Huge Team Leaves ML!
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One of the biggest teams in NY (7 people) with almost $2 billion left ML today for UBS. The same office also lost the guy who ran the POA program in that office also to UBS.
so they finally figured out what the rest of the country had already figured out? ubs is the big winner here…taking over 1000 advisors across the country in a major major market share shift…the advisors going there are not small…
they took a team in dallas from goldman i’ve heard that did $10m in production…looking for some verification on this one, but heard it from more than one person
ATL - you are correct. I misspoke about Houston. It was Dallas. Don’t know about the production, although I heard it is big. UBS has dealt with its problems early on. They still have the media stuff with the DOJ but the platform and the firm are rock solid and it is more conducive than any firm to the non-proprietary model. They all have freckles, though. UBS is just fortunate that it has powder in its keg to act in an environment which encourages FA’s to do some soul searching while firms through their FA’s under the bus.
im on a huge team at ml in the tri state area and they are talking about leaving as well. my brother is at ubs in nyc and he says the door there is wide open with ms and ml teams coming over.(im at the tail end of poa)
unbelievable how my team and my manager TODAY reinforced bringing in net new money into ml. i'm curious to see how senior fa's think the industry with ml in mind will be in the next 6 months to a year.OH, none of them are going the EDJ? they have a new wonderful transfer broker plan??
Sad when UBS is now the top place to go. They never seemed to have a good reputation, have they gotten better, or is it that just everybody else has gotten worse, and they write the biggest checks?
What is going to happen when UBS needs to sell the USA ops to remain afloat? Last I checked, there are no stolen treasures from tyranny left.
Every independent rep should place the following full page ad: NO BAILOUT REQUIRED! (insert Indy firm name here) (insert Indy Registered address here)I would guess "B". I had a friend at UBS... and based on what he told me, no way in hell would I go to work for them. Then again, no way in hell would I ever go back to working for anybody. I wonder how long it will take for all the Merrill guys jumping to UBS to regret that move...Sad when UBS is now the top place to go. They never seemed to have a good reputation, have they gotten better, or is it that just everybody else has gotten worse, and they write the biggest checks?
There was indeed a huge team in Houston that just moved to UBS. I confirmed that today. This avalanche of recruits is an incredible coup for UBS, a firm which is will continue to get better and continue to attract top talent. Like the US stock market, UBS was the first to deal with our unbelievably stupid investment banking mistakes, and it was quite painful for us in wealth management, believe me. But ever since I moved to UBS three years ago (from EJ, I might add), the firm has been in constant improvement mode. It puzzles me that for some reason we don't rank that high in ANY of the broker surveys, but I think we can all agree that the surveys are suspect at best. I know I sound like a homer here, but you have to tip your hat to UBS!ATL - you are correct. I misspoke about Houston. It was Dallas. Don’t know about the production, although I heard it is big. UBS has dealt with its problems early on. They still have the media stuff with the DOJ but the platform and the firm are rock solid and it is more conducive than any firm to the non-proprietary model. They all have freckles, though. UBS is just fortunate that it has powder in its keg to act in an environment which encourages FA’s to do some soul searching while firms through their FA’s under the bus.
what will biz look like in one year? no one knows.
grab some security.
now. put money in your wife names
There was indeed a huge team in Houston that just moved to UBS. I confirmed that today. This avalanche of recruits is an incredible coup for UBS, a firm which is will continue to get better and continue to attract top talent. Like the US stock market, UBS was the first to deal with our unbelievably stupid investment banking mistakes, and it was quite painful for us in wealth management, believe me. But ever since I moved to UBS three years ago (from EJ, I might add), the firm has been in constant improvement mode. It puzzles me that for some reason we don't rank that high in ANY of the broker surveys, but I think we can all agree that the surveys are suspect at best. I know I sound like a homer here, but you have to tip your hat to UBS! [/quote][quote=bancofamigo]ATL - you are correct. I misspoke about Houston. It was Dallas. Don’t know about the production, although I heard it is big. UBS has dealt with its problems early on. They still have the media stuff with the DOJ but the platform and the firm are rock solid and it is more conducive than any firm to the non-proprietary model. They all have freckles, though. UBS is just fortunate that it has powder in its keg to act in an environment which encourages FA’s to do some soul searching while firms through their FA’s under the bus.
You don't sound like a homer....just a naive idiot. Just because they 'suck less' than the other wirehouses doesn't mean they don't suck.
They were in 'constant improvement mode' when I left about 4 years ago....
Once the rosy feeling is done from those big front checks, it will be interesting to see how people feel when they have to deal with UBS back office incompetence and the Swiss compliance people.
It was Dallas TX UBS that just had a team come over from Goldman:
5 man team, 5 billion in asset, 50 or so clients, 30 million in production. That must have been a nice check...[quote=rep_rep]
It was Dallas TX UBS that just had a team come over from Goldman:
5 man team, 5 billion in asset, 50 or so clients, 30 million in production. That must have been a nice check...[/quote Now thats a team!! alway laugh when you have a team of 3 or 4 doing a million or a little over..really 3 or 4 pikers but added up they sound important[quote=Ferris Bueller]S&P just downgraded UBS to a sell.[/quote]
I think the IRS is about to downgrade to strong sell!!
ROFLMAO!!
<h1 id=“Story_TopPageNavigation_line” =“storytitle”>UBS faces wider U.S. tax case: WSJ
helped tens of thousands Americans avoid paying taxes, according to
Monday’s edition of The Wall Street Journal. The Journal said tax
investigators believe that UBS helped many more than the 17,000 people
that was initially estimated. The paper added that several people
involved in the case said UBS is in talks with the Justice Department
to avert a possible felony indictment by admitting to criminal conduct
and paying a penalty of about $1.2 billion.
It’s hard for me to understand why a successful advisor would want to move to a firm that is under investigation for tax evasion…
[quote=HymanRoth]It’s hard for me to understand why a successful advisor would want to move to a firm that is under investigation for tax evasion…
[/quote]
In addition to which, if they really did this - tens of thousands?? - how could a firm be so dumb as to think they could get away with that.