How are things? wfc,bac,ms-sb,ubs etc?

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Aug 14, 2009 10:52 pm

Things are looking better and have calmed down some.   All these changes with mer/bac, WB toast, WFC, ms-sb etc.  How are things out there?  Has mer changed?   Is WS that same after WFC?  The business has really been a blast since the first news of Bear's billion $ hedgies blowing up.    2001-2002  2008-2009.  I really hope we can have melt downs like this about every 6 or 7 years.   they really make things wonderful.   This has been survivial.   Who got Fukced the most>      Stanford brokers?  heard a story of a team that left, didnt get their checks and news came out.   brutal.     AGE guys?   Nice little regional that got on that WB train just in time?  Madolf clients?   Stanford clients?  brutal and sad


I hope its over
Aug 15, 2009 12:12 am

a very loaded question but from the bank channel i know that people at wfc are getting canned left and right and at bofa people are leaving in droves.

Aug 15, 2009 12:24 am

This mess is far from over. This business is going to continue to evolve considerably from here. Many more changes to come from the firm's side and from the regulators.

Aug 15, 2009 11:28 pm
AGEWACHWELLS:

This mess is far from over. This business is going to continue to evolve considerably from here. Many more changes to come from the firm's side and from the regulators.



 
I think yoru right about regulators.
 
They screwed up so many things by not doing anything  (chris cox, madoff, etc etc).
they gonna make a point of not missing anything.  The FINRA ETF's tip of iceberg.   they were all over that. 
Aug 15, 2009 11:32 pm

This thread so tame..... i guess all you AGE's guy are loving  Danny and the boys?   wow

And merrill lovin Kenny?    UBS contentment?.  I guess a 50% rally is good tonic.
Aug 16, 2009 7:35 am

Big question for me is this...

 
The public felt betrayed by the wirehouses (auction rate mess, bailouts, bid bank stuff) and scared by at least a couple independents (Madoff and the nut case who tried to fake his own death is a small plane)
 
How will this effect the way money seeks objective advise?  And where will they ultimately find it?    
Aug 16, 2009 8:05 am

Hmmmmmmmm, maybe I've drank too much kool aid or maybe its my own naivete but the situation at MSSB seems to have least stopped deteriorating. Supposedly the penalty box threshold will reduced from $400k to $250K sometime in the future. The information about the payout from my manager and from the FA comp desk is contradictory which is disturbing but I also read somewhere on the net there will be some relief. I think it was Fund Fire.


Our office lost one team and one relatively new guy and my impression is they were not big producers. I received a couple of rather large accounts as a result and it seems they are staying.
 
I've been with the firm for over 15 years and the damage to my book as a result of this meltdown, outside of asset contraction because of the markets has been pretty minimal. Almost all of my business has been "C" shares so my income has dropped but I've lost only a couple of clients for various reasons. Throughout this entire ordeal I have worked pretty hard at staying in touch with clients which has resulted in more assets coming in which is a good thing.
 
My belief is upper management is "winging it," formulating a plan as they go. I also belief they were shocked at the number of brokers with their assets that have left. I sympathize with those brokers because I know from experience going to another firm is traumatic but I believe it was this mass exodus which is forcing upper management to maybe become more FA friendly. 
Aug 16, 2009 8:55 am

Ageman:


You couldn't be more correct.


Aug 16, 2009 10:22 am

AGE
Re your comment about Stifel - take a look at RJ if they are in your area.
I have spoken to a couple of former AGE guys in the past who were looking at RJ for the same reason. While the majority of their brokers/branches are Indies, they have employee branches as well