500 or bust?
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I am perplexed as to why finet would get retention as they are not considered employees of the firm technically. I understand the disruption to service as people were moved from richmond to stl. Profit formula and PCG (obviously) are employees of the firm. Its one of the reasons I decided to stay in PCG in case there were future buyouts insterad of going to finet.
I have quite a few finet friends - I hope they get it. If they allow us to keep the frontend and the DC and move to finet that is one serious move to consider. It would be great if they vested the AGE deferred comp awarded to WS fa's now. I dont understand why they wouldnt as there was a change in ownership???Perhaps some can give some clarity??? keeping my fingers crossed for all of us.....after the year we have all been through I am certain we could all use it.[quote=Matrix]
Originally posted by MatrixNow that the Wells Fargo stage coach has arrived with our retention checks. Lets talk about what UBS is going to offer in the form of Retention? Matrix, If you get a upfront from UBS - do you have to pay tax on it - or can you move it to an offshore account? I need to be careful with the taxes in case Obama appoints me to a position. I here the Swiss are having a tough time hidding all that US doe. I know one thing is for sure. I guess we all should fudge a little on our taxes and then if we get audited. We say well I thought if the head of the IRS can do it then I can too.[/quote] You would think with the backlash from Obama toward Wall Street and his batting average on tax-evading appointees - there would be an en masse call for auditing all of the House and Senate tax returns - there may be the funding for the next stimulus package.
Funny maddog...It would feel very good to not have any debt at all. But I think I can probabbly invest the retention and in a few short years make more then enough to pay off the house. Thats probabbly what I will end up doing.
anyone see the “business” trip the some of congress are taking this weekend to virginia??
Pot.....kettle......black[quote=maddog][quote=Matrix]
Originally posted by MatrixNow that the Wells Fargo stage coach has arrived with our retention checks. Lets talk about what UBS is going to offer in the form of Retention? Matrix, If you get a upfront from UBS - do you have to pay tax on it - or can you move it to an offshore account? I need to be careful with the taxes in case Obama appoints me to a position. I here the Swiss are having a tough time hidding all that US doe. I know one thing is for sure. I guess we all should fudge a little on our taxes and then if we get audited. We say well I thought if the head of the IRS can do it then I can too.[/quote] You would think with the backlash from Obama toward Wall Street and his batting average on tax-evading appointees - there would be an en masse call for auditing all of the House and Senate tax returns - there may be the funding for the next stimulus package.[/quote] You got that right! I can't believe so many are crooked. I am in the wrong business. seriously it is really sad to see so many of our elected officials cheating on their taxes and Obama seems to think it is okay.
if anyone should get retention it should be ISG. Pcg and age recieved retention with the merger and ISG did not due to it not affecting ISG. The WFC WB merger did not really effect anyone except ISG My teams trailing 12 is over 1.5Mil and i had to sit in the branchs and listen to clients bitch and complain about the bank and its problems . The pcg guys did not. You have to remember that if you are an ISG broker 99% of your clients bank with Wachovia. also i heard that ISG will be receiving the highest retention due to us being effected the most. We are the most profitable part of the bank. Remember Banks merged not firms…
[quote=gauge26]
Funny maddog...It would feel very good to not have any debt at all. But I think I can probabbly invest the retention and in a few short years make more then enough to pay off the house. Thats probabbly what I will end up doing.
[/quote] G, Making some assumptions from your previous posts as to production and retention - expecting market recovery - and your comment of having enough to pay off the house in a 'few short years' - I am betting that that is some house...[quote=CDO Squared]
. But, if you are a good rep like I am sure you are - why would there be such a drop off. My T12 is up about 15% over the same time last year. Your biz is up? now you bummed me out. our team is WAY down[/quote] I just assume people are telling it like it is so if your up thats great...But CDO dont feel alone, in our branch, about 20 EVERYONE is down huge. Pretty much no transaction guys, all fee based and think the best guy is down about 33% if things stay as is. Most far more, we had 4 at million in 07, dont think any hit it last year, and all these are looking at 500K-575K this year. If your up, unless your flipping annuities I dont get it The batch around 500K is looking at 300k like it would be a major accomplishment.[quote=CDO Squared]
. But, if you are a good rep like I am sure you are - why would there be such a drop off. My T12 is up about 15% over the same time last year. Your biz is up? now you bummed me out. our team is WAY down[/quote] Haven't done anything special...just kept doing. Continued moving existing and all new clients to advisory based throughout the year - PIM particularly.[quote=fritz][quote=CDO Squared]
. But, if you are a good rep like I am sure you are - why would there be such a drop off. My T12 is up about 15% over the same time last year. Your biz is up? now you bummed me out. our team is WAY down[/quote] I just assume people are telling it like it is so if your up thats great...But CDO dont feel alone, in our branch, about 20 EVERYONE is down huge. Pretty much no transaction guys, all fee based and think the best guy is down about 33% if things stay as is. Most far more, we had 4 at million in 07, dont think any hit it last year, and all these are looking at 500K-575K this year. If your up, unless your flipping annuities I dont get it The batch around 500K is looking at 300k like it would be a major accomplishment.[/quote] Fritz, I haven't done an annuity in about 4 years. As you know, there are a lot of reps not calling or reviewing with their clients out of fear from a tongue lashing about performance. My account performance (or lack thereof) is no different from anybody else. I have just tried to be very proactive to bringing in replacement assets.Thats his name…I couldnt remember his name. I like what he says except the pay off your house part…I think. Strill strugling with that one.
[quote=maddog][quote=fritz][quote=CDO Squared]
. But, if you are a good rep like I am sure you are - why would there be such a drop off. My T12 is up about 15% over the same time last year. Your biz is up? now you bummed me out. our team is WAY down[/quote] I just assume people are telling it like it is so if your up thats great...But CDO dont feel alone, in our branch, about 20 EVERYONE is down huge. Pretty much no transaction guys, all fee based and think the best guy is down about 33% if things stay as is. Most far more, we had 4 at million in 07, dont think any hit it last year, and all these are looking at 500K-575K this year. If your up, unless your flipping annuities I dont get it The batch around 500K is looking at 300k like it would be a major accomplishment.[/quote] Fritz, I haven't done an annuity in about 4 years. As you know, there are a lot of reps not calling or reviewing with their clients out of fear from a tongue lashing about performance. My account performance (or lack thereof) is no different from anybody else. I have just tried to be very proactive to bringing in replacement assets. [/quote] Annuity comment was just a joke. My clients and I have been getting out of the market for the last 9 months, not losing as much as some, but lots of CD's and Money Market for me. However that does not help the gross, thats for sure. What kills me is getting people out in June/July and then in November get calls to send them the cash so they can buy a higher yielding CD at the Credit Union Not much i can say, my problem is i am so bearish on the market I cant look someone in the eye and say be in the market.man, aint that the MF trurthPaying off the mortgage makes way too much sense…its just not in our DNA
[quote=kowachovia]
I am perplexed as to why finet would get retention as they are not considered employees of the firm technically. I understand the disruption to service as people were moved from richmond to stl. Profit formula and PCG (obviously) are employees of the firm. Its one of the reasons I decided to stay in PCG in case there were future buyouts insterad of going to finet.
I have quite a few finet friends - I hope they get it. If they allow us to keep the frontend and the DC and move to finet that is one serious move to consider. It would be great if they vested the AGE deferred comp awarded to WS fa's now. I dont understand why they wouldnt as there was a change in ownership???Perhaps some can give some clarity??? keeping my fingers crossed for all of us.....after the year we have all been through I am certain we could all use it.[/quote] You can move to FiNet and keep both retentions (I'm being positive)...you WILL LOSE the DC though. As an AGE guy, I've always considered the DC, 10 year vest, funny money so I wouldn't miss it. If WFC/WS offers another retention I'll take it and go FiNet, give up the DC figuring that I'll make that money back in about 3 years with the higher payout and tax benefits.I wonder what the ROR is on broker deal money is?
Im betting its close to Joe Granvilles long term stellar track record ahhahahahahahahahhahahahahahahahha