UBS to Sell Small Branches?

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NFA1972's picture
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Been thinking of leaving for a while. This solidified it. I will formally accept one of  three pending offers tomorrow as UBS is filing my U-5.
 
 

nestegg's picture
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Joined: 2007-06-14

NFA1972 wrote:Been thinking of leaving for a while. This solidified it. I will formally accept one of  three pending offers tomorrow as UBS is filing my U-5.
 
 
Good luck..I was just wondering if the issue was UBS and you were leaving I would think this may make you want to stay...good luck with your move i assume it is to another wire?

NFA1972's picture
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UBS is a lot different than it used to be. It was just time to get off the rollercoaster.

I am going to a strong regional firm.

Thanks for the well wishes.

nestegg's picture
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Joined: 2007-06-14

NFA1972 wrote:UBS is a lot different than it used to be. It was just time to get off the rollercoaster. I am going to a strong regional firm. Thanks for the well wishes.
So I assume your branch was not one of the ones's acquired then?

NFA1972's picture
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Joined: 2008-08-11

No. It was not. It will likely be consolidated with a nearby metro office, and a LOT of lower producing brokers will be laid off before summer. The "new" metro office will be Rockstars only.
 
In the immortal words of the great American poets "Kriss Kross"
 
JUMP JUMP!!!!

BukiRob's picture
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Joined: 2008-06-23

cobra wrote:I heard that too.  I wonder what, if any, retention packagage the FAs will get.  I can't imagine it would be much of anything.  50% or less?
 
LMAO.... do you think for 1 second that given what has happened at Wachovia and AIG that there will be any retention paid to anyone right now???   AINT happening.  Heck on Sunday I heard Barney Frank and another congressmen talking about going after Merrill Lynch brokers and what they were bonused..... them days is over boys

BukiRob's picture
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nestegg wrote:I beleive there will be retention...look at the slideshow posted, and I also listened to the SF call, sounds like retention is part of the deal.Welcome to the family guys!
 
LMAO your high if you think there is going to be retention.  That or you havent been paying attention to the political landscape.  Now the adminstration is considering caping compensation for exec's at ALL financial firms weither they took TARP money or not.
 
If you havent figured it out, this administration is hel* bent on infusing as much socialism as they can before the average joe figures out he is getting royally screwed.
 
Absolutely, no way, no how will you get retention.  Well, you may get it but congress will pull an AIG and tax it at 90%

Coal222's picture
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Joined: 2008-09-29

Does anyone know where one can find a list of which specific branches are being sold?

NFA1972's picture
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Joined: 2008-08-11

shmer,k
 
There is a list a few pages back, on the Stifel presentation slides. Page 7.
 
Just got off the Marten/Jamie conference call. If you were not told this mornign that your branch was sold,k then it WASN'T.
 
However "more headcount reduction is coming".
 
Marten sounded even more squirmy than usual.
 
That guy gets all the sh*t duty. Feel sorry for him in a maschochistic sort of way.

cppr33's picture
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Joined: 2007-08-07

Retention will be paid, I have seen it.
Better than expected.

training wheels's picture
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Joined: 2008-12-13

cppr33 wrote:Retention will be paid, I have seen it. Better than expected.
 
No offense but that's what we heard for months about Wachovia. Although...Stifel did not take TARP money like Wells did so I guess that is something to consider.

cppr33's picture
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Joined: 2007-08-07

It is part of the deal and it is in our hands.
Wfc/WB guys across the street are already calling.

burtonfinancial1's picture
Joined: 2008-09-30

Is anyone hearing rumors of BIG cuts in the remaining UBS branches? I've heard that cuts are in the works to drop the firm to 5500 FAs. Basically trimming the bottom 3000 FAs.  Has anyone heard anything like this??

HymanRoth's picture
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Joined: 2008-08-25

cppr33 wrote:Retention will be paid, I have seen it.
Better than expected.I predict that this thread will reach 500 pages before the end of the month.

badmove?'s picture
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Joined: 2006-06-10

300k and below, los 7+...rumor.

Spaceman Spiff's picture
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HymanRoth wrote: cppr33 wrote:Retention will be paid, I have seen it. Better than expected.I predict that this thread will reach 500 pages before the end of the month.
 
I predict that they will just ignore you like they did before.  Somewhere on this forum I read something that said that the people in our industry weren't greedy.  Guess what.  That guy was wrong. 
 
Can someone explain to me how a retention package is good for a client? 

SuperRecruiter's picture
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Joined: 2008-10-22

SF buys UBS.... hmm... From a recruiting stance a few things suddenly make perfect sense.Exciting times, my friends...

nestegg's picture
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BukiRob wrote:nestegg wrote:I beleive there will be retention...look at the slideshow posted, and I also listened to the SF call, sounds like retention is part of the deal.Welcome to the family guys!
 
LMAO your high if you think there is going to be retention.  That or you havent been paying attention to the political landscape.  Now the adminstration is considering caping compensation for exec's at ALL financial firms weither they took TARP money or not.
 
If you havent figured it out, this administration is hel* bent on infusing as much socialism as they can before the average joe figures out he is getting royally screwed.
 
Absolutely, no way, no how will you get retention.  Well, you may get it but congress will pull an AIG and tax it at 90%
retention is going to be part of the it is part of the presentation and Ron mentioned it on teh analyst call....this isn't WFC/EW...we are not owned by the Gov't :)

Conrad Dobler's picture
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Joined: 2009-01-11

Spaceman Spiff wrote: 
Can someone explain to me how a retention package is good for a client? 
 
That's the new criteria? Every last element of how you're paid, retained, recruited, retired, all have to answer your question? If not, why should this element of the four above be different? It sounds like sour grapes to me.
 
If that's your concern, tell me why it's good for a client that you're not paid a minimal salary? 

mnbondguy's picture
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Joined: 2008-05-13

Stifel will absolutely pay a retention, just to make Ludeman look like a fool/liar. 

None's picture
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Joined: 2009-03-24

Retention's part of the presentation?  There may be retention, but it's not "part of the presentation."  The payment for forgivable loans in the presentation is because said loans are receivables until they're earned out by the recruited brokers and forgiven by the firm; if the broker leaves, the loan becomes payable.  Therefore, SF had to pay for the existing loan balances of recently recruited brokers.  Unless there's some "change of control" provision in the contracts, anybody who came to these UBS offices recently now owes their loan to SF.  That's what's in the presentation.  Why would SF pay money to UBS for retention?  Think about it. 

training wheels's picture
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Joined: 2008-12-13

cppr33 wrote:It is part of the deal and it is in our hands. Wfc/WB guys across the street are already calling.
 
Then what is it? I hope you guys get it.

HymanRoth's picture
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Spaceman Spiff wrote:HymanRoth wrote: cppr33 wrote:Retention will be paid, I have seen it. Better than expected.I predict that this thread will reach 500 pages before the end of the month.
 
I predict that they will just ignore you like they did before.  Somewhere on this forum I read something that said that the people in our industry weren't greedy.  Guess what.  That guy was wrong. 
 
Can someone explain to me how a retention package is good for a client?  Ignore me?

cppr33's picture
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None wrote: Retention's part of the presentation?  There may be retention, but it's not "part of the presentation."  The payment for forgivable loans in the presentation is because said loans are receivables until they're earned out by the recruited brokers and forgiven by the firm; if the broker leaves, the loan becomes payable.  Therefore, SF had to pay for the existing loan balances of recently recruited brokers.  Unless there's some "change of control" provision in the contracts, anybody who came to these UBS offices recently now owes their loan to SF.  That's what's in the presentation.  Why would SF pay money to UBS for retention?  Think about it. 
 
There are few brokers who came to UBS that have had their offices included in this sale. They will be fine.
 

slimpickens's picture
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Joined: 2009-03-20

So is this a done deal? All offices under $10mil production are now Stifel?

Lew Ashby's picture
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Joined: 2009-01-13

slimpickens wrote:So is this a done deal? All offices under $10mil production are now Stifel?
 
Our office does less than $10MM, and we are still UBS...not sure what criteria they were using.

igrift's picture
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Joined: 2009-03-01

so does this mean UBS is committed to wealth management in the US and are trimming down it to a leaner, higher producing sales force....or, are they window dressing for JP Morgan or any suitor for that matter?

NFA1972's picture
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Joined: 2008-08-11

The criteria was < 5MM productions, and they were the smaller branches not located in a "Wealth Center."
 
The "Flyover" branches as Hoekstra put it.

nestegg's picture
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igrift wrote:so does this mean UBS is committed to wealth management in the US and are trimming down it to a leaner, higher producing sales force....or, are they window dressing for JP Morgan or any suitor for that matter? Window dressing...the remainder will be gone withing the year

NOVA's picture
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Joined: 2005-01-11

If so, the rest would need to be sold in one deal.  Selling 50 branches a month would cause turmoil.  I'm inclined to agree with igrift, shrink and upgrade -or- JPM.  If it is JPM (or someone) wouldn't you think they've been identified already?  Would you sell your garage to someone without making sure the guy buying your house didn't want a car with a garage? 

NOVA's picture
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Someone said 3000 FAs would be gone.  How many FAs would you guess produce below 300K?

Squash1's picture
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Joined: 2008-11-19

Very few branches got moved.. Apparently Stifel was looking for accounts, rather than assets.. my father in law works at a UBS office, where he is the top guy at $850K(they had 3 $1mill+ guys leave for SB, last year or so, maybe even longer), but they are under $5Mil and so if the office 20 miles from them, but it is all HNW people($5mil+, but apparently stifle wanted more accounts.)

burtonfinancial1's picture
Joined: 2008-09-30

This seems like a no brainer at UBS.1) recruit BIG players hard in Q4 08' and Q1 09'. .. pay huge money;  pump up the P&L AND average per FA production-  DONE.  Deals cut back twice already in recent weeks. Rumor they may even stop recruiting in coming weeks for a time. 2) Sell off small branches to Stifel, clean up the network, DONE3) Toss 'retention' or pre-emptive retention money in the form of a bonus and ask FAs to agree to draconian non-compete terms basically locking down the FA force enmasse4) CUT the small or broken down FAs from the remaining branches- some done.. some ongoing and still to happenSell it off US retail ...or do all of this to suit a buyer standing in the wings.

SuperRecruiter's picture
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Joined: 2008-10-22

Major changes this weekend for UBS? Watch the news...

burtonfinancial1's picture
Joined: 2008-09-30

Do share!  I hear recruiting is going to be heavily impacted there to the negative.. any validation of that?

Chris Varick's picture
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Joined: 2008-09-16

SuperRecruiter wrote:Major changes this weekend for UBS? Watch the news...
 
Please elaborate.

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

BOHICA Baby....

SuperRecruiter's picture
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Joined: 2008-10-22

In time, the answers shall be revealed...

Chris Varick's picture
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SuperRecruiter wrote:In time, the answers shall be revealed...
 
So you have no info and want to seem like you do. Great thanks

SuperRecruiter's picture
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Chris Varick wrote:SuperRecruiter wrote:In time, the answers shall be revealed...
 
So you have no info and want to seem like you do. Great thanksJust wait untill monday, man!

Chris Varick's picture
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Joined: 2008-09-16

so now its monday not this weekend? Come on! you got nothing

burtonfinancial1's picture
Joined: 2008-09-30

 UBS is going to CUT heads enmasse and freak out the entire retail FA world, or at least those in or nearing the penalty box.  I've also had multiple recruiters who work with UBS tell me the money is gone! They're done buying bodies. If you're not in.. you're out.

badmove?'s picture
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Joined: 2006-06-10

what level production?

Chris Varick's picture
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WOW! now that would be news.

Chris Varick's picture
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SuperRecruiter are you an outside recruiter or with a firm?

burtonfinancial1's picture
Joined: 2008-09-30

badmove? wrote:what level production?Don't know and would by lying if I said I did.  BUT... I have talked to 3 separate guys I used to work with at UBS today, all of whom are BIG producers who are saying they've been offered what sounds like a pre-emptive retention deal and contract they need to sign. I called a guy I know there at UBS doing $315k after 11 years who has heard nothing of any deal or bonus, contract or anything of the sort.   Can anyone at UBS validate this?

Krapinsky's picture
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Joined: 2006-09-07

What a difference a few days makes.  When I talked to you on the phone I was very disappointed in HL pulling are deal and skeptical about SF's deal.  Now that I have had a real chance to go over the SF pacakage it is actually equivalent to the HL offer on a net basis, just structured differently.  After research and review of the market opportunities I have come to the conclusion we are getting a very good deal with SF with out the hassle of moving.  The SF regional guy was in today and said that in fact there were UBS offices not on the list to be sold that would like to be.  UBS said absolutely not.  I get the feeling there is going to be another culling process either voluntary or forced soon. 
 
I think your posts are on the right line from my perspective.

NOVA's picture
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burtonfinancial1 wrote: badmove? wrote:what level production?Can anyone at UBS validate this?
 
Lot's of private meetings but I don't know what's being said.

cppr33's picture
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Joined: 2007-08-07

I think based on some of the little information I have heard is that there are going to be big cuts in support staff and FA's who are 3rd quintile or less depending on LOS and market area. Those in the NFA program I am sure will be cut too based on who knows what but given what is coming down the pike, I think I might be lucky that my office was sold.
 
I have heard about this quasi-retention bonus coming but I don't know the parameters or payout. I think that with the enaction of this retention, that it is going to lock FA's in and set the whole thing up to be sold.....that is pure speculation on my part.
 
WM America's for UBS is a tiny piece of the whole UBS operation so maybe they will dump it...
 

secretknowledge's picture
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Joined: 2009-03-28

5th quintile all LOS gone.

Not a retentiomn package being offerd is liquidity program versus deferred comp

600- 1000 Weehawken management layoffs

Newbies bye bye unless on team

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