UBS Hires the Thundering Herd!

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borei's picture
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Many new hires in the top ranks. Smell the Bull!

cobia's picture
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Joined: 2009-10-16

Did you leave off 4 letters?

Shania Twain's picture
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cobia wrote: Did you leave off 4 letters?

that was funny

borei's picture
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:)

ABOM's picture
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AKA --- the hijack!Mcann talks about MER dying.  There not dead they just jumped on the UBS plane with a shoe full of kerosine!!

NOVA's picture
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FYI - WSJ says they will join blah, blah, blah, and Jamie Price.

borei's picture
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UBS is hiring Brian Hull and Bob Mulholland, ...Hull worked under McCann in Merrill’s brokerage division and left shortly after McCann announced he was leaving in January. Mulholland, most recently chairman of Sound Securities LLC, was co-head of Merrill’s U.S. brokerage before announcing his retirement in 2004.

John Brown and Paula Polito will also join UBS, according to the memo. McCann said in the memo that the new hires and current executives will help develop a strategy for the unit.

Floorlord's picture
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borei wrote:UBS is hiring Brian Hull and Bob Mulholland, ...Hull worked under McCann in Merrill’s brokerage division and left shortly after McCann announced he was leaving in January. Mulholland, most recently chairman of Sound Securities LLC, was co-head of Merrill’s U.S. brokerage before announcing his retirement in 2004.

John Brown and Paula Polito will also join UBS, according to the memo. McCann said in the memo that the new hires and current executives will help develop a strategy for the unit.Correction - Bob Mullholland was fired by O'Neil

Shania Twain's picture
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NOVA wrote: FYI - WSJ says they will join blah, blah, blah, and Jamie Price.

I hate that MF.

Shania Twain's picture
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ABOM wrote: AKA --- the hijack!Mcann talks about MER dying.  There not dead they just jumped on the UBS plane with a shoe full of kerosine!!

what u think of mccann so far.

Northfield's picture
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Joined: 2007-04-10

McCann was never a broker, branch manager, complex manager, sales manager, etc. In short he has no field experience.
 
Like most Sr Execs at wirehouses these days he seems to think that most clients must be like just like him. High net worth executive with $3-4 million in investable assets and an income of at least $500k and thinks the future of our business is to focus on this market segment. Also thinks this market segment wants a monolithic corporate experience where you can get all financial products from one vendor.
 
In other words, no real difference from O'Neill, Gorman, Krawcheck, etc etc. None of them have any field experience. None of them have ever guided a client through a market meltdown, the death of a spouse, divorce, etc. None of them have ever had to find an actual client. None of them have ever actually stepped up to the plate and put a client's funds at risk in order to reach a goal.
 
Also, again not unique to him, it's all about his needs. The FA and client focus is just rhetoric. He doesn't care about you. He's trying to get rich, and get out.
 
Sorry, but I don't think McCann will be your savior. He will recuit like mad, creating more "churn" in the market place and soon every wirehouse broker doing more than $250k will have changed firms and will be handcuffed. A zero sum game with no winners.
 
Somewhere there is a broker that will someday rise through the ranks to lead one of the wirehouses and that will likely be a leader worth following.
 
Sorry if this sounds a little personal. It is.
 
 
 
 

fritz's picture
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Joined: 2006-01-12

Northfield wrote:McCann was never a broker, branch manager, complex manager, sales manager, etc. In short he has no field experience.
 
Like most Sr Execs at wirehouses these days he seems to think that most clients must be like just like him. High net worth executive with $3-4 million in investable assets and an income of at least $500k and thinks the future of our business is to focus on this market segment. Also thinks this market segment wants a monolithic corporate experience where you can get all financial products from one vendor.
 
In other words, no real difference from O'Neill, Gorman, Krawcheck, etc etc. None of them have any field experience. None of them have ever guided a client through a market meltdown, the death of a spouse, divorce, etc. None of them have ever had to find an actual client. None of them have ever actually stepped up to the plate and put a client's funds at risk in order to reach a goal.
 
Also, again not unique to him, it's all about his needs. The FA and client focus is just rhetoric. He doesn't care about you. He's trying to get rich, and get out.
 
Sorry, but I don't think McCann will be your savior. He will recuit like mad, creating more "churn" in the market place and soon every wirehouse broker doing more than $250k will have changed firms and will be handcuffed. A zero sum game with no winners.
 
Somewhere there is a broker that will someday rise through the ranks to lead one of the wirehouses and that will likely be a leader worth following.
 
Sorry if this sounds a little personal. It is.
 
 
 
 

1st thing I have ever read on here that makes complete sense.  Well Done.

borei's picture
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Somewhere there is a broker that will someday rise through the ranks to lead one of the wirehouses and that will likely be a leader worth following.

No. They will be found in the indy channel, the wirehouses are in a death spiral.

Squash1's picture
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Joined: 2008-11-19

Northfield wrote:McCann was never a broker, branch manager, complex manager, sales manager, etc. In short he has no field experience.
 
Like most Sr Execs at wirehouses these days he seems to think that most clients must be like just like him. High net worth executive with $3-4 million in investable assets and an income of at least $500k and thinks the future of our business is to focus on this market segment. Also thinks this market segment wants a monolithic corporate experience where you can get all financial products from one vendor.
 
In other words, no real difference from O'Neill, Gorman, Krawcheck, etc etc. None of them have any field experience. None of them have ever guided a client through a market meltdown, the death of a spouse, divorce, etc. None of them have ever had to find an actual client. None of them have ever actually stepped up to the plate and put a client's funds at risk in order to reach a goal.
 
Also, again not unique to him, it's all about his needs. The FA and client focus is just rhetoric. He doesn't care about you. He's trying to get rich, and get out.
 
Sorry, but I don't think McCann will be your savior. He will recuit like mad, creating more "churn" in the market place and soon every wirehouse broker doing more than $250k will have changed firms and will be handcuffed. A zero sum game with no winners.
 
Somewhere there is a broker that will someday rise through the ranks to lead one of the wirehouses and that will likely be a leader worth following.
 
Sorry if this sounds a little personal. It is.
 
 I disagree.
 
I think great FAs make terrible managers, but ok to mediocre FAs make great managers. Along the lines of "those who can't do coach/teach"
 
I agree he will churn the market place but UBS couldn't get any lower. If he can bring enough brokers over and handcuff them, then he will have time to build up the firm.
 
I also think managers need to manage, and not worry about how to prospect that is the FAs job. The FA needs to not have to worry about anything except prospecting and producing. The best managers are the ones who can take everything thing else off the table.

borei's picture
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Joined: 2009-07-24

If he can bring enough brokers over and handcuff them,/B]

Serfdom isn't a good business model. Freedom is.

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

Also, again not unique to him, it's all about his needs. The FA and client focus is just rhetoric. He doesn't care about you. He's trying to get rich, and get out.
 
Sorry if this sounds a little personal. It is.

The AGE guys will hate this.....but Danny Ludeman came as close as anyone to this.   

WB imploding buried him.
Danny's heart is/was in the right place.

LogansRun's picture
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Joined: 2009-01-25

Leaders, Visionaries, Senior Management...

It feels so good to not have to listen to spin anymore from these clowns. It's amusing to hear hom much these people impact FAs. The intrigue of who will lead us to the promised land... It ain't McCann or any of these ilk. They really are worthless and the big firm supermarket is a dinosaur. (No offense to advisors who do all the right things at these firms; your leaders just stink). Clients and FA's are last after manager's interest and shareholders.

I disagree with you Squash1. The best FA's don't need a manager.
They are self reliant and manage their own firm. All this BS gets to one after yrs. of hearing the same wire house spin cooked up and disguised as new vision. Took the last train for the coast the day the music died.

Good luck.

georgicaclose's picture
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Joined: 2006-11-16

Wasn't this supposed to be Marten Hoekstra?  Former FA rising through the ranks to run the show?  I agree with you in theory, but I think wirehouse corporate culture kills the entrepreneurial spirit guys like Marten once had.   Northfield wrote:McCann was never a broker, branch manager, complex manager, sales manager, etc. In short he has no field experience.
 
Like most Sr Execs at wirehouses these days he seems to think that most clients must be like just like him. High net worth executive with $3-4 million in investable assets and an income of at least $500k and thinks the future of our business is to focus on this market segment. Also thinks this market segment wants a monolithic corporate experience where you can get all financial products from one vendor.
 
In other words, no real difference from O'Neill, Gorman, Krawcheck, etc etc. None of them have any field experience. None of them have ever guided a client through a market meltdown, the death of a spouse, divorce, etc. None of them have ever had to find an actual client. None of them have ever actually stepped up to the plate and put a client's funds at risk in order to reach a goal.
 
Also, again not unique to him, it's all about his needs. The FA and client focus is just rhetoric. He doesn't care about you. He's trying to get rich, and get out.
 
Sorry, but I don't think McCann will be your savior. He will recuit like mad, creating more "churn" in the market place and soon every wirehouse broker doing more than $250k will have changed firms and will be handcuffed. A zero sum game with no winners.
 
Somewhere there is a broker that will someday rise through the ranks to lead one of the wirehouses and that will likely be a leader worth following.
 
Sorry if this sounds a little personal. It is.
 
 
 
 

B24's picture
B24
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Joined: 2008-07-08

FWIW, aren't most of the FA's that were going to leave, already left?  And aren't they now under contract for years?  It seems that there can't be much more churning to go on.
 
Here's how I see the future of our business...Large RIA firms becoming the "new wirehouses".  It will take time, but I think the "old school" wirehouse is dead.  The first step was when they all went public.  The next step was when they all sold out to banks.  By the time they all realize how badly they screwed up the model, they will have killed the "mystique" of the "Wall Street Firm", and unwinding them will be costly, and take years to bring back any semblance of culture that they once had.
I think the wirehouses will always exist, but as the big mulit-million dollar producers retire or move to RIA's, it is going to be tougher and tougher to recruit new people in the industry.  In addition, these big RIA firms will begin to find ways and have the money to recruit young talent.  The model is moving away from "stock brokerage firms" to advice-based service firms.  It is becoming more like working with CPA or law firms.
JMHO

borei's picture
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Joined: 2009-07-24

B24 gets it.

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

B24 wrote: FWIW, aren't most of the FA's that were going to leave, already left?  And aren't they now under contract for years?  It seems that there can't be much more churning to go on.
 
Here's how I see the future of our business...Large RIA firms becoming the "new wirehouses".  It will take time, but I think the "old school" wirehouse is dead.  The first step was when they all went public.  The next step was when they all sold out to banks.  By the time they all realize how badly they screwed up the model, they will have killed the "mystique" of the "Wall Street Firm", and unwinding them will be costly, and take years to bring back any semblance of culture that they once had.
I think the wirehouses will always exist, but as the big mulit-million dollar producers retire or move to RIA's, it is going to be tougher and tougher to recruit new people in the industry.  In addition, these big RIA firms will begin to find ways and have the money to recruit young talent.  The model is moving away from "stock brokerage firms" to advice-based service firms.  It is becoming more like working with CPA or law firms.
JMHO

just the opposite.   
madoff, standford et al set indy back a ton.
u independent guys drink your share of your own kool-aid.

If you think you dodged bad press bullet your in denial. Ive had more questions from people about their other accounts etc that are indy.    i deal with joe b. ponzi finaicial planners LLC      is it safe ?

I think the new trend will be anti-universal bank model.

Old school AGE, interstate etc

mer
ubs usa
smith barney
etc
will spin off from banks

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