UBS Training
In reading the board for the last few months and noticing a few of the people who post here have entered the UBS training program, I was wondering how it was going so far.
How are the materials they provide for the various exams? Have you needed to supplement them with additional outside sources?
If any of the new UBS have a moment and can give some info it would be appreciated.
It is not markedly different than any other firm. Having said that, it's a decent program. I wouldn't worry about the learning materials, they use STC and it is more than sufficient to get you through.
The sales training is rather ridiculous, but about what you would expect at a wirehouse. The only thing I can recommend is that after passing your licensing exams, you work through the weekly training materials as fast as you can and spend as much time as possible building a network of prospects. Take people to lunch, become active within whatever organizations you have an interest in, etc. It will help you to ramp up quicker after going into production. If your BOM will allow it, cold call during training. Mine didn't recommend it, although I wish I had done some during training just to get off the ground faster.
[quote=cppr33]
In reading the board for the last few months and noticing a few of the people who post here have entered the UBS training program, I was wondering how it was going so far.
How are the materials they provide for the various exams? Have you needed to supplement them with additional outside sources?
If any of the new UBS have a moment and can give some info it would be appreciated.
[/quote]total joke. I just left and went to another firm. Yes, you get the material to pass exams, but you will NEVER talk to your BM, and the asst. BM is simply a big producer getting a bone.
[quote=MakeItRainVick7]total joke. I just left and went to another firm. Yes, you get the material to pass exams, but you will NEVER talk to your BM, and the asst. BM is simply a big producer getting a bone.[/quote]
Your boy Vick is donezo!
thank goodness. I love my lab a heck of a lot more than vick or pacman…
[quote=MakeItRainVick7]total joke. I just left and went to another firm. Yes, you get the material to pass exams, but you will NEVER talk to your BM, and the asst. BM is simply a big producer getting a bone.[/quote]
Is there anything that made it such a joke? I am not familiar with the different types of traing programs at wirehouses/banks/etc nor have I read anything here regarding what makes each so different.
Thanks
Training consists of product knowledge. Once you pass the exam, you have a phone. Learn how to dial out. End of training.
My knowledge is limited in this area, but isn't that pretty much the training program at every wirehouse? I know some guys at other firms and that is the situation for them also. This is not a business where they will hold your hand.
[quote=madabroker]Training consists of product knowledge. Once you pass the exam, you have a phone. Learn how to dial out. End of training.[/quote]
[quote=madabroker]Training consists of product knowledge. Once you pass the exam, you have a phone. Learn how to dial out. End of training.[/quote]
thats fine, It is what I would have expected anyway.
Don’t expect to much from the trainning. Is just a bunch of sales material on UBS products and services. 2 weeks in NJ just a roleplay on the sales process and a lot of product and services presentations.
Not much on Operation or motivation.
Got out of UBS training program 2 yrs ago. Pretty standard sales and product presentations. Most wirehouse training programs have limited usefulness at best.
This job is about getting access to affluent people and making them clients. Simple but not easy
hncollazo,
I think you'll find that most wirehouse training is similar. They train you on the products the firm offers and gives you some basic advice on prospecting. No one can teach you motivation, that's something that you have to come into the business with. They also don't have to train you on operations, that's what the back office and sales assistants are for. I'll say this, I learned more in my first month of production than I did in the entire 6 month training process.
Training consisted of doing product modules and studying for the tests (7, 66, & life). After you get you licenses, some BOM's let you start to prospect other won't let you touch a phone.
During the product and test prep they have you working on putting together a prospect list for when you go "live". Last two weeks in NJ doing role play and final product overview and then you are on your own. And I do mean "on your own".
It's your business and they take a cut for the backroom and nice office. Other than that it is "did you make your numbers this month and are you on track with your trailing 12"
Been "live" 4 months, my numbers are at month 8. Don't really think it is any different at any other wire.
There was nothing I would change about the training. Basic product refresher, STC materials, workbook that you can crush in a week if you think you’re beyond it or step through over a couple months. Two weeks at HQ were as good as any corp training can be. In the end you get a billion bits of advice and a trillion different opinions and it’s up to you to figure out what’s smart business and what’s crap. (Kind of like the job, right?) I liked the earlier post…do your homework then get out and in front of people. Try to sign some new account forms in production month 1.
[quote=madabroker]Training consists of product knowledge. Once you pass the exam, you have a phone. Learn how to dial out. End of training.[/quote]
Sad but true! It has been that way for as long as I can remember in all wirehouses & insurance companies. And we ask why the general public does not respect this profession
I feel sorry for the rookies and the clients that fall prey for this crap. How will it change?
So what would you do to change it? How else would you have a rookie build a book?
[quote=Greenbacks]
[quote=madabroker]Training consists of product knowledge. Once you pass the exam, you have a phone. Learn how to dial out. End of training.[/quote]
Sad but true! It has been that way for as long as I can remember in all wirehouses & insurance companies. And we ask why the general public does not respect this profession
I feel sorry for the rookies and the clients that fall prey for this crap. How will it change?
[/quote]I would take a look at what works! For instance why do people call Vanguard and Schwab? They do not cold call. Are there reps trained better? Do they have better products? Do prospects feel they are better served?
What can the big wirehouses and insurance companies learn from this? After all discounters where made to profit on wirehouse and insurance companies mistakes, why can't they learn from the discounters mistakes?
The next question is.
Are they willing to forgo profits for more clients?
Are they willing to forgo profits for doing the right thing?
Are they willing to forgo profits to clean up there name?
Are they willing to keep reps because they put ethics and morals first but lack the production numbers?
no.
vanguard and Schwab are where cheap people have accounts. These are the same people that save sugar packets and clip coupons. They make terrible clients for the rest of us.
what are ubs’s hurdles? (assets, annuitized)
[quote=Greenbacks]
I would take a look at what works! For instance why do people call Vanguard and Schwab? They do not cold call. Are there reps trained better? Do they have better products? Do prospects feel they are better served?
What can the big wirehouses and insurance companies learn from this? After all discounters where made to profit on wirehouse and insurance companies mistakes, why can't they learn from the discounters mistakes?
The next question is.
Are they willing to forgo profits for more clients?
Are they willing to forgo profits for doing the right thing?
Are they willing to forgo profits to clean up there name?
Are they willing to keep reps because they put ethics and morals first but lack the production numbers?
[/quote]
So you have nothing, except "be cheap" like Vanguard and Fidelity for the do it yourselfers and wait for people to call in.<?:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" />
Frankly, when I hear people say "I got nothing but training on in house products" I wonder how it was that my training at ML, way back when the Earth was cooling, was so much more inclusive?
I wonder if what we’re hearing is the sound of people who got better training than that, but it simply didn’t sink in, or people who took the job thinking they were going to be trained to be the next Warren Buffet, pouring over balance sheets and writing investment strategies after six months on the job, and were disappointed to hear that they weren’t to be trusted, right out of the box to be a discretionary money manager.
True, cheap is only one answer.
Any more ideas?
Why do people call into discounters and not wirehouses?
Why do people feel more comfortable dealing with some one they never met before over the phone then walking into a wire house office and meeting the person who would manage there money face to face?
This industry has to have a pretty bad reputation to have that happpen in the first place
So what can be done to fix it?
Who cares?
Why would a BMW salesman try to sell a BMW to people that buy Kia's? Stop trying to piss up the tree and let gravity work for you.
[quote=Greenbacks]
True, cheap is only one answer.
Any more ideas?
Why do people call into discounters and not wirehouses? [/quote]
DIY are off the fence, they want to DIY so they seek it out.
BTW, it isn't just wirehouses that get very little of their business from call-ins. I'd dare to say your shop isn't dependent on call-ins for a living.
Now, what does any of that have to do with training?
[quote=Greenbacks]Why do people feel more comfortable dealing with some one they never met before over the phone then walking into a wire house office and meeting the person who would manage there money face to face?
This industry has to have a pretty bad reputation to have that happpen in the first place
So what can be done to fix it?
[/quote]
You're assuming that people don't call into wirehouses due to reputation (before it was training). Tell me, why don't they call into your shop?
[quote=mikebutler222][quote=Greenbacks]
True, cheap is only one answer.
Any more ideas?
Why do people call into discounters and not wirehouses? [/quote]
DIY are off the fence, they want to DIY so they seek it out.
BTW, it isn't just wirehouses that get very little of their business from call-ins. I'd dare to say your shop isn't dependent on call-ins for a living.
Now, what does any of that have to do with training?
[quote=Greenbacks]Why do people feel more comfortable dealing with some one they never met before over the phone then walking into a wire house office and meeting the person who would manage there money face to face?
This industry has to have a pretty bad reputation to have that happpen in the first place
So what can be done to fix it?
[/quote]
You're assuming that people don't call into wirehouses due to reputation (before it was training).
I was asking a question, I do not know if it is training or reputation, or something else.
Tell me, why don't they call into your shop?
I do not know that either. But I do not have the advertising budget wires or insurance companies have.
Reggin said, Who do we cares. I would think reps better care what your BD is doing to promote and grow your business after all that is why reps stay at big wires and insurance companies to grow when they grow.
People call into wirehouses too; you'd be surprised at the size of some walk in accounts here.
I think the big reason people call discounters is that they're cheap and think they can do it themselves. That's the commercials that E-Trade and Schwab use right? Why use an expensive broker, blah blah. The wirehouse commercials seem to be a bit more "upscale". I mean, with our "you and us commercials" there isn't even a number to call. It's just for brand recognition. I also know that when I cold called, some people didn't even know that they could work with us. They had the impression that we had huge minimums and their $300k wasn't enough. When I explained to people like that how it really works, they signed on.
I think it's good that we have to go after clients instead of having people just call in. This means we get to go after the people we'd like to work with instead of just taking anyone. I've taken plenty of accounts from people who used discounters. It's not all roses on that side either; the service is non existent, and sometimes people do want to speak to the same person each time they call in.
Back to the training question. I'm not really sure how they could improve it. The job is primarily a sales job, so of course in training they will focus on that. Of course we went through tons of modules for the consultative process and all that as well as learning about products (not proprietary). But the focus of the job is to get in front of people, so that is a lot of what we were taught. Here's my take on training, it shouldn't have any bearing on where you go. The training program will have very little to do with your success in this business. I would do a week's worth of training materials in 2.5 days, and spend the rest of the time getting out to meet people, my old contacts, and so on. It was more something that had to be done than anything I saw great value in. If someone is going to be successful, they're going to do it at any firm they choose. The opposite is also true.
[quote=Greenbacks]
True, cheap is only one answer.
Any more ideas?
Why do people call into discounters and not wirehouses?
Why do people feel more comfortable dealing with some one they never met before over the phone then walking into a wire house office and meeting the person who would manage there money face to face?
This industry has to have a pretty bad reputation to have that happpen in the first place
So what can be done to fix it?
[/quote]Shadow,
You are absolutely correct. I have learn with other brokers that UBS training is the best in comparison with other wirehouses training. And I also learn a lot in my first 7 months of production. I had learn that UBS is the best company to work for. You & Us.
lol collazo..
Im at ML, have a friend at UBS. AT ubs he has no meetings with his manager (good or bad, but bad from training standpoint), there are no weekly meetings for all trainees for education purposes (as they do at ml), and there are no assigned mentors (as we have it at ML). So they dont do much training at ubs. That said, that may be better for someone who knows what they have to do and doesnt want to bother with all the other crap. But for someone my age it is helpful.[quote=hncollazo]Shadow,
You are absolutely correct. I have learn with other brokers that UBS training is the best in comparison with other wirehouses training. And I also learn a lot in my first 7 months of production. I had learn that UBS is the best company to work for. You & Us.
[/quote]
Beezbol has been berra berra good to me…
[quote=Fixdincome]
lol collazo..
Im at ML, have a friend at UBS. AT ubs he has no meetings with his manager (good or bad, but bad from training standpoint), there are no weekly meetings for all trainees for education purposes (as they do at ml), and there are no assigned mentors (as we have it at ML). So they dont do much training at ubs. That said, that may be better for someone who knows what they have to do and doesnt want to bother with all the other crap. But for someone my age it is helpful. [/quote] Fixed - I do not know where your friend is getting that information. I am currently in the UBS training program and I have weekly meetings with my manager, a weekly conference call with all of the others in my class and in my particular office I do not have an assigned mentor but I know others in my class I have spoken to do have assigned mentors. I have nothing to compare the UBS training to but I feel they have done a good job training me to this point. When I was looking into the various wirehouse training programs there really were not many differences I could find.lol collazo..
Im at ML, have a friend at UBS. AT ubs he has no meetings with his manager (good or bad, but bad from training standpoint), there are no weekly meetings for all trainees for education purposes (as they do at ml), and there are no assigned mentors (as we have it at ML). So they dont do much training at ubs. That said, that may be better for someone who knows what they have to do and doesnt want to bother with all the other crap. But for someone my age it is helpful. [/quote]How to improve training? To be fair much of what's needed to succeed in this business can't be taught. It's about motivation, imagination and drive. These are attributes you either have or you don't. Most that don't won't survive the first or second cut.
Under the heading of improvements that could be made would be to remove the absolute lottery system trainees are faced with in dealing with their BOM. Once through the first phase of training in NY or NJ or Conn., trainees fall under the charge of their BOM. In some places where the old boys network is supposed to have been replaced by a system that places only highly qualified individuals in BOM positions, guess what? The old boys network is still alive and well. As a result some BOMs aren't qualified to train anyone. How could they be as some are failed brokers who used the network to flee the sinking ship of their own sales careers? Yet, the trainee is counting on this person for guidance, support and direction. None will be forth coming. This problem is systemic. The result of this is that trainees assigned to such BOMs have an extra handicap that will most likely sink their ship. The trainee by not getting guidance fails, or, by following the BOM's faulty guidance, fails. Usually by the time the trainee sees this picture clearly they've reached the end of the rope that was their career. A strong trainee can survive a weak BOM. Yet, as we know, many reps who go on to become very successful were slow coming out of the blocks. These trainees were fortunate enough to have strong BOMs who helped them, or in some cases, shielded them giving them more rope thus more time to make it work. How many trainees of this ilk failed soley by luck of the draw? We'll never know.[quote=BondGuy]
How to improve training? To be fair much of what's needed to succeed in this business can't be taught. It's about motivation, imagination and drive. These are attributes you either have or you don't. Most that don't won't survive the first or second cut.[/quote]
I completely agree, but most people don't want to hear it. The fact is if "training" ensured success we could train most anyone, more would succeed and we'd be paid less as a result.Adequate “training” program. Not to be confused with “training”.
Consider finding an independent firm after 1 year of proven success. Nobody should have to work for 35 cents on the dollar.Source URL:https://www.wealthmanagement.com/forums/rookies-trainees/ubs-training