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Feb 7, 2009 1:08 pm

Hey Guys, how screwed am I?  I have been having more than a tough time at my new firm.  They promised the world and have delivered nothing.  The big promise was to make this hole in the wall a normal office for me to operate out of.  They never did and told me due to the market I need to be a team player.  Then they took the office I was using as a substitute away but the catch was the new office did not have a computer that works or have my assigned phone line ring into it.  This has gone on for about 5 months and my clients could never get a hold of me .  They finally fixed the computer but I still have no phone lines.  I have changed my phone mumber now, but they still wont hook that in eother.

Then they annouce the Smith Barney JV and I am told I am going into Citi holdings.  My contract says smith barney and they wont let me back into the wire house side.  Now I am really pissed.  So I have been working from home and my clients all call my cell phone since that is the only way to get a hold of me and then I accidentally do it.  I email a book holding page that has the client names and breakdown of asset classes to my home email since I have been having problems logging on.  I wasnt thinking but I also did not think I was doing anythinbg wrong since the function is offered on the workstation.  There were no TIN's or birthdays or socials, just balances and account numbers so when clients call or I call out, i had an easy reference guide.

Now they call on Friday, suspend me , and tell me that I have a meeting on monday to decide my fate.  I wasnt even thinking of using this to move my book, in fact, you don't even need this info anyway.  They call it a security breach which it is, but due to my siutation with how much trouble I have been having operationally I didn't even think.

So, on a scale of 1-10 for this infraction, am I going to get wacked out or wrist slapped in the light of the fact they know they have literally screwed me with my practice and support given?

Feb 7, 2009 1:18 pm

If they wanted to let you go , you are screwed. If they want to keep you, they'll let it go. Only you can evaluate where you stand. Judging by your experience thus far, I am developing my opinion, but I will let you come to your own conclusion.

Feb 7, 2009 1:26 pm

thx for your response, waiting till monday sucks.  What is crazy is they spent big money on me.  I had LOS 5 years AUM around 89MM and was doing 550K.   To not give me support when I was really doing well is nuts.

I think my own boss was so scared of getting whacked out that he didnt want to rock the boat at all.  Instead he put me on ignore and let me fall through the cracks.

To not support me is a bad investment for them.  Ya I know I messed up accidentally, but at the same time for them to use this as ammo and shoot first after what they have done to me is fucken ruthless.  I actually loves this business and for them to destroy me like this is nuts.

I guess my other question is if the y wack me out, wil I be able to land anywhere with some pretty good numbers or are they going to go out of there way to bar and slap and injunction on me?

Feb 7, 2009 3:13 pm

Me05448, best reply of the year. Hahaha!



Feb 7, 2009 4:13 pm

me05488, if you are inf act telling the truth about assets and production, you should be looking to move somewhere and fast. I can't believe you waited this long.

Feb 7, 2009 4:17 pm

When you get 5 months of emails saying , dont worry, we will care of these issues, just give us some time and confirms from your boss saying its in the works you give them the benefit of the doubt. 

Moving books is a bitch and screws up the client and relationship if done too often.  I tried to be  a team player.  That got me far.

Monday will be my day of reckoning

 

Feb 7, 2009 4:45 pm

I agree with Hank (geez, i said it again, f me!)
With 5 yrs LOS, at 550k, you would be a rising star. Why on earth, would you even think about going to the bank side? I dont get that at all. You are either a liar or an idiot. Or both.

Feb 7, 2009 8:27 pm

Sportsfreak, I really agree with you now.

a year ago, before all of the calamity hit the fan, I really thought that the only survivors in this business were either the ones that could accept deposits or write insurance premiums.  I thought the wire house model would be dead and we would actually transition back to vanilla investments.  With my ability to convert the affluent deposit base into vanilla investing- you know munis, ETF's maybe a couple of outsourced funds- nothing tricky that I would be ahead of the curve.

In fact, I was close to being right except the horse I bet on turned to be the biggest loser.

Also I was wrong in the fact that the wire house culture and bank culture will never mesh and they dont really get it.

So yes, you are right, and in fact the possible hiring managers were really bummed at my decison and but understood my logic.

If I could take this back, I would.  i basically have destroyed may career getting caught up with a serious meat grinder.

So yes, I am idiot, not a liar.  I thought I would come out on top as the whole world transitions to a ones stop shop with an advisor being able to control the whole client exerience.

My other huge mistake was to realize later that when I took the bank assets and put them on the CITI side I was actually taking revenue from my supposed team-mate.  This actually casued some serious strife on a couple of corporate accounts that wanted TBILLS vs. being on the banks balance sheet when the world was blowing up.  Bankers were pissed and my only reply was , look its best for the client, what do you want, 10% of something or 100% of nothing.


Feb 7, 2009 8:29 pm

Actually meant, when i took assets and put them on the Smith Barney side, not CITI side.

Feb 7, 2009 8:45 pm

check your inbox, i PM'd you

Feb 8, 2009 9:40 am

Looks like you are going to need a securities attorney. If what you say is true, you are going to probably get dinged on your U4. Send Bill a message.

Feb 8, 2009 10:25 am
me05448:

When you get 5 months of emails saying , dont worry, we will care of these issues, just give us some time and confirms from your boss saying its in the works you give them the benefit of the doubt. 

Moving books is a bitch and screws up the client and relationship if done too often.  I tried to be  a team player.  That got me far.

Monday will be my day of reckoning

 



I hope Monday turns out to be a devastating day for you. Monday, Bloody Monday....

Feb 8, 2009 1:17 pm

Hey Hank, with comments like that , you must go through life a real miserable prick.  your life must suck or something? 

Feb 8, 2009 4:19 pm
me05448:

Hey Hank, with comments like that , you must go through life a real miserable prick.  your life must suck or something? 




Yeah, I'm miserable. By this time tomorrow, however, I'll still be employed.

Feb 8, 2009 4:23 pm

This story sounds a bit fishy... $550K on $89MM in 5 years????  A 0.6% ROA?

Feb 8, 2009 5:18 pm

Average ROA at SB is around .58, so it makes sense.

Feb 8, 2009 10:08 pm

started on a sell side muni desk, my revenue is 75% muni bonds.  Thats all I can really say I add value at.

Feb 8, 2009 10:48 pm

I've never heard a Smith Barney broker talk about "getting whacked".

I agree with Hank.  You're a liar and may be too stupid to keep in the business.

Wirehouses are looking to make cuts (and KEEP and REDISTRIBUTE your client accounts to other "senior associates")... and they've decided that it should be YOU. 

If I were at a wirehouse right now, I would NOT be making stupid mistakes.  Since you did, that makes you ripe for pruning you out of their platform.

Feb 8, 2009 10:53 pm

He's not a real SB broker. He's one of the guys in the Citi branches. You know, the make believe sb brokers. Bank brokers in wirehouse clothes

Feb 8, 2009 11:10 pm

Bank brokers are a dime a dozen.

It's too bad that there are too many failed wirehouse brokers to go to the banks that the failed bank brokers have almost nowhere else to go!