Major events at UBS- Sale in the works now?
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secretknowledge… i call bullsihitt on Michael, the whole upper mgmt tier of UBS Americas is running very very I repeat very scared… they are a bunch of chicken siht a holes and they are running with thier head up thier butts…they are very adept at this.!
You are still bitter at being riffed aren’t you.
When a person goes out on disability it is not a pardon. When you go out with what he has at that young of an age you say a prayer for the person and say thank god that was not me or my family.
All people and strategy at UBS are not bad. Even though I do not agree with a large number of things that they are doing, I realize that it is not everyone at the firm who caused the issues. Decisions continue to be made at the firm that are inconsistent and not in the best interest of the firm and that is sad/frustrating if you still work here. However, this is a case of someone going on medical disability for a very serious reason and you are WAY OFF BASE WITH YOUR COMMENTS.
SecretKnowledge is right with this one. I don't know what is wrong with Michael, but I trust it is a serious medical issue. I hope and prayer he does recover. And that his family will also be ok. None of us want or need medical problems. As for UBS...not all of UBS is bad. They've had some very serious issues over the last couple of years. Hopefully all the peoiple who created these problems have been or will be flushed out, and we can go forward with a much better firm. It's an injustice that many people suffered because of some of the nonsense that some of these people did. However, I think that we can recover. Right now, UBS is going through a major reorganization/shift in their business model. I agree with SecretKnowledge that not all of the decisions seem to be good. But I'm optimistic. Change will come. Eventually new leadership will be in place. And things will improve.You are still bitter at being riffed aren’t you.
When a person goes out on disability it is not a pardon. When you go out with what he has at that young of an age you say a prayer for the person and say thank god that was not me or my family.
All people and strategy at UBS are not bad. Even though I do not agree with a large number of things that they are doing, I realize that it is not everyone at the firm who caused the issues. Decisions continue to be made at the firm that are inconsistent and not in the best interest of the firm and that is sad/frustrating if you still work here. However, this is a case of someone going on medical disability for a very serious reason and you are WAY OFF BASE WITH YOUR COMMENTS.
Ab I hope UBS is paying you dearly for all of the McCann rah-rah and UBS kool aid drinking that you’re doing.
Betsy you’re killin me here. At first I thought that you meant what you wrote. But then I realized that no one that works at UBS is naive enough to believe what you said. You have truly mastered the art of sarsasm!!!
No Kool-aid. Read my older posts. I just call em as I see em. Swiss dumb asses finally get that they have to stay out. Its a perfect set-up for someone to come in and be a hero. Bar so MF low. Any of the people mentioned could do it (sallie, ludeman etc). I heard UBS now making managers produce. What a bunch of clueless a^%wipes. Its almost funny how stupid they are.Ab I hope UBS is paying you dearly for all of the McCann rah-rah and UBS kool aid drinking that you’re doing.
[quote=BeenThere]Betsy you’re killin me here. At first I thought that you meant what you wrote. But then I realized that no one that works at UBS is naive enough to believe what you said. You have truly mastered the art of sarsasm!!!
[/quote] Been there, she's right on with her comments-- no sarcasm at all. I'm having my best year ever at UBS or any other firm. Clearly, we have a few stooges at the top, but that seems to be sorting itself out. The products and service I can provide my clients at UBS are best in class. There may be other firms and FA's that can equal it, but nobody is better. I say this while having very good friends who work in bank channels, LPL, Schwab, RJ, Jones, Citimorg, and others. Every firm has trade offs, and we're no different. One day, will I be an indie? Maybe, but it's so difficult to move a practice, I seriously doubt things could ever get bad enough for me to make a move. Maybe my situation is different from most of my colleagues across the country. If that's the case, then I'm one fortunate fellow. It does sometimes feel like I'm playing on a team with a losing record, but when I look at my immediate team and my colleagues in the office where I work, I see a group of very successful FA's that are also having one hell of a year in 2009. This, despite all the distractions in the last 2 years. I also see our stock price going straight up for the first time in several years. Only a small portion of my net worth is tied up in our stock, but the fact that it's going up indicates that others share in mine and betsy's optimism that brighter days are ahead for UBS. In a way, our friend Ab may finally be on to something. LA[quote=Lew Ashby] [quote=BeenThere]Betsy you’re killin me here. At first I thought that you meant what you wrote. But then I realized that no one that works at UBS is naive enough to believe what you said. You have truly mastered the art of sarsasm!!!
[/quote]
Been there, she’s right on with her comments-- no sarcasm at all. I’m having my best year ever at UBS or any other firm. Clearly, we have a few stooges at the top, but that seems to be sorting itself out.
The products and service I can provide my clients at UBS are best in class.
[/quote] Yeah those Lehman Structured Products, best in class. Sorry while I puke in the bushes.
The products and service I can provide my clients at UBS are best in class. There may be other firms and FA’s that can equal it, but nobody is better. I say this while having very good friends who work in bank channels, LPL, Schwab, RJ, Jones, Citimorg, and others. Every firm has trade offs, and we’re no different. One day, will I be an indie? Maybe, but it’s so difficult to move a practice, I seriously doubt things could ever get bad enough for me to make a move.
Maybe my situation is different from most of my colleagues across the country. If that’s the case, then I’m one fortunate fellow. It does sometimes feel like I’m playing on a team with a losing record, but when I look at my immediate team and my colleagues in the office where I work, I see a group of very successful FA’s that are also having one hell of a year in 2009. This, despite all the distractions in the last 2 years.
I also see our stock price going straight up for the first time in several years. Only a small portion of my net worth is tied up in our stock, but the fact that it’s going up indicates that others share in mine and betsy’s optimism that brighter days are ahead for UBS. In a way, our friend Ab may finally be on to something.
Keep those blinders on and that attitude. You’ll be doing monster numbers.
(UBS sucks so bad its not funny. But better times coming)
UBS has good marketing materials. The PACE brochures, the online proposal system, etc. The back office processes are terrible, the investment platform isn’t unique is any positive way, the firm marks up bonds way too much. And the trust company is disaster. There is no reason to ever go to UBS. Plenty of reasons to leave. Moving is not as difficult as getting a “non-standard” seminar approved by the idiotic marketing resource desk.
Didn't use the Lehman Bros structured products-- nice try borei. Will only do FDIC-backed CD's. By the way, stay out of my bushes, you perv!
Again, maybe I'm lucky. I only use our best products-- PACE Multi, Funds of Funds, SMA's, and VA's. If the bond desk marks bonds up too much, I wouldn't have the slightest idea, as I don't use 'em. I did get caught up in the ARC mess last year (which happened at more than one firm), but ironically, ARC's had better performance than most anything else last year. And UBS made all my clients whole anyway. That doesn't excuse what happened, but I think they made the best of a terrible situation. And they did more than any other firm that I'm aware of to atone for the mistake. Regarding seminar approvals, you're probably right. It does take too long for approval, but again, I don't need to do them, so it doesn't affect me. The trust company's a disaster? We use Comerica, so again, not an issue. UBS Global Asset Management is a loser as well, but we've been smart enough to not use them either. Every firm has shiite products-- It's up to us to pick the good ones for our clients. I heard an FA say once, "My job is to protect my clients from the crap my firm wants to sell them." So far, I've struck out once (ARC's), but one major strikeout in a career isn't bad. LAThat stellar rep UBS has helps too, eh Lew? Tax fraud. Three presidents in two years. Massive, over sized losses. That koolaid is tainted, drink it at your own risk.
[quote=borei]
That stellar rep UBS has helps too, eh Lew? Tax fraud. Three presidents in two years. Massive, over sized losses. That koolaid is tainted, drink it at your own risk.
[/quote]
Name one large financial with a stellar rep dumb as$? Jamie D maybe (?)
Although the average Joe hates all of us, including chase.
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[quote=Lew Ashby]
Didn't use the Lehman Bros structured products-- nice try borei. Will only do FDIC-backed CD's. By the way, stay out of my bushes, you perv!
Again, maybe I'm lucky. I only use our best products-- PACE Multi, Funds of Funds, SMA's, and VA's. If the bond desk marks bonds up too much, I wouldn't have the slightest idea, as I don't use 'em. I did get caught up in the ARC mess last year (which happened at more than one firm), but ironically, ARC's had better performance than most anything else last year. And UBS made all my clients whole anyway. That doesn't excuse what happened, but I think they made the best of a terrible situation. And they did more than any other firm that I'm aware of to atone for the mistake. Regarding seminar approvals, you're probably right. It does take too long for approval, but again, I don't need to do them, so it doesn't affect me. The trust company's a disaster? We use Comerica, so again, not an issue. UBS Global Asset Management is a loser as well, but we've been smart enough to not use them either. Every firm has shiite products-- It's up to us to pick the good ones for our clients. I heard an FA say once, "My job is to protect my clients from the crap my firm wants to sell them." So far, I've struck out once (ARC's), but one major strikeout in a career isn't bad. LA Lew, you are right about PACE Multi only. Take another look at the SMA's on UBS's ACCESS platform. If you really understand your job and if you feel any responsibility to your client at all, you would not in good conscience be able to recommend those lackluster managers. Ask Investment Solutions if the managers on the UBS recommended list have had to pay for the self space. Also ask why there are so few top quartile managers on the ACCESS platform...Lew... posting your ability to avoid the many landmines is not a big endorsement for the platform.
I have noticed many folks on here debate the quality of firm or another or indy vs wire etc.. The fact is when this all passes Merrill, MSSB and UBS will still be the big firms, nothing will change.[quote=igrift]
Lew... posting your ability to avoid the many landmines is not a big endorsement for the platform.
I have noticed many folks on here debate the quality of firm or another or indy vs wire etc.. The fact is when this all passes Merrill, MSSB and UBS will still be the big firms, nothing will change. [/quote] You're right....though Merrill and MSSB will dwarf poor little UBS in size. We either need to combine with JPM or go private and become more of a boutique firm. God help us if Hong Kong Shanghai Bank Corp. buys us. Regarding the platform, I believe every firm out there has landmines in their respective platforms. Even "squeaky clean, virgin-white" EJ. I've been fortunate to avoid all but one (so far....knock on wood). But like I've said, the UBS platform can compete well with anything out there. LAYes, the fact is they will not change. They will still be big firms and a home for lame management and complacent reps afraid to leave because of the constant middle management banter of why smaller firms can’t offer the ‘total wealth management client experience.’ 'Keep the faith brother.'
Yes, they are Big - and burgeoned with their layers of middle management ilk who add no value to the client experience. Now watch 'em cut cost and scurry to pair back for their senior management sins. Ah, the security and strength of the behemoth leaders!
And yes Lew, you have a great positive attitude and senior management likes guys like you. You’d be amazed if you experienced life outside the cell block… Trust me, the outside is better and with an attitude like yours, you’d flourish outside the wire cell. Senior management adds nothing and their constant talking points have become quite stale. Have the courage to leave the mother ship… The big firms will still be big - just like a big government that tries to convince the population that it must rely on their programs.
One thing that will not change - big firms opinion of their own value and arrogance. They certainly will not change their views and fail to realize that the advisor / client experience is really about the rep and the personal relationship with the client. It doesn’t matter if you are at a wire or independent…it’s about helping the client and has nothing to do with the size of the firm. Big isn’t best. You just can’t institutionalize the client no matter how hard you want it to be “You and Us.” Say good bye to “us” and the gluttony of management and join the “you and me” independent way. It’s the future…
When you jump the wall and get outside, you won’t care if they “get their act together” or repair their reputation. What value do you get from your firm? Don’t you deserve to have a better experience from your leaders? When all this passes…hey, you’re right - they won’t learn and nothing will change.