Oppenheimer Holding (CIBC)
Any insight on this company? Good, bad, history, etc? Not the fund company.
CIBC sold Oppenheimer a few years ago. They were bought by Fahnestock (sp). Not the firm they used to be. Good for smaller guys doing 300-400. I don’t know too many bigs guys that stayed there after CIBC sold them. Most went to Bear -which in hindsight may not have been a good move either.
Fahnestock bought a regional firm that I was with and I hated them. Very cheap and stingy management. I was a top producer of VA’s and the insurance people always treated me well, but everyone else was an idiot. I went indy right after they bought Oppenheimer, but before they changed the name. Don’t be fooled, though. The Oppenheimer of old is gone.
[quote=HAAIC] Fahnestock bought a regional firm that I was with and I hated them. Very cheap and stingy management. I was a top producer of VA’s and the insurance people always treated me well, but everyone else was an idiot. I went indy right after they bought Oppenheimer, but before they changed the name. Don’t be fooled, though. The Oppenheimer of old is gone.
Is it still the same management team?
Thanks for ya’lls insight. BTW, I was told average production at the firm was $500-$550. FWIW.
Yup, Bud is still in charge. No way the avg production is that high. Bud has even said that he can make alot of money off the 200 to 300 guys. BUT they may include the middle market guys in that number. Maybe that is what bumps them up. There are still some old CIBC offices that have high numbers.If you are looking at them, make sure you research their ARP issue. They have clients still locked in those. The Mass AG is going after them to pay the client out. The amount they owe is larger than the market cap of the firm. Look up the news, Bud is trying to move the holding company from Canada to the US to try to get some fed money. I don't think they will get any money from the govt. I could be completly wrong on this, as Bud always seems to sqeeze out of situations. I would suggest you do your due dilligence before you go there. And if you are leaving a place like Mother Merrill, get a demo of the tech. Big difference.
I started my career at opco. Worked there for a few years. Recently left the firm. After I left, opco fired two of the brightest people they had who ran the due diligence department and the managed accounts platform. They hired a guy from UBS to replace them. And anyone who has ever worked at UBS knows how jacked their seperately managed account programs are.One of the good things about working at opco is the level of back office support they offer for the FAs. Bud is still kickin it and bud lite (his son) works there as well. If you do go work at opco, be wary of it being shopped around. PM me if you have any specific questions.