Sincerely, good luck to all at UBS who are going through this terrible time.
Move forward knowing that you are not at fault. My sincerest hope for all, is that this is a mere bump in the road in a long career.
Thanks for your kind words Bondguy. Whether you're a survivor, a victim or work for another firm, you are a good man.
BTW, I do feel like it's my fault but with the encouragement of folks like you, I and the thousands of others will get over it quickly. Capitalism isn't pretty sometimes. I suppose if we didn't want the volatility, we could have chosen careers as plodding gov't bureaucrats.
Good attitude campy! Don't let the bastards get you down! They can knock you down but they can't keep you down.
Without going into details let me say that any advice i give on this thread comes from experience. Either my own or that of those whose situation i know of.
Getting fired isn't the end of the world. Nor is it the end of your career. That's a general statement. Getting on board with another firm much will depend on your track record. If you weren't lighting the world on fire before the market debacle, then maybe it's time to turn the page and do something else. If, on the other hand ,you were doing everything right, had a healthy business and UBS just pulled the rug out from under you, different story. A person in that situation would be very hireable.
What would i do:
If still employed
1. copy all client contact info
2.Copy position pages and cost basis
3. copy asset run and ytd commission run.
4. start contacting area branch managers
5. look seriously at the independant route
6.for newer guys sontact large teams and see if they can use a JR member.
If already shown the door:
1. Contact all clients and explain what has happened. Let them know that they are fired as well in the sense that one of the reasons you were let go is that your clients don't fit their model. Tell them to sit tight for now.
2. Get on the phone with every BOM you can find and set up interviews. Stop with preconceived ideas about what other firms are or are not. UBS, in my opinion, as a former employee, is about the worst firm out there. So, imo any move you make is a move for the better. In your conversation with the BOMs be upbeat. let them know that you were let go because your business didn't fit their model or that you ran out of time to build even though you were doing everything they asked and were on target.
3. Contact independants- not a bad way to go. Indyone and Hyman Roth can advise on this topic.
4. Contact advisor search firms. danny sarch associates and Judy Diamond associates come to mind.
5. Contact banks. here is a an interestingf story. A good friend of mine got fired from our firm. Former Lehman guy. he was fired offically for insuborbination, but the truth was he was a high wire act and the manager got tired of his 5 and 6 figure falls off the wire. So he hires on with a bank and is about as depressed as a person can get. Honestly, i thought his career was over. That was about ten years ago. Today, with that same bank this guy is a million dollar plus producer. Nest bank story: Another guy I know basically annuitized his book, lterally. Bought all annuities. Then used the hogh gross trailing 12 to get a huge deal from prudentail. This was around 2001. He gets to pru and has no book to generate a return. 18 month in they've had enough call him to a meeting and fire him on the spot. A few weeks later he lands at a small bank. Last year, the latest news i have, is that he's doing 400 plus at the bank. So again, a guy is able to reinvent himself and move forward.
If, you are put on probation:
1. terrific, you still get paid while you look for a new home.
2. Understand one thing; the writting is on the wall it's time to move on.
Lastly, stay upbeat. be honest and upfront with everyone. Doing this may turn a negative into a positive.
Once the smoke clears and with distance that only time will bring you'll come to see that UBS was far from the ideal and you'll be glad you are gone from there.
Squash, do everything Bond Guy says. There must be other guys like me, who:
1. Have their own office.
2. Have an empty desk.
3. Have a place and a way for you to hang your license.
4. Would want a small cut, in exchange for paying all of your overhead.
Be creative, continue to build your own book, this is a fantastic business once you get settled. You get to enjoy your life, help people, be a professional. Never give up.
I don't work there, I am an indy, but i always like to hear what BondGuy says regarding these situtations. I have some friends who will be in a similar spot soon.(Most of them are newbies who lack the production to go anywhere)
Nice. I'm amazed that no one has cold called me looking for a desk ( I am NOT looking for a JR from anyone here.) Me or my assistant always pick up the phone, and we're nice to everyon. I'm just saying, there must be a lot of opportunity for a trained, licensed,motivated young person, from my perspective.