I cannot imagine citi having the gall to tell clients how to handle money when citi cannot handle there own.

no kidding...I totally agree...

Your question: who in the world would listen to them?

It is a good thing broker/dealers going out of business don’t have liquidation sales. If that were the case we would all be in trouble as all of the Citi owned companies would be selling their Legg Mason Funds at half price.

I would like an update on the former Smith Barney bank-based advisors, now Citi Personal Wealth Management.  Isn't true wealth management personal by nature?!?! way to go Citi!  To my knowledge, they retain the SB technology and product suite until told otherwise.  Will the comp structure change to be more in line with a bank program or will the bank brokers remain on the current SB comp plan with penalty boxes for those with los 5-9 years doing less than $300K?

Citi management is getting rid of everything and has outright lied to their advisors about their intentions for the past 6 months. Citi will have an extremely limited offering relative to the robust offering it currently has with the platform gained from its time with  Smith Barney.

It;s been all lies.  First " We are not Selling Smith Barney" “We are keeping Smith Barney technology and platform for at least 3 years.”  "Not much will change for our clients"

Now firm has announced in the press that we are going to move to fee only platform in 2010 and will phase out comp on any transactional business.  The firm is also strong arming advisors to form RIA like teams in order to comptete for refferals with independent RIA’s. 

All this was anounced more than a week ago and Citi advisors are learning more about the plan by reading the paper than from any communication within the firm. 

The deceitfulness and lack of professional courtesy has everyone extremely upset.  I beleive Citi will loose first quartile advisors which were very impressed with the way Smith Barney did things and think that bank management is a joke.

EASY E - my thoughts exactly.  how ironic is it that they told advisors that the “SB platform would remain in the bank channel and nothing would change for 3 years” … while simultaneously hiring and integrating Deborah McWhinney in April…who spearheaded Schwab’s RIA unit…seriously, are they that lame?!

Yet you are still there?

If they were smart, they would hire an attorney and cpa into the new teams, and market themselves as a turn key “Family Office” to high net worth.  They could carve out a unique niche compared to the other wires and probably do well.

Does anyone know if it’s legal? Can they force people to comingle accounts… Seems like it dilutes the reps and certainly removes any equity that has been built into everyones practice… Of course if you want to leave, they will say goodbye, how are supposed to take clients from teams of 10 people… So they use you for a year or two, use you for introducing your clients to the “team” , then you basiclly give away your book for the " powerful" citi machine… Seems very cold war Russia esque… Are any advisors discussing legalities of this???

100 percent true… They’ve lied all the way through… Now they want the reps to give away they’re clients…where doyou think 1st quintile reps will go???

I have thought of incorporating an  attorney or accountant in order to increase the value proposition If I were to stay.  It could be interesting as long as the firm would allow these new partners to have an outside business interest.  Most accountants or attorneys that I know run their own businesses. 

I do not understand this whining!

Moving a bank book is hard enough, moving months from now once assets are flowing into the new RIA business will become impossible. Anyone not making it out asap is going to quickly find themselves about as marketable as the guys on the other end of a TD Ameritrade 800 line. 

Does anyone know if it’s legal? Can they force people to comingle accounts… Seems like it dilutes the reps and certainly removes any equity that has been built into everyones practice… Of course if you want to leave, they will say goodbye, how are supposed to take clients from teams of 10 people… So they use you for a year or two, use you for introducing your clients to the “team” , then you basiclly give away your book for the " powerful" citi machine… Seems very cold war Russia esque… Are any advisors discussing legalities of this???

[quote=Greenbacks]I do not understand this whining!

EasyE - do you know any local MSSB managers?  If you’re at or around $500k, you might have a shot at moving there.  Just because Citi’s bank channel advisors weren’t invited to take part in the joint venture doesn’t mean they can’t move in arrears…

Greenbacks what do you mean you say dont understand the whining?  You’re right, you don’t understand.   It is not unreasonable to expect your employer to at least ad hear to basic decency, respect and honesty to it’s employees.  Do you disagree?  If you commit yourself to firm it’s a big deal.  Much thought is put into that decision and you have to base it on what you are told you can expect.  When you are then treated like trash and lied to and had your pay cut every year, who would not be upset and surprised?  I know I was and that is why I left that God forsaken company.  My book followed me.  Citi is a horrible company in my opinion.  I work for myself now and thank my lucky stars I left when I did.  

Greenbacks what do you mean you say dont understand the whining? You’re right, you don’t understand. It is not unreasonable to expect your employer to at least ad hear to basic decency, respect and honesty to it’s employees. Do you disagree? If you commit yourself to firm it’s a big deal. Much thought is put into that decision and you have to base it on what you are told you can expect. When you are then treated like trash and lied to and had your pay cut every year, who would not be upset and surprised? I know I was and that is why I left that God forsaken company. My book followed me. Citi is a horrible company in my opinion. I work for myself now and thank my lucky stars I left when I did.

Yes.  I also manage a hedged investment account for clients.