citibank / citi personal wealth mgmt advisors

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bshares's picture
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Joined: 2009-06-30

does anyone have info on recent program changes..ie..payout, penalty boxes, platform and reinstatement of the referral program? just curious..

Greenbacks's picture
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Joined: 2004-12-21

I cannot imagine citi having the gall to tell clients how to handle money when citi cannot handle there own.
 
Who in the world would listen to them?
 

bshares's picture
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Joined: 2009-06-30

no kidding...I totally agree...
Your question: who in the world would listen to them?
A: clueless bank clients who don't understand full-service brokerage and base their major financial decisions purely on convenience.  said unsophisticated clients have never maintained advisor relationships at major wirehouses, regionals or independents. said clients are commoditized into getting everything for free....free mortgage quote, free investment consultation, free sh*tty-bank logo golf balls when a well-qualified, G.E.D. hopeful, banker slams them into a checking account or bank product they don't need..the same banker that says he has a "great referral" for his financial advisor partner, yet couldn't remember the client's name or document the profile information..
 
 
 

Popeye $'s picture
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Joined: 2009-06-30

It is a good thing broker/dealers going out of business don't have liquidation sales. If that were the case we would all be in trouble as all of the Citi owned companies would be selling their Legg Mason Funds at half price.

bshares's picture
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Joined: 2009-06-30

I would like an update on the former Smith Barney bank-based advisors, now Citi Personal Wealth Management.  Isn't true wealth management personal by nature?!?! way to go Citi!  To my knowledge, they retain the SB technology and product suite until told otherwise.  Will the comp structure change to be more in line with a bank program or will the bank brokers remain on the current SB comp plan with penalty boxes for those with los 5-9 years doing less than $300K?

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

Citi management is getting rid of everything and has outright lied to their advisors about their intentions for the past 6 months. Citi will have an extremely limited offering relative to the robust offering it currently has with the platform gained from its time with  Smith Barney.It;s been all lies.  First " We are not Selling Smith Barney" "We are keeping Smith Barney technology and platform for at least 3 years."  "Not much will change for our clients"Now firm has announced in the press that we are going to move to fee only platform in 2010 and will phase out comp on any transactional business.  The firm is also strong arming advisors to form RIA like teams in order to comptete for refferals with independent RIA's.  All this was anounced more than a week ago and Citi advisors are learning more about the plan by reading the paper than from any communication within the firm.  The deceitfulness and lack of professional courtesy has everyone extremely upset.  I beleive Citi will loose first quartile advisors which were very impressed with the way Smith Barney did things and think that bank management is a joke.

bshares's picture
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Joined: 2009-06-30

EASY E - my thoughts exactly.  how ironic is it that they told advisors that the "SB platform would remain in the bank channel and nothing would change for 3 years" .. while simultaneously hiring and integrating Deborah McWhinney in April..who spearheaded Schwab's RIA unit...seriously, are they that lame?!
 
I'm so curious to see how many advisors they lose..

Squash1's picture
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Joined: 2008-11-19

Yet you are still there?

exUBS's picture
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Joined: 2009-04-23

If they were smart, they would hire an attorney and cpa into the new teams, and market themselves as a turn key "Family Office" to high net worth.  They could carve out a unique niche compared to the other wires and probably do well.
 
But then again it is Citi....

excitr1011's picture
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Joined: 2006-10-19

Does anyone know if it's legal? Can they force people to comingle accounts.. Seems like it dilutes the reps and certainly removes any equity that has been built into everyones practice... Of course if you want to leave, they will say goodbye, how are supposed to take clients from teams of 10 people.. So they use you for a year or two, use you for introducing your clients to the "team" , then you basiclly give away your book for the " powerful" citi machine... Seems very cold war Russia esque... Are any advisors discussing legalities of this???

excitr1011's picture
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Joined: 2006-10-19

100 percent true.. They've lied all the way through.. Now they want the reps to give away they're clients....where doyou think 1st quintile reps will go???

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

I have thought of incorporating an  attorney or accountant in order to increase the value proposition If I were to stay.  It could be interesting as long as the firm would allow these new partners to have an outside business interest.  Most accountants or attorneys that I know run their own businesses. 

Greenbacks's picture
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Joined: 2004-12-21

I do not understand this whining!
 It sucks for sure!
 But it is a wirehouse, you had to know they were going to screw you over, but yet you stayed
 
It is not easy to move a book. But it is now or never for you 
 
I think you know it to!

burtonfinancial1's picture
Joined: 2008-09-30

Moving a bank book is hard enough, moving months from now once assets are flowing into the new RIA business will become impossible. Anyone not making it out asap is going to quickly find themselves about as marketable as the guys on the other end of a TD Ameritrade 800 line. 

alwaysaguest's picture
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Joined: 2008-02-03

excitr1011 wrote:Does anyone know if it's legal? Can they force people to comingle accounts.. Seems like it dilutes the reps and certainly removes any equity that has been built into everyones practice... Of course if you want to leave, they will say goodbye, how are supposed to take clients from teams of 10 people.. So they use you for a year or two, use you for introducing your clients to the "team" , then you basiclly give away your book for the " powerful" citi machine... Seems very cold war Russia esque... Are any advisors discussing legalities of this???
 
When did you ever have a book? Working the banks asset list and taking referrals from other bank employees isn't building a book for you, it's building one for the bank that employs you.

alwaysaguest's picture
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Joined: 2008-02-03

Greenbacks wrote:I do not understand this whining!
 It sucks for sure!
 But it is a wirehouse, you had to know they were going to screw you over, but yet you stayed
 
It is not easy to move a book. But it is now or never for you 
 
I think you know it to!
 
It isn't a wirehouse you dimwit, it's a bank. I find it very hard to believe you run any sort of business. Are you someone's assistant?

bshares's picture
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Joined: 2009-06-30

EasyE - do you know any local MSSB managers?  If you're at or around $500k, you might have a shot at moving there.  Just because Citi's bank channel advisors weren't invited to take part in the joint venture doesn't mean they can't move in arrears..

ESmini's picture
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Joined: 2009-10-22

Greenbacks what do you mean you say dont understand the whining?  You're right, you don't understand.   It is not unreasonable to expect your employer to at least ad hear to basic decency, respect and honesty to it's employees.  Do you disagree?  If you commit yourself to firm it's a big deal.  Much thought is put into that decision and you have to base it on what you are told you can expect.  When you are then treated like trash and lied to and had your pay cut every year, who would not be upset and surprised?  I know I was and that is why I left that God forsaken company.  My book followed me.  Citi is a horrible company in my opinion.  I work for myself now and thank my lucky stars I left when I did.  

Shania Twain's picture
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Joined: 2009-09-23

ESmini wrote: Greenbacks what do you mean you say dont understand the whining?  You're right, you don't understand.   It is not unreasonable to expect your employer to at least ad hear to basic decency, respect and honesty to it's employees.  Do you disagree?  If you commit yourself to firm it's a big deal.  Much thought is put into that decision and you have to base it on what you are told you can expect.  When you are then treated like trash and lied to and had your pay cut every year, who would not be upset and surprised?  I know I was and that is why I left that God forsaken company.  My book followed me.  Citi is a horrible company in my opinion.  I work for myself now and thank my lucky stars I left when I did.  

u do futures ?

ESmini's picture
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Joined: 2009-10-22

Yes.  I also manage a hedged investment account for clients. 

Shania Twain's picture
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Joined: 2009-09-23

can you have a midlife crisis for the heroin of spec trading?

i miss it

burtonfinancial1's picture
Joined: 2008-09-30

TODAY we'll see if there's any real momentum out the door amongst the Citi crew. My hunch is maybe 10-20 leave today, that number doubles next Friday and then a slow drip through Thanksgiving. 

excitr1011's picture
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Joined: 2006-10-19

I hope all the fa's take the clients too....

excitr1011's picture
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Joined: 2006-10-19

Really??? I heard we weren't able to join the joint venture, some sort of block they put on the reps? Could it be if we contact the mssb managers ourselves, could they hire advisors like that instead? Just curious because they didn't give us the option at first...

troll's picture
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Joined: 2004-11-29

Ar

Shania Twain's picture
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Joined: 2009-09-23

meletio wrote: Are you joking. your entire industry lost money and can't manage their own money. face it...you are a loser who works for other losers trying to skim a tiny bit of each clients moneyand turn it into your own. The days of a broker thinking he is hot sh*t because he works for a Wall Street firm are over. You are nothing but a commodity selling a commoditized product that any client can buy thru fidelity or Schwab  for 1/3 of the fees. 

fees hit yesterday.    

$247,897.      

God bless america

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

I heard that a 2 million dollar producer from NY left Monday to Morgan Stanley Smith Barney. I am curious if anyone can confirm.  I thought MSSB would not be an option.

shantom1's picture
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Joined: 2009-10-28

Yes a group on the north shore left for MSSB.  Heard they got a nice package.
 
It is going to be the easiest book transfer in history:
 
Mr client, as we discussed several years ago the SB platform is a diverse competitive platform for me to effectively manage your finances.  Now Citi is insisting that I no longer bring you the right product to fit your needs; instead they only will allow me to charge you an annual fee in order to boost their revenues to bring the company out of bankruptcy.  I think we should stay on the same platform we have been working on for several years.  Sign this form and we will continue as we have been.  Oh, and by the way, if you do not come with me there will be no one at Citi to work with you.
 
I don't work for them, but I see that as a pitch.
 
And no, they are not calling the book of the team that just left.
 
From what I hear, in general, they would prefer most of the advisors to leave in order to wind down the business.

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

I heard that they were calling his clients, and that when Lee went to the branch to drop off his keys on Saturday that there were three guys there calling his clients plus callers from the national call center.I do not think it will make any difference.  Most clients that hung around with Citi after all of the crap that has gone down, only stayed around because of their advisors.  I suspect most clients are glad to move out out that sh*thole.The only thing that would have been easier would have been to block tranfer all of his accounts.  In any case I heard he already had 180 out of 220 million in AUMs commited to moving.

Sportsfreakbob's picture
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Joined: 2008-08-24

Are you sayig that a 2MM team from Citi got recruited by MSSB?
Doesnt make sense - i cant believe when Citi made the deal to form the JV with MS, they were dumb enough to not have MS sign a non compete when it comes to recruits.....no wait, actually, i can.
 
But seriously is that what really happened?
 

excitr1011's picture
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Joined: 2006-10-19

Yes it happened

burtonfinancial1's picture
Joined: 2008-09-30

Look up their names and pull them up in FINRA.org.. broker check man... its' easy to see that their registration MOVED to MSSB 3 days ago!   MSSB has ZERO interest in guys < $500k. If you're over $500k AND you can show a solid upward trajectory in asset growth AND you're doing a significant amount of fee based business etc.. they'll be all over you.   MSSB is not alone. I know for a FACT some guys are close to getting decent offers from ML as well. Again let me be clear, the wires are not chasing the $250k producing annuity hound. They're being selective, paying attention to frequent movers, U4s, etc. 

shantom1's picture
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Joined: 2009-10-28

Sportsfreakbob wrote:Are you sayig that a 2MM team from Citi got recruited by MSSB?
Doesnt make sense - i cant believe when Citi made the deal to form the JV with MS, they were dumb enough to not have MS sign a non compete when it comes to recruits.....no wait, actually, i can.
 
But seriously is that what really happened?
 

This was a one off situation.  It was literally on Vikram P's desk.  I've heard all other calls from $1mm+ guys have since been respectfully declined (Westchester crew?). 

 
As far as the calling of the book, I personally know one of the people "assigned" to call and "they" are, lets just say, not hitting the phone very hard...
 
When the producer leaving is heads and shoulders above the talent of any one else in the company and most of the industry for that matter, saving the assets is a dead issue...

bshares's picture
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Joined: 2009-06-30

I find it extremely hard to believe that Vikram Pandit actually concerns himself with other businesses aside from the institutional client group, i-banking or prop trading.  Hence one of the reasons 'Dear Sally' left for Mother Merrill..

shantom1's picture
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Joined: 2009-10-28

Believe it, this was a ceo to ceo exception.  I know a few people close to the deal...

excitr1011's picture
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Joined: 2006-10-19

Even if it's a so-called "one- off" attorneys will have a field day , it's total bs if they block other reps for doing the same. You can't just say well ok you guys are ok, but the rest of you no.... If they don't want reps yo leave, they should have included us in jv, very simple... Then again, it's citi...

Popeye $'s picture
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Joined: 2009-06-30

shantom1 wrote:Believe it, this was a ceo to ceo exception.  I know a few people close to the deal...Did you overhear the conversation while you were bringing Vikrim his coffee?

shantom1's picture
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Joined: 2009-10-28

Funny.  I don't really care what you think.  I know the same person who put together the deal has received literally dozens of calls from citi reps and has had to respectfully decline them.  What makes this so hard to believe?  
 
What would make it an attorneys field day?  You are employed at will, they can do anything they want.  If BOTH parties to the non compete agree, then there is not a question. 
 
Who would be the ones to sue?  A citi rep.  HAHAHA, "Mr attorney I want to sue mssb because they wont hire me, I'm really really good and they wont hire.  They hired Lee, but they wont hire me, it's just not fair!!!" (sounds of baby crying...)
 
 

bshares's picture
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Joined: 2009-06-30

Did said MSSB manager decline the Citi reps' calls because of a conflict of interest or production level?  I still can't imagine that Vikram would involve himself with a $2mm bank channel team after a year of firms like UBS absolutely raiding his high-end SB producers with 250%+ deals.  From what I recall and under Vikram's watch, $40 billion in assets flew out the door due to Smith Barney and Citi Private Bank attrition.  Better hurry or that big Citibank team might leave!  I hope a good number of Citi reps find a home at MSSB..it's adequate reparation for all of Citi's b.s. and lies..
 
Vikram took time away from waving bye-bye to Bobby Rubin, getting pissed-on by his $100 million dollar a year Philibro energy trader, squaring Citi's ultra-leveraged trading positions and crunching numbers on the 11% interest per annum he's paying on an essential junk bond sold to Abu Dabi investment corp.....sums up parts of a "day-in-the-life-of"
 
I still don't buy it man, sorry.

bshares's picture
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Joined: 2009-06-30

If Vikram cared so much, why didn't he offer retention to Citi's top bank channel advisors?  enough said.

burtonfinancial1's picture
Joined: 2008-09-30

Vikram helms the most toxic big bank brand on the planet right now, why would anyone expect anything that makes sense to come out of his office? 

shantom1's picture
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Joined: 2009-10-28

Wow, you guys really think he is that untouchable? 
 
Lets face it, is it that hard to believe that the number one (or at least in the top three) producer in the corporation leaves to mssb seemingly violating a corporate non-compete and the ceo gets involved?  He was NOT trying to save the team with counter offers etc, his approval was needed because of the corporate non-compete.
 
Can you show me a reason he would NOT be involved? 
 
And no, mssb has flat refused to talk to other 7 figure producers at citi...
 
 

excitr1011's picture
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Joined: 2006-10-19

Shantom, get a clue.... Who's refused to talk with citi reps? Mssb or your recruiter "buddies" in the westcoast? You have no clue bc I know for a fact, mssb managers at talking to citi reps. You can keep your recruiters .

troll's picture
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Joined: 2004-11-29

The market will have a major crash on Monday November 2nd 2009

Moraen's picture
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Joined: 2009-01-22

meletio wrote: The market will have a major crash on Monday November 2nd 2009

Define "crash", gayboy.

troll's picture
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Joined: 2004-11-29

c

Moraen's picture
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Joined: 2009-01-22

meletio wrote: crash is when I bend your mom over the table 

My mom's female, sorry you didn't know. Besides, I always thought you were a taker unless your boyfriend was playing submissive.

By the way, that was the worst response. "Crash is when I bend your mom over the table". But as usual, you don't make any sense.

Probably because I don't speak queer. Odd that you "only" speak queer. Evidence for genetic homosexuality.

troll's picture
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Th

Moraen's picture
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Joined: 2009-01-22

meletio wrote: Think what you want , but she really enjoyed herself. If you need me I'll be at your home taking care of your wife

Unlikely meleti-ho, since you'll be needed to rub your boyfriend's a$$. I can, however take care of YOUR nasty wife - she knows it's a sham marriage anyway. She thinks it's her fault, not realizing the few times you tried to have sex with her that you WERE trying. I explained it to her while she was choking on my c**k that was why you are the receiver - you don't have enough meat to give your boyfriend a good time either.

Moraen's picture
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Joined: 2009-01-22

hey meletio - do you post while taking it in the a$$? the bold, large letters were a pretty clear indication.

Also, do you find that your queerness helps or hurts when working with straight people? Legitimate question. Some people are put off by homosexuality. Or do you exclusively work with your boyfriends' friends and family?

Moraen's picture
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Joined: 2009-01-22

Hey meletio - your wife is freaked out! She thinks you might have given her HIV. Don't worry, I told her that it requires penetration, and since you've never been able to, that she doesn't need to worry.

On the other hand, how's your T-cell count doing? I know that your hero is Pedro from the real world, but he didn't last that long. Lucky for you that was a long time ago. Science is a little better.

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