UBS to Sell Small Branches?
217 RepliesJump to last post
At some point you have to get frustrated being a pawn in a chess game. You are not valued because your office is in a rural area. You are not valued because your production is down in the midst of the greatest bear market since the Depression. Why not take control of your own destiny? To get started in the process, get that book on Going Independent at www.cantella.com
[quote=Independent]At some point you have to get frustrated being a pawn in a chess game. You are not valued because your office is in a rural area. You are not valued because your production is down in the midst of the greatest bear market since the Depression. Why not take control of your own destiny? To get started in the process, get that book on Going Independent at www.cantella.com[/quote]
Dude… please
[quote=nestegg]
[quote=dpiper]Wake up and smell the coffee guys, its going to happen. Before you sign on with SN check out the independent end, First Financial Equity Corp has been around for 25 years, has all the good stuff without the B.S. looks pretty good. Stifel is where Dain was 12-15 years ago, and wanting to grow, so where will you be in 5 years?
[/quote]
What does this mean? Where was Dain 12-15 years ago? Who is First Financial Equity? Has anyone on this board ever heard of them? Are you recruiting for them? Enlighten me.
This enviroment is going to be excellent for Stifel and RJ and LPL. A lot of small B/D’s are going to fall by the wayside. There is going to be a tremendous need for scale and size. If for no other reason, because of the rising costs of regulation that are about to hit these firms.
If i was going indie or regional, i would want to be with a firm that is well established, and can handle growth without breaking stride.
[quote=Sportsfreakbob]
[quote=nestegg]
[quote=dpiper]Wake up and smell the coffee guys, its going to happen. Before you sign on with SN check out the independent end, First Financial Equity Corp has been around for 25 years, has all the good stuff without the B.S. looks pretty good. Stifel is where Dain was 12-15 years ago, and wanting to grow, so where will you be in 5 years?
[/quote]
What does this mean? Where was Dain 12-15 years ago? Who is First Financial Equity? Has anyone on this board ever heard of them? Are you recruiting for them? Enlighten me.
This enviroment is going to be excellent for Stifel and RJ and LPL. A lot of small B/D’s are going to fall by the wayside. There is going to be a tremendous need for scale and size. If for no other reason, because of the rising costs of regulation that are about to hit these firms.
If i was going indie or regional, i would want to be with a firm that is well established, and can handle growth without breaking stride.
[/quote]
I was wondering the same thing!
Anything new with this? Seems like too big of a rumor, if true, to keep this quiet.
Smaller producers are going independent en masse. Not sure if management is turning the screws or if word of this culling has been confirmed and they are getting out in front of it.
Someone posted about "retention deals" to some Sr brokers a week or so ago. To me this is key, it's a secret that can't be kept. If the April 17 or 20th rumor is correct, and that 20% of the FAs are cut, then will UBS:
1) be cruel, and re-allocate all the accounts that day after telling the 20% that protocol doesn't apply to layed off folks, and then re-assign only to folks who signed the mysterious "retention"? or 2) be corporate, and say sorry, good luck to you, business is business, we'll keep what we can good luck getting a few clients to move (once you've found another firm)My manager has dropped hints that within two weeks, things will be shaken up drastically in the branch. We have rookies and dinosaurs-- not sure if either will be with us after tax day.
LAI heard teams supposedly get preferential treatment. If you’re doing 300K as a jr you stay. 300K as a loner you’re gone.
Nova, just to clarify what you said, if a person has T12 of $299K, they are gone, but if they are at $301K, they're fine? Also, where are you getting this specific number, and what date are they saying? LAI heard teams supposedly get preferential treatment. If you’re doing 300K as a jr you stay. 300K as a loner you’re gone.
It is not a retention package . It is a liquidity program that lets you get 1/2 of the next 4 year contribution of partners plus out. Really not a very big deal. You can take it or not, If not, the 1/2 that was in this package just goes in to PP as usual.
It will be a layoff of bottom quintile of brokers, Suppposedley, being on a deal does not exempt you.
This is about the same thing that you have seen at all of the firms. Layoff of trainees less than three years in busineess that are not making it. No retention package under $500,000 on all of the deals ML, SB/ms. WFC.
The wirehouses are having to get more productivity per rep. Do the math, what happens when you layoff the bottom 20% and sell 320 lower producing FA’s?
The under $500,000 FA is going to migrate to a regional were the cost structure is much less, or become part of a team or a salaried broker.
There will also be a large layoff in Weehawken. None of this is rumor. If you work at UBS you should know this.
Lew,
300K is not the spedific number I heard. Botton 20% is the number. The most recent date I heard was April 17th.
Just don't let the firm catch you by surprize.
Lew I think other managers are quietly telling folks who need to leave. Why don’t you ask yours if 20% will be cut on April 17th. The PLEASE post his reply!
The only FA reduction plan in the works right now is if your LOS is =>5 and you are doing less than $300k, a few weeks ago you were given a "business plan" to hit certain bogies within 30 days. If you didn't hit the bogies, you are terminated. I do not believe it matters if you are on a team.
Obviously this is the first wave of a plan to reduce lower producing FA's. I am told that if you are doing $400k+ you are fine. And of course they are hiring no new trainees.[quote=ShotInTheDark]
The only FA reduction plan in the works right now is if your LOS is =>5 and you are doing less than $300k, a few weeks ago you were given a "business plan" to hit certain bogies within 30 days. If you didn't hit the bogies, you are terminated. I do not believe it matters if you are on a team.
Obviously this is the first wave of a plan to reduce lower producing FA's. I am told that if you are doing $400k+ you are fine. And of course they are hiring no new trainees.[/quote] There's no way they fire junior members of a team, especially if the senior member of the team has clout. Forgetaboutit! You seemed more certain regarding the business plan FA's. But doesn't that open the firm up to just a little bit of risk from lawsuits due to churning, etc.? How in the world could the firm expect a slacker to prove his or her worth within 30 days? Is your source reliable?The biz plans were not about production, they were about new assets, Financial plans, and qualified new relationships (QNRs).
One of the FA's in my branch received the letter and showed it to me, so I would assume that the source is reliable.Word to the wise who may be at risk at UBS. Don’t sit around waiting to know if you’re impacted or not. I’ve seen this happen before. An FA who can saddle up and ride off right now should get with it. Even if you have a smaller book, and can find a decent home, do it. Don’t wait until you’re separated. You’ll get no love once youre a week or two separated from your business. 2 weeks from now there’ll be those who thought they were ‘fine’ posting in here about their plight asking… how did this happen to me. I don’t want to hear it then.