Amazing what people will do for a check…why on earth would ANYONE go there!

Last and only time I ever moved firms was in January early this decade. What SHITTY memories. It was stone cold outside, snowy and gray. It was a miserable, unsettling experience. I was driving around all weekend getting acats signed. Explaining over and over and over why I left etc etc to all my clients. I did not fare well as it was a bear mkt then. Many clients did not want to move or make any changes. I was surprised as I had serviced the accounts well, had good relationships. The clients accts were all down in value with the mkt crashing. I maybe took 40% total, if that. Lost some decent people. The guys at the firm beat the crap out of me. The firm (a major wirehouse) offered rebates for all commission paid for previous year to all my clients. I was able to rebuild a better business eventually, but I have often though I would quit the biz before I ever went through that again. Oh, yeah, my deal money ran out in year 3 as I needed it to survive and paying the taxes became a nightmare. The backend I never got because It was contingent on assets being brought over. Since that bear mkt lasted over 2 yrs, it was next to impossible to rebuild to where I needed to be to get the backend. Good luck to anyone moving now. You probably will need it. 

Amazing what people will do for a check…why on earth would ANYONE go there!

Amazing what people will do for a check…why on earth would ANYONE go there!

I assume they are getting those numbers to move to them for the upfront check-does UBS have the reputation in the US that bigger producers want to move there

[quote=3rd ID]Last and only time I ever moved firms was in January early this decade. What SHITTY memories. It was stone cold outside, snowy and gray. It was a miserable, unsettling experience. I was driving around all weekend getting acats signed. Explaining over and over and over why I left etc etc to all my clients. I did not fare well as it was a bear mkt then. Many clients did not want to move or make any changes. I was surprised as I had serviced the accounts well, had good relationships. The clients accts were all down in value with the mkt crashing. I maybe took 40% total, if that. Lost some decent people. The guys at the firm beat the crap out of me. The firm (a major wirehouse) offered rebates for all commission paid for previous year to all my clients. I was able to rebuild a better business eventually, but I have often though I would quit the biz before I ever went through that again. Oh, yeah, my deal money ran out in year 3 as I needed it to survive and paying the taxes became a nightmare. The backend I never got because It was contingent on assets being brought over. Since that bear mkt lasted over 2 yrs, it was next to impossible to rebuild to where I needed to be to get the backend. Good luck to anyone moving now. You probably will need it. 
[/quote]

The BIG difference now is for people moving from certain firms…Like AGE…the clients are ready to move…they hate Wachovia and Wells, so even though they are down, if the relationship is solid they will move…sure some wont, right away, but most will…especially if you go indy or to a regional with a culture/structure like AGE. Moving from Merrill to MS or SB to UBS, I don’t see alot of people moving…all those firms are esentially the same.

Nestegg…you may very well be correct. My thoughts were more towards moving from wirehouse to wirehouse, which is what I did. A rep leaving the wire for inde or regional may have a different experience. Its a gamble either way unless your sure beforehand that you will be bringing everyone you want to bring. When I did it you could not discuss in any way shape or form with clients beforehand. I didnt as it would have been ethically wrong and I legally couldnt. I would imagine the same rules apply now. I know the multiple days of arbitration hearings I went through when I left were unpleasant enough. They would not settle with new firm and forced the hearings. It almost felt like I was on trial for leaving. I think new rules of cooperation among firms have all but eliminated this most unpleasant experience. I wouldnt want to go through that again.

Joe, where did you get your numbers?

local UBS manager…

These large ‘waves’ of movement into UBS are about to end. There’s been a pig in a recruiting python due to the extra large deal they were pushing until early Dec. when that ended and those in the pipeline have to move within 60 or 90, don’t know exactly. But… most who will still move will do so pretty quickly I would guess.  I bet there’s a recruiter who works with UBS who will validate at least the trend here. 

 3 advisors totaling 2.7MM in production left a Wachovia branch across the street to UBS, this past Friday. Paid the largest producer 3.4MM bucakroos for a 7 year contract.

Amazing what people will do for a check…why on earth would ANYONE go there!