From tomorrow's Wall Street Letter:
Another Senior Pru Official Said To Be In Talks With UBS
Michael Carroll, the Western divisional director at Prudential Securities, is the latest Pru manager reported to be in talks with rival firm UBS PaineWebber. In the management shakeup following Pru's merger with Wachovia Securities, Carroll became regional director for the Mid-Atlantic (WSL, 3/10). His new appointment, which he is not expected to begin for roughly 90 days, is a demotion. Industry insiders are therefore hardly surprised to learn that Carroll is in talks with other firms. UBS would be a natural fit because Jamie Price, the former head of retail at Pru, landed there in December, and UBS is widely believed to be interested in Pru talent (WSL, 3/10). Carroll did not return calls. Jim Gorman, a spokesman for Pru, and Susan Wentworth, a spokeswoman for UBS, declined to comment.
Frankly, I thought this guy was an empty suit - this does not represent a big loss, in my opinion...
Do you really think that it would be difficult for Mike to find out who you are...read the note on top of your screen..."do not assume you are anonymous when posting"...you are begging for an early retirement, lawsuit or asskicking.
-as I said before and some others have agreed, keep your bull
I understand Mike was a decent branch manager; a good friend was in his branch. HOWEVER I'm not sure I would call someone a "good guy" who requested a sexual favor from a female branch management candidate after he was an RD
I do think you are a woron if you think what was done with the ERS was just lack of oversight or mgmt too busy. This was intentional. How else is PRU going to retain people (clients & FAs) The measly retention package that most I talk to won't accept and the continued bilking of our clients with the 30bp MM the current way it is proposed. I find it funny, no hilarious!! That this privacy rule or Act was issued in 2001 and it took such a compliance oriented firm 2 years to react to it? BTW has anyone looked at their past ERS from 2001. Funny how the wording was changed back then too.
I agree with you... the next 8 (I'm thinking more like 12) months will tell us how good or bad this deal was.
However, I must argue one point with you. I think in my office there are 5 or 6 brokers who are over 20 years with Pru. Not a lot in the middle. Then a lot that are less than 5 years.
You may be right. There are probably what you define as "management types" on this board. Don't count me on your list.
And as far as people miserable, I am convinced that this is more an issue of your branch manager more than anything else. People are not celebrating every close but they are also not �chicken littles.�
I believe we have an excellent management team. If not, they all would not be in place. Lets face it, WB has the upper-hand on this deal. All they have to do is put their team in to replace Pru. Maybe that will still happen. But I suspect that if you are good � on either side � you are in place after the merger.
I think I know who Porsche is as I think we have met at a Council meeting. If it is who I think he is, he is far from management. I think he was one of the ones who started arguing against MasterShare. Right Porsche? Did you ever contribute?
Just to clear up a couple of things (in my opinion)
Mike is a good guy, he was never a great regional or divisional. He peaked at Manager, that does not make him a bad guy, just in over his head. I have never talked to anyone who has said Mike made the least bit of difference, good or bad, at the firm. That sais he is at least better than Umstead, but they paid so much money to bring him in he had to stay.
This site is obvioisly attracting attention. It is clear by the number of times the word "leadership" is used that the Seaport has some posters. Ever notice they have all been with the firm for 20 Years? Ever talk to an FA who has been with the firm 20 Years? 1. they are few and far between and 2.The majority are miserable.
At any rate the WB/PRU deal is the reality all have to face. Let's revisit in 8 months and see where the firm is, who is there etc.
By the way the ERS is a symptom of a management team that believes they can do anything, and the outrage over it is a symptom of a sales force that CANNOT TRUST senior management
Once again, your true colors shine through. If I get right:
Positive people = *ss kissers, Trojan horses, business is up, attack people that disagree.
Negative people = care about the firm, find fault in everything, business is down, attack people because business is down.
Let me be clear. I cannot speak for anyone on this board except myself. I am an FA and been with Pru 20+ years. I don't believe Pru is perfect but I'll but them ahead of everyone else. If I (or you for that matter) thought it was so much better everywhere else, I/you would have left.
I agree with Porsche. Rice has down a decent job under less than decent circumstances. Not all of Pru's management is good (think Mike MadAgain) and not all decisions are well-timed (increasing fees in down markets).
But programs like Grid +5 kicks *ss. Managed Money, in my opinion is the best on the street. We were the ONLY ones to not get caught up in this Research scandal. And, as I look back at my MasterShare (by the way, a Mike Rice idea), Pru doubled the amount of money I put into this thing.
My guess is you are the same $250,000 broker that sits 3 doors down from me that has time to complain about everything but never talks to his clients. What a surprise.
Perhaps you should try this close for your next client and career, "would you like to super-size that order."
VERY OBVIOUS;A TROJAN HORSE..you cant be that stupid not to see all the mistakes made the last few years. No common sense in new biz programs that didnt pan out. you still dont get it, you attack the people that disagree. You would not last very long dealing with the public. WISH U WELL