How do the brokers like the new UBS plan?? Seems to only cater to a select few as they always do!!
Mixed feelings overall. Let me give you two examples.
(A) $1m producer who's business is flat for next 7 years with 10-15 UBS LOS = 40-47.5% total retention (in other words $400-475k)If that same producer grows by 5% annually they will receive 50-60% total.
(B) $600k producer who's business is flat for next 7 years with 10-15 UBS LOS = 22-26% ($133k-155k)
If growing by 5% = 32-38%
Big difference between the two. I personally think they slapped this together in about 2 hours and didn't examine how it would affect every eligible FA. Of course now UBS can say to a potential buyer that "we've got everyone locked up".
The overall feeling seems to be that "I'll take the extra cash, but if I do decide to move, this isn't going to stop me AT ALL".
Keep in mind the specific language of the EFL is not done yet (which again makes me think they slapped this together). It'll be interesting what clauses they put in there.
The interesting part is that both of those FA's would receive 250-330% in deals by moving. Does UBS actually realize that?
do they realize that?
of course they do - thats why they are rolling out a similar recruiting deal.
getting paid to sit in your sit and not have accounts redistributed to other fa's is a lot different than jumping ship.
also dont forget FA's got a small deal earlier this year (SOA advance) of around 3-6% cash of t-12. on top of this new deal.
some one said it earlier, its too little too late for most people who are about the highest deal (they already left) the growth plus is nice but the real retention deal will be if mccann cleans up the mess that is the home office and makes it a great place to be a FA.