UBS to Sell Small Branches?

to whom?

Possibly to Stifel Nicolaus.

I heard that too.  I wonder what, if any, retention packagage the FAs will get.  I can’t imagine it would be much of anything.  50% or less?

I believe the brance needs 10 million in revenue to keep a producing manager.  Offices will not be sold but will not have a stand alone manager

That’s a very different rumor.  I never thought UBS was a fan of the producing BOM model before all the other stuff started anyway.  If they have less then $10 mil, perhaps management would be redirected to the nearest larger office?  Is that the implication? (or just my inference?)

That will be great for you guys in smaller branches if the rumor to SF is true!

[quote=cobra]I heard that too.  I wonder what, if any, retention packagage the FAs will get.  I can’t imagine it would be much of anything.  50% or less?[/quote]

It’s pathetic watching you wirehouse guys walk around with your hands out all the time…I mean really…   “Can I just have a bit more sir?”

WTF?  Are you guys for real?  Why in the world would they do that?  And why is $10MM the bogey?  Our branch does less than $10MM, but there’s no way we’re being sold.

Get used to it.  You’re being sold.  You have no choice in the matter.  You will take what you get and be happy with it. 

So, are they being sold or will just have no manager?  What percentage of the UBS offices do less than $10mm?

It looks like something is definately going on here. My manager just called me to let me know he got word yesterday AM that he had to be on a flight later tonight to a meeting.

[quote=cppr33]It looks like something is definately going on here. My manager just called me to let me know he got word yesterday AM that he had to be on a flight later tonight to a meeting.

I don’t know. The only thing I know of Stifel is what I have seen here.

[quote=cppr33]I don’t know. The only thing I know of Stifel is what I have seen here.

As good as Stifel was,  I sincerely doubt they have the infrastructure and human resources to execute this rapid growth spree they have been on.  They may pull it off, but their culture will change and guess what...probably selling out to a wirehouse down the road.

[quote=cobra]

As good as Stifel was,  I sincerely doubt they have the infrastructure and human resources to execute this rapid growth spree they have been on.  They may pull it off, but their culture will change and guess what…probably selling out to a wirehouse down the road.

Yes I am with UBS now.  I am in their NFA program for newbies. I am a year into production so I am sure any retention paid would exclude someone like me.

I think I am going to look around.

[quote=cppr33]

Yes I am with UBS now.  I am in their NFA program for newbies. I am a year into production so I am sure any retention paid would exclude someone like me.

I think I am going to look around.

Anyone know about the Stifel platform for institutions?

What kind of retention did Wachovia pay to AGE for trainees?

[quote=cppr33]

Anyone know about the Stifel platform for institutions?

I am sure they an open platform for managed money which can be used to serve foundations, colleges, etc with an endowment.

[quote=cppr33]

I am sure they an open platform for managed money which can be used to serve foundations, colleges, etc with an endowment.

Nest or others - Anything else you can tell me about Stifel?

[quote=cppr33]Nest or others - Anything else you can tell me about Stifel?

I’m currently at UBS. My BOM did also leave kind of mysteriously on Thursday after work, and won’t be back until Monday.

Our manager did the same thing.  We talked to SF two months ago then they stopped all discussion with UBS people.  What they offered us then was less than 1/2 of what Hilliard offered .  So if SF is the buyer, they sure aren’t going to offer us any more than the original offer.  It’s our concensus they were good, but growing too fast and trnasition will be a nightmare.  Right or wrong out crew is going to Hilliard.  Anything is better than UBS!

Our manager did the same thing.  We talked to SF two months ago then they stopped all discussion with UBS people.  What they offered us then was less than 1/2 of what Hilliard offered .  So if SF is the buyer, they sure aren’t going to offer us any more than the original offer.  It’s our concensus they were good, but growing too fast and trnasition will be a nightmare.  Right or wrong out crew is going to Hilliard.  Anything is better than UBS!

OK.  It’s Monday morning.  If the rumor was true wouldn’t we know by now?

Meeting did not start yet.

So those of you who had managers mysteriously vacate, are you 10mm+ revenue offices or are you in lower production offices?

Its past 11 30…so whats the news…

Guess it is true, wow

Welcome guys, glad to have you!!!

Anybody know where these UBS branches are at specifically? This is WILD!  Am I nuts or is there a bit of a culture divide between SF and UBS???

Well, we have been sold to Stifel Nicholas.  This explains why they stopped talking to us individually 3 months ago.  Back then they offered us a reasonable deal, but now they have us over a barrel and I’m guessing we will get nothing as far a retention deal and like it.  Let’s face it, we were the “crumbs” of UBS.  From what I hear all the other regionals have stopped recruiting indefinitely.  I’m sure SF is a good firm and we will learn to like it.  The climate has changed so much in just the last three months.

I’m sure it’s mostly small suburban branches. Not major markets.

Anybody know where these UBS branches are at specifically? This is WILD!  Am I nuts or is there a bit of a culture divide between SF and UBS???

Rationale…
1) Clean up, sell small underperforming offices
2) SELL the leaner better producing US unit

14% of it was sold to Stifel!

http://www2.stifel.com/docs/pdf/pressreleases/2009/UBS_slides.pdf



Slide number 7

Does anybody know if SF is offering a retention pacakage when they buy a branch?

Rumors come home to roost, for good and/or bad.  SF deal is less than wonderful; However, unemployment is less desireable.  Time will tell whether their deal is worth accepting.

My God, Sherman McCoy!  Where have you been?  Good to hear from you!  Still drinking as much as you used to?

I beleive there will be retention…look at the slideshow posted, and I also listened to the SF call, sounds like retention is part of the deal.

Welcome to the family guys!

I was just marinating some ice cubes with some Friends of Fermentation.  Isn’t that what is done at UBS?  No offense to Art Cashin, who’s the best I’ve known at UBS!

I was just marinating some ice cubes with some Friends of Fermentation.  Isn’t that what is done at UBS?  No offense to Art Cashin, who’s the best I’ve known at UBS!

Any others from UBS included in this sale?

oh good - now we can start another 400 page thread on whether or not their will be retention. Just like the Wachovia thread.
If there is retention, i doubt it will be a big number. Stifel doesnt pay what the wires do for recruits. And look at what SB and BAC/ML paid in retention for a 500k producer.

This new event reinforces my opinion that independent is the only way to have any control of your own destiny. And that the wires are all going for BIG. They dont want small offices and they dont want small producers.

If you guys read the powerpoint, money is set aside for retention…will it be huge…no Stifel doesn’t pay the most $$ on the street for recruits nor will they for retention… but I would expect everyone to get something…SF loves the 200-500 a year guy…they are profitable for us, where the wire’s can’t make it work.

My Branch is affected. Major headcount reduction prior to sale. 3 CSAs and all NFADs gone by end of week. I’m handing in my resignation tomorrow.

[quote=NFA1972]My Branch is affected. Major headcount reduction prior to sale. 3 CSAs and all NFADs gone by end of week. I’m handing in my resignation tomorrow.[/quote]

Seriously?
Wow you guys are crazy…

Been thinking of leaving for a while. This solidified it. I will formally accept one of  three pending offers tomorrow as UBS is filing my U-5.

[quote=NFA1972]Been thinking of leaving for a while. This solidified it. I will formally accept one of  three pending offers tomorrow as UBS is filing my U-5.

UBS is a lot different than it used to be. It was just time to get off the rollercoaster.



I am going to a strong regional firm.



Thanks for the well wishes.

UBS is a lot different than it used to be. It was just time to get off the rollercoaster.

I am going to a strong regional firm.

Thanks for the well wishes.

No. It was not. It will likely be consolidated with a nearby metro office, and a LOT of lower producing brokers will be laid off before summer. The “new” metro office will be Rockstars only.

I heard that too.  I wonder what, if any, retention packagage the FAs will get.  I can’t imagine it would be much of anything.  50% or less?

I beleive there will be retention…look at the slideshow posted, and I also listened to the SF call, sounds like retention is part of the deal.

Welcome to the family guys!

Does anyone know where one can find a list of which specific branches are being sold?

shmer,k

There is a list a few pages back, on the Stifel presentation slides. Page 7.

Just got off the Marten/Jamie conference call. If you were not told this mornign that your branch was sold,k then it WASN'T.

However "more headcount reduction is coming".

Marten sounded even more squirmy than usual.

That guy gets all the sh*t duty. Feel sorry for him in a maschochistic sort of way.

Retention will be paid, I have seen it.

Better than expected.

Retention will be paid, I have seen it.
Better than expected.

It is part of the deal and it is in our hands.

Wfc/WB guys across the street are already calling.

Is anyone hearing rumors of BIG cuts in the remaining UBS branches? I’ve heard that cuts are in the works to drop the firm to 5500 FAs. Basically trimming the bottom 3000 FAs.  Has anyone heard anything like this??

[quote=cppr33]Retention will be paid, I have seen it.

Better than expected.[/quote]

I predict that this thread will reach 500 pages before the end of the month.

300k and below, los 7+...rumor.

[quote=cppr33]Retention will be paid, I have seen it.
Better than expected.[/quote]

I predict that this thread will reach 500 pages before the end of the month.

SF buys UBS… hmm… From a recruiting stance a few things suddenly make perfect sense.

Exciting times, my friends…

[quote=nestegg]I beleive there will be retention…look at the slideshow posted, and I also listened to the SF call, sounds like retention is part of the deal.

Welcome to the family guys!

[quote=Spaceman Spiff] 

Stifel will absolutely pay a retention, just to make Ludeman look like a fool/liar. 

Retention’s part of the presentation?  There may be retention, but it’s not “part of the presentation.”  The payment for forgivable loans in the presentation is because said loans are receivables until they’re earned out by the recruited brokers and forgiven by the firm; if the broker leaves, the loan becomes payable.  Therefore, SF had to pay for the existing loan balances of recently recruited brokers.  Unless there’s some “change of control” provision in the contracts, anybody who came to these UBS offices recently now owes their loan to SF.  That’s what’s in the presentation.  Why would SF pay money to UBS for retention?  Think about it. 

It is part of the deal and it is in our hands.
Wfc/WB guys across the street are already calling.

[quote=HymanRoth] [quote=cppr33]Retention will be paid, I have seen it.
Better than expected.[/quote]

I predict that this thread will reach 500 pages before the end of the month.

Retention’s part of the presentation?  There may be retention, but it’s not “part of the presentation.”  The payment for forgivable loans in the presentation is because said loans are receivables until they’re earned out by the recruited brokers and forgiven by the firm; if the broker leaves, the loan becomes payable.  Therefore, SF had to pay for the existing loan balances of recently recruited brokers.  Unless there’s some “change of control” provision in the contracts, anybody who came to these UBS offices recently now owes their loan to SF.  That’s what’s in the presentation.  Why would SF pay money to UBS for retention?  Think about it. 

So is this a done deal? All offices under $10mil production are now Stifel?

So is this a done deal? All offices under $10mil production are now Stifel?

so does this mean UBS is committed to wealth management in the US and are trimming down it to a leaner, higher producing sales force…or, are they window dressing for JP Morgan or any suitor for that matter?

The criteria was < 5MM productions, and they were the smaller branches not located in a "Wealth Center."

[quote=igrift]so does this mean UBS is committed to wealth management in the US and are trimming down it to a leaner, higher producing sales force…or, are they window dressing for JP Morgan or any suitor for that matter? [/quote]

Window dressing…the remainder will be gone withing the year

If so, the rest would need to be sold in one deal.  Selling 50 branches a month would cause turmoil.  I’m inclined to agree with igrift, shrink and upgrade -or- JPM.  If it is JPM (or someone) wouldn’t you think they’ve been identified already?  Would you sell your garage to someone without making sure the guy buying your house didn’t want a car with a garage? 

Someone said 3000 FAs would be gone.  How many FAs would you guess produce below 300K?

Very few branches got moved… Apparently Stifel was looking for accounts, rather than assets… my father in law works at a UBS office, where he is the top guy at $850K(they had 3 $1mill+ guys leave for SB, last year or so, maybe even longer), but they are under $5Mil and so if the office 20 miles from them, but it is all HNW people($5mil+, but apparently stifle wanted more accounts.)

This seems like a no brainer at UBS.

1) recruit BIG players hard in Q4 08’ and Q1 09’. … pay huge money;  pump up the P&L AND average per FA production-  DONE.  Deals cut back twice already in recent weeks. Rumor they may even stop recruiting in coming weeks for a time.

2) Sell off small branches to Stifel, clean up the network, DONE

3) Toss ‘retention’ or pre-emptive retention money in the form of a bonus and ask FAs to agree to draconian non-compete terms basically locking down the FA force enmasse

4) CUT the small or broken down FAs from the remaining branches- some done… some ongoing and still to happen

Sell it off US retail …or do all of this to suit a buyer standing in the wings.

Major changes this weekend for UBS? Watch the news…

Do share!  I hear recruiting is going to be heavily impacted there to the negative… any validation of that?

Major changes this weekend for UBS? Watch the news…

BOHICA Baby…

In time, the answers shall be revealed…

In time, the answers shall be revealed…

[quote=SuperRecruiter]In time, the answers shall be revealed…

so now its monday not this weekend? Come on! you got nothing

 UBS is going to CUT heads enmasse and freak out the entire retail FA world, or at least those in or nearing the penalty box. 

I’ve also had multiple recruiters who work with UBS tell me the money is gone! They’re done buying bodies. If you’re not in… you’re out.

what level production?

WOW! now that would be news.

<SPAN =msgSidePro id=userPro136877 title=“View Drop Down” =“showDropDown’userPro136877’, ‘proMenu136877’, 160, 0;”>SuperRecruiter are you an outside recruiter or with a firm?

[quote=badmove?]what level production?[/quote]

Don’t know and would by lying if I said I did.  BUT… I have talked to 3 separate guys I used to work with at UBS today, all of whom are BIG producers who are saying they’ve been offered what sounds like a pre-emptive retention deal and contract they need to sign.

I called a guy I know there at UBS doing $315k after 11 years who has heard nothing of any deal or bonus, contract or anything of the sort.  

Can anyone at UBS validate this?

What a difference a few days makes.  When I talked to you on the phone I was very disappointed in HL pulling are deal and skeptical about SF’s deal.  Now that I have had a real chance to go over the SF pacakage it is actually equivalent to the HL offer on a net basis, just structured differently.  After research and review of the market opportunities I have come to the conclusion we are getting a very good deal with SF with out the hassle of moving.  The SF regional guy was in today and said that in fact there were UBS offices not on the list to be sold that would like to be.  UBS said absolutely not.  I get the feeling there is going to be another culling process either voluntary or forced soon. 

[quote=badmove?]what level production?[/quote]
Can anyone at UBS validate this?

I think based on some of the little information I have heard is that there are going to be big cuts in support staff and FA’s who are 3rd quintile or less depending on LOS and market area. Those in the NFA program I am sure will be cut too based on who knows what but given what is coming down the pike, I think I might be lucky that my office was sold.

5th quintile all LOS gone.



Not a retentiomn package being offerd is liquidity program versus deferred comp



600- 1000 Weehawken management layoffs



Newbies bye bye unless on team

Does anyone know what day the cuts will happen? I figured it would have been Friday. Now I think it will either be Monday or Tuesday considering it is the end of the quarter. What do you guys think?

That seems drastic… a friend who works at UBS doubts they will cut that kind of production.  The stifel thing was overhyped and this sounds the same way… I don’t doubt that people will be cut, just not in mass…

They will cut salaries (redundant management, support, probalby some CSAs, and all NFAD still on salary, except those on a team.)

http://news.moneycentral.msn.com/ticker/article.aspx?symbol=US:UBS&feed=OBR&date=20090329&id=9737483

secret knowledge,

WHAT PRODUCTION IS LEVEL 3?

I bet the 55 Branches that are now SF branches are very happy if this is true…maybe the rest of you in small branches can petition to be sold

[quote=bluetoon]

[quote=NFA1972]

See guys…this is why WS strung everyone along so long…before saying no retention…all those FA’s that didnt move are stuck now…Danny is smarter than most give him credit for.

April 17th - the day the UBS World Stood still

April 17th - the day the UBS World Stood still

I think it is sooner than April 17th. I have a friend in an office that already has boxes in the cage area that are ready to put the unfortunate brokers personal things in.

May seem like a stupid question, but here goes....Would a Pacesetter (club level) producer doing less than $400K/yr need to be worried?  I have a friend (no, really) who has a short LOS, but has been kicking arse for her first 3 years.  To hear that she is not profitable at UBS is disturbing.  How in the world can that be so?  Would UBS actually let that person go?

I have a question and please forgive me for intruding in the UBS forum but, “Has anyone heard of layoffs at the new Morgan Stanley Smith Barney?” I have been told a significant number of FAs (about 900) will be in the 20% payout. Also, does anyone have a comment about RBC or Commonwealth? Your insight would be appreciated. Thank you.

There’s no way this thing will get dragged out till April 17th.  Today or tomorrow.  I don’t know anything from the inside, but you can’t keep a “list of names” secret for longer than 3 hours and there is no reason to wait three weeks.

I would be surprised if any FAs that are on full commission get canned.   What the big firms usually do (like mine) is just cut your payouts and/or nickel and dime you until you quit. That way your U4 does not have a termination on it and the company can go after YOUR clients.



If we are in a new world where layoffs are going to happen to FAs, and you get a pink slip, it’s probably for the best.



Lew, to answer your question, I would think that if you get a pink slip your do not have to pay back the loan (hence forgivable) and you could go after your book without any problem.

[quote=iceco1d]Can someone please help me get my brain around this?

Does anyone know what day this will all go down? Severance packages??? Anybody have any info???

[quote=Chris Varick][quote=SuperRecruiter]In time, the answers shall be revealed…

[quote=iceco1d]Can someone please help me get my brain around this?

[quote=B24][quote=iceco1d]Can someone please help me get my brain around this?

[quote=stampede][quote=B24][quote=iceco1d]Can someone please help me get my brain around this?

It all has to do with decreasing cost structures. It is not just UBS but the entire wirehouse portion of the industry. The support structures are bloated and need to be reduced. There will be large layoffs at the corporate level at UBS and all other firms.



You will seee a decrease in the number of regions and all of the support that goes with those offices. Small branches will be sold and overlapping offices in medium and small loacations consolidated.



Look at the retention deals at ML, WFC and citimorg. None are compensating the under $500,000 producer. There is a reason, they do not make money on them. Margins are not large enough at UBS, about 10%. They are 20% at ML and SB. The reason in someways is scale. Not headcount scale, but revenue scale.



The under $500,000 producer is headed to the regionals were thay are welcome as they can make $$$ on them. The reason? The support structures at regional firms are not as extensive or expensive as the wirehouses.



Also, production is going down, the $600,000 producer in 2007 did $450,000 ish in 2008 and is headed to a $375,000 year in 2009 if the markets do not improve. this means that the staffing in your offices will decrease.



The cuts at UBS will be announced before the April 15th meeting. They will be extensive management cuts as well as FA cuts. If youare doing under $300,000 at UBS or any other wirehouse and are not on a team you are going to get laid off.



The wirehouses are going to have to totally rebuild there support model. It will be more team oriented, financial planning, fees and yet more transaction oriented at the bond level. The brokers left will be more sophisticated and knowledgeable, yet product offerings will return more to the basics.



So, help your clients and you will still survive.



If you are under $500,000 reaxamine your business model decide if it is still correct and if it can continue to be implimented at your current employer.



Good luck all.

It all has to do with decreasing cost structures. It is not just UBS but the entire wirehouse portion of the industry. The support structures are bloated and need to be reduced. There will be large layoffs at the corporate level at UBS and all other firms.

You will seee a decrease in the number of regions and all of the support that goes with those offices. Small branches will be sold and overlapping offices in medium and small loacations consolidated.

Look at the retention deals at ML, WFC and citimorg. None are compensating the under $500,000 producer. There is a reason, they do not make money on them. Margins are not large enough at UBS, about 10%. They are 20% at ML and SB. The reason in someways is scale. Not headcount scale, but revenue scale.

The under $500,000 producer is headed to the regionals were thay are welcome as they can make $$$ on them. The reason? The support structures at regional firms are not as extensive or expensive as the wirehouses.

Also, production is going down, the $600,000 producer in 2007 did $450,000 ish in 2008 and is headed to a $375,000 year in 2009 if the markets do not improve. this means that the staffing in your offices will decrease.

The cuts at UBS will be announced before the April 15th meeting. They will be extensive management cuts as well as FA cuts. If youare doing under $300,000 at UBS or any other wirehouse and are not on a team you are going to get laid off.

The wirehouses are going to have to totally rebuild there support model. It will be more team oriented, financial planning, fees and yet more transaction oriented at the bond level. The brokers left will be more sophisticated and knowledgeable, yet product offerings will return more to the basics.

So, help your clients and you will still survive.

If you are under $500,000 reaxamine your business model decide if it is still correct and if it can continue to be implimented at your current employer.

Good luck all.

[quote=secretknowledge]It all has to do with decreasing cost structures. It is not just UBS but the entire wirehouse portion of the industry. The support structures are bloated and need to be reduced. There will be large layoffs at the corporate level at UBS and all other firms.

You will seee a decrease in the number of regions and all of the support that goes with those offices. Small branches will be sold and overlapping offices in medium and small loacations consolidated.

Look at the retention deals at ML, WFC and citimorg. None are compensating the under $500,000 producer. There is a reason, they do not make money on them. Margins are not large enough at UBS, about 10%. They are 20% at ML and SB. The reason in someways is scale. Not headcount scale, but revenue scale.

The under $500,000 producer is headed to the regionals were thay are welcome as they can make $$$ on them. The reason? The support structures at regional firms are not as extensive or expensive as the wirehouses.

Also, production is going down, the $600,000 producer in 2007 did $450,000 ish in 2008 and is headed to a $375,000 year in 2009 if the markets do not improve. this means that the staffing in your offices will decrease.

The cuts at UBS will be announced before the April 15th meeting. They will be extensive management cuts as well as FA cuts. If youare doing under $300,000 at UBS or any other wirehouse and are not on a team you are going to get laid off.

The wirehouses are going to have to totally rebuild there support model. It will be more team oriented, financial planning, fees and yet more transaction oriented at the bond level. The brokers left will be more sophisticated and knowledgeable, yet product offerings will return more to the basics.

So, help your clients and you will still survive.

If you are under $500,000 reaxamine your business model decide if it is still correct and if it can continue to be implimented at your current employer.

Good luck all.

WFC techanically did not have a retention. Take a look at how it is set up. Retention package has no strings attached to hit the numbers.

UBS is going to cut the fat and be an upscale “boutique” of 5000 advisors instead of trying to get up to 12,000 advisors.



From what I have seen they are being very selective on who gets show the door.

I think those saying UBS is being VERY selective on who get’s in the door right now is true. Deals are being cut back at UBS hard lately. There’s serious denial going on within the walls of the local offices to me. I know a load of guys there with heavy LOS who are at risk of getting rolled who continue to tell me how profitable they are. It’s hard to wake up and realize that your 08’ production is NOT your current production.

My dad who got me into this business forever ago told me I was only as good as my last month at least 1000 times over the decade we worked together. Harsh but true. 

Wake up and smell the coffee guys, its going to happen.   Before you sign on with SN check out the independent end, First Financial Equity Corp has been around for 25 years, has all the good stuff without the B.S.  looks pretty good.   Stifel is where Dain was 12-15 years ago, and wanting to grow, so where will you be in 5 years?

Nothing has gone down in our office the past two days, so the whole end of first quarter purge didn’t seem to happen. One thing I have heard is that it’s lower quintile FAs with double digit LOS they are targeting, not the newer FAs that have managed to grow their books through this crisis.  Growth is key.  Anyone else at a UBS office have anything to report?

[quote=dpiper]Wake up and smell the coffee guys, its going to happen.   Before you sign on with SN check out the independent end, First Financial Equity Corp has been around for 25 years, has all the good stuff without the B.S.  looks pretty good.   Stifel is where Dain was 12-15 years ago, and wanting to grow, so where will you be in 5 years?[/quote]

Seriously???

All Fa’s no matter LOS or if they are on a deal. If you are on a deal and let go you will owe $$$$ to the firm. If in this situation, go back and read your EFL.



Most all trainees 3 years and under will be gone.



Deals will stop alll over the street for while.

do you know if it’s this week or next by chance? My contact said apr 17th ish but not 100%

Nothing I'll put in writing, but something is definately up.

Kicking & Taking

I think the day everything will happen is after the managed money revenue hits the FA’s grid in April. If they cut anyone before that I think UBS will have a serious problem on their hands. How could they cut FA’s and then give the past 3 months of managed money revenue to another FA that inherits the account?    

They pay you  in May for Q2, and when you depart the next day you’ve been paid for 12 weeks but worked only 6.  So, one of their entry level attorney’s sends you a letter with the sentence “we DEMAND payment.”  It’s great to finally confirm who’s in charge.  It’s a BONUS for sticking it out as long as you did.  However, the FA who takes over your account does NOT get paid for the remainder of the quarter, all that revenue goes straight to the firm.  Maybe branch level, don’t know.

At some point you have to get frustrated being a pawn in a chess game.  You are not valued because your office is in a rural area.  You are not valued because your production is down in the midst of the greatest bear market since the Depression.  Why not take control of your own destiny?  To get started in the process, get that book on Going Independent at www.cantella.com

[quote=Independent]At some point you have to get frustrated being a pawn in a chess game.  You are not valued because your office is in a rural area.  You are not valued because your production is down in the midst of the greatest bear market since the Depression.  Why not take control of your own destiny?  To get started in the process, get that book on Going Independent at www.cantella.com[/quote]

Dude… please

[quote=nestegg]

[quote=dpiper]Wake up and smell the coffee guys, its going to happen.   Before you sign on with SN check out the independent end, First Financial Equity Corp has been around for 25 years, has all the good stuff without the B.S.  looks pretty good.   Stifel is where Dain was 12-15 years ago, and wanting to grow, so where will you be in 5 years?
[/quote]

What does this mean? Where was Dain 12-15 years ago? Who is First Financial Equity? Has anyone on this board ever heard of them? Are you recruiting for them? Enlighten me.

This enviroment is going to be excellent for Stifel and RJ and LPL. A lot of small B/D’s are going to fall by the wayside. There is going to be a tremendous need for scale and size. If for no other reason, because of the rising costs of regulation that are about to hit these firms.

If i was going indie or regional, i would want to be with a firm that is well established, and can handle growth without breaking stride.

[quote=Sportsfreakbob]

[quote=nestegg]

[quote=dpiper]Wake up and smell the coffee guys, its going to happen.   Before you sign on with SN check out the independent end, First Financial Equity Corp has been around for 25 years, has all the good stuff without the B.S.  looks pretty good.   Stifel is where Dain was 12-15 years ago, and wanting to grow, so where will you be in 5 years?
[/quote]

What does this mean? Where was Dain 12-15 years ago? Who is First Financial Equity? Has anyone on this board ever heard of them? Are you recruiting for them? Enlighten me.

This enviroment is going to be excellent for Stifel and RJ and LPL. A lot of small B/D’s are going to fall by the wayside. There is going to be a tremendous need for scale and size. If for no other reason, because of the rising costs of regulation that are about to hit these firms.

If i was going indie or regional, i would want to be with a firm that is well established, and can handle growth without breaking stride.
[/quote]

I was wondering the same thing!

I heard April 20th.

Anything new with this?  Seems like too big of a rumor, if true, to keep this quiet.

Smaller producers are going independent en masse.  Not sure if management is turning the screws or if word of this culling has been confirmed and they are getting out in front of it.  

Someone posted about "retention deals" to some Sr brokers a week or so ago.  To me this is key, it's a secret that can't be kept.  If the April 17 or 20th rumor is correct, and that 20% of the FAs are cut, then will UBS:

My manager has dropped hints that within two weeks, things will be shaken up drastically in the branch.  We have rookies and dinosaurs-- not sure if either will be with us after tax day.  

I heard teams supposedly get preferential treatment.  If you’re doing 300K as a jr you stay.  300K as a loner you’re gone. 

I heard teams supposedly get preferential treatment.  If you’re doing 300K as a jr you stay.  300K as a loner you’re gone. 

It is not a retention package . It is a liquidity program that lets you get 1/2 of the next 4 year contribution of partners plus out. Really not a very big deal. You can take it or not, If not, the 1/2 that was in this package just goes in to PP as usual.



It will be a layoff of bottom quintile of brokers, Suppposedley, being on a deal does not exempt you.



This is about the same thing that you have seen at all of the firms. Layoff of trainees less than three years in busineess that are not making it. No retention package under $500,000 on all of the deals ML, SB/ms. WFC.



The wirehouses are having to get more productivity per rep. Do the math, what happens when you layoff the bottom 20% and sell 320 lower producing FA’s?





The under $500,000 FA is going to migrate to a regional were the cost structure is much less, or become part of a team or a salaried broker.



There will also be a large layoff in Weehawken. None of this is rumor. If you work at UBS you should know this.

Lew,

300K is not the spedific number I heard.  Botton 20% is the number.  The most recent date I heard was April 17th.

Just don't let the firm catch you by surprize.   

Lew I think other managers are quietly telling folks who need to leave.  Why don’t you ask yours if 20% will be cut on April 17th.  The PLEASE post his reply!

The only FA reduction plan in the works right now is if your LOS is =>5 and you are doing less than $300k, a few weeks ago you were given a "business plan" to hit certain bogies within 30 days. If you didn't hit the bogies, you are terminated.  I do not believe it matters  if you are on a team.

Well that’s good news then.  There shouldn’t be any surprizes.

[quote=ShotInTheDark]

The only FA reduction plan in the works right now is if your LOS is =>5 and you are doing less than $300k, a few weeks ago you were given a "business plan" to hit certain bogies within 30 days. If you didn't hit the bogies, you are terminated.  I do not believe it matters  if you are on a team.

The biz plans were not about production, they were about new assets, Financial plans, and qualified new relationships (QNRs).

I don’t know if I have reliable info.  I’ll tell upi on April 20th!

Word to the wise who may be at risk at UBS.  Don’t sit around waiting to know if you’re impacted or not.  I’ve seen this happen before. An FA who can saddle up and ride off right now should get with it. Even if you have a smaller book, and can find a decent home, do it. Don’t wait until you’re separated. You’ll get no love once youre a week or two separated from your business. 2 weeks from now there’ll be those who thought they were ‘fine’ posting in here about their plight asking… how did this happen to me. I don’t want to hear it then. 

What if your still in the NFA program? If I leave and try and take my client base, will I get sued for going to a competitor? Or should I wait to be let go? I’m actually level 3 ish, so not sure if I should wait or go now. Advice?

Tier 3 is at the manager’s discretion. Tiers 4-5 are gone regardless of LOS.

'72…do you agree that April 17th is the date?

What level of production is tier 3?

Not sure about the 17th,  but it’s as good a date as any. The overwhelming sense is that it will be sooner than later.

Are they using T-12 production or are they using the “projected production” metric that seems to be popular among the wires in this environment (where T-3 is more important than what you did in early '08)?  

What happens if you have a contract with ubs and you hit all of your numbers and you still get laid off??? Do you think UBS will offer severance packages???   

If you are Tier 1 or 2 (ie. “hitting your numbers”) then you will be fine.

if I'm in my 13 month of production and want to go to another regional broker dealer....what are the chances I get sued? I'm about level 3 in production trailing 12.

TakingNames – your mailbox is full.  Just tried replying to your PM.

 georgicaclose  All clear

Hoekstra on the box tomorrow at 11:00 am.  

Hoekstra on the box tomorrow at 11:00 am.  

[quote=georgicaclose]Hoekstra on the box tomorrow at 11:00 am.

It is not a retention package . It is a liquidity program that lets you get 1/2 of the next 4 year contribution of partners plus out. Really not a very big deal. You can take it or not, If not, the 1/2 that was in this package just goes in to PP as usual.

It will be a layoff of bottom quintile of brokers, Suppposedley, being on a deal does not exempt you.

This is about the same thing that you have seen at all of the firms. Layoff of trainees less than three years in busineess that are not making it. No retention package under $500,000 on all of the deals ML, SB/ms. WFC.

The wirehouses are having to get more productivity per rep. Do the math, what happens when you layoff the bottom 20% and sell 320 lower producing FA’s?


The under $500,000 FA is going to migrate to a regional were the cost structure is much less, or become part of a team or a salaried broker.

There will also be a large layoff in Weehawken. None of this is rumor. If you work at UBS you should know this.

[quote=dontask]

What did Hoekstra say on the call? 

Lew - were you on the call?

I heard that Hoekstra said there would be “severe lay-offs” by the end of this month.

Loads of Kool-aid poured, little actual news.  Cuts are coming and UBS has backed off recruiting almost entirely unless you’re $1m +.   Deal now at 100% up front.  All straight from my manager friend at UBS this afternoon.  

Severe lay-offs is news.  Can anyone say who will be targeted?

Basically said there will be layoffs, everyone will be effected either directly or indirectly and that all resources are being focused on core competencies (1mm-10mm clients). 

I would like to extend my services and offer to handle any clients who fall between 500k and 1mm.  I’m willing to sacrifice myself and not focus on the core competencies.

bye bye Tiers 4, 5 and most of three.

FOR THE 3RD TIME, WHAT LEVEL PRODUCTION IS LEVEL 3 OR 4. pLEASE?

It depends on your LOS. Read your comp book, or look it up in CSW.

Too lazy, LOS 10, t-12 425.

Laziness is not a virtue I will enable… seek and you shall find.

God bless you

Thanks. I need it!

CSW=Consultworks aka the workstation you have been using during your 10 year LOS.

Has anyone heard any details about the layoffs that are going to occur at the end of April 2009? If so, what are they?

D Day is 4/20 and will cascade on from there. April will suck at UBS

I’ve heard now from 3 direct people I know at UBS. All 3 were on the entire call.  Today’s call was BAD! The tone was bad! The ‘change’ message and how it was delivered was taken as BAD from everyone I have talked to. If you’re <$300k, you’re done- period.
This is BS about it being $250k or $300k or whatever.  If you’re < $400k,  your life is going to be an unhappy one if you are spared… even more than you’re accustomed to at UBS. Trainees will not be spared. 20 year buddies of the BM will not be spared. Senior guys with clout are going to be pissed that they will loose some of their Jr. boys to this cut.  Managers, one of which told me this… will likely have some egg on their face when they can’t protect people they thought they could. BMs and complex directors will be amongst those cut or reduced as well.

UBS has made it blatantly clear that they want to be known as a high net worth firm and unless you have that kind of business right now- you’re done.   Kool-aid is for kids and fat guys wearing retarded huge pitcher costumes in lame 70’s TV ads.

Anyone at ‘risk’ should be smart enough to realize your leverage just got cut in half today as word is spreading.  Your leverage is ZERO the day that pink slip happens.  Saddle up and good luck all!

Amen!

I agree with all of your comments. 

I keep getting PMs asking me where to go for those who may be impacted.  I am not a recruiter although I know I’d probably earn more if I was right now!  I’ve given Dave’s number out before and I would again. (480) 361-9490. They work all over the country.

Don’t WASTE your time making 5 calls all over town. You don’t have that kind of time.  Managers are already conditioned to know that a bunch of UBS folks are about to be cast off. Get in front of your favorite recruiter or on their phone asap!  They can help BEFORE you’re out and save you a bunch of frustration. Don’t bother calling after you’re out the door if that happens to you. Get separated from your clients and Met and the rest of the insurance based so called advisory firms can’t do much for you either.

Call Dave or PM me if you want and I’ll hook you up with a couple of other well known recruiting firms and people who I’ve known for a long time.   Dave and a couple others I know are placing small guys… $150-$300k UBS advisors like mad at a couple of good firms and getting them upfront/back end money at least up until last week. Dont’ know how long companies will do that.  

How will this affect any lower producers at SB, MS, ML or BofA?  If what has been posted here regarding lower producers and even those with LOS under 5 is true, will the other firms do likewise going forward?

Horrible call.  Hoekstra was contradicting himself left and right.  Used to be a fan of the guy, but he came off as condescending and out of touch.  At one point, I kid you not, he said FAs should be challenging recruiters who call them by asking them if American firms that are cutting heads and overhead are planning to exit the US market too (speculation has been rampant that UBS is preparing to sell the WMUS business and recruiters are exploiting this).  Are you effing kidding me?!?  He’s expecting us to defend the firm when he can’t give us any assurances about our job security?  WTF?!?  It’s one thing to take away our support and all our resources and then fire us because the firm is moving in a “new strategic direction,” but to expect us to sit there and pick arguments with recruiters who can potentially secure us spots at competing firms where our services will actually be valued is effing ludicrous.  I guess this behavior shouldn’t be a surprise (he’s an exec, not an FA now), but I expected a bit more tact and a bit more of a clue from a guy who used to be in our shoes.   

It is a bad day when you get more information from an internet form that your own branch manager…



Its good to be a trainee…

sorry, shmer, didn’t get that one

Although I left UBS to go indy a year and half ago, I still have some great friends left at U been screwed. I hope they don’t get screwed. I don’t know anyone whose gross hasn’t taken some hit over the last 12 months. I did 400k before I left. 300K is the new 400K. Given Ubs’s bad PR they should be giving all their FA’s 100k gross of slack.



“Live long and Prosper”

200 is the new 400

Horrible call.  Hoekstra was contradicting himself left and right.  Used to be a fan of the guy, but he came off as condescending and out of touch.  At one point, I kid you not, he said FAs should be challenging recruiters who call them by asking them if American firms that are cutting heads and overhead are planning to exit the US market too (speculation has been rampant that UBS is preparing to sell the WMUS business and recruiters are exploiting this).  Are you effing kidding me?!?  He’s expecting us to defend the firm when he can’t give us any assurances about our job security?  WTF?!?  It’s one thing to take away our support and all our resources and then fire us because the firm is moving in a “new strategic direction,” but to expect us to sit there and pick arguments with recruiters who can potentially secure us spots at competing firms where our services will actually be valued is effing ludicrous.  I guess this behavior shouldn’t be a surprise (he’s an exec, not an FA now), but I expected a bit more tact and a bit more of a clue from a guy who used to be in our shoes.   

FOR THE 3RD TIME, WHAT LEVEL PRODUCTION IS LEVEL 3 OR 4. pLEASE?

Would you please provide more details on the other recruiters, as well?

Whooooooosh… TADA!

Someone call for a recruiter?

Actually, what we asked for was a low rent journalist… and I think I see Geraldo’s moustache approaching in the distance.

I am going to call the reps at the wires and offer them a way out. The smaller reps and maybe the ones that are close to retirement 5 years or so.

How do they get in contact with you?

Feel free to contact me: [email protected]

I have talked several reps at UBS & MS.

Wrong way UBS.     pay 270 on highest t12 ever    cut at bottom   

Is there a specific reason you keep repeating yourself over and over again.

sorry,  lost my head

[quote=S&P low 666]sorry,  lost my head

[

Talk of proposals has emerged following a UBS management meeting in Sydney last week, Data Room has learned. One would see UBS offload its entire wealth management arm, with Bell Potter Securities a possible landing pad. Commercial property professionals across the UK - agents, chartered surveyors and property owners - currently advertise over 40,000 commercial properties and land for sale on Right move. UBS AG is a Swiss global financial services company headquartered in Basel and Zürich, Switzerland. It provides investment banking, asset management, and wealth management services for private, corporate, and institutional clients worldwide, as well as retail clients in Switzerland.