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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.
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the best critics of ML are employees of UBS.   i work at ML.  still the best platform on the street.  however management is a joke(just like everywhere else).  when it comes down to servicing big clients, they come to ML, and then the advisor transfers to a competitor to get paid.  all the wirehouses are going through major transformation, ml, ms, sb, and ubs.  ubs has been quiet for some months now.  they were hit huge with losses just like everyone else.  the swiss goverment bailed them out just like the us did to the u.s. wirehouses.  what people have forgotten is the tax evasion!  do you actually think that the u.s. goverment is going to let that pass by??  How about some of the funds that were invested with Madoff??  they will be spun off or sold.  in the summer, this hit the news.  also recently it agained resurfaced.    if ubs so was great, why would they be offering such ridiculous packages?  there would be no need to garner so much interest. ubs is smart in their short term strategy. 

The article I saw on Fund Fire this morning had two teams, both originally from Goldman, and did a combined 46mm in production.  That hurts.

UBS was making up for lost ground since, as you said, they had some news issues which was hurting them.  The media have been reporting the Tax probe issue regarding some folks in Switzerland.  UBS’ head stepped down and the board put the UBS America head in charge (Marten Hoekstra) of the whole company.  The board is well aware of the issue yet the still put the US guy in the chair. 

UBS also dealt with the CDO stuff early on while there was still somewhat of a market.  The Swiss government did put in $16 Billion and UBS ended its dividend.

If UBS is looking to sell - to whom would that be?  that dance is over and the chairs are gone.  UBS is around 40% of the GDP of Switzerland.  Banking is over 70%.  UBS USA (Wealth Management) is a smaller part of the whole.

Their new planning platform rivals any trust department or private bank.  They are not building some monolithic culture like some other places.  They are trying to build an open architecture firm.

Everyone has their freckles, but it seems that UBS’ are fading.  Of course in this world that doesn’t mean they won’t be front page tomorrow.  The idea that they are just willy-nilly throwing big checks out simply doesn’t make sense.  Firms don’t make money on folks with the upfront being paid until into the deal.  That is long term, not short.

So I heard MS is looking for some payback-



Offering 180% (260 all in) upfront for UBS advisors (1q guys I assume). Anyone else confirm this?

did the head of ubs's wealth management 'step down' or is he a wanted fugitive by the F.B.I.??

[quote=ABOM] So I heard MS is looking for some payback-



Offering 180% (260 all in) upfront for UBS advisors (1q guys I assume). Anyone else confirm this?



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That would be too funny if many UBS guys went to MS and vice versa. Sweet shell game.

He stepped down when the charges were announced last year “to properly defend himself.”  By this year, as talks between the US Treasury and the Swiss Government (the two’s laws differ on providing client names and tax evasion) and between the DOJ and UBS, the Former head did not come back to America and was declared a fugitive.  He is living in his home in Switzerland.

Hate to break it to you guys but Merrill like my name implies is a sinking ship.  They, meaning BofA, are cutting the bottom 25-30% and the top 25-30% are running into the arms of UBS and MS and other firms.  The Thundering Herd is thundering out of the damn building.  Other firms are laughing at the few that are staying.  Merrill offices across the country are being decimated by layoffs and top producers walking.  A year or so from now they should be about 10% maybe 15% of the current assets under management.  If you are there still I have one word for you that will the single most important career move.  LEAVE, or RUN, or GET THE HELL OUT OF THERE.  Ok the last one wasnt one word but you get the picture.  BofA did such a wonderful and brilliant job of wealth management pre-Merrill, NOT, they are going to do just a little bit better.  You are on a sinking ship and it is time for you to do what I have done and leave.  You still have time to get on with one of the NEW top 5, if you wait for everybody else to go you wont get as good deal.  I jumped off and havent regretted it, i was actually relieved.  Prospects were increasingly hesitant to do business with me in the last couple of weeks, mainly b/c they had been watching the news.  BofA is running this into the ground.  I have a friend still there pretty high up but about to finalize his departure.  If you are in the Virginia, NC, SC, Georgia, FL area and you are a small office you are about to be cut.  He is leaving mainly b/c he is sick of laying off peope that dont deserve it.  He told me that within those five states they are going to cut about 30% of the total workforce by Feb. 14.  Happy Valentines Day!!!  If i were you I would make plans now.  Dont say you werent warned or didnt see this coming.  BofA could give a you know what about loyalty.

As a Client Associate, I would really like to know from what source your friend gets his information from regarding job cuts in the Southeast.  I am in a small office (college town) and the other CA and I are terrified for our jobs. 

[quote=mydogisgoldie]As a Client Associate, I would really like to know from what source your friend gets his information from regarding job cuts in the Southeast.  I am in a small office (college town) and the other CA and I are terrified for our jobs.  [/quote]


Is your dog Jewish?

Dont say you werent warned or didnt see this coming. BofA could give a you know what about loyalty.

The cuts are everywhere not just Southeast.  You should be scared.  You will know by the 6th whether you have a job or not.  That is when CA’s will find out nationally if they have been cut.  The names have already been chosen, they just have not told anyone yet.  Basically alot of dead man walking in all size offices.  I think that SMO are safe for now.  However, they may be the next to be consolidated, etc.

these others are right.  BofA uses something called six sigma, not sure you have ever heard of it but it is a computer system used to determine workers worth to an organization.  lots of companies use it.  anyways  the person i heard this from is one that is doing a lot of the firing.  its not his choice but he doesnt have a book anymore himself and makes a huge salary so they are making him do the dirty work.  he is actually in talks with his old firm about coming back as is most of the people in his complex.   anyways i would start looking if i were you.   if you wait, well, you can figure it out from there.  they will not spare anybody right now.  the only reason BofA isnt cutting everybody at the same time is, public relations.  their name has been dragged through the mud the past couple of weeks laying off 10,000 people at once wouldnt improve it.  so they are laying off 1,000 at a time.  i wouldnt be surprised you come in monday and more people in your office are cut.  they started with pmd’s now that they slaughtered them they are moving onto CA’s and POA’s.  i am not trying to scare you to death i just want you to have a heads up.  once you leave relief will shower over you.  i have had sooo many people tell me that even the ones who got laid off. 

MLsinkingship,

Buddie of mine on a 4 person team of about 2 million.  Client called them late last week asked them if they received any form of bonus or $$$ in the last 2 months.  They explained yes but it was “retention.”  Client cut them off and said “I am pulling my account(s)”.  6 Accounts worth 11 million gone.  Can imagine that is not the only story like that going around.

[quote=fritz]Buddie of mine on a 4 person team of about 2 million.  Client called them late last week asked them if they received any form of bonus or $$$ in the last 2 months.  They explained yes but it was “retention.”  Client cut them off and said “I am pulling my account(s)”.  6 Accounts worth 11 million gone.  Can imagine that is not the only story like that going around.

Client left because of retention? Great client. My clients want to do business with a successful well paid advisor. You think they want to do business with a struggling rookie. I have an $8,000 watch which was a gift from my wife. Had a client ask about it one time and in an emberassed way said “It was a gift”. Client said “Dont be embarassed, I want to do bus with a succesful person”. My clients say “If you are good enough to receive a retention, I want to do bus with you”

Client left because of retention? Great client. My clients want to do business with a successful well paid advisor. You think they want to do business with a struggling rookie. I have an $8,000 watch which was a gift from my wife. Had a client ask about it one time and in an emberassed way said “It was a gift”. Client said “Dont be embarassed, I want to do bus with a succesful person”. My clients say “If you are good enough to receive a retention, I want to do bus with you”

First down 50%, now down 60%. ??. If I were a client down 60% I would leave too. Who would you want to do business with, a succesfull broker in the business 17 years or a struggling rookie that may not be there in 2 years? Not a naive comment, its just that you are prob 500k or less and jealous