Managers are being terrorized. Pressure is enormous, bottom quintile are being told get better or get gone. Every job is being scrutinized, every job is at risk. Substantial cuts planned in support band other non-revenue positions.
RIF's start next week. level 3 or lower NFA's, csa"s and ops admin in mid october as complexing takes shape. Yes, every SMALL balance sheet line item is under heavy watch. Focus on emerging affluent call center clients, edelivery, etc. So much for the HNW focus. They are dressing it up for a sale but they wont admit it, ever. bring it on...time to fire the Weechicken clueless...all of them. They are all (most) idiots.
Not that I feel sorry for them..But it goes to show you how out of touch management of the wires are with reality..They truly believe there are "superstars" in this biz. The "top talent" I have witnessed, are lottery winners and trust fund brokers. You can't just turn a switch on and decide to grow or prosper. It is a very difficult thing to aquire assets, there is a long lead time. The majority of talent has been mediocre at best for so long , now they want to ramp up, after everyone in the business has just finished there 4th overtime. Here's an idea ...stop messing everything up at the top in the billions, then thinking having retail advisors start printing on both sides of a piece of paper is going to make a difference.
pewter wrote: Not that I feel sorry for them..But it goes to show you how out of touch management of the wires are with reality..They truly believe there are "superstars" in this biz. The "top talent" I have witnessed, are lottery winners and trust fund brokers. You can't just turn a switch on and decide to grow or prosper. It is a very difficult thing to aquire assets, there is a long lead time. The majority of talent has been mediocre at best for so long , now they want to ramp up, after everyone in the business has just finished there 4th overtime. Here's an idea ...stop messing everything up at the top in the billions, then thinking having retail advisors start printing on both sides of a piece of paper is going to make a difference.
Implicit in your post is managements contempt for both the employee and the customer. It is arrogant contempt that has cratered them and it will destroy them.
Will all change SOON.
all the price/hofsta clusterfukc jive is over (dumb and dumber)
McCann has total control commitment from Swiss.
Swiss idiots final figured out their way don't work in our biz
He has 3 years. Then sold, merged, private, something
Root for quick settlement of BAC trial
Jamie price the biggest d-bag in the history of our business will be working at the DMV.
Will be Paine webber too
Too late. The brokers who could leave have left. The remainder have massive liabilities attached.
UBS sale 3 years out...maybe?? I doubt that long. 3 years is an eternity with the way thing are right now. I would truly be surprised if 3 months to a year from now UBS is still intact with banking and brokersge.
So what happens to those teams that just came over from other wirehouses in the last year? What if they have a trainee on their team?
They are fine. Don't listen to most of these people. 95% of this info is bs.
Ozzie already said.
does not want to bail at the bottom.
he said three years and then sell
McCann has the keys
just need BAC trial done
Since when do we believe what people say in this business...Stan O'niel also said the firm was in great shape August of 2007....
mm... Lets figure this out. When most level 5's were shot in April didn't a lot of 3' and 4's drop to 5? At best if they only cut 4's and 5's, a lot of good middle tier brokers(in my opinion the bread and butter) are gone. Or is there a number they've drawn in the sand like 300m or 400m which were 500m and 600m not long ago. The Swiss are no more than pandering to shareholders in Europe at the expense of once was THE best wire on the street and they have totally destroyed UBS Americas.
above poster is right. good knowledgeable hard working people are getting axed this week. no exceptions at all where made. you could have a 40 million dollar account in the pipeline and if your lvl 3 in either aum or t-12 your done. somethings up way too much window dressing going on -- not just trying to get back to profitability.never been so disappointed by a company i work for like this. very dumb decisions going on.
I agree. I couldn't be more disappointed in the company although I'm not really that surprised. I registered on this site just to comment/vent. I will probably be one of those that is cut and I am level 1 in AUM, level 2 in NNA, and will be level 2 in production when this fee month would have hit. I've done it myself, no team. Probably a blessing in disguise, though. Best wishes to all those affected.
i'm on the block... all it takes is being level 3 in one or the other. no exceptions in many regions this time; something is up
this week or next?
Where is Level 3 now AUM and Gross production?
Whoa - I guess I've been asleep for a few hours. You guys are saying that anyone L3 for production or T12 is getting axed in the next week or two? Isn't that everyone who is not in the top 40% - why would anyone axe L3? That's like driving a Buick off a cliff because you wanted a Cadillac.
Also - remember the posts back in April and May. Some of us said that UBS is so evil that everyone should be cautious of the "teaming strategy" - let's see how this plays out...Good luck to all of you - I'm glad I left.
The various production and asset "levels" are absolute and not relative numbers based on your LOS (ie if you were lvl 2 in April when the first cuts were made that does not make you the new lvl 4 unless your assets/production warrant it). If you actually work at UBS the levels for your tenure are easy to find, just search for them or ask your BOM.
Good luck to everyone there.
Report: UBS will eliminate 150 ‘rookie’ advisers
The firm will also cutback on support staff next month too, following a major reorganization earlier this year, according to a report
UBS Financial Services Inc. will shed more than 150 rookie advisers from its U.S. brokerage force, according to a report from Dow Jones.
The firm will also reduce support staff for some of its brokers in October, according to the report, which cited sources familiar with the cutbacks.
The headcount reduction, which will start before the end of September, follows a larger move earlier this year in which UBS AG eliminated 2,000 positions worldwide, including some 500 financial advisors.
Got RIF'd (NY Metro area)Recruiting calls definitely picked up this past 2 weeks. Looking to go Indy because if I had to sit through more corporate BS in another wire training program I would probably commit hari kari.
I seriously doubt management is in a "terror state." They are probably not too concerned about how the mass FA population feels and it's just business - tough right now so they need a turnaround. They will continue to recruit suckers with big checks and try to lock in their new assets. As an FA, at first there was cache to be there - now it's a miserable story from what is being posted. The arrogant mindset of management and the business model of "you" the client "and us" the (Euro) firm disregards the key aspect of wealth management here in the good old U.S.A. - the relationship is with the client and the advisor and not some 'best of breed' firm where the senior management is completely out of touch and mainly concerned about locking in new FA's with huge deals and retention of assets while undermining FA relations with clients. This industry sr. management attitude is not just at ubs either. But sadly with the tax issues the brand has become toxic and a burden to many talented advisors. Do yourself a favor - If you are there and have a decent book and not locked in by a deal, it's time to go or just wait 3 yrs. and hope that they "rebuild trust", get bought, or revamp their niche of nimbly focusing on the uhnw (right!).
Clients will go with you and now may be the best time ever from all the bad press to get out of this mess. It's disappointing to see what seemed to be a unique firm become so screwed up. By the way, who is 'hofstra' on the post? Do you mean Hoekstra? Good luck to all advisors still at this firm...life is better on the outside and there is a way to escape if you really want to rather than tolerate the circus. Maybe the new management will save ya?
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