Why UBS will never be ML

or Register to post new content in the forum

16 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.
Oct 9, 2009 9:26 pm

Pride......I left ML, for good reasons.  Went to UBS, got my check the last possible second it could be delivered, Immediate sense of disrespect. They had to pay anyway, why not give it sooner to create a sense of welcome?? Every turn of the corner is a problem and excuse. ML had it's issues, but I have to say they gave you a sense of importance and nastalgia, and just plain substance. UBS is like a ship lost at sea, with an obvious taste of "too bad so sad", this is where we are going, because it makes business sense.....we think??? Perfect example...Bob McCann has been publicly hired to run wealth management, what does Marty H think???? Where is the memo stating the news?? Laughably inept!! Thank god for the loyalty of my clients, a good business model of my own, and options. Why could'nt MY roomate in college have been a "good ole boy"????

Oct 9, 2009 9:37 pm

Frying pan....fire. Ugh. Welcome to the brotherhood of the damned.

Oct 9, 2009 10:16 pm
pewter:

Pride......I left ML, for good reasons. Went to UBS, got my check the last possible second it could be delivered, Immediate sense of disrespect. They had to pay anyway, why not give it sooner to create a sense of welcome?? Every turn of the corner is a problem and excuse. ML had it's issues, but I have to say they gave you a sense of importance and nastalgia, and just plain substance. UBS is like a ship lost at sea, with an obvious taste of "too bad so sad", this is where we are going, because it makes business sense.....we think??? Perfect example...Bob McCann has been publicly hired to run wealth management, what does Marty H think???? Where is the memo stating the news?? Laughably inept!! Thank god for the loyalty of my clients, a good business model of my own, and options. Why could'nt MY roomate in college have been a "good ole boy"????





Feel ur pain.

wolf, hofstra and price the dumbest MF in the history of our bueiness.   McCann our only hope

Oct 9, 2009 10:17 pm
Shania Twain:
pewter:

Pride......I left ML, for good reasons. Went to UBS, got my check the last possible second it could be delivered, Immediate sense of disrespect. They had to pay anyway, why not give it sooner to create a sense of welcome?? Every turn of the corner is a problem and excuse. ML had it's issues, but I have to say they gave you a sense of importance and nastalgia, and just plain substance. UBS is like a ship lost at sea, with an obvious taste of "too bad so sad", this is where we are going, because it makes business sense.....we think??? Perfect example...Bob McCann has been publicly hired to run wealth management, what does Marty H think???? Where is the memo stating the news?? Laughably inept!! Thank god for the loyalty of my clients, a good business model of my own, and options. Why could'nt MY roomate in college have been a "good ole boy"????





well put

Feel ur pain.

wolf, hofstra and price the dumbest MF in the history of our bueiness.   McCann our only hope



Oct 9, 2009 10:37 pm

999 more just like you.

However one point your missing is the quality of recruits UBS got CAN make it a pretty good firm down the road, not the senior management making all these poor decisions.

for sure lost at sea right now. but we have some good sailors!

Oct 9, 2009 11:56 pm

Should have gone indy--nuff said.

Oct 10, 2009 6:43 am

ABOM:



How about the quality of the people who stayed?



UBS decisded to pay a lot of money to get recruits in November to January time frame. We will see if it ends up working out. I think that the jury is still out on this one.



What UBS has not done is protect or try to retain the approximatley 1,000 FA's who are club level and not on a deal as a recruit. I think that the decision not to try to lock them in via some type of retention package is one of the more dumb things I have seen us do. One would think that retaining these 1,000 ish FA's would be a top priority to them as they need this more productive group to stay in order to impliment there strategy. Otherwise they will just be spinning there wheels.



Did you know that about 4,000 out of the 7,000 brokers at UBS are under contract still as they have been hired in the last 4 years, To me, the strategy of not trying to retain the 1,000 ish club producers who are not on a deal is insane. I, like most of the rest of this group am getting 5-10 calls a week from recruiters.



There was an article a few days ago that said 90 FA's left in September and only 5 arrived. We are having a slow drain of very good teams across the country. If it does not stop soon, there will be a serious drop in the average gross production per FA.



If McCann does end up coming to UBS the first thing he needs to retain the existing base. You can not make the firm successful by just recruiting more FA's from ML.



As an aside, do you know that 80% of the profitabilty of UBS comes from 4o metro areas.

Oct 10, 2009 8:00 am
ABOM:

999 more just like you.However one point your missing is the quality of recruits UBS got CAN make it a pretty good firm down the road, not the senior management making all these poor decisions.for sure lost at sea right now. but we have some good sailors!





yep. 1st quintile fee based quality guys. (me)

Many who would have never left if not for some circumstance of subprime melt down (me). This has already forced some change for the better.



abom disagrees with me, but McCann gonna be like a tsunami through this place. Will take him about a week to size things up and the downtrodden, loser attitude in this place and realize he needs to shake things up.   

We meet regional loser.   What a clueless idiot.   I think he said they hired him from MER where he was fired.   I guess mccann will have a chance to fire him twice. The thought that they hand picked this guy to run one of these large regions is beyond words.   Same out of touch buzz word blah blah blah. Worst formal presentation I have seen from someone at that level in almost 30 years in this business. Not only FA's and this clone is droning on about uber high net worth clients and firing client to that stupid call center. Talking about the need for firing people and how "happy" he is now that costs are down.   What a MF tool.

Honestly, if geraldo was there filming it, the public would blow us away.   Talking about low end clients like there are total dog meat.

Negative, self defeatist loser.   Jamie et al clones.



secretknow: take a check. if your doing great numbers at PW/UBS you have no idea how much better a place can be.     

Oct 10, 2009 8:42 am

ML isn't ML anymore.  It is BOA.  Anyone over there looking for the culture that was so positive and productive for over 90 years will be very surprised.  One example:  The former ML employees just got their 2010 benefits enrollment information this past week.  Dental premiums TRIPLED and health care premiums DOUBLED.  This was after management had been telling them for months that nothing would change.  It is BOA.  Mother Merrill was dragged out behind the woodshed and shot last year.

Oct 10, 2009 9:58 am

Are you talking about Dave McWilliams?

Oct 10, 2009 10:01 am
leftml:

Are you talking about Dave McWilliams?






yes

Oct 10, 2009 10:02 am

yes

Oct 10, 2009 11:32 am

I left UBS a while back.  I had met and talked to Marten Hoekstra on a few occassions.  The man is the most self centered egotistical horse's a$$ as they come.  He hasn't a clue about running the business.  He is just concerned about his image and stature.  He'd throw his Mother under a bus if he thought it would be beneficial to him.  I wish ill will on no one, but this guy is not going to like the bed he has made for himself.  He will get what he deserves.

Oct 10, 2009 5:13 pm
Klaus Von Bulow:

I left UBS a while back.  I had met and talked to Marten Hoekstra on a few occassions.  The man is the most self centered egotistical horse's a$$ as they come.  He hasn't a clue about running the business.  He is just concerned about his image and stature.  He'd throw his Mother under a bus if he thought it would be beneficial to him.  I wish ill will on no one, but this guy is not going to like the bed he has made for himself.  He will get what he deserves.

 
I heard that when McCann comes in, Marten will become the liasson between Wealth Management USA and the Swiss. And that he'll be based out of Switzerland. Apparently his daughter wants to go to school in Switzerland. I haven't heard what will happen to Jamie Price.
Oct 10, 2009 5:31 pm
benfranklin:
 
I heard that when McCann comes in, Marten will become the liasson between Wealth Management USA and the Swiss. And that he'll be based out of Switzerland. Apparently his daughter wants to go to school in Switzerland. I haven't heard what will happen to Jamie Price.



That guy has 9,000 lives. I don't get how he survives this too. Amazing.
Oct 10, 2009 5:41 pm
benfranklin:

[quote=Klaus Von Bulow]

I heard that when McCann comes in, Marten will become the liasson between Wealth Management USA and the Swiss. And that he'll be based out of Switzerland. Apparently his daughter wants to go to school in Switzerland. I haven't heard what will happen to Jamie Price.





Not a chance.   He is gone.   His daughter can go to Junior college in Vineland, NJ.

The Swiss hired McCann in the press 2 months ago and this jerk-off keeps working. Lame duck loser. If he had any balls/self-respect (which he has neither) he with resign.