AGE/WB Vrs. UBS

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Dec 17, 2007 11:25 am

I have been doing some due diligence over the past 6 months.  I have narrowed my decsision between staying at AGE/WB or moving my practice to UBS.  Since we have to repaper our clients anyway, I figured that I might as well make sure I am at the right firm for my clients.  What has impressed me about UBS is that is their available money manager list as well as their alternative investment options are a significant cut above Wachovia's platform.  I also like the fact that UBS is a true brokerage form instead of a bank.  However, what impresses me about wachovia is their branch locations that could make it easier for my clients to deposit and withdrawal from their account.  On the other hand, I just do not see a client depositing a significant check at a bank clerk (I could be wrong about this).  Any thoughts from the community on this decisions would be most appreciated.

Dec 17, 2007 11:32 am

Do not know much about UBS but Wachovia is now SELLING branch offices to FAs with 30M and 5 years experience for $250,000. Checkout this link.

 
http://www.wsfinet.com/independence/
 

Not sure where their loyalty is going to be if they go into the franchise business.
Dec 17, 2007 5:16 pm
advisorman:

Do not know much about UBS but Wachovia is now SELLING branch offices to FAs with 30M and 5 years experience for $250,000. Checkout this link.

 
http://www.wsfinet.com/independence/
 

Not sure where their loyalty is going to be if they go into the franchise business.
 
Aren't you with that Jim Jones bunch?  If you don't know about both parties why even comment.  Which firm  were you going to recommend??? your own?
Dec 17, 2007 5:30 pm

compliancejerk.
 
It is so nice to meet you. No I do not work for Jim Jones I work for Edward Jones and if you had read the question "Any thoughts from the community on this decisions would be most appreciated." Bonnie did not ask for me to recommend anyone but to give her my thoughts and I did.
 
So if you just want be be a bully and stomp around the forum so you can act like a "big guy in charge" go for it.
 
Have a nice day.

Dec 17, 2007 5:32 pm

This is a decision that I am making that impacts my clients, and I want to make the best decision for them.  I would really appreciate it if you used this forum to add helpful view points and not to insult other people's opinions.

Dec 17, 2007 5:44 pm

Bonnie,

 
I am sorry about compliancejerk. He seems to hate anyone that is with Edward Jones so he goes around and trashes our comments. I thought this forum was actually a place for intelligent discussion so we can all do a better job and be more successful. Maybe one day they will get someone to supervise the forums and get rid of these people.
Dec 17, 2007 5:47 pm

Bonnie how long have you been with AGE?

Dec 17, 2007 7:29 pm

What makes you think we will be repapering our accts? Is that what the UBS guy told you lol? All I have heard is that NO repapering is necessary.

Dec 17, 2007 7:30 pm

I did the opposite: moved from a firm that was purchased by UBS to AGE, now to AGE/Wac.   I did my due diligence for several months. The only thing I knew for a fact was that I did not belong at UBS.  A few notes on your comments:

1. UBS is a bank. Period. They will be much more intrusive to your business than WAC every will be.  UBS a "true" brokerage firm?? No way.
2. Everyone that stayed behind at UBS hates it. Loathes it. Wishes they moved.  They make less $$, have a harder time with paperwork and feel that no one "upstairs" cares about them unless you are doing $1MM.    It's tough to go from a regional to a wirehouse. I don't think that will be the case with WAC
3. WAC vs AGE?? I have no idea what will happen.  I will tell you this...When I moved, WAC was my second choice.  A lot of the reasons I didn't move to WAC originally was the 8 year contract and the fact that my office location would be 35 miles from home versus 4 miles.  I have several friends at WAC locally. Before I made my move, I talked to all of them. Universally, they were very happy.  Today, after the merger, without any BS needed to recruit me, they all say the same thing.

A recommendation:  Stay where you are. Try it out for a year or two.  If you don't like WAC/AGE, then talk to UBS again.  Trust me, the UBS money will always be there.

 

bonnie:

I have been doing some due diligence over the past 6 months.  I have narrowed my decsision between staying at AGE/WB or moving my practice to UBS.  Since we have to repaper our clients anyway, I figured that I might as well make sure I am at the right firm for my clients.  What has impressed me about UBS is that is their available money manager list as well as their alternative investment options are a significant cut above Wachovia's platform.  I also like the fact that UBS is a true brokerage form instead of a bank.  However, what impresses me about wachovia is their branch locations that could make it easier for my clients to deposit and withdrawal from their account.  On the other hand, I just do not see a client depositing a significant check at a bank clerk (I could be wrong about this).  Any thoughts from the community on this decisions would be most appreciated.

Dec 17, 2007 7:43 pm
bonnie:

I have been doing some due diligence over the past 6 months.  I have narrowed my decsision between staying at AGE/WB or moving my practice to UBS.  Since we have to repaper our clients anyway, I figured that I might as well make sure I am at the right firm for my clients.  What has impressed me about UBS is that is their available money manager list as well as their alternative investment options are a significant cut above Wachovia's platform.  I also like the fact that UBS is a true brokerage form instead of a bank.  However, what impresses me about wachovia is their branch locations that could make it easier for my clients to deposit and withdrawal from their account.  On the other hand, I just do not see a client depositing a significant check at a bank clerk (I could be wrong about this).  Any thoughts from the community on this decisions would be most appreciated.

 
FYI
A an FA move to UBS and ended up not taking a heck of a lot of accounts because there managed money platform did not handle nearly as many MF's as WB. Clients didn't want to leave due to the Cap gains they would have to take.
FYI
Wac Securities is a real brokerage firm, not a Bank.
Dec 17, 2007 8:26 pm
bonnie:

I have been doing some due diligence over the past 6 months.  I have narrowed my decsision between staying at AGE/WB or moving my practice to UBS.  Since we have to repaper our clients anyway, I figured that I might as well make sure I am at the right firm for my clients.  What has impressed me about UBS is that is their available money manager list as well as their alternative investment options are a significant cut above Wachovia's platform.  I also like the fact that UBS is a true brokerage form instead of a bank.  However, what impresses me about wachovia is their branch locations that could make it easier for my clients to deposit and withdrawal from their account.  On the other hand, I just do not see a client depositing a significant check at a bank clerk (I could be wrong about this).  Any thoughts from the community on this decisions would be most appreciated.

 
bonnie my apologies for not responding to your question.  I get upset when "pretenders" try to impress you by making statements they don't even understand especially when they usually they have one (limited) perspective to comment from.
 
If you could clarify one of your statements, why will you be required to "repaper" you clients? Is this a AGE/WB mandate?  In regards to your current clientle, how sophisticated are they?  How big of an area (number of branches) will you cover.  Were you at AGE or WB? 
 
With internet banking most clients really don't care about how they get their money to you, or you to theirs (as long as moneys gets to where it suppose to be and FAST).
 
Both institutions have "leading edge technology"   (something one firm claims to have, I heard the reps finally got email this past summer???) so they are even there. 
 
 
Dec 17, 2007 8:46 pm

If you could clarify one of your statements, why will you be required to "repaper" you clients? Is this a AGE/WB mandate?



yes, my assistant confirmed this



In regards to your current clientle, how sophisticated are they?



very much so and becoming more sophisticated



How big of an area (number of branches) will you cover. Were you at AGE or WB?



would rather not say

Dec 17, 2007 11:21 pm
bonnie:

If you could clarify one of your statements, why will you be required to "repaper" you clients? Is this a AGE/WB mandate?



yes, my assistant confirmed this



In regards to your current clientle, how sophisticated are they?



very much so and becoming more sophisticated



How big of an area (number of branches) will you cover. Were you at AGE or WB?



would rather not say


Not sure how to say this but your assistant is ...um...wrong.
No repapering is necessary. Where did he/she hear that????????????

Dec 18, 2007 12:01 am
Paulcl:


1. UBS is a bank. Period. They will be much more intrusive to your business than WAC every will be.  UBS a "true" brokerage firm?? No way.
2. Everyone that stayed behind at UBS hates it. Loathes it. Wishes they moved.  They make less $$, have a harder time with paperwork and feel that no one "upstairs" cares about them unless you are doing $1MM.



A great quote from a friend of mine who stayed at UBS...

"The Swiss are nothing but Germans in short pants...."

Dec 18, 2007 8:27 am

At the FC forums last summer, senior management told us we would NOT have to re-paper our accounts. I think you may have been misinformed.

Dec 18, 2007 8:44 am
compliancejerk:
bonnie:

I have been doing some due diligence over the past 6 months.  I have narrowed my decision between staying at AGE/WB or moving my practice to UBS.  Since we have to repaper our clients anyway, I figured that I might as well make sure I am at the right firm for my clients.  What has impressed me about UBS is that is their available money manager list as well as their alternative investment options are a significant cut above Wachovia's platform.  I also like the fact that UBS is a true brokerage form instead of a bank.  However, what impresses me about wachovia is their branch locations that could make it easier for my clients to deposit and withdrawal from their account.  On the other hand, I just do not see a client depositing a significant check at a bank clerk (I could be wrong about this).  Any thoughts from the community on this decisions would be most appreciated.

 
bonnie my apologies for not responding to your question.  I get upset when "pretenders" try to impress you by making statements they don't even understand especially when they usually they have one (limited) perspective to comment from.
 
If you could clarify one of your statements, why will you be required to "repaper" you clients? Is this a AGE/WB mandate?  In regards to your current clientle, how sophisticated are they?  How big of an area (number of branches) will you cover.  Were you at AGE or WB? 
 
With internet banking most clients really don't care about how they get their money to you, or you to theirs (as long as moneys gets to where it suppose to be and FAST).
 
Both institutions have "leading edge technology"   (something one firm claims to have, I heard the reps finally got email this past summer???) so they are even there. 
 
 
 
Compliancejerk,
 
Did you actually read my post? It was a link and not a recommendation. Also you do not know anything about me except I work for Edward Jones so please back off. You stalked every comment I made yesterday and tried to trash them. Why? What did I say that made you so upset that you had to pursue me. If you are trying to run us (Edward Jones People) off it not going to happen. Just back off and let's treat each other with respect.
Dec 18, 2007 9:42 am
Bonnie, for your own sake please contact your Compliance Department and ask about the "re-papering".  Sure that place is full of "jerks", but they usually aren't stupid.  Just remember if all accounts need to be "re-papered" who do you think is going to have to sign off on them ..... your Branch Manager and reviewed in Compliance and then scanned and filed........  How much do you think this excercise would cost across the country?
 
cluelessman,
 
Yes I did read your post.  If Bonnie says she has been researching for past six months and is presently working at AGE/WB I would think she already knows about your "link" info.
 
You are like the "know it all kid" from grade school (the one that is two or three questions behind) with all your posts in such a short span and adding little if any usuable information... (especially the indoctrination material that you receive from the GPs).
 
Go celebrate your next trip in Guyanna and visit the Jonestown Memorial....you'll feel right at home.
 
 
Dec 18, 2007 10:50 am
compliancejerk:
Bonnie, for your own sake please contact your Compliance Department and ask about the "re-papering".  Sure that place is full of "jerks", but they usually aren't stupid.  Just remember if all accounts need to be "re-papered" who do you think is going to have to sign off on them ..... your Branch Manager and reviewed in Compliance and then scanned and filed........  How much do you think this excercise would cost across the country?
 
cluelessman,
 
Yes I did read your post.  If Bonnie says she has been researching for past six months and is presently working at AGE/WB I would think she already knows about your "link" info.
 
You are like the "know it all kid" from grade school (the one that is two or three questions behind) with all your posts in such a short span and adding little if any usuable information... (especially the indoctrination material that you receive from the GPs).
 
Go celebrate your next trip in Guyanna and visit the Jonestown Memorial....you'll feel right at home.
 
 
 
Well the link is only a little over a week old and not many people at AGE know what is going on at WB for as you know WB just bought AGE. Also why are you such a jerk. All I am doing is trying to help. The only reason I knew about the WB link is they were trying to solicit me by email. If you google for the link it does NOT come up so it is not common knowledge yet. I am sure it will be soon. I got a plan, ignore my posts and I will do the same with yours.
Dec 18, 2007 10:57 am

Hey how about if the two of you try to restrict your little food fight to just one or two threads instead of littering up the whole board?

Really CJ...is it necessary to find every single one of a-man's posts and respond to them?  Don't you have something better to do with your time?  (or not?)

Dec 18, 2007 11:04 am

get out advisorman!! AGE was bought by WB ???!!! boy I'm glad you brought that to our attention (gee I guess my anology of the know it all kid being three questions behind is pretty accurate).

 
Why is it that jonestowners always claim they want to help, I could understand if they've got some years experience at other firms but the bigger problem is they claim to know what is going on at other firms when they don't even have a clue about their own.  You live in a cocoon and are virtually isolated from the rest of the industry..... your "handlers" take care of that.
 
So what did your branch manager say about speding time on the internet?
You never responded about having your own branch either?