UBS PaineWebber brokers are "outraged" over a new policy that states they will be charged $12 for every stock and option ticket order they write beginning Dec. 1, rrmag.com has learned.
"It's a terrible policy," says a UBS PaineWebber West Coast rep. "The average broker writes about 5,000 tickets per year. That's $60,000 [in ticket-writing charges]. This policy will personally cost me $20,000."
The charges will be taken directly out of the brokers' paycheck. Brokers are so upset over the policy that many have "packed up and left the firm," according to the rep.
The firm did not return calls to provide a comment.
Complaints are running rampant at the firm over the policy, which is in place regardless of the size of the account. "Everyone feels they're getting screwed," says the rep.
Realistically, brokers cannot alter their business practices to avert being charged for ticket writing "because then you're not doing what's best for your clients," the rep says.