Sign of the times huh?

I suppose if you retain assets, while reducing head count, you increase profits/productivity.

IMHO, you'd need about 140m+ to drive 1m in production. Not many people have those kinds of assets. More over, when you leave the HNW cities, get into flyover country, those numbers are crazy. Good way to turn off your bread and butter reps, 300k-1m producers.

At a former firm I was at, the place only saw fit to see what the top 2% of reps thought. That kind of biz strategy is like a rep only caring about his top 2% of clients. You can't afford to lose percentile 3% through 40%, but that is what would happen.

[quote=BigFirepower]

Sign of the times huh?

I suppose if you retain assets, while reducing head count, you increase profits/productivity.

IMHO, you'd need about 140m+ to drive 1m in production. Not many people have those kinds of assets. More over, when you leave the HNW cities, get into flyover country, those numbers are crazy. Good way to turn off your bread and butter reps, 300k-1m producers.

At a former firm I was at, the place only saw fit to see what the top 2% of reps thought. That kind of biz strategy is like a rep only caring about his top 2% of clients. You can't afford to lose percentile 3% through 40%, but that is what would happen.

[/quote]

Remember the old saying "80% of your business comes from 20% of your clients"....

Why should UBS care what a 300K producer thinks if the aren't in the top 20%?

Does no new trainee program mean they are not hiring trainees?  They might be the only wirehouse not trying to ramp up new hires.

BFP said it best. Its a sign of the times. All the wirehouses are headed in that direction. They want average production of a mill, they want minimum HH size of a mill. If you are a client of MSSB,  and you have 900k with them, they charge you $100 for your IRA.

Nothing wrong with it, thats their model. Its what they choose to be. Fine with me, as an indy i can do very well taking care of 500K- 1MM HH's

" If you are a client of MSSB,  and you have 900k with them, they charge you $100 for your IRA."

Not true at all. 

So what is the threshold to get rid of the annoying fees>? Friend of mine, big producer there, tells me its a million with no exceptions.

That is my understanding also SFB.

Squash, I didn't say 20%, I said 2%.

To ask 2% of the field, how to improve the growth of the company, I felt was misguided. The firm was struggling with bringing in new talent, and making the lower rungs of production more viable. The 2% were either in such great opportunities, such unique talent, or so unethical in production... or some combination, that trying to replicate them was probably about the dumbest way, or most expensive way, to grow the firm.

The big firms today are clearly out of touch. And that is why you've seen such massive growth in the Indy channel. Give it another 2-4 yrs, and the retention bonuses and forgivable loans are done, you'll see another massive wave of brokers going indy.

[quote=StoneColdMutha]

" If you are a client of MSSB,  and you have 900k with them, they charge you $100 for your IRA."

Not true at all. 

[/quote]

at ubs.  

say you have a  800k fee based account at 1.1%

and 2 small kids acct

you do no other gross.

Fee is $150.00 on one kids acct

stupid

totally not McCann/Mullholand ish

Minimum threshold is still less than $1M. I need to hit $650K, and I’m in. Regarding the $800K client, your example is true, unless the household generates $10K per year in fees and commission. Then the $150 is waived. These fees are BS, though.

[quote=blackheart]

Does no new trainee program mean they are not hiring trainees?  They might be the only wirehouse not trying to ramp up new hires.

[/quote]

They are hiring about 150 reps across the country this eyar.  Most of those are on teams.  Their program is very select and mostly in large cities.