500 or bust?
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BukiRob, Your statement makes since if your book stays static for 2009. 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. Even though we have been hamstrung by the constanct Home Office turmoil - this market downturn has created a lot of opportunity for asset gathering. And, that should continue throughout all of '09.[/quote] Region is saying on average, firm wide production is down 35% So your up 15% that is a spread of 50%. Good for you, but I have to say I dont believe you[quote=BukiRob] LMAO a guy doing 500 in January of 2008 will be lucky if he does 350 this year… save me the drama BS about how much things have changed. What has changed is the market has crushed production and client assets
[quote=TiredofWaiting] [quote=go_huskies] the tone on the isg call seemed to imply there will be no retention for isg. premier advisor call later in the day had regional attempting to spin it, but he sounded wounded.
i've been in a good spot, and wasn't originally concerned much with retention. but after danny offered the, "ISG is effected the most by this merger," i actually expected something.
i've grown my book almost 100% in the 4 years i've been here. if they don't f*ck up the model, staying may be the better choice, but i'm now very disappointed.[/quote]
I didn't get the "No Retention" tone, just the I don't know or I'm afraid to say tone!!
ISG should be included, there is no reason to overlook us again~! And by the way, we ALL work for WFC at least for now...... dotted line or not - we all generate revenue and all own our cleint relationships! And it sure looks like our jobs (should we chose to stay) will be more impacted than any other channel![/quote] One would think that would be the case. Hays and Ludeman however, dont have anything to do with ISG anymore. It would be whomever is the President of ISG (Are they under Wealth Managment??)
[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] Do you make this up as you go? You havent done an annuity in 4 years? Well if that is true you most certainly arent doing distribution planning for them. You must not be using any planning tools to make sure that critical expenses are covered regardless of what happens with the markets. Im sorry but I call BS. The average production is down 35% You yourself said that your account performance is no different from anyone else. Just to maintain what you did in 07 if you were a million dollar producer, you'd have had to brought in 35 million in net new assets net to you at 1%. I dont know, maybe you are a guy doing 200 in a normal market so you dont have as many assests to bring in to get back to whole.Why would finet qualify for retention? The main reason to go that way is to be ‘on your own’…now you sniff retention and want back in? You are independent contractors, not employees as the rest of us…are you going to split your retention w/your janitorial staff/outside vendors? Same thing…
First off, I am PCG not Finet. That said, moving firms once you are independent or going straight RIA is an easier move than say from WS to another firm. In your clients mind as an independent, its you not the firm you clear with. Id argue you are at greater risk with the Finet channel than with any other channel the firm has.Why would finet qualify for retention? The main reason to go that way is to be ‘on your own’…now you sniff retention and want back in? You are independent contractors, not employees as the rest of us…are you going to split your retention w/your janitorial staff/outside vendors? Same thing…
I’m with FiNet and our clients have felt the same disruption of trust and confidence as the rest of the firm. We also paid about $500,000 in fees to WS last year and if WFC wants to retain us and the rest of the high end folks at FiNet they won’t leave us out in the cold. We are constantly told that we are treated the same as every other channel at WS, and now its time they show us.
As for the concept of retention... It's to RETAIN revenue for the parent company. The FiNet channel is hugely profitable and has the highest production per broker of any channel. We are also the most likely to leave to another firm as a result of our indi status and contractual freedom. WFC knows this as does Peluso. Our partner firm let us down just like the rest of you guys and our clients feel the same way yours do. We just pay more of the bills. :-)[quote=punkbynature]I’m with FiNet and our clients have felt the same disruption of trust and confidence as the rest of the firm. We also paid about $500,000 in fees to WS last year and if WFC wants to retain us and the rest of the high end folks at FiNet they won’t leave us out in the cold. We are constantly told that we are treated the same as every other channel at WS, and now its time they show us.
As for the concept of retention... It's to RETAIN revenue for the parent company. The FiNet channel is hugely profitable and has the highest production per broker of any channel. We are also the most likely to leave to another firm as a result of our indi status and contractual freedom. WFC knows this as does Peluso. Our partner firm let us down just like the rest of you guys and our clients feel the same way yours do. We just pay more of the bills. :-)[/quote] Agreed. Now if Finet wants to finally figure out a way for me to customize the statements with the name of MY firm and not THEIRS, and get some decent damn performance reports and quit sending piles of mail to MY clients with "Wachovia" all over them then we can talk about "no retention". Wachovia's crap name has impacted my business just like everyone elses. Finet is a great concept, and other wirehouses could hold on to a lot of assets if they would follow suit and offer an idependent distribution channel. The fact of the matter is that Finet is independence with "training wheels". We DO take a greater risk by being with Finet. Our butts are on the line for all expenses as it should be. But when your contractual partner starts sucking a**, we deserve to be compensated for the stress, anxiety and mis-management as much as any other channel.Many of us hear you Trainign Wheels.
Wachovia/Well Fargo has a big problem on its hands if it does not step up for Finet owners. We suffered as much as anyone and we also incur all the risk (rent, leasses, staff, etc.).
We can and will walk if not happy and they will see a large exodus.
There are a growing number of owners discussing a collabrative negotiation with another BD to leave together if things are not addressed soon and stisfactorily.[quote=Ferris Bueller]And by this time next week they will all tuck their tails between their legs and quietly vanish. Same as the last AGE retention thread. A couple will be in the fetal position, sucking on their thumbs.[/quote]
If you weren’t so consumed with anger at the world, Ferris, you might have noticed that I’ve never said I thought Wells should not pay retention. On the contrary, I have said that it stinks that WFS has chosen - for whatever reason - to string people on for so long with no decision and that I feel bad for my former colleagues who have been so mistreated by WFC. To be clear, I think WFC should pay retention, and that it should have been paid long ago.
Still, I have been amazed by the reaction of so many of the AGE/WS brokers the longer this goes on. Not those that are justifiably upset by being treated this way, but those who have inexpicably begun rationalizing and even justifying why WFC - of course!! - has had to treat them so poorly. Lawsuits. TARP. Political pressure. Conservative. Careful. Smart. Your saviors. Yada, yada, yada.
And I’ve watched in growing disbelief as many apparently experienced and smart brokers - guys who are usually notroiously demanding of their b/d - have grasped at virtually any rumor that might indicate their desired outcome is just around the corner, or the next corner, or the one after that. And when anyone even suggests that these rumors may not actually be true (like the many that have preceeded them), or that WFC might be messing with them, they attack the messenger. It’s a very peculiar phenomenon indeed.
But here’s the thing: this has zero to do with whether this person or that might think you guys should get retention. Even if I or anyone else here really did want to see WFC not pay retention - what difference could that possibly make to anyone? Who cares?! It’s entirely irrelevant, just as it’s irrelevant that some others outside of WS think you should receive retention.
What does matter is how WFC - as your new employer - actually treats you. Most importantly, obvously, is whether they do, eventually, actually do pay retention (something that they have still, after 4 months, not said they will do).
But even if WFC got their act together and announced today that they were going to offer a competitive retention package, that does not change the fact that they have shown by their inaction and lack of communication over this extended period of time what they think of you and what you can expect from them in the future.
I grant you, a nice fat retention check will go a long, long way in making this frustration more palatable, but it does nothing to change the fundamental fact that you are now part of an organization that has demonstrated it’s true colors.
Rail all you want at me or others who might hold the mirror of reality up for you to see it, whether you want to or not. But if you really think we are the source of your anxiety and frustrations, you will be in for a rude awakening regardless of whether they announce retention next Friday.
Friday the 13th. Oh no.
We should all not jump to any conclusions, but I do feel that Finet owners have the upper hand here. If they do not deliver are you interested in talking to other BD's with us? We know of a number of owners who think this approach has merit and we are stronger in numbers. Think about it.
[quote=Ferris Bueller]You put a lot of time and thought into that. Glad to see I struck a nerve.[/quote]
Glad I could set you straight. Again.
[quote=Morphius] [quote=Ferris Bueller]You put a lot of time and thought into that. Glad to see I struck a nerve.[/quote]Glad I could set you straight. Again.
Think what you want, Piker. The only thing you are setting straight is your boyfriend.[/quote]
Ferris you are an angry little guy, but that was a GD funny come-back.