Retention....please do not hijack
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[quote=duster10]Yup, we are way off topic. Hank needs to back off a little. We are all pretty amped up about things right now, but the purpose of this thread is for anybody to post something that they hear or know regarding RETAINER. I am a little tired of hearing about the loaves and fishes lines as well.[/quote]
I apologize for my calm tone.
[quote=BukiRob2] [quote=Sam Houston] Futures and margined securities are not covered by SIPC. Wachovia did cost me accounts due to constantly being in the news, but only the really big ones that contributed a big chunk of my production. [/quote]
BULL!!! Either YOU own the relationship your you dont.
Again you, LIKE MOST PEOPLE, REFUSE to take accountability for your own actions preferring to blame others.
I made the client money, had a good relationship, and got bought out without consultation by a firm that has since gone under. Who should I blame and why?
Its YOUR business and to blame a firm unless they were DIRECTLY sabotaging YOUR business (manager meeting with your clients trying to talk them into moving accounts to other brokers) is bull crap and you need to look in the mirror and place blame where it belongs. I never said anyone directly, purposefully sabotaged my business. But my business was hurt be factors out of my control by a firm that has a meeting every other hour to set up the next conference call, cut yields to my cash clients for the firms own profit, stopped paying me for cash, is about to roll out fees up the arse to any account under $250K, was constantly in the news, cut my benefits, fired every competant back office employee or moved them to a different area (try getting an question answered), and made it quite obvious that the firm was most important, to hell with the broker if they didn't drink the kool-aid. If you dont, this will keep happening to you until you are out of the business never understand what happened or why[/quote]
I hate the word Wachovia. It makes me sick. I think I should be paid for every “UMMMMM” I hear. Since we are in a black out for info Im sure the “ummms” will be flying like sheit beetles before we know it.
There is no doubt in my mind that some have lost account because of WAC-f,ing-Chovia. I've had people tell me at least 20 times while cold calling they would never do business with 'wachovia'. NEVER heard that about AGE.******************** BACK ON TOPIC ***********************
1. Is the announcement going to be tomorrow (12/15) on retention? 2. If the deal is similar or worse than ML, what % of FCs walk? 3. What firms are the major beneficiaries of a mass exodus from Wachovia?2. A Tiny, Tiny fraction of those who will “threaten” to.
3. What mass exodus? See #2.
BukiRob2 I can’t understand why you are so harsh with your comments. Try and relax. I have lost 3 clients that I have had for 15 years this year. I can count on two hands how may clients I have lost in the previous 15 years. I have been overly conservative for so long and it is finally paying off. My clients are extremely frightened that Wachovia is the next company to go down. For some stange reason they can’t understand that the American Funds they own have nothing to do with Wachovia. It is probably somehow my fault. But I did everything I could to retain the assets they just thought they were going to loose everything. You know with banks going under and such. I never had to answer any of those types of questions at A.G. Edwards. I don’t really think the universal bank model and global platforms mean a whole heck of a lot to my average joe six pack clients. My only reason for writing the previous post was to have someone enlighten me on the retention package and why there should be different packages for the legacy age brokers and the legacy wachovia brokers. We are all one firm now so we all should be treated equally since this is a new transaction. Am I wrong?
Timetogo…thanks for your articulate response to sellhigh re ISG. We have a lot of guys like you in ISG around the country. Sellhigh you seem so bitter and angry. Why is that?? Are you a disgruntled AGE FA?
Other sources here say the deal will be announced tomorrow. Reliable info or not who knows? Regardless its going to be announced between tomorrow and 12/23.
[quote=BukiRob2] [quote=mnbondguy]
AGE brokers should get paid big time. AGE employees had their benefits slashed at WS, and have seen their restricted stock and options go to basically zero for reasons beyond their control. AGE stock would have been up just as much as Stifels if not for this merger. I wonder how much long term damage has been done to the average legacy AGE broker because of this merger?? I am sure Danny will get paid, even though his "universal bank" model has been a disaster.[/quote]Frankly, Im getting really sick of you legacy AGE people. You got the highest retention in the history of wall street you are evidently too stupid to know the difference between the bank and the brokerage firm and you blame PCG for what happened to the bank. Danny heads the BROKERAGE and JUST LIKE YOU, has little to do with the bank. Stop having a Fu*(*ing pitty party for yourself you think that somehow legacy pru guys didnt have the SAME experience with there DC????
There is a reason the majority of AGE brokers do 250 or less....Stop blaming the brokerage firm for something THEY did not do, had NO control over and open your F 'ing eyes and be a man and take responsibility for your OWN business. You lose an account because of what YOU did not the firm. That is unless YOU dont own the relationship so which is it pal?[/quote] . calm down tough guy....DANNY IS IN LOVE WITH THE UNIVERSAL BANK MODEL, SO YES HE IS PART OF THE PROBLEM. HAVE YOU SEEN STIFELS STOCK LATELY, IT IS COMPLETE PROOF OF THE UNIVERSAL BANK MODELS FAILURE. IT WAS DANNY'S "DREAM" TO BE OWNED BY A BANK, SO YES I DO THINK HE IS RESPONSIBLE. DO YOU REALLY THINK THE CONSTANT NEWS ABOUT WACHOVIA BEING ON THE VERGE OF SEIZURE BY THE FDIC DIDNT SCARE CUSTOMERS AWAY?? "BE A MAN AND TAKE RESPONSIBILITY FOR YOUR OWN BUSINESS"... Hey dumbass, trust me, I do more business then you ever will.
From your lips to gods ears.
I heard Danny is heading to a meeting tomorrow with a bunch of RM's. My hope is he is there to educate them and sell them on what WFC has agreed to pay. This week is the last week he has and still give everyone what is deserved...information! Since this is a forum...and we are all sick of waiting, I will give my prediction. Our managers will hear midweek and we will know friday. Waiting until the 23rd is insane. Anything past Friday, or better yet an announcement on Thursday for a call on Friday, I am out of here. TIMETOGO[quote=timetogo]From your lips to gods ears.
I heard Danny is heading to a meeting tomorrow with a bunch of RM's. My hope is he is there to educate them and sell them on what WFC has agreed to pay. This week is the last week he has and still give everyone what is deserved...information! Since this is a forum...and we are all sick of waiting, I will give my prediction. Our managers will hear midweek and we will know friday. Waiting until the 23rd is insane. Anything past Friday, or better yet an announcement on Thursday for a call on Friday, I am out of here. TIMETOGO [/quote] Sounds like you almost obsessed with the retention.."Waiting until the 23rd is insane" What if it comes mid Jan or early Fed, sounds like it would be a painful wait for you. I think the meeting next week is to go over the name change, WFC said last week nothing is imminent on retention.Maybe we could add a Table of Contents and sell this 21 page book we’ve created…
I don't think we're obsessed with a retention, it's the lack of ANY INFORMATION about it that is driving a lot of us crazy. It would be nice to be able to plan accordingly with ALL the information at our fingertips than to shoot in the dark with "what if" scenarios. It certainly DOES reflect on WFC how they view their FA's. They need to get this right the first time. Even though we may receive something $$ we'll always be cautious in light of the way we've been treated so far. I'm so glad that we were extremely HIGH on their priority list. I agree with the other posts on Danny's model. It doesn't work. Too many divided loyalties to make it work.< ="-" =“text/; =utf-8”>< name=“ProgId” =“Word.”>< name=“Generator” =“Microsoft Word 10”>< name=“Originator” =“Microsoft Word 10”><>
In response to timetogo:
You said: I have since had in-bound ACATS north of 200 million(in a rural area), from people like you…At ISG I have been over a million my first year and every year for years....oh, not from what you might think, I am 60% annuitized. .
Let’s see, you did a million in your rookie year, you’ve been here several years, and you’re doing a million this year but your say all that money is 60% annuitized? Let’s see 60% of 200million (inbound acats this year)…that’s 120million in assets annuitized for this year and incremental yearly production of 1.2myn every year up to now. Now you’ve been here several years so that’s 6myn total annuitized that would add up over 5 years so, given those numbers you’d be producing 6million dollars annually gracing us with your presence. but, you’re doing a million this year?
You’re ACAT’ing in 200myn this year alone! I’m not saying you’re lying, lets just say my calculator doesn’t work. Besides that – $2myn guys get 200% upfront and higher. If the money’s there, why not leave – why not?
Listen, I haven't shown under $270k a year in income (not commissions – $270k gross pay on the inside) in about a decade. Some years I've done a good amount more. That’s not great but not bad either. As for 3rd ID -- I’m not bitter at all – I’m happy as a matter of fact. I just have an opinion – what’s wrong with that? I share my opinion with timetogo – he / she gets all sensitive saying retail brokers are a bunch of slobs waiting around for reassigns.
Anyway, I love this place, I’ve been to others got paid huge
to move here. I built everything myself
and, outside of the lousy market, things are pretty good. So enough of the pissing contest - it's a waste of time.
Retention should be fine - I bet within a week. They can bounce the back end - pay it all up front with a note and have it seem really good even though it will be under the AGE total number. It will be interesting to see how they treat all the different business lines.
I am WS/PCG and in the top 10%. I have an offer from another firm which I consider an upgrade. The deal is more than double the BAC/MER package and they include my deferred comp. If I do not hear something from Danny by Friday and/or the deal is not as good or better than BAC/MER... I AM GONE! WS is turning into a joke and they are jerking us around by not telling us anything.
I am WS/PCG and in the top 10%. I have an offer from another firm which I consider an upgrade. The deal is more than double the BAC/MER package and they include my deferred comp. If I do not hear something from Danny by Friday and/or the deal is not as good or better than BAC/MER… I AM GONE! WS is turning into a joke and they are jerking us around by not telling us anything.
I've watched your posts recently. I get it. You're legit. You have an incredible book. You do incredible business. You have so much talent you could go anywhere.
So..... leave.
I'm so sick of people complaining about the business. Life sucks right now for all of us. Shut up and produce. If you want a check, go for it, champ. You're the greatest. I have my offers on the table as well but, I'm not shoving it down people's throats how bad life is. We are all in the same boat, son....
[quote=mnbondguy] [quote=BukiRob2] [quote=mnbondguy]
calm down tough guy…DANNY IS IN LOVE WITH THE UNIVERSAL BANK MODEL, SO YES HE IS PART OF THE PROBLEM. HAVE YOU SEEN STIFELS STOCK LATELY, IT IS COMPLETE PROOF OF THE UNIVERSAL BANK MODELS FAILURE. IT WAS DANNY’S “DREAM” TO BE OWNED BY A BANK, SO YES I DO THINK HE IS RESPONSIBLE. DO YOU REALLY THINK THE CONSTANT NEWS ABOUT WACHOVIA BEING ON THE VERGE OF SEIZURE BY THE FDIC DIDNT SCARE CUSTOMERS AWAY?? “BE A MAN AND TAKE RESPONSIBILITY FOR YOUR OWN BUSINESS”… Hey dumbass, trust me, I do more business then you ever will. [/quote]
I seriously doubt that
With regard to the freaking topic…
I heard that everyone 250k and over will get retention. For people on a deal alraedy (like me, coming over here from another wirehouse in 2007) or AGE guys, they essentially get bumped back to their original deal. The amount on your deal that has been forgiven is the same amount you are credited again. Similar to what happened for legacy Pru guys on deals when Wachovia bought them. Why do we all deserve a package? For me, and AGE guys, we signed contracts with Wachovia. Our end of the contract (which I have upheld) is to run an advisory practice, bring my clients over, do the same or more T-12 as last year and keep a clean U5. If I fink out on these the firm has a right to come after me for the money it paid me. Wachovia's end of the contract is to provide a platform for me to do said business on, provide me with back office support, custody, recordkeeping, and oh yes, to FREAKING STAY IN BUSINESS!. Wachovia was 1 day away from folding if it wasn't for the Citigroup merger, which then fed into the WFC merger. I kept my end of the bargain, WB didn't keep theirs. Wells Fargo is buying my business fresh. Pay up.