 of production (all team leaders and those over $500K in 2009), 25 to 30% bonus in 2011 if they hit production goals,  lots of assets that stayed, and a wonderful firm behind them...The 25% to 30% bonuses if they hit production goals in 2011 - that should worry clients and FINRA, who knows what annuities with big death benefits will be busted for a new managed account, or another annuity.

XCitiFA's picture
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Joined: 2009-12-09

!!!

Mcwhinney eats it's picture
Joined: 2010-03-23

Investment consultants bit the dust yesterday.  Anyone want to guess the over/under on this program being sold or folded in the next 6 months?

TickTock's picture
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Joined: 2010-01-16

How can investors tell when a Citigroup FA is lying?  "His lips are moving". Why would anyone trust their hard earned assets to this group of self serving immoral morans?  Oh, right, they are "fidiciary" liars.WASHINGTON (AP) — Citigroup has agreed to pay $285 million to settle civil fraud charges that it misled buyers of complex mortgage investment just as the housing market was starting to collapse. The Securities and Exchange Commission said Wednesday that the big Wall Street bank bet against the investment in 2007 and made $160 million in fees and profits. Investors lost millions. At the height of the financial crisis in 2008, regulators worried that Citigroup was on the brink of failure. It received $45 billion as part of the $700 billion government bailout.  Rating agencies downgraded most of the investments that Citigroup had bundled together just as many troubled homeowners stopped paying their mortgages in late 2007. That pushed the investment into default and cost its buyers' — hedge funds and investment managers — several hundred million dollars in losses.  Among the biggest losers were Ambac, a bond insurer, and BNP Paribas, a European bank. Ambac had sold Citigroup protection against losses on the investment, allowing Citigroup to bet against it.  Hedge funds had asked Citigroup to sell them investments that would decline if the housing market crashed. Citigroup did so, and wanted to get in on the action, the SEC said. Citigroup bet that the investments would fail, but never told investors it had done so, SEC enforcement chief Robert Khuzami said in a conference call. "Key facts regarding how the structure was put together were not made available to (investors), and they suffered losses as a result," he said. Even though Citigroup designed the investment to fail, it told investors it had been designed by an independent manager, the SEC said. Citigroup's marketing materials said the investments were picked by Credit Suisse. In an email about the deal, one Citigroup banker asked another not to tell Credit Suisse that it was designed for Citigroup to profit.

burtonfinancial1's picture
Joined: 2008-09-30

Citi PMW is a tire fire as I'm sure most of you know. Growth is anemic, advisors have contiuned to trickle out and New York has yet to communicate a clear path and direction to the field and especially, to field level/area level management. While their peer bank based platforms have grown like weeds in 2010 and 2011, Citi continues to step all over itself.

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XCitiFA's picture
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Joined: 2009-12-09

Does anyone have any New Info on CPWM??
I hear they're bulking up their head count for a sale of the business...........Any Insight??

TickTock's picture
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Joined: 2010-01-16

10-20-12
Namely, after a couple of restructurings over the past year, it is now following a traditional bank channel offering: cross selling and a push to fee-based planning business. Indeed, earlier this year, Venu Krishnamurthy, president of Citigold, told Bank Investment Consultant that he wants attract new advisors who feel that Citi is the “best place to grow their practices.” {sic, didn't the previous bii tch say the same thing? she must have left her playbook}

One sources says teams are no longer required and no bonus or shared grid for existing teams - inspite of all the hype/training/costs thus most teams were never "Collaborative" teams and have now disbanded.
New management says the transaction products like variable anuities are a good thing with nice fat commissions..... back to the future for CPWM.... I only feel sorry for the customers.. especially those churned to hit those FA revenue bonus goals & retention bonuses based on revenue - wait to FINRA gets a hold of that rag doll!!!

XCitiFA's picture
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Joined: 2009-12-09

CPWM Updates???

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