Not much, they delayed going to Pershing (back office is never ready). Overseas clients were sent to the call center. Annuity registrations all messed up, clients assigned to a call center in MD or the FA who left is still on the statements. In Chicago, they are selling out of annuities and C shares and putting clients into SB Advisor - a product that will be a challenge to adminstrate from NY (every account is different). One downtown team is telling clients that a 3 year Series 7 rep age 28 is the "expert" on writing covered calls and protective puts - and he should have descretion on your account.... with dividend stocks and the covered calls - they can provide income for life and do better than a variable annuity with income guaranteed for life.  There is no compliance or standards for suitability because as an RIA they are a "fidicuary".  My old Citi branch has sent me referrals vs. to these clowns.

Hey Has C shut down this stupid program yet?  still have an EFL to settle but they keep on pushing back the arb date.  i left because they are a bunch of liars and went back to the wire side.  %#$% em.

Any update appreciated

There's been some movement out.  A broker in NY left a few days back for UBS I heard.  Another in CA left last Friday, not sure where just yet.  It's just a slow burn now, one here and one there.

Fat1,

It's just a matter of time.

Does anyone have a current update on the switch to Pershing?

Rumor is they're not just changing broker dealers but they're folding the whole program into Pershing (BNY Mellon).  Impossible to be profitable with more back office staff then reps......especially with the reps that stayed.

Anyone.................?

Ahhhhh. Here we are, days are getting shorter, beaches are closed and were all back at our desks! Woo hoo a smaller rep, as mentioned earlier, fled cpwm for the sands of UBS. It was taken notice by tiny Tim and the sr vp’s. A sign of panic for a 350m producer? Very interesting- the exact ppl citi was trying to rid itself of. Alas a new rep joined a team in manhattan! He was a “HUGE” producer at chase and was in the process of bringing over a few pennies before chase sent out their gracious TRO. Nice job. I wonder how they sold this pile of s$$t to this mega producer. Sounds more like a clown in a suit. He will fit in. Pershing is looking disastrous. CPWM really has a grip on the future. :(~D===========8. Guess whose mouth it’s in?

React speedily to reality
You can’t wish it would go away
Invest in your future-
Lewis Booth CFO Ford

Alright, I’ll tell you. It’s in Debby does Dallas’s mouth!!! She’s a nice girl.

music to my ears- seems every day that goes by any news that comes out is shit.  I want to see this group burn as I have never worked with a bigger bunch of liars than CITI.  their HR was shit, their management was a bunch of bank guys who dont know shot about being an FA then I hear this crap about them trying to peddle accounts off to an RIA to get a cut?  WTF is that?  great- try to close an account and hand the relationship over to some other guy- what a model!!

Has anyone heard any recent rumors about CPWM?

It has been a while.............................

Very curious, did CPWM go after anyone in a serious way to slow down or stop them from moving assets to a non-protocal firm?   Like another bank?  Most FAs who left got one letter 4 to 6 weeks after leaving, and then another letter 2 to 3 months later once sizable accounts starting moving. But I don't know anyone who ended up in arbitration or with a court order to stop.....

[quote=TickTock]

Very curious, did CPWM go after anyone in a serious way to slow down or stop them from moving assets to a non-protocal firm?   Like another bank?  Most FAs who left got one letter 4 to 6 weeks after leaving, and then another letter 2 to 3 months later once sizable accounts starting moving. But I don't know anyone who ended up in arbitration or with a court order to stop.....

[/quote]Tick Tock,

Are you new to the business?? I ask this question to figure out why you would go to a Non-Protocol firm and even more importantly, why another bank program??

If you have clients that will follow you, and you've been at C for a few years............ GO INDIE!!!

Why deal with this nonsense everytime the bank programs change their (Minds, Structure, Payouts....etc.)? Or better yet, they assign a new "Manager" who "doesn't like you" and wants to change your location........

Take control of your destiny and build your business for you and your family....Not for another big corporation that doesn't give a crap about you or your business.

If you have any questions, feel free to ask them and I will be happy to offer my advice, and  i'm sure others will help too.

Good Luck!!

XcitiFA - thanks for your concern. Very happy where I landed, was doing $500K to $550K for previous 4 years at Citi, after 7 months in production at new firm - just hit $600K with higher payout. So, working like a dog, but quite satisfied ....

end of year, time to circle back on those clients left behind....

McWhinney's Out!!

Anyone with insight as to why they would move someone who was so "Successful" in changing the program?

What do the current reps think about the move to Pershing?? Is it a positive or a negative?

What is client reaction??

Thank you.....

Deborah McWhinney, who led a controversial restructuring among Citigroups bank brokers, is moving into a non-advisor role at the global financial giant. McWhinney, ...newly-created position as head of global digital merchant acquiring. She will oversee the banks efforts to help large multinational clients process online, mobile and digital transactions....Retire again! Sounds like a Private Bank personal banker - no license required! LOL

Bank brokers at Citi left in large numbers starting in 2009 after the bank sold a majority of its Smith Barney brokerage as part of a joint venture with Morgan Stanley. McWhinney, who joined Citi in March 2009, steered the remaining bank brokers toward a fee-only advisory system that involved joining teams or facing a cut in their payout. The bank advisors� numbers dropped from 553 in June 2009 to 307 in February 2010. Most likely even lower. Chicago went from 70 to about 10, Vegas from 10 to 0.

Two things that Citis advisors were expecting to come to pass have not done so  yet. Commission-based business continues at Citi, although brokers had concerns it would be dropped by this year. Exactly what Tiny Tim said!  We encourage the advisors to use fee-based because we want them to have an ongoing relationship with clients and have clients in longer-term portfolios. Our intention is to keep the commissions as part of how we do business with clients, McWhinney said. That was always the strategy,... Serious bull crap, she said the opposite in the press and press releases.

The other issue that troubled Citi advisors was the banks plan to refer clients to outside RIAs who would pay Citi a fee based on the assets that came over. McWhinney said the plan is on hold as the result of a U.S. Department of Labor ruling last fall regarding the management of retirement assets.  What a crap of lies! There is no ruling against managed accounts for IRAs.

Bottom line is the bottom line - disaster - costs are up, revenue is way down. She Fiddled while Rome burned and burned.  Looks like its been set up to sell the assets to anyone who custodians with Pershing and has $10 to take over the headaches.

Excellent case study for Harvard Business School or Sloan. How to stear a new course into the rocks with no feedback from the sales organization and surround yourself with yes men/women.

Most corporate employees are just useless smoke and mirrors in nice suits. This woman is just another example.

Tick Tock,

Isn't it amazing the bullcrap back tracking they're doing now that the "Model" is a failure??

Anyone else have any insights about the current state of CPWM??

Please feel free..................

http://www.bankinvestmentconsultant.com/news/mcwhinney-cit-wealth-2671543-1.html 

How do you destroy one division of a company and then get a second chance with another division?

This broad is like the kids of some wealthy clients, when you wreck your Mustang the parents replace it with a new BMW.

Any New News? Besides Debbie being replaced with an Operations guy from Private Bank?

Does anyone inside or outside of CPWM have any updates or comments on how the transition to Pershing has been going?

The few comments i've heard have not been too complimentary........................DISCUSS!!