Citi PWM Exodus

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Dec 19, 2009 7:47 pm

Burtonfinancial1, you really need to get over it.  You're in a business where you eat what you kill, you of all people should know that this business is competitive and that you are only as good as your last day.  You sound like a girl that got dumped and you just won't let it go.  This thread needs to end, we all know how you feel about Citi and this "exodus" that you speak of really hasn't occurred.....let it go man.

Dec 19, 2009 11:12 pm

Its not so easy to get over getting screwed when your company promised you for years it was going to run the business a certain way and then "changes its mind"   and  takes years of hard work away in one fell swoop....   you obviously didn't lose anything from this transition which would make you a manager, a sales assistant or Debbie ...

Dec 20, 2009 7:06 am
Christo:

Burtonfinancial1, you really need to get over it.  You're in a business where you eat what you kill, you of all people should know that this business is competitive and that you are only as good as your last day.  You sound like a girl that got dumped and you just won't let it go.  This thread needs to end, we all know how you feel about Citi and this "exodus" that you speak of really hasn't occurred.....let it go man.

 
Get over what?  He had good comments re UBS - which turned out to be true - then more about C - which are turning out to be true.  Some of these firms a walling us off, every week another layer of bricks.  It's helpful when your colleagues show you the cracks in the wall or where the next brick is getting placed.
Dec 20, 2009 7:52 am

In my marketplace people have left but they were not on a team. These people had to leave once management decided that they would not have a forgivable draw and would be paid 25% on transactional business.   Those that have been forced onto a team can take more time to investigate their options.  They are feeling the stress but not the immediate pain of not having the income to pay the bills next month out of income vs savings.


One guy (production over 500k) was not invited to be on a team because he was a bit of a douche and not well liked by the senior team member in his area. Another team left before the bigger teams formed. I dont expect an exodus, rather a slow drain over time as people make up their mind as to wether they can succeed in the new environment.  I think some team leads actually want their teamates to leave so that they can keep their books.  I think it sort of depends on who you teamed up with. 
I think more people have left than the ones burton has confirmed.  He does not mention any in Florida and I have heard of at least 4 leaving form there. 
Dec 20, 2009 12:43 pm

I don't think any team leads really want the teammates to leave. If they do, then they don't get it. The end result will be more profitable for everybody if everyone just builds the fee-based biz the right way. If all teammates pull their weight, then the team lead will make more money as well as everyone on the team. If the teammates don't pull their weight, the team lead isn't really going to have to worry about those teammates because C isn't going to pay the floor to someone not producing. It's all there in the comp plan.

Dec 21, 2009 10:01 am

Mr Big sounds like a manager holding on to his/her job by a thread until the boom drops. More profitable??? Only for the company! Are there FA's who still believe anything management says?? If they truly believe that this is being done in the best interests of them and their clients, how did they get this far...............

Dec 21, 2009 2:38 pm

Nope, but XCitiFA sounds like an annuity peddler that had no choice but to leave so he could keep selling annuities somewhere else.

Dec 21, 2009 2:51 pm

1) I'm not a C broker so I don't have to make the easy decision to find greener pastures
2) Don't care who moves or stays.. no dollars in this one- stay, move, same to me.
3) Find it very funny that some douche tells me to end my string? screw you and good luck
4) C brokers are done, whether they recognize it or not, it's not me.. it's your world - go have it! My friends in and outside of C all know how 'baked' that platform is.
5) I'll continue to kick tail in my office either way and continue to share what I know so those who care to hear it, can at least add this to their arsenal of information. I've been around and know too many people who've migrated into bank based and other platforms to keep my mouth shut and say nothing.

Have a nice day!


Dec 21, 2009 4:59 pm

Mr big, I left b4 the company screwed me like they're screwing you. If you have kool-aid running through your veins, then good luck to you. Not only do I sell annuities but I also sell managed, fee-based accounts. As a matter of fact, I have the ability to sell anything that I deem appropriate to my clients. The difference is, I don't work for a happy meal B/D where one size fits all.

How can you look your clients in the eyes and tell them that what you did for them before isn't good anymore and now they all have to have fee-based accounts?? Do you really believe a fee-based account is good for everyone except the company? I hope you stay at Citi and I really hope you're there when they package the whole crappy platform and sell it to Schwab or maybe Ja***.
Mr Big is either management or the poster child for what's wrong with our industry (C.A. or F.D.).
Burton....Good for you, don't take any sh*t from these douches, who obviously dont have the balls to be honest with themselves or their clients!! (assuming they have clients or aren't in management)!
Dec 21, 2009 10:44 pm

1) I'm not a C broker so I don't have to make the easy decision to find greener pastures You admit it yourself, so how can you talk about the "exodus" (or the second coming of the demise of Citi)
2) Don't care who moves or stays.. no dollars in this one- stay, move, same to me.  Once again, if you don't care, why do you feel that you have to post repeatedly about the evil innerworkings of Citi? The economy changed, therefore the business model changed.  Those FA's that sold annuities here and there and then never spoke to the client again should have expected this.
3) Find it very funny that some douche tells me to end my string? screw you and good luck That's very poignant, hit a nerve did I???
 4) C brokers are done, whether they recognize it or not, it's not me.. it's your world - go have it! My friends in and outside of C all know how 'baked' that platform is.  The C broker is not done.  For those that forged a relationship with their client and didn't leave them twisting in the wind after that annuity was slipped to them will do just fine.  The FA who wasn't showed the door has already proved his or herself and will excell in a team environment, and once again, if it's "my world" why do you care?
5) I'll continue to kick tail in my office either way and continue to share what I know so those who care to hear it, can at least add this to their arsenal of information. I've been around and know too many people who've migrated into bank based and other platforms to keep my mouth shut and say nothing. Burt, they come and the go, or like you say, "they migrate".  That is a fact of the business, more power to them and you. 
 
PS  THANKS FOR WISHING ME LUCK, MERRY CHRISTMAS.

Dec 22, 2009 11:04 am

Christo,

You're great. Keep it up. You've not struck my nerve, but clearly this entire thread has gotten your panties in a bunch. Please do come back over time and continue to tell me I'm wrong when all goes well at C.  Please also throw me some kudos when another 25-35 FAs leave in the coming weeks as they will do. I'm not here to encourage or applaud failure at C. This is the "what's up at firms" section for a reason and I happen to have a good number of friends at C from my years around this business.  You mentioned evilworkings.. I did not and I wonder why you'd slam C in such a way given your clear affinity for the bank.


Dec 23, 2009 6:42 pm

I get a kick out of reading some of these posts, but I think I've heard it all before....oh yeah, Chicken Little! The sky is falling, the sky is falling! All that I can tell you is that the acats are not rolling out and the phones are still ringing off the hook.  I guess we'll have to continue this thread prior to the next long weekend (MLK).  Oh and by the way, Chicken Little is a myth and the sky is not falling.  Mlgone, I'll be waiting for another one of your insightful little quips that don't contribute whatsoever. 

Jan 11, 2010 2:04 pm

This thread sure got quiet.  Isn't MLK day a week from today? Still waiting for the second coming of that "Exodus".

Jan 11, 2010 2:13 pm

Well, they have lost over 60 FA's year over year.  With only 500 or so I would call that a pretty big move.  They got their checks this week and I know of a few who are going this Friday. 

Jan 11, 2010 2:48 pm
Christo:

Isn't MLK day a week from today?





It isn't today.

Jan 11, 2010 3:27 pm

1) MLK day is a week from today... as you all certainly know!

2) This week, Friday, 1/15 will mark the departure of a number of BIGGER producers.. those on teams and more than likely advisors who've said for months, "I'm going to stick around".

3) MORE will be leaving the following Friday.  Don't trust me.... just check in 12 days from now.

4) There remains an immense amount of uncertainty and C has held their cards close the the vest and they let out bits of info here and there. All part of the game. Been there.. done that.


Jan 11, 2010 3:47 pm

Funny part is that they still don't know their 2010 payout grids! (as of last week)

Jan 12, 2010 11:31 am

Tick........Tock!!!

Jan 12, 2010 11:37 am
shantom1:

Funny part is that they still don't know their 2010 payout grids! (as of last week)

 
 
WOW! You would have to be hard up for a job to stay there
Jan 12, 2010 12:27 pm

I heard another big producer in Chicago area left late December.. to Cambridge. That makes a couple moves to the indy world by some of the largest upper mid west C brokers.