500 or bust?
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does anyone know when tomorrow’s junkett in DC will be on CSPAN ?
Did anyone else notice when TARP had their big press conference back in the fall it was being held @ the Waldorf Astoria Hotel?[quote=CDO Squared]
i bet ubs/ws talks still going on UBS dude makes that "vague" statement to get press off back [/quote] I agree. UBS has formed a Wealth MGT Americas division, and wants to grow market share. They do that by getting WS brokers.[quote=Ferris Bueller]
200th page. So add 7900 UBS brokers to the WS/AGE system and we won't be able to reach anyone in St. Louis.[/quote]WOW 200!!! At 100, I wished that none of you WS folks would have to wait another 100 pages (or 3.5 months) to get your retention announcement. Now what…? 300 seems like a way-too-conservative guess.
[quote=StraightTalk]
Posted: 07 Feb. 2009 at 9:16pm Let me ask the question of you all more clearly....someone please tell me why Obama appointed the UBS America CEO Robert Wolf as on of the only handful (and only Wall Street Executive) to his Newly Created Economic Advisory Board. This board is for the best of the best. There is Immelt, Owen (Catepillar CEO), Donaldson, Ferguson (TIAA-CREF Pres)...etc etc...and Wolf....UBS. Why??? Obviously Hoekstra would say that UBS isn't leaving the USA....they are in with the admin. now.....why would they leave. Maybe JV is still on the table....just my thoughts......from my head....no sources of info.. I am convinced that JV is still on the table....we will get retention from UBS. [/quote] Because he raised the most money for Obama, that is the way the game is played.So if I am correct…fritz, ferris bueller, be patient, and gauge all are saying conference call this friday…(hopefully this is true)…all are PCG guys if I am correct…anybody from ISG know ANYTHING??? also wondering if gauge or BP have any more updated info or affirmations about Friday…Thanks
Separately, Merrill Lynch Global Wealth Management, a unit of Bank of America Corp. (BAC), has also raised its own deal for top-tier brokers, the sources say.
In boosting its recruiting package, Smith Barney is seeking to align its recruiting deal with that of Morgan Stanley (MS), recruiters believe. Last month, Citi and Morgan Stanley agreed to create a joint venture called Morgan Stanley Smith Barney, which will combine the two firms' brokerage forces and have roughly 20,000 advisers.
Smith Barney is now offering brokers in the first and second quintiles, rankings determined by trailing 12-month production and length of service, up to 245% of their trailing 12-month production. These advisers can receive a 140% cash upfront payout. In the subsequent three years, they can receive additional payments of 35% of their prior production for bringing in a large proportion of their clients' assets: 75% of the assets the first year, 90% the second, and 100% of their clients' assets to Smith Barney the third year.
Previously, Smith Barney offered some top-tier brokers a 120% upfront cash payment.
Like Smith Barney's current deal, Merrill Lynch is now offering top brokers a 140% cash upfront payout.
A Smith Barney spokesman declined to comment for this story. Merrill Lynch Global Wealth Management also declined to comment.
Recruiting of advisers has become ultra-competitive in recent months, given the wave of consolidation in the brokerage industry during the financial crisis. Advisers are looking to join new firms because of instability at their firms, and to recover lost wealth from plunging company stock prices, which lowers their deferred compensation levels.
In many cases, however, lower-producing brokers are being pushed out as firms look to integrate large brokerage forces into one entity.
There had been talk that after the first of the year, brokerage firms would begin paying less to recruit financial advisers.
Big recruiting "deals that were supposed to be coming down are still aggressive, but only for first and second quintile producers," said Darin Manis, chief executive of RJ & Makay, a recruiting firm.
-By Brett Philbin, Dow Jones Newswires; 201-938-5393; brett.philbin@ dowjones.com
pretty cool. sb saying FU to congress and obama nation?Heard the term " non traditional retention" today for the firt time. Should be interesting.
All I know is what I was told about a week ago. I still think it will be this Friday. SB just raised the recruiting deals so they cant use the deals have changed excuse. I know nothing about ISG.
told there will be a call friday on the two main topics. Just can't believe this will be resolved once and for all.All I know is what I was told about a week ago. I still think it will be this Friday. SB just raised the recruiting deals so they cant use the deals have changed excuse. I know nothing about ISG.
[quote=albert]Heard the term " non traditional retention" today for the firt time. Should be interesting.[/quote] …
Could this be like Glen Gary Glen Ross? Over 1MM a Cadillac 750-1MM a Pick Up Truck 500-750MM set of steak knives Under 500K Your Fired??[quote=CDO Squared]
UPDATE: Smith Barney Raises Recruiting Deals For Top Brokers NEW YORK -(Dow Jones)- Citigroup Inc.'s (C) Smith Barney retail brokerage has raised its recruiting package for top-producing financial advisers, according to people familiar with the situation.Separately, Merrill Lynch Global Wealth Management, a unit of Bank of America Corp. (BAC), has also raised its own deal for top-tier brokers, the sources say.
In boosting its recruiting package, Smith Barney is seeking to align its recruiting deal with that of Morgan Stanley (MS), recruiters believe. Last month, Citi and Morgan Stanley agreed to create a joint venture called Morgan Stanley Smith Barney, which will combine the two firms' brokerage forces and have roughly 20,000 advisers.
Smith Barney is now offering brokers in the first and second quintiles, rankings determined by trailing 12-month production and length of service, up to 245% of their trailing 12-month production. These advisers can receive a 140% cash upfront payout. In the subsequent three years, they can receive additional payments of 35% of their prior production for bringing in a large proportion of their clients' assets: 75% of the assets the first year, 90% the second, and 100% of their clients' assets to Smith Barney the third year.
Previously, Smith Barney offered some top-tier brokers a 120% upfront cash payment.
Like Smith Barney's current deal, Merrill Lynch is now offering top brokers a 140% cash upfront payout.
A Smith Barney spokesman declined to comment for this story. Merrill Lynch Global Wealth Management also declined to comment.
Recruiting of advisers has become ultra-competitive in recent months, given the wave of consolidation in the brokerage industry during the financial crisis. Advisers are looking to join new firms because of instability at their firms, and to recover lost wealth from plunging company stock prices, which lowers their deferred compensation levels.
In many cases, however, lower-producing brokers are being pushed out as firms look to integrate large brokerage forces into one entity.
There had been talk that after the first of the year, brokerage firms would begin paying less to recruit financial advisers.
Big recruiting "deals that were supposed to be coming down are still aggressive, but only for first and second quintile producers," said Darin Manis, chief executive of RJ & Makay, a recruiting firm.
-By Brett Philbin, Dow Jones Newswires; 201-938-5393; brett.philbin@ dowjones.com
pretty cool. sb saying FU to congress and obama nation?[/quote] Cool? Yet another dumb move by the same idiots that brought this whole mess. These mopes don't deserve to be in business. Run a shithole place to work and then pay a fortune to get people to roll in the stench, and scratch your head when they can't make money at it.under 500k fired? gezz
i did 1.3 ish in 2008 did over 1mm 04-08 they way things are today. if i do over 700k ill be doing back flips its horrible. your bumming me out i might be doing 500 soon are u guys not hurting?restricted stock in JVWhat do you think “non traditional retention” means?
gift certificates to www.wachoviasstore.comWhat do you think “non traditional retention” means?