UBS big winner nationwide?

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Jan 4, 2009 12:15 pm

UBS taking some monster assets from ML and others in my area...are they going to be the ultimate marketshare winner during the brokerage fallout? Heard they had almost 2000 offers out around the country, and that over 1000 had or were getting ready to accept...

Jan 4, 2009 3:57 pm

UBS is paying arguably the biggest bonuses in the business.  They are definitely capturing advisors with these deals, but the advisors are having a very difficult time moving their books.  These advisors will again leave UBS when their contract runs out and the game begins all over again.  I think UBS is going to get burned in the long run by offering too much money to advisors that cannot transfer their clients.

Jan 4, 2009 4:16 pm

I can see why they can't more ...why would your clients move to UBS esp if you are coming from WX, ML, SB etc.....they see no difference...they all suck, and have serious issues.
One reason I wouldn't go there...the check is nice but if you dont take clients and have to deal w the same crap why go....go somewhere that is good for your clients and you longterm...a solid regional or Indy....then your clients will have a reason to follow.

Jan 6, 2009 3:47 pm

UBS pays the most upfront.

I left there on bad terms 2 years ago and just got a recruiting call from them 2 weeks ago, offering me $$$ to come back.
 
Screw them. You get big bucks in a bonus because their grid smells, the comp plan was literally a 25 page book with notations and exceptions, etc.
The back office was a joke and management manages up, not down.
 
Jan 6, 2009 3:50 pm

Favorite UBS comp plan moment....Asked a manager about the 10% haircut on EVERYTHING, C''share trailers, managed accounts, annuity trailers, etc.

 
I was told "Well, trail based business is grid + 4% payout, so with the haircuts it's just like your old firm"
 
My response  "If haircutting my trailers then adding 4% on my grid really evens itself out, why go through that crazy ass excercise???, lose the haircut and give me regular payout"
 
Manager: "Well, um, that's a good question, uhh, um, I will make some calls on it"
 
Me: "F you!"
Jan 6, 2009 6:18 pm
skillopie:

Favorite UBS comp plan moment....Asked a manager about the 10% haircut on EVERYTHING, C''share trailers, managed accounts, annuity trailers, etc.

 
I was told "Well, trail based business is grid + 4% payout, so with the haircuts it's just like your old firm"
 
My response  "If haircutting my trailers then adding 4% on my grid really evens itself out, why go through that crazy ass excercise???, lose the haircut and give me regular payout"
 
Manager: "Well, um, that's a good question, uhh, um, I will make some calls on it"
 
Me: "F you!"



Liar.

Jan 6, 2009 6:40 pm
Sellout21:

UBS is paying arguably the biggest bonuses in the business.  They are definitely capturing advisors with these deals, but the advisors are having a very difficult time moving their books.  These advisors will again leave UBS when their contract runs out and the game begins all over again.  I think UBS is going to get burned in the long run by offering too much money to advisors that cannot transfer their clients.

 
They have took two biggest teams in our office..But those guys/groups are totally blown up and have taken probably less than 1/2 the book..One of the groups did around 1.5MM last year and will not do 400K in 2009 at UBS and they got 240%.  Also they just hired a bank broker buddy of mine for 220% and he will not do 100K next year, he knows it..his t-12 was ok (600K), was not going to do 300k this year at B of A and he has basically packed it in..he will sit there until they can him.  Can not believe they are paying guys the way they are.
Jan 6, 2009 7:26 pm

For the record, beginning with 2009 Comp plan there is no haircut on A-,B-,C-share mutual funds, insurance and VA's (including trailers). There is 0.10% (not 10%) retention on 'some' of the managed account programs.

Also, it is GRID + 3% for insurance/VA's/all managed account business.
But for full disclosure purposes.....there is zero comp on equity tickets under $100 regardless of household assets.  Also beginning July 1st, no payout on households less than $50k (unless in managed account).
As a UBS pruducer, I agree they are paying too much, but they need to rebuild their reputation. 
As far guys coming over with only 1/2 of their book...as a whole that is bogus. It all depends on the FA and their relationships. A recent MS newcomer has brought over everything ($150M+)
Jan 6, 2009 10:23 pm

i heard that they were giving 150-175% upfront and the rest on the backend.  so when you talk about total package 220-240%  i assume that the rest is on the back end.  i know a couple of guys that went to ubs from wachovia and morgan.  most doing over $1million+ in production.  it seems that with their packages they are recruiting many larger producers.  it is hard for me to imagine though that they would give a guy doing 300k 200%+ to move over with all the larger guys looking for deals.  seem like all the other shops are trying to dump these type of producers.  i wonder how long ubs will keep paying these deals for.

Jan 6, 2009 10:46 pm

Why do you people care what people are getting and how much of their book they are bringing?

 
Either make the move or stop being mad because you can't
Jan 7, 2009 8:40 pm

The deal that got everyone jumping was the 260% deal (165% upfront) the rest in various easy to hit backends over next 3 years.



That deal ends 1/9 for signing and 1/30 for joining. It is only for 1st quintile producers.



The comp is updtaed this year and vastly improved, especially for teams.



The biggest reason FA's are coming to UBS is safety - as of Jan 1st zero exposure to any US mortgage product, ARS, toxic assets. (Thank you swiss fed) and 49% of firm revenue comes from wealth management.

Jan 7, 2009 8:42 pm

The biggest reason FA's are coming to UBS is safety - as of Jan 1st zero exposure to any US mortgage product, ARS, toxic assets. (Thank you swiss fed) and 49% of firm revenue comes from wealth management.





Silly me I thought they were coming for the big deals they are offering.
Jan 7, 2009 9:56 pm

Fritz - of course the money talks the loudest. But 1st quintile million dollar producers look at the whole package. Especially signing up for 9 years.



The UBS deals are not that much higher than what MS & MER have had on the table the last few months either.

Jan 7, 2009 10:06 pm

Kinda like a bonus annuity, huh...9 years.  Who in the hell would sign themself over for something like that? I would simply feel so handcuffed and claustrophobic....yuk...especially with a name that is not the best in the biz.

Jan 7, 2009 10:13 pm

I think you would feel fine if your "handcuffed" hands held a check $1,650,000 or more, with another $1,000,000 come over the next couple years.

Jan 8, 2009 5:39 am

I guess it would definitely be a two-sided coin....

Jan 8, 2009 10:54 am

The 160-165% up front money at UBS is gone. There are some guys in their pipeline I understand still but the cut off to get in on that was early Dec according to a UBS external recruiter I talked to. Those deals are now much more in line with SB, MS and ML. Based on the last couple of offers I've seen $1M producers get around me, Morgan is probably the most aggressive and they seem to be fighting hard to match or beat anything UBS is bringing. 

Jan 8, 2009 12:51 pm

What is Morgan paying?

Jan 8, 2009 3:26 pm
Sellout21:

UBS is paying arguably the biggest bonuses in the business.  They are definitely capturing advisors with these deals, but the advisors are having a very difficult time moving their books.  These advisors will again leave UBS when their contract runs out and the game begins all over again.  I think UBS is going to get burned in the long run by offering too much money to advisors that cannot transfer their clients.




This is false. The majority of our clients have seen tremendous success moving books right now, and this is not bound to one specific region or market.


Categorically, across the board... people are having success moving their books.

Jan 9, 2009 4:17 pm

Super-  What's your take on what impact a combined Smith Barney and Morgan would do to advisor demand, deals, etc?  Not to mention, one less major big dollar player.