UBS to Cut Brokers < $400K
29 RepliesJump to last post
I do not think that this will happen. Especially the second part about reassignment of accounts. Everything $250,000 goes to the emerging affluent center when an FA leaves unless the branch manager decides there is a reason for it to stay in the branch. The rest of the accounts go in to a system that assigns them on a random basis based on qualifications. This was created for HR issues related to favoritism of handing out accounts.
Not sure about your office. That is exactly what happened in mine. All of the households below $250K go to the call center. They did it on Friday when they let go of the rookies. They did it a couple of months ago when they cut to $250-275K. They will do it again and again.
This way, they don't have to pay an advisor. The call center people are all on salary. This may also be coming from McCann. Remember, he didn't think there was any value on brokers below $400K when he was at Merrill. Why would he now?!?I haven’t a clue.
Feels like a sinking ship. Price and his theifdom keep throwing everything overboard in hopes it stays afloat: Cut small clients Cut payout Cut sales assistants Cut trainees Cut brokers <$250K Cut brokers <$400K Cut branch managers Cut manager pay Cut regions Cut areasI have never seen a company shrink to greatness. You really have to look at the final years of Prudential Securities. Its right out of his playbook. Play for play. The only thing he hasn't done is bring back that knucklehead Mike Rice.
This is a complete load of BS. If UBS cut all brokers under 400K they would be down to 3000 brokers.
The firm probably will get down to 5000 brokers from 8000 and weed out most brokers doing under 350K, but that will take several years. You are probably a recruiter trying to scare people on this board.How about fire everyone and send all the accounts to the call center !! That would make more sense than what you are saying.
[quote=UB-YOU] I haven’t a clue.
I have never seen a company shrink to greatness. You really have to look at the final years of Prudential Securities. Its right out of his playbook. Play for play. The only thing he hasn’t done is bring back that knucklehead Mike Rice.
[/quote]
You are correct. Just like PRU.
I sense that all of them are gone and the guy from MER is coming in like a savior. I think wolf, price et al have worn out their welcome with the Swiss. I think Price is hoping he can save his ass with the new guy. I doubt it. Everyone hates the guy and I think MER guy will clean house since people are so angry and their rep is so tainted.
Mike Rice great call. What a loser that guy was.
[quote=nestegg] I bet those offices SF bought are VERY happy right now!
[/quote]
You and SN need to get a room order some kool-aid from room service
[quote=wolverine1945] This is a complete load of BS. If UBS cut all brokers under 400K they would be down to 3000 brokers.
The firm probably will get down to 5000 brokers from 8000 and weed out most brokers doing under 350K, but that will take several years.
You are probably a recruiter trying to scare people on this board.
[/quote]
The Hokester told us all that if we were not doing 500k or better we probably worked for the wrong firm. Would the Hokester lie?
I think SecreKnowledge is right.I do not think that this will happen. Especially the second part about reassignment of accounts. Everything $250,000 goes to the emerging affluent center when an FA leaves unless the branch manager decides there is a reason for it to stay in the branch. The rest of the accounts go in to a system that assigns them on a random basis based on qualifications. This was created for HR issues related to favoritism of handing out accounts.
250k to call center will happen, they just want ultra high net worth, to bad they won’t want UBS
Call center eyy, easy pickens for a cold call.
Thanks UBS Oh that's right! cold calls don't work LOL.The Hokester told us all that if we were not doing 500k or better we probably worked for the wrong firm. Would the Hokester lie?[/quote]
The Douchester used to a broker? Him and Price will be cold-calling uber high rich people very soon.
Im not liking a lot of the direction of UBS right now but I disagree with original poster. Account re-assignments are very much governed by HR (random and fair) recruits are not eligible for 1 yr.
However if you are LOS 10+ and not doing 400k or better you should worry (or get to work) {Unless of course your now a producing bom and need to start from scratch }. UBS is not the place to be for a solo producer that long in biz doing low numbers.
Another poster said UBS had “Paycuts” to FA’s, thats also not true. households under 50k have 0% payout but larger and fee based accounts recieved a signifigant pay increase. UBS increased FA pay in 2009 by about 7-10% for advisors (especially signature teams)
signature teams = at least one q1/q2 FA and at least 70% of aum shared in joint number.
UB-You - you are dead on…
Sr. Management = No accountability; just re surface at another firm. Promote another idiotic corp. agenda and explain why it’s good for clients and advisors. FA’s have their a$$ on the line every day and risk firing from clients if they do not perform. Management isn’t accountable - they take care of their own and just pop up at the next firm. They know best and we need them to lead and coach us!
ABOM - they raised payouts to tilt asset flow to lock in FAs with certain products and encourage ‘teaming’. I read the internal stuff on how coaching retains advisors and teaming does as well.
Teams = team agreement laden with lock down legal verbiage that keeps assets sticky; let us incentivize you to team up and sign a team agreement so you can’t take confidential client data or recruit employees (your CSA). The team agreement is dangerous, but a lot of oofice insist you must sign to benefit from the team payouts and to be an official team.
What an ensnaring crock of ________ . Total institutionalization of clients and overt agenda to convince FA’s they should be on teams. They encorage large FA’s to team up too and sign a team agreement with their jr. partners. Too bad the management is so focused on teaming and locking FA’s into the firm rather than realizing how to improve some of the things they do well and encourage entrepreneurial culture. That is gone and the “leaders” have ruined the place.
Let’s be honest - UBS isn’t the best place for solo producers doing big #'s either.