UBS big winner this weekend

or Register to post new content in the forum

13 RepliesJump to last post

 

Comments

  • Allowed HTML tags: <em> <strong> <blockquote> <br> <p>

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.
Jan 10, 2009 2:12 am

Took 152 nationwide this weekend...and rumor is that it will be their smallest Friday in January...well over 1000 in Dec and Jan



wow...that's got to be a big market share move!!! I think BA/ML barely moved ahead of them in # of brokers...and this may shift the tide back!!!

Jan 10, 2009 2:21 am

Amazing what people will do for a check....why on earth would ANYONE go there!

Jan 10, 2009 9:37 am

Last and only time I ever moved firms was in January early this decade. What SHITTY memories. It was stone cold outside, snowy and gray. It was a miserable, unsettling experience. I was driving around all weekend getting acats signed. Explaining over and over and over why I left etc etc to all my clients. I did not fare well as it was a bear mkt then. Many clients did not want to move or make any changes. I was surprised as I had serviced the accounts well, had good relationships. The clients accts were all down in value with the mkt crashing. I maybe took 40% total, if that. Lost some decent people. The guys at the firm beat the crap out of me. The firm (a major wirehouse) offered rebates for all commission paid for previous year to all my clients. I was able to rebuild a better business eventually, but I have often though I would quit the biz before I ever went through that again. Oh, yeah, my deal money ran out in year 3 as I needed it to survive and paying the taxes became a nightmare. The backend I never got because It was contingent on assets being brought over. Since that bear mkt lasted over 2 yrs, it was next to impossible to rebuild to where I needed to be to get the backend. Good luck to anyone moving now. You probably will need it. 

Jan 10, 2009 10:25 am
nestegg:

Amazing what people will do for a check....why on earth would ANYONE go there!

 
I know some teams who expressed interest in UBS mostly because of the payout structure for teams.  I don't think they are going to make the switch.
Jan 10, 2009 3:43 pm
nestegg:

Amazing what people will do for a check....why on earth would ANYONE go there!

 


I was thinking of dropping in on them next week to inquire about a trainee position.  What's the skinny on UBS?  Why wouldn't people wanna work there?
Jan 11, 2009 3:12 pm

I assume they are getting those numbers to move to them for the upfront check-does UBS have the reputation in the US that bigger producers want to move there

Jan 11, 2009 3:56 pm
3rd ID:

Last and only time I ever moved firms was in January early this decade. What SHITTY memories. It was stone cold outside, snowy and gray. It was a miserable, unsettling experience. I was driving around all weekend getting acats signed. Explaining over and over and over why I left etc etc to all my clients. I did not fare well as it was a bear mkt then. Many clients did not want to move or make any changes. I was surprised as I had serviced the accounts well, had good relationships. The clients accts were all down in value with the mkt crashing. I maybe took 40% total, if that. Lost some decent people. The guys at the firm beat the crap out of me. The firm (a major wirehouse) offered rebates for all commission paid for previous year to all my clients. I was able to rebuild a better business eventually, but I have often though I would quit the biz before I ever went through that again. Oh, yeah, my deal money ran out in year 3 as I needed it to survive and paying the taxes became a nightmare. The backend I never got because It was contingent on assets being brought over. Since that bear mkt lasted over 2 yrs, it was next to impossible to rebuild to where I needed to be to get the backend. Good luck to anyone moving now. You probably will need it. 



The BIG difference now is for people moving from certain firms...Like AGE...the clients are ready to move...they hate Wachovia and Wells, so even though they are down, if the relationship is solid they will move...sure some wont, right away, but most will....especially if you go indy or to a regional with a culture/structure like AGE. Moving from Merrill to MS or SB to UBS, I don't see alot of people moving...all those firms are esentially the same.

Jan 11, 2009 4:46 pm

Nestegg..........you may very well be correct. My thoughts were more towards moving from wirehouse to wirehouse, which is what I did. A rep leaving the wire for inde or regional may have a different experience. Its a gamble either way unless your sure beforehand that you will be bringing everyone you want to bring. When I did it you could not discuss in any way shape or form with clients beforehand. I didnt as it would have been ethically wrong and I legally couldnt. I would imagine the same rules apply now. I know the multiple days of arbitration hearings I went through when I left were unpleasant enough. They would not settle with new firm and forced the hearings. It almost felt like I was on trial for leaving. I think new rules of cooperation among firms have all but eliminated this most unpleasant experience. I wouldnt want to go through that again.

Jan 11, 2009 5:47 pm

Joe, where did you get your numbers?

Jan 12, 2009 12:53 am

local UBS manager...





Jan 12, 2009 10:14 am

These large 'waves' of movement into UBS are about to end. There's been a pig in a recruiting python due to the extra large deal they were pushing until early Dec. when that ended and those in the pipeline have to move within 60 or 90, don't know exactly. But.. most who will still move will do so pretty quickly I would guess.  I bet there's a recruiter who works with UBS who will validate at least the trend here. 

Jan 12, 2009 3:02 pm

 3 advisors totaling 2.7MM in production left a Wachovia branch across the street to UBS, this past Friday. Paid the largest producer 3.4MM bucakroos for a 7 year contract.

Jan 13, 2009 12:16 am
nestegg:

Amazing what people will do for a check....why on earth would ANYONE go there!

 
I moved to UBS in 2006 after several years at Edward Jones.  It was a giant leap higher in platform capabilities, and the check compensated me for the royal pain in the arse that it was to move.  Even after all the brillliant decisions by our investment bank over the last several years, and after all the hassles of moving my practice, it was still well worth it.