From UBS to Stifel Nicolaus

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Sep 27, 2009 7:22 pm

You have no idea how fortunate and grateful those of us who were in UBS offices that were sold to Stifel Nicolaus are.  It's hard to explain.

Sep 27, 2009 7:34 pm

I can explain it.  Working at UBS was like having diarhhea and they give you a laxative with olestra laced potato chips to cure it.  Then for good measure they give you an enema with a power washer.  They basically suck the life out of you.  Working at Stifel you never get sick in the first place let alone being almost killed from the cure.

Sep 27, 2009 8:11 pm

Welcome we are glad to have you! Quite a difference from a wirehouse isnt it!

Sep 27, 2009 9:43 pm
Klaus Von Bulow:

I can explain it.  Working at UBS was like having diarhhea and they give you a laxative with olestra laced potato chips to cure it.  Then for good measure they give you an enema with a power washer.  They basically suck the life out of you.  Working at Stifel you never get sick in the first place let alone being almost killed from the cure.




what a wonderful description of the business culture. not helpful.

Sep 28, 2009 8:00 am

I have to agree with Draper.

 
As bad as UBS is, I beleive Stifel would be worse.
 
I never viewed them as an option before.  Certainly not a competitor.  In fact, in my town, if you couldn't get hired anywhere else because of U-4 issues, Stifel would hire you.
 
"Rock" - Paine Webber - "Hard Place"
 
This isn't fun anymore!
Sep 29, 2009 7:13 pm
UB-YOU:

I have to agree with Draper.

 
As bad as UBS is, I beleive Stifel would be worse.
 
I never viewed them as an option before.  Certainly not a competitor.  In fact, in my town, if you couldn't get hired anywhere else because of U-4 issues, Stifel would hire you.
 
"Rock" - Paine Webber - "Hard Place"
 
This isn't fun anymore!



Wow not sure if I have seen anyone talk out their ass this much before!

If you have a ding or 2 on your U4 SF is not for you...can't tell you how many FA's from UBS, ML, MSSB we have turned away this year because of complaints on U4.

From your experience how else is SF worse lol

Sep 30, 2009 11:00 am

I'm with nestegg on this one. I'm am manager for Stifel, so I know what we would and would not hire. Maybe two years ago, large producers went to banks and wirehouses, while mid and small advisors went to Regionals like Stifel. The world has changed now. Maybe our average production was on the low end two years ago, but it has steadily climbed. I'd like to hear how it is worse as well.

Sep 30, 2009 1:55 pm

Sep 30, 2009 3:49 pm

I don’t mean to sound offensive but you asked, "how it is worse?"


As bad as the senior management may be at UBS, I think the local managers have good hearts and the best of intensions.


You are a manager as Stifel and your top priority at 10:00am is to be posting on this board?!?


That sure sounds worse to me!
Sep 30, 2009 3:50 pm

The Kool-Aid is tasting mighty fine. Is that the worst criticism you've got?   

Sep 30, 2009 3:55 pm
UB-YOU:

I don’t mean to sound offensive but you asked, "how it is worse?"



As bad as the senior management may be at UBS, I think the local managers have good hearts and the best of intensions.



You are a manager as Stifel and your top priority at 10:00am is to be posting on this board?!?

That sure sounds worse to me!





These posts are a great source of information. I couldn't make most of your complaints up. I appreciate you all helping me in my recruiting efforts.

Sep 30, 2009 3:57 pm


I guess the better question is, are you the best they've got???

Sep 30, 2009 4:03 pm
UB-YOU:

I guess the better question is, are you the best they've got???





I've brought over 12 advisors totaling $5MM in revenue and $850MM in assets in 7 months. I don't think anyone is complaining. What else you got?

Sep 30, 2009 6:58 pm
Stifel Nation:
UB-YOU:

I guess the better question is, are you the best they've got???



I've brought over 12 advisors totaling $5MM in revenue and $850MM in assets in 7 months. I don't think anyone is complaining. What else you got?

 
Did you recruit them or just hold the door open?
Sep 30, 2009 7:00 pm
maddog:
Stifel Nation:
UB-YOU:

I guess the better question is, are you the best they've got???

I've brought over 12 advisors totaling $5MM in revenue and $850MM in assets in 7 months. I don't think anyone is complaining. What else you got?



Did you recruit them or just hold the door open?





I wish it was that easy.

Sep 30, 2009 7:19 pm
Stifel Nation:
maddog:
Stifel Nation:
UB-YOU:

I guess the better question is, are you the best they've got???

I've brought over 12 advisors totaling $5MM in revenue and $850MM in assets in 7 months. I don't think anyone is complaining. What else you got?

 

Did you recruit them or just hold the door open?



I wish it was that easy.

 
I would probably be at Stifel right now.  But the local manager is such a putz.  In the past year he recruited the lowest hanging fruit - the reps that should have been allowed to be purged from the industry.  In my opinion - it is hard to build a highly respected office when you start at the bottom.  And before the pile-on I am not talking about new reps - but, those that just create drag on an office. 
Oct 3, 2009 12:56 pm


Looks like the "Stifel Nation" is shrinking by two states.
 
At least UBS paid-back their clients.
 
Stifel worse than UBS?  I would say so.  At least UBS is client focused enough to do what is right!
 
Stifel Charged With Fraudulent ARS Sales In Colorado, Indiana
DOW JONES NEWSWIRES 

Regulators in Colorado and Indiana have charged brokerage firm Stifel Financial Corp. (SF) with fraudulently selling auction-rate securities in those states, a Colorado regulator said.

The states' securities divisions filed complaints accusing the St. Louis-based broker-dealer of giving investors a false sense of security about the investments without disclosing the risks, according to a statement from the Colorado Department of Regulatory Agencies.


In recent trading, Stifel shares were down 3.2% at $53.12 amid a broad market decline.


ARS are debt instruments whose interest rates are meant to be reset periodically at daily, weekly or monthly auctions. But as the auctions began failing in February 2008, interest rates rose while investors were locked into long-term investments that had been promoted as safe and liquid. Dozens of states have reached settlements with the nation's largest financial institutions in the past year to resolve charges they misled investors about the liquidity risks of the ARS they underwrote.


Stifel, Nicolaus & Co. presented ARS as "liquid, short-term investments" to Colorado investors "without discussing the risks," said Colorado Securities Commissioner Fred Joseph. The broker assured investors the investments would "always be liquid" when ARS in fact faced "significant, inherent liquidity risks," according to the complaint.


The Colorado commissioner accused Stifel brokers of "repeatedly and persistently" misrepresenting the ARS liquidity risks, comparing them to money-market funds. The company had told customers "they would always be able to retrieve their cash."


A Stifel official couldn't immediately be reached for comment.

Oct 3, 2009 8:08 pm
UB-YOU:




Looks like the "Stifel Nation" is shrinking by two states.



At least UBS paid-back their clients.



Stifel worse than UBS? I would say so. At least UBS is client focused enough to do what is right!



Stifel Charged With Fraudulent ARS Sales In Colorado, Indiana

DOW JONES NEWSWIRES

Regulators in Colorado and Indiana have charged brokerage firm Stifel Financial Corp. (SF) with fraudulently selling auction-rate securities in those states, a Colorado regulator said.



The states' securities divisions filed complaints accusing the St. Louis-based broker-dealer of giving investors a false sense of security about the investments without disclosing the risks, according to a statement from the Colorado Department of Regulatory Agencies.



In recent trading, Stifel shares were down 3.2% at $53.12 amid a broad market decline.



ARS are debt instruments whose interest rates are meant to be reset periodically at daily, weekly or monthly auctions. But as the auctions began failing in February 2008, interest rates rose while investors were locked into long-term investments that had been promoted as safe and liquid. Dozens of states have reached settlements with the nation's largest financial institutions in the past year to resolve charges they misled investors about the liquidity risks of the ARS they underwrote.



Stifel, Nicolaus & Co. presented ARS as "liquid, short-term investments" to Colorado investors "without discussing the risks," said Colorado Securities Commissioner Fred Joseph. The broker assured investors the investments would "always be liquid" when ARS in fact faced "significant, inherent liquidity risks," according to the complaint.



The Colorado commissioner accused Stifel brokers of "repeatedly and persistently" misrepresenting the ARS liquidity risks, comparing them to money-market funds. The company had told customers "they would always be able to retrieve their cash."



A Stifel official couldn't immediately be reached for comment.





All the firms paid it back after pressure from the NY Attorney General. What was UBS' fine in addition to the $5 billion that it paid clients? You know perfectly well I could post an article like this one towards every Wall Street firm. We've already offered every one of our clients a repurchase schedule that over 90% have accepted. Is that seriously your attempt to make Stifel worse then UBS?

Oct 3, 2009 9:36 pm

SN, your a real team player but, you know what? At the end of the day has anyone given you anything in this business? Anything you ever get in this business you get because of something YOU do.    You bust your ass cold calling, You have the balls to ask for the order and close people. You work your butt off servicing your clients.   You make and protect your people assets.    Has a GD manager ever REALLY added a great deal to your business?   Has a firm REALLY added a great deal to your business?   F-no   This biz is pure capitalism and pure darwinism.

The culture, the firm, the management, good press, bad press, good products, bad products, good manager, crap manager.   Its all secondary.



You earn what you get in this MF business-period.



And, SN If things are good now, enjoy it.   because in this GD business odds GREATLY favor it WONT last. (ask the AGE guys)



(Im thinking McCann has his eye on SN- haha)

Oct 3, 2009 9:52 pm
Shania Twain:

SN, your a real team player but, you know what? At the end of the day has anyone given you anything in this business? Anything you ever get in this business you get because of something YOU do.    You bust your ass cold calling, You have the balls to ask for the order and close people. You work your butt off servicing your clients.   You make and protect your people assets.    Has a GD manager ever REALLY added a great deal to your business?   Has a firm REALLY added a great deal to your business?   F-no   This biz is pure capitalism and pure darwinism.

The culture, the firm, the management, good press, bad press, good products, bad products, good manager, crap manager.   Its all secondary.



You earn what you get in this MF business-period.



And, SN If things are good now, enjoy it.   because in this GD business odds GREATLY favor it WONT last. (ask the AGE guys)



(Im thinking McCann has his eye on SN- haha)





ST, I spent 15 years at Morgan Stanley. I watched them mess up a lot of great brokers and great managers. There is so much wrong with what you wrote. You are delusional if you say or think UBS didn't hurt your business over the past year. Maybe a firm or manager is good simply not ruining what you've worked your tail off to build.



Dude, I feel really bad for you when you are so hostile towards someone happy with their career and firm. The other thing, if you truly believe what you just wrote, why have you posted a dozen times or so something referencing McCann's arrival at UBS?