500 or bust?
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I am down 27% on retention account. Have to tell you though - it is a lot easier telling the wife we are down a certain percentage than actual saying the dollar amount
my bus. was off about 10% in 08…If its ONLY off about 10% in 09 I will be happy, but I have to believe that if you develop a marketing plan that makes sense right now you could wind up with tens of millions of new assets.
I started going all fee based about two years ago and I think this new fee fronting thing will help me guite a bit. My business as far as revanue is off about 15% but I have added a ton of fee based money that will pay in the future. I hope?
[quote=gauge26]
As a retention will happen and if at the numbers being prognasticated - I have had the same thought of paying off the house. However, as we should have probably done that last time (in retrospect) this time - it should probably be put into the market. As we say with timing, you have to be right twice - with this - you don’t want to be wrong twice. I know it. Thats why I said I think I am going to pay off my house. I am strugling to make a decision. I sure hope i have to make that decision. I will have to make up my mind soon.[/quote]Wow. That sure didn't take long. More than four months of unsubstantiated rumor and gossip, and based on nothing more than yet more hear-say and rumors people are not only certain it will happen, but already spending the yet to be announced retention check.
It will happen and I know what I will get and if you tell me your T12 I will tell you what you will get. I know what I know.
[quote=Morphius]
[quote=gauge26]
I know it. Thats why I said I think I am going to pay off my house. I am strugling to make a decision. I sure hope i have to make that decision. I will have to make up my mind soon.[/quote]Wow. That sure didn’t take long. More than four months of unsubstantiated rumor and gossip, and based on nothing more than yet more hear-say and rumors people are not only certain it will happen, but already spending the yet to be announced retention check. [/quote]
Don’t take offense, but you sound like a very unhappy and bitter person. You’re not even a WS broker and yet it is your mission in life to troll these forums and spread your doom and gloom. I’m sorry that your business is suffering (don’t bother lying to us, it comes out in your posts), but don’t be jealous of others.
man, aint that the MF trurth[/quote][quote=frickster]Paying off the mortgage makes way too much sense…its just not in our DNA
Do tell...why does it make so much sense?
[quote=gauge26]I started going all fee based about two years ago and I think this new fee fronting thing will help me guite a bit. My business as far as revanue is off about 15% but I have added a ton of fee based money that will pay in the future. I hope?
[/quote] Have been doing advisory based for some time. Only briefly looked at the fee fronting. Appears to be like doing a 'C' share mutual fund - or am I missing something. Don't see the benefit - KOWACH - I believe you made a comment in previous post about benefit. Please explain benefit, if you will, for my benefit.You get 1% up front after 12 months you start getting the 1% trail. I put a little over 3mill in last month. That would have been 30k up front and then 30k per year after 12 months. The client pays the fee quarterly like they have always have. Am I missing something? If so please tell me.
[quote=Baller] Don’t take offense, but you sound like a very unhappy and bitter person. You’re not even a WS broker and yet it is your mission in life to troll these forums and spread your doom and gloom. [/quote]
Simply pointing out the patently obvious and indisputable fact that no retention has even been announced, and yet people here are already debating how they will spend this unannounced retention, is hardly spreading doom and gloom. It’s simply stating the obvious. But I guess facts can be an inconvenient nuisance for those desperate to hear only what they want to hear.
latest…g26 and others are correct…retention out this coming week…ws exec loading their pants on march 21st as final AGE sales bonus to be pd that week…if ret sux expect mass exodus…2-300…mostly to SF…some to Baird and raja…east coast guys may go to ms but the ny climate is an anathema to age guys.
Also think the ubs/wfc may be a done deal possibly announced early next week…buzz from contacts in stlou tell me discussions are ongoing…that could prove to be a disaster as the last 2 yrs for age suk and the ws guys arent exactly jumping for joy either…another 2 years for another integration will put most out the door.
Hey Dude - I’m wondering why in the world you care so much about Wachovia retention. It’s a FACT that you don’t work there. It’s also a FACT that you hoping that there won’t be retention for a company you do not work for. It’s also a FACT that you are here to piss on people. It’s also a FACT that you are in no less than 4 arguments with others in this thread. Go kill yourself and make the world a better place.
who is going to lead the joint venture UBS of WS?latest…g26 and others are correct…retention out this coming week…ws exec loading their pants on march 21st as final AGE sales bonus to be pd that week…if ret sux expect mass exodus…2-300…mostly to SF…some to Baird and raja…east coast guys may go to ms but the ny climate is an anathema to age guys.
Also think the ubs/wfc may be a done deal possibly announced early next week…buzz from contacts in stlou tell me discussions are ongoing…that could prove to be a disaster as the last 2 yrs for age suk and the ws guys arent exactly jumping for joy either…another 2 years for another integration will put most out the door.
Hey Dude - I’m wondering why in the world you care so much about Wachovia retention. It’s a FACT that you don’t work there. It’s also a FACT that you hoping that there won’t be retention for a company you do not work for. It’s also a FACT that you are here to piss on people. It’s also a FACT that you are in no less than 4 arguments with others in this thread. Go kill yourself and make the world a better place.
There is another thread for those who are thinking about it!
[quote=maddog][quote=gauge26]I started going all fee based about two years ago and I think this new fee fronting thing will help me guite a bit. My business as far as revanue is off about 15% but I have added a ton of fee based money that will pay in the future. I hope?
[/quote] Have been doing advisory based for some time. Only briefly looked at the fee fronting. Appears to be like doing a 'C' share mutual fund - or am I missing something. Don't see the benefit - KOWACH - I believe you made a comment in previous post about benefit. Please explain benefit, if you will, for my benefit.[/quote] you are correct about the C share bus. It completely helped me build my fee based business. If you do a 1,000,000 fee based account @ 1% today without the fronting (I am not even sure what you'd get???) the remiander of the days left in the quarter??? so that would equate to $10,000 per year/$2500 per quarter/lets assume we're halfway throught the 1st quarter - your gross would be $1250. Not a bad trade. If I do $1,200,000 fee based account I get credited $12,000 today. Over the next 12 months there is a credit of the monthly fee +/- what the account value has done. Then there is a debit to offset the frontend comp. In order to make the math simple the $1,200,000 account goes to $2,400,000 in one month on your run you would see a credit for $2400 and a debit for the upfront of $1200. Keep in mind you already got the $12,000. This can also go against you month to month. For me its a way to get paid decent gross to do fee based business. With the market as low as it is seems like a no brainer for most people. I was fortunate that I didnt do a ton of managed money really from last summer to the fall, but in December, January and into Feb have really ramped it back up - net new assets in fee platforms is about $12,000,000. Mostly in asset advisor. I was considering taking off the front end about a year and a half ago as my monthly fee revenue was at $80,000 with $120,000,000 in fee based accounts it is now below $60,000 with about $80,000,000 in the fee platform. My goal is $10,000,000 per quarter of net new assets in fee based. That will get me back to $120,000,000 in the fee platform.man, aint that the MF trurth[/quote][quote=CDO Squared][quote=frickster]Paying off the mortgage makes way too much sense…its just not in our DNA
Do tell...why does it make so much sense?
WELL HYMAN - Let's say you own a house free and clear, would you borrow $200K against it to go and invest that money in the market? Or put it into a CD? NO! So, let's look at it in reverse, if you have a mortgage of $200K and you get a retention check of say $200K and decide to put your new $$$ into the market instead of paying it down to zero, isn't it the same as borrowing $200K against your house to invest? Makes sense to pay the thing off, problem is, we are not wired to think this way and most of us will blow retention, AGAIN! F___ I forgot about the tax deduction on mortgage interest...Maybe we should keep that mortgage after all
scot…ubs hasnt the capital…will be one of two…either wells/ws/age (supposedly now to be Wels Fargo Advisors. will by ubs or they do a jt venture ala ms/sb.
as to the name…who knows.all i ask is get WS off MY OFFICE DOOR YESTERDAY!!
The key was a question on the call last night…to Hays why hasnt stumph expressed an interest in the brkrdealer…nothing in annual report…no conference call…Hays response was woeful…Stumph has been too busy or something…wat a joke…really dont think wfc wants the b/d…may have all these answers by this time next week.
We may all qualify for the deduction in 09If you make any money the AMT knocks out the mortgage deduction.