Got my "Laid off" packet today from UBS.

 

They are cutting about 20% of the advisors, and anyone who was part salary, was pretty much "reduced"

 

will have more time to post here. lol.

 

Worst part about it, we get no severance as we are at will employees. I smell lawsuits coming on from other advisors, good thing is, have a few firms interested.

 

Mr. Obama.... can I get some money pleassssssssseeeeeee. I need to fill up the gas in my car, and pay for my mortgage. :mrgreen: Lol. Any donations towards the site are appreciated. hehe.

That just fu***ng sucks.

 

Keep your head up. Better days ahead. Just hold out for 3 1/2 more years.

 

Try sending your mortgage bill to the White House. After all, he promised.

 

K

thanks. I guess since now I am no longer working I can explain.

 

Previously I worked at Ameriprise as a financial advisor, about 2 years ago, so July of 07 I was recruited over to UBS. It was a move upmarket. At Ameriprise, target client was anyone with a pulse and willing to pay a planning fee.

 

At UBS, their target client was apx $500,000 in investible assets. We would not even get paid on anyone under $50k. So client gets charged, but I dont get paid. The Swiss finally realized that making the old Paine Webber compete for midlevel clients was not all that hot so I guess they are trying to sell off the US division.

 

Since no one has the money to buy the US division out of our key competitors, such as MorganStanley/Smith Barney (merging), Merrill Lynch/Bank of America, Wachovia Securities/Wells Fargo?

 

UBS approached the bigger private banks, JpMorgan Goldman Sachs, but their average client was between $2 and $5million investible, so UBS was caught between a rock and a hard place. So what they are doing is now moving up market, getting rid of advisors not in that niche, and all small clients are being shipped off to the call center. When all they have left are big clients, they can have an easier time selling off to GS or JP Morgan.?

 

My target client has really been the average upper middle class family, which does not fit UBS's new mold. So Voila. Here I am.

 

2 meetings today with an independent agency in Bridgewater area with offices in Freehold and Clifton, and another fixed income shop in Princeton. Have opportunities with MetLife/New England securities.... and countless recruiters. Just wish I can take more time to really evaluate all firms.

 

I really love what I do for my clients, I am just dissapointed that UBS does not see it the same way.

Good luck hopefully everything works out for you.

Wish you the best of luck finding a new job. How would we go about donating to the site? I usually don't do that kind of thing But I feel this site is well worth it. I could cut back on a box of ammo or two to help keep the site going strong.

 

TC

Hey, anything would be greatly appreciated. send me a pm. I was actually just about to do a massive campaign to all of the ranges and to upgrade the servers.

 

Mr. Obama.... can I get some money pleassssssssseeeeeee. I need to fill up the gas in my car, and pay for my mortgage. :mrgreen: Lol. Any donations towards the site are appreciated. hehe.

 

 

just in need of gas and mortgage payments? What about ammo :mrgreen:

 

You should see about getting some sponsors for this site to bring in a little revenue.

Wishing you the best of luck!

Mr. Obama.... can I get some money pleassssssssseeeeeee. I need to fill up the gas in my car, and pay for my mortgage.

 

Don't laugh.... When your situation changes (income goes down) President Obama has a mortgage modification program in place through the stimulus plan.

 

Billed as helping up to 9 million borrowers stay in their homes, the two-part plan calls for servicers to reduce monthly payments to no more than 31% of eligible borrowers' pre-tax income or to refinance eligible mortgages even if the homeowner has little or no equity.

 

Basically, if your monthly mortgage payment is more than 31% of your gross monthly income, your mortgage holder will re-finance you for no charge to bring it down to the 31% level. There may be other qualifiers as well.

 

Now I know that everyone else is footing the bill for this program and it doesn't seem right, but it is available and can help you and the family.

 

Hang in there buddy. I went through the same thing a couple of years ago.

 

MC

Good luck dude.

Now that you have all that free time come up on sat. and help out with the outdoor range cleanup. I'll even lend you a shovel.

Now that you have all that free time come up on sat. and help out with the outdoor range cleanup. I'll even lend you a shovel.

 

 

thats cold

I am sorry to hear that, hope the one of the other opportunities works out for you.

UBS AG To Layoff More Than 500 Brokers In US Wealth Management-DJ

Wednesday, 22 Apr 2009 01:17pm EDT

 

Dow Jones reported that UBS AG plans to layoff more than 500 lower producing financial advisers in its U.S. wealth management business. Some of the positions, which include trainees, were eliminated earlier this week, while other job cuts have yet to be announced. The financial advisers let go from UBS AG generally had less than $250,000 in annual production, although there are some exceptions. While rookie brokers are among those laid off. Rookie brokers generally are paid on a salary basis.

 

Salary yet no severance. :roll:

my ubs 401 is in the tubes, about 50% loss and it was mostly money put in and not accrued.

You work for UBS as well?

Wow, now that I am unemployed, I am working more than before. Driving around interviewing firms, looks like by Thursday will make up my mind where I want to go.

Just think of all the opportunities you have had to visit gun shops across NJ. Now I have to waste gas just to keep up.

 

I hope it works out for you. You have a .357 to buy yet.