I know a couple of producers who are NOT happy.

What’s going on there?  Everyone I know has either not known a whole lot or are having to be tight-lipped.

Details are being worked out...ie. What offices will merge, what the retention bonus will be, etc.

I think they're going to have to write a fairly big check to keep the Piper brokers from bolting...

The top producers are waiting to see what the retention package will be. I know of one who says that if it is not up to par he is leaving. Up to par would be 50% for 800k

A lot of people are very unhappy about this.  I’m aready getting calls.

It's a real indication of how stupidly the big firms are going about the process of growth. Piper couldn't be much different from UBS, there isn't any market deficiency that UBS is covering with this purchase... Piper brokers gross less, do less fee-based... The price they paid would have been crazy for any firm, let alone one with an average of $412k in production. This is a great deal for Piper, but for UBS it's a statement of how little there is left to buy.

The best producers will want to bolt - the only question is WHERE? What small firm is left that has a decent ibanking division, spends any money on the PCS (identity work was the best in the industry) and has ANY name recognition. Oppenheimer maybe?

Bolt right on out of the biz if they have any balls and smarts!!!

Didn’t Andrew Duff say @ the time of the divorce from USB, “We want to preserve the culture.” USB/UBS DYSLEXIA RULES!

I know an FA who just left Merrill about 2 months ago... He was here for 4 years after taking a nice check to come over from the bank.... He is now at Piper after reloading his bank account with another upfront check... This UBS deal will give him a good reason to leave in another 2 years ( "I came to Piper for the 'culture' but the UBS deal has been horrible....")..

It is going to be a great excuse for some FA's to catch a check and jump ship.....