Major Announcment at UBS by month end?

[quote=Say What]

http://www.reuters.com/article/idUSTRE62A4RR20100311

"They're a good candidate for a spinoff," said Carri Degenhardt-Burke, a Jersey City, New Jersey-based recruiter. "With everything going on, a lot of people who started at PaineWebber would like to go back and distance themselves from UBS."

UBS said McCann declined to discuss his plans before a broad announcement tentatively scheduled for later this month.

[/quote]

It's an increase in FA payout.   New Long term incentive plan

yes jen...they are going to increase payout, matching the 401k dollar for dollar, acelerate the pension vesting, and have cocktail cart roll through each office at 3pm.......NOT A CHANCE!

no cocktail cart

I don't think they're much of a candidate for a spinoff. And UBS is still a better brand than PaineWebber.

My guess is that at some point the Swiss will sell UBS, and reclaim their tarnished brand, but really, right now, who's going to buy them - not HSBC, or some other Asian bank and certainly not the public in an IPO.

you would be surprised.

ubs was already approached by a few high end wirehouses.

keep in mind, over the last year.

UBS layed off 30% of the brokers, primarily those producing less than 400k.

and...

Setup a call center to transfer clients with less than 250,000 in assets.

so most offices are left with above average accounts, in the hands of top producers.

[quote=aeromaks]

you would be surprised.

ubs was already approached by a few high end wirehouses.

keep in mind, over the last year.

UBS layed off 30% of the brokers, primarily those producing less than 400k.

and...

Setup a call center to transfer clients with less than 250,000 in assets.

so most offices are left with above average accounts, in the hands of top producers.

[/quote]

They may have culled the ranks a bit, but they've also lost a lot of producers and all those cuts in staff and resources are going to lead to more departures. I just don't see why it's that valuable. Certainly not enough to put up with all the uncertainty of a brokerage acquisition.

And once again who's gonna buy them? There aren't any wires anymore. ML's been absorbed into the BofA collective and MSSB will have merger issues to address for years as they cope with the fact that they're now the biggest firm by a significant margin. That's it - sure there's Wells Fargo, but that's pretty much the only domestic potential acquirer and they just said that they intend to recruit 10k new brokers. So who - what wires approached them?

GS

Ameriprise.

[quote=aeromaks]

GS

[/quote]

I'm sorry but I find it very hard to believe that GS is interested in expanding into retail brokerage. They have some presence in the ultra high net worth space, but PWM is probably their least profitable division. Taking on several thousand retail brokers and opening the door to the liability and lawsuits - no.

[quote=NOVA]

Ameriprise.

[/quote]

Hmmmm... maybe. Not very similar cultures, but that's never stopped them before. That certainly seems like the best candidate. I wonder how thrilled the UBS guys would be with the new brand... they'd probably change the name. Hopefully they'd get better branding geniuses than the heroes who came up with "Ameriprise".

Ever heard them say they invented asset allocation?  Now they can say they invented Variable Universal Life too.

actually if they merged with Ameriprise and took the Painne Weber name it would be somewhat workable.  Riversource and Columbia beat the crap out of Global Asset Management anyway.  And the 23 year old brokers are probably more likely to think structured products are good for the client. 

I've heard Ameriprise too from MSSB.

Lol.  Ameriprise.

they do have the money, but you do realize average amp producer is only writing 130k?  Average UBS producer is now north of 500k.

Average client at ameriprise was 40k in assets.

Average client at ubs was north of 400k, and at my former office north of 700k.

But who gives a rats ass.  How does this impact your business?  Whatever they do, they will do.

When I mentioned GS, I am not speculating, but saying what I know.  I was in a quite influential branch, close to home office, with an advisor who's clients were home office upper management.

[quote=aeromaks]

But who gives a rats ass.  How does this impact your business?  Whatever they do, they will do.

[/quote]

So true....

The new firm name would be

UBSurprised

Watchout for Chase....Dimon has Bear Stearns already(on the cheap) so why not combine Bear and UBS...

[quote=aeromaks]

Lol.  Ameriprise.

they do have the money, but you do realize average amp producer is only writing 130k?  Average UBS producer is now north of 500k.

Average client at ameriprise was 40k in assets.

Average client at ubs was north of 400k, and at my former office north of 700k.

But who gives a rats ass.  How does this impact your business?  Whatever they do, they will do.

When I mentioned GS, I am not speculating, but saying what I know.  I was in a quite influential branch, close to home office, with an advisor who's clients were home office upper management.

[/quote]Maybe AFAs or the little P1 FAs up there where you are.

Besides UBS had that whole hide your money out of the country thing going so of course they attracted UHNW.

Amp bought Columbia for 1B and their equity increased that much at least.

Got another wad of cash and will buy something else soon. I would like to see them go after regional bank but I can see UBS.

The name does kinda suck though. Ameriprise? What were they thinking?

[quote=N.D.]

[quote=aeromaks]

Lol.  Ameriprise.

they do have the money, but you do realize average amp producer is only writing 130k?  Average UBS producer is now north of 500k.

Average client at ameriprise was 40k in assets.

Average client at ubs was north of 400k, and at my former office north of 700k.

But who gives a rats ass.  How does this impact your business?  Whatever they do, they will do.

When I mentioned GS, I am not speculating, but saying what I know.  I was in a quite influential branch, close to home office, with an advisor who's clients were home office upper management.

[/quote]Maybe AFAs or the little P1 FAs up there where you are.

Besides UBS had that whole hide your money out of the country thing going so of course they attracted UHNW.

Amp bought Columbia for 1B and their equity increased that much at least.

Got another wad of cash and will buy something else soon. I would like to see them go after regional bank but I can see UBS.

The name does kinda suck though. Ameriprise? What were they thinking?

[/quote]

Stop kidding yourself. Those are the numbers for P2's included.  Most are lazy as hell, working from home.  You do have a few hitting it out of the park.  Please read my sig.  Amp and UBS I worked for, and still talk to management at each nearly weekly.

the day UBS Wealth Management is owned by Ameriprise.... is the day most brokers will leave.

And Squash... Chase was the other name mentioned that had interest.

Keep in mind, the changes UBS made, ie, call center and advisor lay offs, ARE DIRECTLY TIED, in response to the talks with Chase & GS, and whoever else.

I would bank more on chase than GS....Dimon is an animal and loves to pick up companies(but he is very good at it) I wouldn't be surprised if he added UBS... He helped create CITI in its "hey day" and all he is missing from chase is wealth management(yeah Bear Stearns, but that is so selective).

I've heard many claims from brokerage firm management and high producing brokers that "Goldman is seriously looking at acquiring us." This is wishful thinking.

The reality is that adding thousands of retail brokers to the goldman brand would certainly tarnish it. Part of the cachet of Goldman's PCS is that they're small. Part of why cold calling is fairly easy at GS (I assume) is that they haven't been called 10x this week by other Goldman brokers. This would affect the investment banking and institutional sales forces as well. Part of the reason why Salomon Smith Barney separated the institutional and retail brands back in the early 2000s was because it was screwing with ibankers and isales' ability to cold call into firms and was causing confusion among CEOs who thought a member of the institutional side was calling.

Chase seems like a decent candidate, as they don't have a significant retail brokerage presence in many markets that UBS WMUSA does and the brand switch to Chase would probably work. I could believe that "Chase and Goldman were talking to UBS" about Chase being the acquirer and Goldman handling the deal.

[quote=squash2]

 Bear Stearns, but that is so selective.

[/quote]

It's interesting how Bear operated differently in different markets - out here they were where guys who failed out of the wires went - crappy offices, tiny books, high ROAs and not much true wealth management.

Bear handled alot of family money here in the new york area.  For alot of influential jews.  I was able to nab a few of those former bear clients.

RBC is still expanding in the U.S., buying brokerage firms. I don't think it's much of a fit but it could happen. RBC could defiantely write the check.

As for a pay increase coming from UBS? Really? When has UBS ever done that in the past?

GS? seriously guys. Goldman is not interested in 400k or 500k avg producers, and the avg clients size are 10x what UBS would bring.   Unless they are going to cut 80% of the producers. I do think Ameriprise expanding or even LPL has been rumored for expanding or acquiring.

The average is brought down because of the number of non-producing AFAs servicing (and attempting to add to) the P2's book. Two 1mm P2s in my town of 400k peeps, both goof off while the AFAs work the book. At least where I am at.

Only time will tell Aero. Amp is coming around though. All the changes they are putting in place are for something. Surely they didn't pump money into Columbia, Seligman, TNeedle, HRBlock etc etc just for little ol <150k guys?

If not this then something somewhere by end of summer...

heard last night from a manager that said 1500 cut in the 48 hours.

Rumore around midwest say, lots of UBS guys looking to leave, especially at branches that were on the chopping block, and go to MSSB(not sure that walking out of one crap storm and into another is the best idea) but offering 200% t-12 will help a lot of them make their mind up( producer i talked to is in the $700K range)..

[quote=mnymker]

heard last night from a manager that said 1500 cut in the 48 hours.

[/quote]Is that 1500 cut in the NEXT 48hrs?

why cut?  put them at 5000.  Doesn't make sense.

ABOM, were are you? We haven't heard from you in a long time.

48 hours have past.....

7 more...what are we talking about again?

[quote=IndianaJones]

ABOM, were are you? We haven't heard from you in a long time.

[/quote]

Only big announcement will be in line with shareholder meetings in April, which will be nothing other than "we are comitted to wealth management, not for sale, etc..." its bob mccanns turn they will give him some time.

unless the big announcement is about layoffs at home office, 250 let go this week (lots of upper management) Bobs said to many chiefs not enough indians

As for me Im loving being a producing manager, P&L's coming back nice and i have a great pipeline from seminars over last few months. forgot how much fun this biz is when you can bring in new clients and really help them.