[quote=Squash1]Where are all the newbies going, i am guessing that they don’t have the production numbers to get them anywhere(not to mention no one is hiring)?

Some but they require production numbers

The government is hiring.

I got the ax as well.  Does anybody know how to go about acquiring a series 24 or 8.  Want to open own office and am going to study for these exams.  Wasn’t sure if I needed to be sponsored by a firm or what?  Need some help.

I went on an interview iwth a MassMutual GA, and i got to say, am impressed.  anyone know if they hold UBS structured products?  

This was all a joke. Any NFA that did make  this cut will be gone in the next few months. They didnt cut managment at all. NFAs that were making their numbers got screwed. We should have been given some warning. This is an ugly market for NFA’s. I was cut and i made my numbers and never had a warning.  Im Pissed!!

Seem to be a lone voice out here, but one other newbie and I (we were walked out together) will be exiting the industry. He’s in the legal field, me heading back to tech. Haven’t had all the unpleasant client conversations quite yet.



No big regrets from either of us. We learned a lot. This wasn’t for us and we didn’t have books anybody would want.



I like to think that under “normal” mkt conditions things would have gone a lot better, but it’s hard to say. It was like trying to ride your bike during Hurricane Katrina and pretend it was a sunny, calm day.



We won’t look back fondly on the last two years, but what doesn’t kill you makes you stronger. For all you other newbies, whether you’re staying in the biz or not - you have fought bravely and suffered mightily, but the opposing forces were overwhelming. You survived and it’s time to move on.



Best of luck to you all, my friends.

Is it still going down today?  Of course BOMs weren’t cut.  Who else would cut the NFAs?  Once all the brokers and CSAs and let go then the BOMs will get suprize visits. 

FYI – all accounts under 250k will be sent to the investment center.  The investment center is populated by a gaggle of clueless failed NFAs in Weehawken.  Clients sent there will not get individualized service (they will have to call an 800 number and get a different person every time they need help with their accounts).  Use this as ammunition when talking to your clients.  “UBS does not value your business enough to give you a dedicated advisor.”  These accounts will be easy pickings to ACAT over to your new firm.  I do know UBS will make an effort to retain these clients, but as long as you had a decent relationship and you are semi-competent, I can’t imagine any clients wanting to stay and have to deal with this service matrix.  Unless, of course, they are in PACE select in a taxable account, in which case shame on you for slinging that garbage.

During the last round of call center account transfers, we were allowed to retain Fee Based accounts under 250K…in fact under 100k.  But we were also given strict criteria regarding what we could retain.  Only exceptions were Fee based, about to become part of a larger household, were part of a Company SIMPLE IRA, or had been opened within the past 12mos.

Going forward, a UBS FA will not receive compensation for any account less than 50k, that is not in a fee based platform.  Many older reps built portfolios around “C” shares, with the expectation of receiving a 1% 12b1 trail each year.  “C” shares are not fee based and there will be many angry FA’s on 7/1/09 when this policy takes effect.

UBS and the other wirehouses are moving upmarket and will be shoving many FAs and clients out the door.  The industry believes that the Wealthy are less concerned with cost, thus making it easier for the wirehouse firms to generate bigger margins serving these accounts.

I loved hearing Hoekstra on the box talk about how it took the same amount of time to cultivate and open a $10mm account as it did to bring in a $100k account.  Hence we should all focus on $10mm accounts.  Yeah Right.  Well in my neck of the woods many of the wealthy have been significantly affected by bank stock lossess.  $5-$10mm net worth is now closer to $1-2mm and they are too scared to make any decision, much less move an account.  And “new money” $10mm net worth is still getting over ARS account freezes at their bank or current broker, because they thought ARS represented a safe parking place. 

The wirehouse sector is moving upmarket and I predict this will fail just as all previous branding strategies have failed.  How about provinding sound management, with proven products, instead of trying to re-invent the wheel every few years ?  Let the people who want something exotic or are looking for an extra 1/2% annual return go somewhere else.  Concentrate on the client that wants good and non volatile long term performance, and comprehensive asset management in coordination with their CPA and Attorney.  Maybe that’s why the regionals and independants are doing so well right now ? 

Did I just come up with my future misson statement ?

It was a memo!

Yeah, I have to say, it’s been real easy bringing clients over from UBs for those same reasons. A few of them left UBS so fast they left skid marks.

How is UBS letting people go without issuing a WARN notice?  Or did they?

NO WARN Notice!! They just say SEE Ya!

[quote=NOVA]Is it still going down today?  Of course BOMs weren’t cut.  Who else would cut the NFAs?  Once all the brokers and CSAs and let go then the BOMs will get suprize visits. [/quote]

Of course, the BOMS and other management positions will be LAST to be cut. It always goes down this way.  My old firm called it the “communications cascade” process… which basically means, if you’re in management, you get to do all the dirtywork and get a swift kick in the a$$ as a thank you for your loyalty and committment to the firm.  But, managers will get severence and probably their insurance paid for period of time etc.

I thought they have to issue a WARN notice if they are laying off more than 500 workers?

[quote=comeseeme]I thought they have to issue a WARN notice if they are laying off more than 500 workers?[/quote]

This is directly from the U.S. Dept. of Labor… read it closely.  Loopholes abound and legal has covered their butts long before any action happens.

WARN offers protection to workers, their families and communities by requiring employers to

provide notice 60 days in advance of covered plant closings and covered mass layoffs. This notice

must be provided to either affected workers or their representatives (e.g., a labor union); to the State

dislocated worker unit; and to the appropriate unit of local government.

Employer Coverage

In general, employers are covered by WARN if they have 100 or more employees, not counting

employees who have worked less than 6 months in the last 12 months and not counting employees

who work an average of less than 20 hours a week. Private, for-profit employers and private,

nonprofit employers are covered, as are public and quasi-public entities which operate in a

commercial context and are separately organized from the regular government. Regular Federal,

State, and local government entities which provide public services are not covered.

Employee Coverage

Employees entitled to notice under WARN include hourly and salaried workers, as well as

managerial and supervisory employees. Business partners are not entitled to notice.

What Triggers Notice

 A covered employer must give notice if an employment site (or one or more facilities

or operating units within an employment site) will be shut down, and the shutdown will result in an

employment loss (as defined later) for 50 or more employees during any 30-day period. This does

not count employees who have worked less than 6 months in the last 12 months or employees who

work an average of less than 20 hours a week for that employer. These latter groups, however, are

entitled to notice (discussed later).

Mass Layoff: A covered employer must give notice if there is to be a mass layoff which does not

result from a plant closing, but which will result in an employment loss at the employment site

during any 30-day period for 500 or more employees, or for 50-499 employees if they make up at

least 33% of the employer’s active workforce. Again, this does not count employees who have

worked less than 6 months in the last 12 months or employees who work an average of less than 20

hours a week for that employer. These latter groups, however, are entitled to notice (discussed

later).

An employer also must give notice if the number of employment losses which occur during a 30-day

period fails to meet the threshold requirements of a plant closing or mass layoff, but the number of

employment losses for 2 or more groups of workers, each of which is less than the minimum number

needed to trigger notice, reaches the threshold level, during any 90-day period, of either a plant

closing or mass layoff. Job losses within any 90-day period will count together toward WARN

threshold levels, unless the employer demonstrates that the employment losses during the 90-day

period are the result of separate and distinct actions and causes.

I got the ax as well. Does anybody know how to go about acquiring a series 24 or 8. Want to open own office and am going to study for these exams. Wasn’t sure if I needed to be sponsored by a firm or what? Need some help.

Anyone having trouble getting onto the termination transition site www.transition.ubs.com  ?  I am getting a message that the link is broken.  I think more than the link is broken.  Is it true my family now has no insurance coverage?  If so that is cold.

Good question Kudzu. How long do they give FAs health coverage? Do families get anything. I feel for you guys…really I do.

If you are not sure if you want to stay in the industry, there is a great book called Live Your Calling that can help you figure out what may be some good career options based on your skill sets, background and personality.

Don’t forget to tell your CPA connections when you get your resume polished up. They often know when their clients are in need of a new employee.