Not all SB Sold/ Bank FA's left behind
SB Advisers working with Citi Private Bank and Retail Branches were left behind and are mad as hell. Most transitioned to SB platform last years, and have been telling their clients how great SB was, only to be left at the alter. I was on a conference call nationwide and many of those affected are PO'ed. They want a retention deal, clarity on the comp plan, and to continue the entrepenerial nature gained with the SB merger last year or the ability to go to the JV.
Some of the most Sr. producers in the country were the ones that were the most outspoken. I think that many will leave Citi for competing firms. The feeling is that we came to far to turn back into Citicrap Investment Services again.
Why not apply / transfer as a FA in a Smith Barney Branch if you don’t want to remain in Citi Private Bank or Retail Branch?
I am not being given that option. I can and very well may leave to another firm, but Citi did not give the bank based SB FA’s a choice to transfer their accounts to the new JV.
One FA on the national conference call was told he was being naive for complaining that he was not able to choose to go to the new firm. I am talking about good producers complaining. People who have drank the cool aid and were doing very good numbers using SB advisory products.
My guess is that this is the model that WS may ultimatley go with. They have already brought ISG to the “bank”. and there have been rumors spreading that PCG will be spun off/sold in the near term. For lack of a better explanation, you should either sit and wait to see what the new job look slike. nut I would imagine yur technology will go backwards about 10 years, or make a move ASAP.
I have been speaking with both PCG regarding making a change. Where did you hear the rumor?