What if your still in the NFA program? If I leave and try and take my client base, will I get sued for going to a competitor? Or should I wait to be let go? I’m actually level 3 ish, so not sure if I should wait or go now. Advice?

Tier 3 is at the manager’s discretion. Tiers 4-5 are gone regardless of LOS.

'72…do you agree that April 17th is the date?

What level of production is tier 3?

Not sure about the 17th,  but it’s as good a date as any. The overwhelming sense is that it will be sooner than later.

Are they using T-12 production or are they using the “projected production” metric that seems to be popular among the wires in this environment (where T-3 is more important than what you did in early '08)?  

What happens if you have a contract with ubs and you hit all of your numbers and you still get laid off??? Do you think UBS will offer severance packages???   

If you are Tier 1 or 2 (ie. “hitting your numbers”) then you will be fine.

if I'm in my 13 month of production and want to go to another regional broker dealer....what are the chances I get sued? I'm about level 3 in production trailing 12.

TakingNames – your mailbox is full.  Just tried replying to your PM.

 georgicaclose  All clear

Hoekstra on the box tomorrow at 11:00 am.  

Hoekstra on the box tomorrow at 11:00 am.  

[quote=georgicaclose]Hoekstra on the box tomorrow at 11:00 am.

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.

[quote=dontask]

What did Hoekstra say on the call? 

Lew - were you on the call?

I heard that Hoekstra said there would be “severe lay-offs” by the end of this month.

Loads of Kool-aid poured, little actual news.  Cuts are coming and UBS has backed off recruiting almost entirely unless you’re $1m +.   Deal now at 100% up front.  All straight from my manager friend at UBS this afternoon.