UBS Brokers Leave, But Donâ€™t Go Far
By Kevin Noblet
A lot of brokers are going independent when they leave the wirehouses these days, but not when they leave UBS Wealth Management, according to Annie Gasparro and Brett Philbin of Dow Jones Newswires.
Citing broker movement figures compiled by research company Discovery Database, they say UBS lost about 90 brokers in September, more than half to other wirehouses. UBS didn’t make up much of the decline with recruiting: They added only some five new advisers.
According to the DJN story, some analysts think damage to its brand, as well an ambiguous strategy, are hurting UBS’ ability to keep and attract talent. The company has struggled with leadership uncertainty, the fallout from a tax evasion scandal involving its parent company and branch management shake-ups.
“Clearly UBS has lost a lot of ground to its prime competitors,” says said Alois Pirker, a research director at Aite Group.
By comparison, Bank of America Corp.’s Merrill Lynch lost roughly 70 brokers in September, but just 10 percent went to another big brokerage. It also hired some 95 new advisers for a net gain.
Morgan Stanley Smith Barney lost the most in September, about 140 advisers, and about a third went to other wirehouses. It’s the biggest shop, with 18,500 advisers (more than twice that of UBS). The joint venture brought in about 45 new advisers.
Wells Fargo Advisers lost 90 brokers, and hired about half of that number. Most of its departing advisers went the independent route, rather than to its competitors. A few even went to Wells Fargo’s own independent platform, Wells Fargo Financial Advisors Network.
In all, about 390 brokers left the wirehouses, down more than 10% from August.
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Whenever this so called "rally" ends and we start heading back to retest the lows I think the above net exodus numbers will explode. Dont know when mid 2010, early 2011, but see tons leaving and going independent.
Whenever this so called “rally” ends and we start heading back to retest the lows I think the above net exodus numbers will explode. Dont know when mid 2010, early 2011, but see tons leaving and going independent.
I love it. We headed into a decade way about mean in annual return on the equity indexes. You hold your cash Fritz like so many others that screwed p in march in their panic. We will get that cash eventually. its a wonderful thing. You are the fuel to keep this rally going for a long, long time.
I love these periods in the market. watching the Fritzes of the world trying to justify the fact that they screwed up. The bears are so funny.
Post recession is the sweet spot my friend and the bigger the sell off off the sweeter the recovery.
And you have your eye on the WRONG things. Sure the debt is high, consumer dazed, obama a tax and spend nightmare blah blah blah but your missing the forest for the trees.
Bigger then all that other stuff. Swallow your pride Fritz and get your people back into equities.
"so called rally"
I LOVE IT. SO FUNNY. BEAR DENIAL ITS AS IF THESE BEARS ARE TRYING TO SAY THE GAINS ARE SOMEHOW NOT REAL MONEY.
Its real my friend, and you cost your people 50% gain sitting in cash.