Pros
Used to be a great place to work and maybe it will be again. Nice pens in the branch. The people in the branch want to care about clients.
Cons
Upper management care very little about current clients. Miss management from the very top down. If Chuck only knew nothing is “from the client’s eyes” anymore he would be very upset. UOP is a joke! The structure for FCs is broken. They don’t want you to care about current advised clients (clients paying a fee for management) and want you to focus on the next conversion into advice. The compensation is a joke. Constantly pulling dollars from you via a claw back on assets leaving whether you brought them in or not. The client has had assets here for 20 years and if they are assigned to you and the client spends down their retirement dollars to live well then you have to pay the firm back and won’t get paid on any new assets you bring in until you do. Advised dollars are the same way for up to 2 yrs in the solution. Upper management mismanaged every thing when it comes to finances. They probably can’t balance their own checkbook but are in control of a trillion dollar company. So much micro-managing of our time we don’t have any time left for current clients. Only time we have is to try and bring in new assets and check boxes for their spreadsheets. Not enough time nor incentive for us to care about existing clients. Our comp drives us not to care. I have ZERO confidence in management. The stock price is up and that’s all that’s important. CPS (Client Promoter Score/satisfaction) will plummet in time. Don’t think they care just as long as they promote something different through advertising then how things actually are, get them in and move on to the next client. Drive that AUM men and women. Don’t spend too much time on them (clients). Only way you should work in the branch is if you are desperate. Upper management made disastrous financial decisions and take it out on the only client facing employees they have. Not smart. I say all of this and we still had record earnings but that’s not the whole story. Management made major errors with the rollout of SIP and SIA but blame the FCs not themselves. Such a shame, used to be a great place. Cash sweep? If you are client ask your FC about that. Taking money from clients because of management inadequacies. Great job out here in San Fran. Stock price, stock price, stock price. Sharpening up Resume as you read this.