UBS Layoffs, Other firms too?
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Here’s the thing about the envision program so I am told. An FC gathers all the information about their best accounts and inputs it into envision. Now the firm has that information.
If someone leaves for any reason the firm has all the information on the clients and can pass it along to whomever is assigned the account. An FC is only entitled to envision "bonus" money while they are employed starting sometime in 2010. So if employment is terminated before then or anytime there after the payments stop -- if you took an upfront loan you own that back.What AGE guys got retention within the last 12 months??? None on my planet… The “EASY MONEY” from the forefront plan will not even be paid to any qualifing FA’s until 60 days after the next qualifying date, which is June 30th. So you are looking at the first of September before being paid any forefront money on households that qualify as of June 30th. Your guys will likely be gone before then and will have done the forefront/envision work for another FA in the office. How smart for the manager to be “encouraging” these short timers to get the work done for someone else…
[quote=Buckeye]Here’s the thing about the envision program so I am told. An FC gathers all the information about their best accounts and inputs it into envision. Now the firm has that information.
If someone leaves for any reason the firm has all the information on the clients and can pass it along to whomever is assigned the account. An FC is only entitled to envision "bonus" money while they are employed starting sometime in 2010. So if employment is terminated before then or anytime there after the payments stop -- if you took an upfront loan you own that back. [/quote] if someone gets cut in this form they do not "owe" anything back. But obviously their manager completely in the dark as they did not even want to bother with it and he kept hammering them that they are turning away "easy money."How much would you bet that anyone is gone (other than trainees) by Sept 1st? Both the two I know are on deals, whats your guess on that?What AGE guys got retention within the last 12 months??? None on my planet… The “EASY MONEY” from the forefront plan will not even be paid to any qualifing FA’s until 60 days after the next qualifying date, which is June 30th. So you are looking at the first of September before being paid any forefront money on households that qualify as of June 30th. Your guys will likely be gone before then and will have done the forefront/envision work for another FA in the office. How smart for the manager to be “encouraging” these short timers to get the work done for someone else…
Not sure exactly what you meant by your post? Are you saying that if someone’s employment is terminated (quit, retire, die, are let go) they don’t owe the money back?
If yes to any of the above you better read the rules.How much would you bet that anyone is gone (other than trainees) by Sept 1st? Both the two I know are on deals, whats your guess on that?[/quote] Everyone at AGE that signed the promissary note and received their retention bonus on Nov 15 2007 is on a "DEAL".... I would bet there will be a lot of faces gone unvoluntarily by Sept 1st. And per the contract language they signed they will have to pay back the unused portion (unamortized) of the retention that they received. Even if terminated for not meeting the standards set by the firm. If this is not paid back, the firm will not release their license to another firm and they will take legal action. I have already seen this scenario unfold in our office.[quote=Bud Fox]What AGE guys got retention within the last 12 months??? None on my planet… The “EASY MONEY” from the forefront plan will not even be paid to any qualifing FA’s until 60 days after the next qualifying date, which is June 30th. So you are looking at the first of September before being paid any forefront money on households that qualify as of June 30th. Your guys will likely be gone before then and will have done the forefront/envision work for another FA in the office. How smart for the manager to be “encouraging” these short timers to get the work done for someone else…
[quote=Buckeye]Not sure exactly what you meant by your post? Are you saying that if someone’s employment is terminated (quit, retire, die, are let go) they don’t owe the money back?
If yes to any of the above you better read the rules.[/quote] If you are let go YOU DO NOT owe the the money. Always has been the case and again in the UBS stuff today also was the written paperwork given to those let go.[quote=fritz][quote=Buckeye]Not sure exactly what you meant by your post? Are you saying that if someone’s employment is terminated (quit, retire, die, are let go) they don’t owe the money back?
If yes to any of the above you better read the rules.[/quote] If you are let go YOU DO NOT owe the the money. Always has been the case and again in the UBS stuff today also was the written paperwork given to those let go. [/quote] With AGE, you can die or retire and don't have to pay the note back. That is the only way out.....[quote=Bud Fox][quote=fritz][quote=Buckeye]Not sure exactly what you meant by your post? Are you saying that if someone’s employment is terminated (quit, retire, die, are let go) they don’t owe the money back?
If yes to any of the above you better read the rules.[/quote] If you are let go YOU DO NOT owe the the money. Always has been the case and again in the UBS stuff today also was the written paperwork given to those let go. [/quote] With AGE, you can die or retire and don't have to pay the note back. That is the only way out.....[/quote] Seen over 40 guys at MS get let go on deal over the last 12 years or so and ZERO have been asked to pay back who were let go, the ones who quit and went to another firm, in most cases settled for 30-40 cents on the dollar. Today at UBS know of two guys let go, and it was clear your note was forgiven. Maybe AGE is different because dont know first hand, but the normal rule is you get let go for "production" you do not owe, if get fired for client issue or something like that its a different story. I would bet you 5K it would be the case at WS/AGE also if there is a blanket cut.[quote=Buckeye][quote=Bud Fox][quote=fritz][quote=Buckeye]Not sure exactly what you meant by your post? Are you saying that if someone’s employment is terminated (quit, retire, die, are let go) they don’t owe the money back?
If yes to any of the above you better read the rules.[/quote] If you are let go YOU DO NOT owe the the money. Always has been the case and again in the UBS stuff today also was the written paperwork given to those let go. [/quote] With AGE, you can die or retire and don't have to pay the note back. That is the only way out.....[/quote] I am referring to the envision bonus. Read the rules.[/quote] Ok, I was talking about the prom. note of the guys who are on deals. I know nothing about the envision bonus rules, do know the prom. note is not owed if you get let go for production.[quote=fritz]
4 years ago MS cut guys at <225K, then 6 months later they were hiring guys at 200K and giving them 75% upfront, after seeing that I got to wonder if anyone has a clue what their doing in this business.[/quote] They let go LOS>11 @ <225K, I don't think they were hiring under $300k afterward. Now the minimum recruiting level is $500k.I just read that Wells may be laying off people at Evergreen Securities in Charlotte.
Anyone heard about this…
http://dealbreaker.com/2009/04/wells-fargo-keep-your-eyes-han.php
no but i heard that they are cutting brokers at wachovia securities starting in may.
Was that just chatter or did you hear that from one that is reliable and in a position to actually know? I know for sure that they're laying off support staff. They've already began at some of the smaller satellite offices in my area.no but i heard that they are cutting brokers at wachovia securities starting in may.
We just hired a guy I know from a proir firm today..His t-12 was 240K year end 2008. His t-12 through March 09 was 210K..He got a surprisingly nice check up front and some backend. I sure dont see any broker cuts coming in the near term.no but i heard that they are cutting brokers at wachovia securities starting in may.
gaddock, it wasnt just chatter. it was from someone high up on the inside that this info came from. very credible source.
Wach will be taking on the UBS refugees Im sure. specially in the ISG channel where they are packing them in from all over. Quality existing long term producers are losing branches and their referral sources to make way for the new guys. The word is they are cutting 250k and less as of June 30. I guess it wont apply to the refugees. They’ll get a pass for a year or so.
What did the guy you know get for coming? 75% up front?
Yes, 50% Backend..Absolutely no chance they are canning PCG at 250 if they are giving deals at that level. From what I have heard support staff and backoffice are getting cut, not brokers.Wach will be taking on the UBS refugees Im sure. specially in the ISG channel where they are packing them in from all over. Quality existing long term producers are losing branches and their referral sources to make way for the new guys. The word is they are cutting 250k and less as of June 30. I guess it wont apply to the refugees. They’ll get a pass for a year or so.
What did the guy you know get for coming? 75% up front?