UBS will be best wire on street if Mccann pulls this off

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Jennifer Nettles's picture
Joined: 2010-03-01

I went on broker trip.Mccann and his team blew people away.These guys get it BIG TIME.They have crushed a ton of "old" UBS alreadyIf they pull this off......UBS will be best wire on the street.write it down.you heard it here first.Dude is the man 

Gaddock's picture
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Joined: 2007-02-23

Would you please elaborate on this a bit?Thanks in advance,Gaddock

borei's picture
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Joined: 2009-07-24

"Would you please elaborate on this a bit?" UBS has the BEST tasting Koolaid!

Jennifer Nettles's picture
Joined: 2010-03-01

borei wrote:"Would you please elaborate on this a bit?" UBS has the BEST tasting Koolaid!they get it.make UBS 7000ish FA firmgave a great argument why smaller size will work to compete vs. monster wfc and C and regionalsFocus on FA.    Understands that FA drives biz.blow out middle management layers of crap.  rock in operations.   think out of box.  provide great platforms. they must have said 40 times that everyday my main job is to rehire you Dude has balls of steel.   making monster changes.  I have seen iteach of his head peeps from MER spoke.   everyone smart and tough.Ive seen a lot of sh@$ in this biz over the years.  tons of these dog and pony showsi am as cynical as they come  (read my posts on pricem hofstra and the other MF clowns here.)Mcann's pitch is the best I've ever seen.  spot on.   i love the guy.   some idiots asked some dumb ass questions....he bithc slaped them.   it was awesome in a "feel good" forum like this.  never happens.  they suck up and BS.    I LOVE it.dude calls it as straight as anyone ive seen in 25 years in this biz.and most of the time he is 100% spot on.Can he pull it off?    thats why they play the games.    who knows.    what I have seen so far.   don't bet against this SOB.look at his history with BAC, told them to kiss his a$%.The way he talks, I think he has free rein from Swiss idiots.I don't do Koolaid.   call em as i see em.Ive been with a firm when one of these turn arounds works.   does,nt take long to get ball rolling      

N.D.'s picture
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Joined: 2009-07-13

Sounds like he is flipin a house, probably be some prime real estate soon. GS needs some time to clear the air before they make another bid. McCann may have time to double the asking price. Dimon must not be interested...

7 Figs's picture
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Joined: 2009-06-15

Jennifer Nettles wrote:I went on broker trip.Mccann and his team blew people away.These guys get it BIG TIME.They have crushed a ton of "old" UBS alreadyIf they pull this off......UBS will be best wire on the street.write it down.you heard it here first.Dude is the man  Totally agree he is a badass.  I will also bet that within 18 months UBS will sell its Americas business.  The Swiss gov't is forcing their hand hard behind the scene, and that is the real ball that is already rolling.....

deekay's picture
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Joined: 2007-05-15

Cue Greenbacks in 3.....2.........1.......

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

I think it would be a major coup if some private equity firm or RIA rollup firm bought the Americas business and brought it private, and re-branded it.  Just not sure if they could service the banking side of the business.  Is that a major aspect of business at UBS?

Greenbacks2's picture
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Joined: 2010-03-03

This my cue? Best wire house! That is like saying my state prison is better than your state prison. How is that? Deekay  

NOVA's picture
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Joined: 2005-01-11

These guys are hired based on their 15 minute presentation.  UBS can't go from good to crappy to great based on one shrewd dude.

NOVA's picture
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Really - what if they paid you a sh*t load based on creating a good impression.  You would say:A) the FA is king, everything revolves around the FA relationship and 7000 wirehouse guys are better than regionals and the firm who can dilute their fixed costs over 15,000 FAs -or- B) Everyone who was good four years ago already left, and the folks who joined us in the past two years joined because we 've been paying more than the good firms (like junk bonds pay more than the good bonds) and those same folks will go to the other wirehouses as soon as their deals are up. I'd say A - if I could stand being part of the conversation. FYI - a due diligence meeting is like a wholesaler lunch - all the annuity companies bring a fancy pants guy trained in hypnosis while American Funds brings PB&J.  Eventually the good guys realize the PB&J is the better deal.

NOVA's picture
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PB&J = Peanut Butter and Jelly ....samiches.

TheNextLevel's picture
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Joined: 2010-04-27

He was a big cheese at Merrill and we all know how that turned out.

7 Figs's picture
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Joined: 2009-06-15

Connect the dots kids.  Badass at MER, went to UBS, takes MER execs to do ?   The balls already rolling in Switzerland.  Is it possible they'll get scooped up by BAC?  Call me crazy but I think it's likely within 18 mo....

NOVA's picture
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no way in hell BAC would buy UBS.  Or be permitted to.   What ever UBS does will focus on A) increasing the distance between US and Swaziland ....Switzerland, and B) adjusting to whatever the financial reform gig turns our to be. By the way, UBS in mu hood keeps recruiting some top folks - though they tend to be habitual firm-switchers.

Jennifer Nettles's picture
Joined: 2010-03-01

NOVA wrote:Really - what if they paid you a sh*t load based on creating a good impression.  You would say:A) the FA is king, everything revolves around the FA relationship and 7000 wirehouse guys are better than regionals and the firm who can dilute their fixed costs over 15,000 FAs -or- B) Everyone who was good four years ago already left, and the folks who joined us in the past two years joined because we 've been paying more than the good firms (like junk bonds pay more than the good bonds) and those same folks will go to the other wirehouses as soon as their deals are up. I'd say A - if I could stand being part of the conversation. FYI - a due diligence meeting is like a wholesaler lunch - all the annuity companies bring a fancy pants guy trained in hypnosis while American Funds brings PB&J.  Eventually the good guys realize the PB&J is the better deal.U have an axe to grind.i dont.  read my posts on clown MF price and boys or that CS strumpf from WFC.Im objective.       your angry at them for some reason (you shd lose your anger.  not healthy)

Jennifer Nettles's picture
Joined: 2010-03-01

Greenbacks2 wrote:This my cue? Best wire house! That is like saying my state prison is better than your state prison. How is that? Deekay   i have only been with wires.  (26 years).   notice i DID say wire.INDY=I GET IT.(I was a who#e for the 3.1mm bucks that i invested near spx 700-i admit it and dont regret it)indy  is better.    wires are net negatives(dont bet agaist this Mccann MF)

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

Jennifer is right, folks. I was at the same meeting. This new management team has its sh1t together. I went to the meeting as a skeptic and left feeling like our firm is finally being led by adults. Tech enhancements will make us the industry gold standard. FA's not at UBS should definitely take notice. FA's at UBS will be glad they're here, if they weren't already. Mock me if you want-- I don't care. You'll see evidence soon enough.

Lew Ashby

newyorkrob's picture
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Joined: 2010-04-29

@ Lew... real pumped up to here your take on the mgmt team..  What kinds of tech enhancements are you referring to?  Would be real interested to better understand.  Technology is going to drive the industry-- no doubt about it.

borei's picture
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Joined: 2009-07-24

Falling in love with tech (or mgmt hype) is like falling in love with a hooker, you will get cheated on. Count on it. UBS and MS are so leveraged that NOTHING can save them.

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

Eveything is being improved in tech. New pc's this summer. CMS software will be best in the industry (the best of ACT, Goldmine, and Salesforce). We're going to the latest version of Thomson 1 after being the last firm out there still using the old Reuters system. New bond trading software. All this coming immediately after the new pc's.

We already have the best financial planning software, but even that is being continuously improved. This new team gets it, and I'm happy to say I stuck it out through the bad times in order to finally see it. It's been a long time coming.

Lew

borei's picture
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Joined: 2009-07-24

Technology isn't the issue. An horrific balance sheet is. A destroyed reputation is. Technology cannot fix a balance sheet problem, nor can it fix reputations lost due to criminal behavior. Plus the Swiss and the asians haven't gone away. 

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

Borei, you're correct saying that technology can't fix the reputational damage that our IB did to us. Technology does, however, make my life (and my staff's lives) much easier. I've been waiting for these enhancements for years.

It's going to take years of hard work to repair UBS's reputation, and I'll be here to do it. My business hasn't suffered due to the damage, but I know others who have taken a hit. My assertion is just that we have a management team in place that is prepared to work with us to improve this firm going forward. They get it, and that makes me happier than ever to be at UBS.

Lew

borei's picture
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"Borei, you're correct saying that technology can't fix the reputational damage that our IB did to us" I know. More than the IB, also the Swiss and their criminal antics and the idiotic American mismanagement team/matrix cr*p. " My assertion is just that we have a management team in place that is prepared to work with us to improve this firm going forward. " That "management team" destroyed the once independent Merril Lynch. They are conmen and you are willingly being led to the koolaid. Sad.

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

McCann and his team didn't ruin ML. The wealth management division was doing just fine until their IB forced a shotgun marriage with B of A. And so what if I'm delusional with a koolaid stain on my upper lip. I'm happy with what's going on, my business is growing faster than ever, and I got to sleep in this morning. Life is great!

borei's picture
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"And so what if I'm delusional with a koolaid stain on my upper lip." You are. The balance sheet issue  hasn't changed. The femoral artery is cut. Enjoy the koolaid and enjoy have "Jim Jones" as your guide. 

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

You're just wrong. The balance sheet has been cleaned up. And if it wasn't , and they are forced to spin us off, that's a consequence I'm fine with. Either way, UBS's balance sheet issues have nothing to do with my wealth management practice. If it didn't affect my business in 08, it won't going forward.

Lew

borei's picture
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" The balance sheet has been cleaned up." ROTFLMAO!  Do avoid giving people advice on stocks, at least until you can read a financial statement. http://www.reuters.com/finance/stocks/financialHighlights?symbol=UBSN.VX FINANCIAL STRENGTH  CompanyIndustrySectorS&P 500LT Debt to Equity (MRQ)479.15323.17105.88142.80Total Debt to Equity (MRQ)635.62395.79291.35204.59

Greenbacks2's picture
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Joined: 2010-03-03

What planning software is UBS  using that is so great?  

Lew Ashby's picture
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We're using software we call Financial Goal Analysis, but I believe it's based on software called Money Pro. I'm not really sure about the name. I just know it's very powerful. FA's from other firms have consistently confirmed that it's much better than what they were using before. I can confirm that it is extermely robust and powerful, and can model anything I ask it to.

Borei, you seem to be confusing a great stock to buy with a great firm to work for. Either way, UBS's US Wealth Management is headed in the right direction. It's undeniable.

Lew

Greenbacks2's picture
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Joined: 2010-03-03

If it is money pro it is not what I would call the best on the street. I used it for several years before I switched.

borei's picture
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Joined: 2009-07-24

It is called MoneyGuidePro, it is good stuff. Sadly it is hitched to a boatload of debt, a collapsing workforce and a snake oil salesman from the failed Merril Lynch. All attached to the criminal Swiss banking machine. 

borei's picture
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Joined: 2009-07-24

UBS said today that net client withdrawals from its wealth management units amounted to 15.4 billion francs in the first quarter, down from 45.2 billion francs in the fourth. Asset management had net outflows of 2.6 billion francs in the first quarter, it said. UBS is suffering outflows after departures of client advisers, credit-crisis losses and the U.S. investigation into tax evasion by some American customers.

newyorkrob's picture
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Joined: 2010-04-29

Not to jump on a bandwagon here, but you FA's have to admit-- a firm with kick ass technology (along with a good comp package ) is a hard place to leave.  Or better phrased, if you're faced with the opportunity to work for one of two firms, both even in most areas on your checklist, will the firm with the better technology attract you over the other?

borei's picture
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Joined: 2009-07-24

UBS has a mediocre comp package, they are replacing 6+ year old garbage tech with average industry standard tech and a large glass of koolaid to hide their broken business model, diseased balance sheet and awful management structure.

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

Borei, dude, you're a downer. I bet you're a big hit at a party. Ever had a girlfriend? UBS fired you last year, didn't they?

borei's picture
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Joined: 2009-07-24

Lew, I am married for longer than most brokers have been alive, resigned last year and am having my best year ever. Now for you, can you read a financial statement?   

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

Other than the fact that I have some stock options, explain to me how UBS's balance sheet is relevant to my success in my business. BTW, latest Tier 1 is 16, and our credit default swaps trade at industry lows. Real numbers, not subjective hyperbole. And also, based on the "high" level of comments on you assertions, it appears that you might just be the only one that shares your opinion in this forum. And, we also had a dinosaur in our office that "resigned" last year. I'm done. Over and out.

Lew

borei's picture
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Joined: 2009-07-24

..." explain to me how UBS's balance sheet is relevant to my success in my business. ". And people trust you with money. LOL!

sunbelt's picture
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Joined: 2009-04-21

LewNothing ever changes from  Nicholson/Grano/Hoekstra/McMann and all in between who have been long forgotten.Focus on FA, new technology, high net worth blah, blah, blah.McCann will be here and gone and the new man will be the man.The question remains the same.  "Where are the customer's yachts?  

Jennifer Nettles's picture
Joined: 2010-03-01

borei wrote:" The balance sheet has been cleaned up." ROTFLMAO!  Do avoid giving people advice on stocks, at least until you can read a financial statement. http://www.reuters.com/finance/stocks/financialHighlights?symbol=UBSN.VX FINANCIAL STRENGTH  CompanyIndustrySectorS&P 500LT Debt to Equity (MRQ)479.15323.17105.88142.80Total Debt to Equity (MRQ)635.62395.79291.35204.59 borei-You also got a major axe to grind.    Nothing will change your mind about UBS.If they cure cancer, hire jamie dimon, make more money then anyone........you will still serve up your HATE_OR_AID  which is fine.My comments are about UBS-WM-USA.  I'll bet he turns this place around and I bet it happens quickly.These are some smart people and teh changes they have made already are impressive.It does not take long.  I have seen it before.These poor long term UBS guys are like deer in the headlights.   As far as those Swiss pr%$cks...............no clue.   I hate them.My dream would be that mccann and the boys spin this bi%tch off to retro old school Steifel/AG Edwards model and offer private equity ownership to us. As far as "reputation" .  does it really matter anymore?   the public is desensitized.    they hate all of us    Goldie.    smartest MF on the planet.    SAVED the company when the idiots liek Jimmy Cayne tanked their firms.  and GS in crosshairs.   insanethey should be getting awards for brilliance.firm name does not mean crap anyone.  (advantage=indy   i get it)the one good thing about UBS is most people dont know who the hell they are.oh, you work at UBS?   cool.   i connect stuff to my PC with your firm.    

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

I'm in love-- Marry me, Jennifer! ;-)

N.D.'s picture
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Joined: 2009-07-13

Jenn is a dude

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

Damn, I'm a lesbian!

borei's picture
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Joined: 2009-07-24

"As far as "reputation" .  does it really matter anymore? " Whistling past the  graveyard. 

mnymker's picture
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Joined: 2007-04-24

Borei,U truly are the only thing btw us and the BS!the small swiss firm does not have the size or resourses to compete on the big stage and they get under cut by the discounters.....a bad place to be.....  

Jennifer Nettles's picture
Joined: 2010-03-01

Lew Ashby wrote:Damn, I'm a lesbian! Lew, You're a gal?There is much gender confusion here.   But,  if this is trueare you hot?

Jennifer Nettles's picture
Joined: 2010-03-01

borei wrote:"As far as "reputation" .  does it really matter anymore? "Whistling past the  graveyard. OK Tell me which firm the average main street dude trusts?goldman?chase?merril?bac?fannie?wachovia?indy?  (stanford, madof)name one  

borei's picture
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Joined: 2009-07-24

The average main street dude trusts the advisor. When the advisor is with a firm that is run by criminals and idiots, that affects the perception that the average main street dude has of the advisor.  Look if you don't mind that UBS LIES to you about the revenues you generate, LIES to your clients about basics like account fees, cash management tools and research, well, be happy, drink koolaid.

Jennifer Nettles's picture
Joined: 2010-03-01

borei wrote:The average main street dude trusts the advisor. When the advisor is with a firm that is run by criminals and idiots, that affects the perception that the average main street dude has of the advisor. Look if you don't mind that UBS LIES to you about the revenues you generate, LIES to your clients about basics like account fees, cash management tools and research, well, be happy, drink koolaid.OK  whateverYou hate em.  i get itWith that hate, I hope for your sake your gone.    

borei's picture
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Joined: 2009-07-24

"OK  whatever"No care at all about the lies, the lack of integrity or the real world? What a great advisor you must be.

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