UBS will be best wire on street if Mccann pulls this off
I went on broker trip.
Mccann and his team blew people away.
These guys get it BIG TIME.
They have crushed a ton of "old" UBS already
If they pull this off......UBS will be best wire on the street.
write it down.
you heard it here first.
Dude is the man
Would you please elaborate on this a bit?
Thanks in advance,
Gaddock
"Would you please elaborate on this a bit?"
UBS has the BEST tasting Koolaid!
[quote=borei]
"Would you please elaborate on this a bit?"
UBS has the BEST tasting Koolaid!
[/quote]
they get it.
make UBS 7000ish FA firm
gave a great argument why smaller size will work to compete vs. monster wfc and C and regionals
Focus on FA.
Understands that FA drives biz.
blow out middle management layers of crap. rock in operations. think out of box. provide great platforms.
they must have said 40 times that everyday my main job is to rehire you
Dude has balls of steel. making monster changes. I have seen it
each of his head peeps from MER spoke. everyone smart and tough.
Ive seen a lot of sh@$ in this biz over the years. tons of these dog and pony shows
i am as cynical as they come (read my posts on pricem hofstra and the other MF clowns here.)
Mcann's pitch is the best I've ever seen. spot on. i love the guy.
some idiots asked some dumb ass questions....he bithc slaped them.
it was awesome in a "feel good" forum like this. never happens. they suck up and BS. I LOVE it.
dude calls it as straight as anyone ive seen in 25 years in this biz.
and most of the time he is 100% spot on.
Can he pull it off? thats why they play the games.
who knows.
what I have seen so far. don't bet against this SOB.
look at his history with BAC, told them to kiss his a$%.
The way he talks, I think he has free rein from Swiss idiots.
I don't do Koolaid. call em as i see em.
Ive been with a firm when one of these turn arounds works. does,nt take long to get ball rolling
Sounds like he is flipin a house, probably be some prime real estate soon. GS needs some time to clear the air before they make another bid. McCann may have time to double the asking price. Dimon must not be interested...
[quote=Jennifer Nettles]
I went on broker trip.
Mccann and his team blew people away.
These guys get it BIG TIME.
They have crushed a ton of "old" UBS already
If they pull this off......UBS will be best wire on the street.
write it down.
you heard it here first.
Dude is the man
[/quote]
Totally agree he is a badass. I will also bet that within 18 months UBS will sell its Americas business. The Swiss gov't is forcing their hand hard behind the scene, and that is the real ball that is already rolling.....
Cue Greenbacks in 3.....2.........1.......
I think it would be a major coup if some private equity firm or RIA rollup firm bought the Americas business and brought it private, and re-branded it. Just not sure if they could service the banking side of the business. Is that a major aspect of business at UBS?
This my cue?
Best wire house!
That is like saying my state prison is better than your state prison.
How is that? Deekay
These guys are hired based on their 15 minute presentation. UBS can't go from good to crappy to great based on one shrewd dude.
Really - what if they paid you a sh*t load based on creating a good impression. You would say:
A) the FA is king, everything revolves around the FA relationship and 7000 wirehouse guys are better than regionals and the firm who can dilute their fixed costs over 15,000 FAs -or-
B) Everyone who was good four years ago already left, and the folks who joined us in the past two years joined because we 've been paying more than the good firms (like junk bonds pay more than the good bonds) and those same folks will go to the other wirehouses as soon as their deals are up.
I'd say A - if I could stand being part of the conversation.
FYI - a due diligence meeting is like a wholesaler lunch - all the annuity companies bring a fancy pants guy trained in hypnosis while American Funds brings PB&J. Eventually the good guys realize the PB&J is the better deal.
PB&J = Peanut Butter and Jelly ....samiches.
He was a big cheese at Merrill and we all know how that turned out.
Connect the dots kids. Badass at MER, went to UBS, takes MER execs to do ? The balls already rolling in Switzerland. Is it possible they'll get scooped up by BAC? Call me crazy but I think it's likely within 18 mo....
no way in hell BAC would buy UBS. Or be permitted to. What ever UBS does will focus on A) increasing the distance between US and Swaziland ....Switzerland, and B) adjusting to whatever the financial reform gig turns our to be.
By the way, UBS in mu hood keeps recruiting some top folks - though they tend to be habitual firm-switchers.
[quote=NOVA]
Really - what if they paid you a sh*t load based on creating a good impression. You would say:
A) the FA is king, everything revolves around the FA relationship and 7000 wirehouse guys are better than regionals and the firm who can dilute their fixed costs over 15,000 FAs -or-
B) Everyone who was good four years ago already left, and the folks who joined us in the past two years joined because we 've been paying more than the good firms (like junk bonds pay more than the good bonds) and those same folks will go to the other wirehouses as soon as their deals are up.
I'd say A - if I could stand being part of the conversation.
FYI - a due diligence meeting is like a wholesaler lunch - all the annuity companies bring a fancy pants guy trained in hypnosis while American Funds brings PB&J. Eventually the good guys realize the PB&J is the better deal.
[/quote]
U have an axe to grind.
i dont.
read my posts on clown MF price and boys
or that CS strumpf from WFC.
Im objective. your angry at them for some reason
(you shd lose your anger. not healthy)
[quote=Greenbacks2]
This my cue?
Best wire house!
That is like saying my state prison is better than your state prison.
How is that? Deekay
[/quote]
i have only been with wires.
(26 years).
notice i DID say wire.
INDY=I GET IT.
(I was a who#e for the 3.1mm bucks that i invested near spx 700-i admit it and dont regret it)
indy is better. wires are net negatives
(dont bet agaist this Mccann MF)
Jennifer is right, folks. I was at the same meeting. This new management team has its sh1t together. I went to the meeting as a skeptic and left feeling like our firm is finally being led by adults. Tech enhancements will make us the industry gold standard. FA's not at UBS should definitely take notice. FA's at UBS will be glad they're here, if they weren't already. Mock me if you want-- I don't care. You'll see evidence soon enough.
Lew Ashby
@ Lew... real pumped up to here your take on the mgmt team.. What kinds of tech enhancements are you referring to? Would be real interested to better understand. Technology is going to drive the industry-- no doubt about it.
Falling in love with tech (or mgmt hype) is like falling in love with a hooker, you will get cheated on. Count on it. UBS and MS are so leveraged that NOTHING can save them.
Eveything is being improved in tech. New pc’s this summer. CMS software will be best in the industry (the best of ACT, Goldmine, and Salesforce). We’re going to the latest version of Thomson 1 after being the last firm out there still using the old Reuters system. New bond trading software. All this coming immediately after the new pc’s.
We already have the best financial planning software, but even that is being continuously improved. This new team gets it, and I’m happy to say I stuck it out through the bad times in order to finally see it. It’s been a long time coming.
Lew
Technology isn't the issue. An horrific balance sheet is. A destroyed reputation is. Technology cannot fix a balance sheet problem, nor can it fix reputations lost due to criminal behavior. Plus the Swiss and the asians haven't gone away.
Borei, you’re correct saying that technology can’t fix the reputational damage that our IB did to us. Technology does, however, make my life (and my staff’s lives) much easier. I’ve been waiting for these enhancements for years.
It’s going to take years of hard work to repair UBS’s reputation, and I’ll be here to do it. My business hasn’t suffered due to the damage, but I know others who have taken a hit. My assertion is just that we have a management team in place that is prepared to work with us to improve this firm going forward. They get it, and that makes me happier than ever to be at UBS.
Lew
"Borei, you're correct saying that technology can't fix the reputational damage that our IB did to us"
I know. More than the IB, also the Swiss and their criminal antics and the idiotic American mismanagement team/matrix cr*p.
" My assertion is just that we have a management team in place that is prepared to work with us to improve this firm going forward. "
That "management team" destroyed the once independent Merril Lynch. They are conmen and you are willingly being led to the koolaid. Sad.
McCann and his team didn’t ruin ML. The wealth management division was doing just fine until their IB forced a shotgun marriage with B of A. And so what if I’m delusional with a koolaid stain on my upper lip. I’m happy with what’s going on, my business is growing faster than ever, and I got to sleep in this morning. Life is great!
"And so what if I'm delusional with a koolaid stain on my upper lip."
You are. The balance sheet issue hasn't changed. The femoral artery is cut. Enjoy the koolaid and enjoy have "Jim Jones" as your guide.
You’re just wrong. The balance sheet has been cleaned up. And if it wasn’t , and they are forced to spin us off, that’s a consequence I’m fine with. Either way, UBS’s balance sheet issues have nothing to do with my wealth management practice. If it didn’t affect my business in 08, it won’t going forward.
Lew
" The balance sheet has been cleaned up."
ROTFLMAO!
Do avoid giving people advice on stocks, at least until you can read a financial statement.
http://www.reuters.com/finance/stocks/financialHighlights?symbol=UBSN.VX
FINANCIAL STRENGTH Company Industry Sector S&P 500 LT Debt to Equity (MRQ) 479.15 323.17 105.88 142.80 Total Debt to Equity (MRQ) 635.62 395.79 291.35 204.59
What planning software is UBS using that is so great?
We’re using software we call Financial Goal Analysis, but I believe it’s based on software called Money Pro. I’m not really sure about the name. I just know it’s very powerful. FA’s from other firms have consistently confirmed that it’s much better than what they were using before. I can confirm that it is extermely robust and powerful, and can model anything I ask it to.
Borei, you seem to be confusing a great stock to buy with a great firm to work for. Either way, UBS’s US Wealth Management is headed in the right direction. It’s undeniable.
Lew
If it is money pro it is not what I would call the best on the street.
I used it for several years before I switched.
It is called MoneyGuidePro, it is good stuff. Sadly it is hitched to a boatload of debt, a collapsing workforce and a snake oil salesman from the failed Merril Lynch. All attached to the criminal Swiss banking machine.
UBS said today that net client withdrawals from its wealth management units amounted to 15.4 billion francs in the first quarter, down from 45.2 billion francs in the fourth. Asset management had net outflows of 2.6 billion francs in the first quarter, it said. UBS is suffering outflows after departures of client advisers, credit-crisis losses and the U.S. investigation into tax evasion by some American customers.
Not to jump on a bandwagon here, but you FA's have to admit-- a firm with kick ass technology (along with a good comp package ) is a hard place to leave. Or better phrased, if you're faced with the opportunity to work for one of two firms, both even in most areas on your checklist, will the firm with the better technology attract you over the other?
UBS has a mediocre comp package, they are replacing 6+ year old garbage tech with average industry standard tech and a large glass of koolaid to hide their broken business model, diseased balance sheet and awful management structure.
Borei, dude, you’re a downer. I bet you’re a big hit at a party. Ever had a girlfriend? UBS fired you last year, didn’t they?
Lew, I am married for longer than most brokers have been alive, resigned last year and am having my best year ever.
Now for you, can you read a financial statement?
Other than the fact that I have some stock options, explain to me how UBS’s balance sheet is relevant to my success in my business. BTW, latest Tier 1 is 16, and our credit default swaps trade at industry lows. Real numbers, not subjective hyperbole. And also, based on the “high” level of comments on you assertions, it appears that you might just be the only one that shares your opinion in this forum. And, we also had a dinosaur in our office that “resigned” last year. I’m done. Over and out.
Lew
..." explain to me how UBS's balance sheet is relevant to my success in my business. ".
And people trust you with money. LOL!
Lew
Nothing ever changes from Nicholson/Grano/Hoekstra/McMann and all in between who have been long forgotten.
Focus on FA, new technology, high net worth blah, blah, blah.
McCann will be here and gone and the new man will be the man.
The question remains the same. "Where are the customer's yachts?
[quote=borei]
" The balance sheet has been cleaned up."
ROTFLMAO!
Do avoid giving people advice on stocks, at least until you can read a financial statement.
http://www.reuters.com/finance/stocks/financialHighlights?symbol=UBSN.VX
FINANCIAL STRENGTH Company Industry Sector S&P 500 LT Debt to Equity (MRQ) 479.15 323.17 105.88 142.80 Total Debt to Equity (MRQ) 635.62 395.79 291.35 204.59
[/quote]
borei-You also got a major axe to grind.
Nothing will change your mind about UBS.
If they cure cancer,
hire jamie dimon,
make more money then anyone.
.......you will still serve up your
HATE_OR_AID
which is fine.
My comments are about UBS-WM-USA.
I'll bet he turns this place around and I bet it happens quickly.
These are some smart people and teh changes they have made already are impressive.
It does not take long. I have seen it before.
These poor long term UBS guys are like deer in the headlights.
As far as those Swiss pr%$cks...............no clue.
I hate them.
My dream would be that mccann and the boys spin this bi%tch off to retro old school Steifel/AG Edwards model and offer private equity ownership to us.
As far as "reputation" . does it really matter anymore?
the public is desensitized.
they hate all of us
Goldie. smartest MF on the planet.
SAVED the company when the idiots liek Jimmy Cayne tanked their firms.
and GS in crosshairs. insane
they should be getting awards for brilliance.
firm name does not mean crap anyone. (advantage=indy i get it)
the one good thing about UBS is most people dont know who the hell they are.
oh, you work at UBS? cool. i connect stuff to my PC with your firm.
I’m in love-- Marry me, Jennifer!
Jenn is a dude
Damn, I’m a lesbian!
"As far as "reputation" . does it really matter anymore? "
Whistling past the graveyard.
Borei,
U truly are the only thing btw us and the BS!
the small swiss firm does not have the size or resourses to compete on the big stage and they get under cut by the discounters.....a bad place to be.....
[quote=Lew Ashby]Damn, I'm a lesbian![/quote]
Lew,
You're a gal?
There is much gender confusion here. But, if this is true
are you hot?
[quote=borei]
"As far as "reputation" . does it really matter anymore? "
Whistling past the graveyard.
[/quote]
OK
Tell me which firm the average main street dude trusts?
goldman?
chase?
merril?
bac?
fannie?
wachovia?
indy? (stanford, madof)
name one
The average main street dude trusts the advisor. When the advisor is with a firm that is run by criminals and idiots, that affects the perception that the average main street dude has of the advisor.
Look if you don't mind that UBS LIES to you about the revenues you generate, LIES to your clients about basics like account fees, cash management tools and research, well, be happy, drink koolaid.
[quote=borei]
The average main street dude trusts the advisor. When the advisor is with a firm that is run by criminals and idiots, that affects the perception that the average main street dude has of the advisor.
Look if you don't mind that UBS LIES to you about the revenues you generate, LIES to your clients about basics like account fees, cash management tools and research, well, be happy, drink koolaid.
[/quote]
OK whatever
You hate em. i get it
With that hate, I hope for your sake your gone.
"OK whatever"
No care at all about the lies, the lack of integrity or the real world? What a great advisor you must be.
Borei, you’re a hater, and you BORE me!
I hate lies, yes. And the fakirs who give our industry a bad name, yes. If the truth bores you, well YAWN, so what?
Who’s been lying to you? Has McCann lied to you or me? If so, prove it. Did Martin Hoekstra and his regime lie to me? If they did, I don’t remember when it was. Don’t confused inability to execute and lead with lying. And don’t project the mistakes a previous regime on the new one. The new regime was very successful at ML’s wealth management division, and they were well-liked and respected by the herd as a result. Even if they did make mistakes back there (who doesn’t), they deserve the benefit of the doubt at UBS. If they mess things up here, then they will pay price. You judge, and you haven’t even met these people. Sounds like the definition for prejuduce to me. What makes me sick are people like you who hide behind some avatar name spewing all kinds of misinformation and hate, but face to face with these folks, you would curl up in the fetal position and suck your thumb. Because you have no facts to back up your claims. Bring new facts to this board or don’t post at all. Have a nice day!
Lew
Lie #1, the alleged payout grid. They hide the real numbers, they rig the system, you drink the koolaid. Lie #2, they knew nothing about the LEH problems before the failure. Lie #3, they were honest - NOT - they engaged in criminal conspiracies to defraud the US government. Many more but those three are clear and irrefutable.
As for that wonderous magical successful ML team - BWAHAHAHAhahahahaaaa......
ML is GONE. Destroyed by their ineptitude. And you embrace them. How sad. BTW, can you read financials? If so read the latest from UBS, they still are bleeding assets.
"The question remains the same. "Where are the customer's yachts?"
Sunbelt nails it!
[quote=borei]
Lie #1, the alleged payout grid. They hide the real numbers, they rig the system, you drink the koolaid. Lie #2, they knew nothing about the LEH problems before the failure. Lie #3, they were honest - NOT - they engaged in criminal conspiracies to defraud the US government. Many more but those three are clear and irrefutable.
As for that wonderous magical successful ML team - BWAHAHAHAhahahahaaaa......
ML is GONE. Destroyed by their ineptitude. And you embrace them. How sad. BTW, can you read financials? If so read the latest from UBS, they still are bleeding assets.
[/quote]
#1: the grid is a lie? guess your talking about annuities here, stuff like managed money is pretty clear
#2: LEH, they knew? if they did they where the only ones - you lose your credibility here
#3 The Swiss division had some bad employees, they no longer work at the firm and UBS paid a hefty fine. UBS is cooperating with US justice dept but is stuck between a rock and a hard place as this is an issue involving soverign nations (Tax evasion is not a crime in switzerland). Privacy is a big reason why people bring money to UBS in Switzerland start giving names over to governments and people will take their money out and go to the cayman Islands or somewhere else. By the way guess what the largest tax haven in the world is? Swiss? nope good ole USA is!! can you imagine if Chavez or Kim Juong-IL demanded the names of citizens who had accounts with US banks!
I just got back from the natl BOM mtg, was very good this place is changing rapidly in a very good way. The new executive team is cutting red tape and BS with a chainsaw. Tech & product platforms are undergoing rapid changes. Mccanns team is so positive and excited on what they are doing that it will be infectious to the rest of the company. I liked Hoekstra but I think he was stuck in a situation that was not good for his style. the new crew are no BS they will have us lean and mean and be the place to work for high performance individuals.
Mccann said it best "I want to to work with people that want to win but dont have to win"
Borei sorry you "Resigned" before you got to see all the positive change at UBS, best of luck to you.
"#1: the grid is a lie? guess your talking about annuities here, stuff like managed money is pretty clear"
LOL, so you acknowledge that some of the grid is a lie. It is, they lie about the comp they receive and therefore they grossly underpay the advisors.
"#2: LEH, they knew?"
Yep. If you bothered to actually read about the sleaze that run UBS, you'd know they knew. See http://seekingalpha.com/article/194274-how-ubs-profited-from-lehman-s-accounting-duplicity
"#3 The Swiss division had some bad employees, " ...
Sorry, the guy wearing orange worked in the United States and was a US licensed broker. That UBS fired the criminal slime after they got caught isn't much to hang your hat on, but clearly you need something.
As for that infectious enthusiasm, how does that cure a warped and wounded balance sheet? How does that stem massive outflows of client assets? What is the "Unique Value Proposition" that differentiates the UBS offering from any other corporate mastered sales machine?
BTW - remember, you work for an acknowledged criminal enterprise that lies to you and KNEW that Lehman was in trouble all the while they told you (and me) that Lehman Structured Notes were "safe". If you can be proud of that, you deserve what is coming.
How long do you think it will take this great leadership team that helped destroy ML.
How long before they can put a final death blow to UBS?
Six months?
1 year?
I give it 20 months until sold
[quote=borei]
"#1: the grid is a lie? guess your talking about annuities here, stuff like managed money is pretty clear"
LOL, so you acknowledge that some of the grid is a lie. It is, they lie about the comp they receive and therefore they grossly underpay the advisors.
"#2: LEH, they knew?"
Yep. If you bothered to actually read about the sleaze that run UBS, you'd know they knew. See http://seekingalpha.com/article/194274-how-ubs-profited-from-lehman-s-accounting-duplicity
"#3 The Swiss division had some bad employees, " ...
Sorry, the guy wearing orange worked in the United States and was a US licensed broker. That UBS fired the criminal slime after they got caught isn't much to hang your hat on, but clearly you need something.
As for that infectious enthusiasm, how does that cure a warped and wounded balance sheet? How does that stem massive outflows of client assets? What is the "Unique Value Proposition" that differentiates the UBS offering from any other corporate mastered sales machine?
BTW - remember, you work for an acknowledged criminal enterprise that lies to you and KNEW that Lehman was in trouble all the while they told you (and me) that Lehman Structured Notes were "safe". If you can be proud of that, you deserve what is coming.
[/quote]
Borei, you're jaded, and nothing positive we say will sway you. Regarding grids, they're posted every year. We know exactly what we're going to get paid for our products and services, good or bad. Every major firm has holdbacks with commissions on annuities. If that was a surprise for you, friend, then you are more naive than I thought.
Regarding Lehman notes. That was bad for everyone. Nobody can deny that. But to take one side of the story as gospel, (the side of the plaintiff's attorney) is again a bit naive.
Lastly, the dumb f#ck broker who was on 60 minutes telling his story, who is now is jail for lying himself, was indeed an American, but he was employed outside of UBS Wealth Management Americas. Birkinfeld was not a financial advisor working for the old Paine Webber. He was a Swiss banker. And if you're surprised by anything he revealed to America in that interview, you are again, you guessed it, naive.
And for those of you who think McCann took down ML Wealth Management, you too are misinformed. ML's wealth management had nothing to do with their downfall. It was the investment bank and their CDO's, SIV's, not enough CDS's, and too many DMF's working there that caused their downfall. McCann's division was the envy of the industry, and it will be here at UBS soon enough.
And if we're sold in a year or two, who the hell cares? The name of my firm changes my business not one iota.
Lew
" But to take one side of the story as gospel, (the side of the plaintiff's attorney) is again a bit naive. "
Is english a second language? That report was the report of the bankruptcy examiner, not a party in interest. I guess basic fiduciary issues escape those like you who can give advice without being able to read a financial statement.
As for the "holdbacks", where are those ever disclosed to the advisor?
Lies from criminal conspirators, lies from fraud ridden hucksters impress me - NOT.
"The name of my firm changes my business not one iota."
Really? Try putting "Madoff" on your card. If the reputation and integrity of your firm do not matter, well, what have you left?
Your arguments are weak. The evidence is that you’ve resorted to critiquing semantics. BTW, at which firm do you currently reside? I’m sure they’ve been mistake free since they opened their doors, or you wouldn’t be on your soapbox preaching. And just admit it, you’re a little jealous that you had to suffer at the old UBS and won’t be able to enjoy the new and improved UBS. I understand. I’ve personally seen how bad decisions by upper management have affected friends of mine. Things are looking up, though, my friend. UBS is on the rise. If you don’t think it’s the place to be now, you will in the next year.
Lew
" And just admit it, you're a little jealous that you had to suffer at the old UBS and won't be able to enjoy the new and improved UBS. "
ROTFLMAO!!!!!
UBS lied, they KNEW about Lehman, they KNEW about the criminal acts being committed, they broke the law and they raped both your clients and you and you lick their hands and ask for more.
BWAHAHAHAhahahaaaa.........
Good stuff Lew, Its amazing how borei goes out of his way to trash UBS, just look at the NEW thread he started saying the same stuff in here!
Guys like a Erin Andrews stalker. Your production was low, you where fired. Let it go man.
Yawn. Facts matter. UBS lied. Again and again. Bootlickers and the greedy remain. The rest of us are gone.
[quote=ABOM]
Good stuff Lew, Its amazing how borei goes out of his way to trash UBS, just look at the NEW thread he started saying the same stuff in here!
Guys like a Erin Andrews stalker. Your production was low, you where fired. Let it go man.
[/quote]
bingo.
Yawn. Facts matter. UBS lied. Again and again. Bootlickers and the greedy remain. The rest of us are gone.
Fascinating discussion. Sincere, straight-talking FA (Borei) getting trashed by two of UBS's marketing staff (Lew and Jen), who are posing as real FA's. Remember folks, these company shills (Jen and Lew) get paid to say good things about UBS. They are like the rest of the overhead (non-producers) at UBS. Lying is part of their culture. Every manager at the firm has been part of that culture. (Although I do think that Marten was honest, but he would have had to fire everyone between himself and the FA to fix the firm). It's interesting that Bob is firing the Weehawken bureaucrats as fast as he can. Should we believe that Bob's team will be any different? Nah. It's the nature of the beast (bank-owned brokerage model). "Growth Plus" is just another way to feed the brown-nosing FA's that have learned to work the system (and don't give a %$#* about their clients). I have to decide if I'm going to take that bait or move to an RIA/Indy.
"these company shills (Jen and Lew) get paid to say good things about UBS."
oh no. busted. cant fool you
"I have to decide if I'm going to take that bait or move to an RIA/Indy. "
dude. if you hate it so much and think Im full of crap
-leave.
Im betting from your lame post you probably dont have the stones to bolt.
[/quote]
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