Retention....please do not hijack
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For those of you have have gone through a Merger before, Typically, how long after closing are you expected to receive your retention bonus?
Retention plans… If the ‘retention’ plan is going to be sizable, or have the punch or power to retain 80% or more of the targeted FAs, don’t you think it’d have been announced and sold hard by management by now? I’m talking Wachovia in this case.
Afterall… retention plans are not designed to keep everyone. They’re designed to keep the specific types of employees a company wants to keep. Even then, not everyone a firm or company WANTS to keep will buy into the plan. So ultimately, why is anyone waiting on a retention plan if they’re honestly of the opinion that another firm might be a better fit or a safer haven for their business??
If there is GREAT news coming for the droves of FAs at Wachovia, why then is it so low on the priority list??
I’m not the first and I’m sure I won’t be the last to say this here… the masses at Wachovia are going to be very dissapointed when an underwhelming ‘retention’ plan finally does get announced.
[quote=iceco1d] You know, I was just thinking…what would some of our clients think if they read these retention threads? I mean, I’m sure they assume we make a decent living…but think about this. Any other shmuck with a 9-5 job making $40, 50, 60K a year - heck a couple that’s making that EACH per year…to wander onto this site, and see the masses of FAs bitching because they are ONLY getting $200K, $150K, $300K, whatever the retention happens to be for a guy with decent production, to do nothing but stay in your seat.
My god, seriously, what would they think/say/do? They’d be astonished. Absolutely flabbergasted. $300,000 to just ‘not leave.’ When a merger happens in any other industry, 99% of the employees there are probably just elated that they still have a job - even if it’s at a lower rate; let alone a 6 figure bonus to get them to stay!
Please don’t consider this to be critical of those of you that are at WS/AGE/ML, I feel for you. I realize that this nonsense has been stressful and unfortunate for all of you. I’m just taking a timeout here for us to consider…you know that old saying, “how the other half lives” - well, we (well, not me yet, at least not because of being an FA) ARE part of “the other half.”
For all of the bullshit this year…I’m grateful to be where I am, and not at Hershey, or “InBev” or GM/Ford/Chrysler, or, well…you get it.[/quote]
No, what is more staggering is just how many “advisors” have an EMPLOYEE mentality. I dont know about you but I AM the person who created my business. I was given space in a bull pen with a telephone. I obtained my own list of leads, I made the calls, I CLOSED Client. NOT THE FIRM, ME.
An EMPLOYEE has the mentality you just described. If WFC wants MY business and therefore MY clients business they had best give me a reason to stay because trust me, Wells competition is banging on my door.
99% of the other so called business do not require the folks that work there to drum up the business… to create the client base, close them and keep them. The firm does nothing more than act as my inventory supplier and basic brand awareness. ALL OF WHICH I PAY FOR.
What truly is staggering is the inability of advisors to realize the commercials advertising your firm, the office you go to and even the staff that supports you administratively YOU PAY FOR. There is a reason you only get between 38-42% of the revenue YOU create… Your paying for all of those things that make your office run. The mere fact that you, a supposed FA are unable to grasp that concept shows just how much the firms have you control of what you think and what you believe.
[quote=BukiRob2] [quote=iceco1d] You know, I was just thinking…what would some of our clients think if they read these retention threads? I mean, I’m sure they assume we make a decent living…but think about this. Any other shmuck with a 9-5 job making $40, 50, 60K a year - heck a couple that’s making that EACH per year…to wander onto this site, and see the masses of FAs bitching because they are ONLY getting $200K, $150K, $300K, whatever the retention happens to be for a guy with decent production, to do nothing but stay in your seat.
My god, seriously, what would they think/say/do? They'd be astonished. Absolutely flabbergasted. $300,000 to just 'not leave.' When a merger happens in any other industry, 99% of the employees there are probably just elated that they still have a job - even if it's at a lower rate; let alone a 6 figure bonus to get them to stay!
Please don't consider this to be critical of those of you that are at WS/AGE/ML, I feel for you. I realize that this nonsense has been stressful and unfortunate for all of you. I'm just taking a timeout here for us to consider...you know that old saying, "how the other half lives" - well, we (well, not me yet, at least not because of being an FA) ARE part of "the other half."
For all of the bullshit this year...I'm grateful to be where I am, and not at Hershey, or "InBev" or GM/Ford/Chrysler, or, well...you get it.[/quote]
No, what is more staggering is just how many "advisors" have an EMPLOYEE mentality. I dont know about you but I AM the person who created my business. I was given space in a bull pen with a telephone. I obtained my own list of leads, I made the calls, I CLOSED Client. NOT THE FIRM, ME.
An EMPLOYEE has the mentality you just described. If WFC wants MY business and therefore MY clients business they had best give me a reason to stay because trust me, Wells competition is banging on my door.
99% of the other so called business do not require the folks that work there to drum up the business... to create the client base, close them and keep them. The firm does nothing more than act as my inventory supplier and basic brand awareness. ALL OF WHICH I PAY FOR.
What truly is staggering is the inability of advisors to realize the commercials advertising your firm, the office you go to and even the staff that supports you administratively YOU PAY FOR. There is a reason you only get between 38-42% of the revenue YOU create.... Your paying for all of those things that make your office run. The mere fact that you, a supposed FA are unable to grasp that concept shows just how much the firms have you control of what you think and what you believe.[/quote] Has not been my experience that the clients are "My Clients" this past year have heard the following...this client is "too young to trade" this client is "too old to trade" this client "trades too much" and off course also heard this client does not "trade enough" Thats just a sample of stuff that makes me think the clients really arent mine, except if I make a mistake, then its "my client." This past year has been pathetic listening to all the compliance company bs.
[quote=nestegg]I think this thread has been officially hijacked lol!
[/quote]
Can’t argue with that. I will add, though, that, since the recent unpleasantness in the wirehouse world, there has been precious little of value coming from that side of the isle here. Sorry that so many of your firms’ business models have been proven to be failures. I really am. I’m sure most of you folks are stand-up folks, but, seriously, it’s time to point the finger where it belongs…
[quote=YHWY]
[quote=nestegg]I think this thread has been officially hijacked lol!
[/quote] Can’t argue with that. I will add, though, that, since the recent unpleasantness in the wirehouse world, there has been precious little of value coming from that side of the isle here. Sorry that so many of your firms’ business models have been proven to be failures. I really am. I’m sure most of you folks are stand-up folks, but, seriously, it’s time to point the finger where it belongs…[/quote]
Hello Rob.
Beautiful! It was about 78 and sunny today. You should look me up and we can spend a day on the boat together. It’s a blast, maybe box a few fish! (I extend the same heart-felt invite to whomever is interested.) Especially this time of year when the weather’s so harsh many other places.
Buki,
Spot on, not sure an advisor should be targeting the avg person making 60k a year anyway! Why do pro athletes make so much? Why do movie stars make so much? WHY? Becasue they bring value to the table. If my firm wants to continue to receive 60% of everything the (I) make than they BETTER take care of me when there is a change. If not why would I not make the change and get paid? If I leave they loose 100%!! If my clients stay with old firm than I guess I was an employee, if they follow than guess that makes me the driver in the seat of my own destiny.[quote=Reggin] [quote=YHWY]
[quote=nestegg]I think this thread has been officially hijacked lol!
[/quote] Can’t argue with that. I will add, though, that, since the recent unpleasantness in the wirehouse world, there has been precious little of value coming from that side of the isle here. Sorry that so many of your firms’ business models have been proven to be failures. I really am. I’m sure most of you folks are stand-up folks, but, seriously, it’s time to point the finger where it belongs…[/quote]
Hello Rob.[/quote]
Hey Primo, why did u refer to “Joe” as “Rob”?
re a prior post:
"What if our clients went online and looked at these posts?" Are you frikken kidding me? Are you? How many of us in our spare time log on to the Registered Truck Driver Forums? or Registered Plumber Forums or Registered News Anchor Forums? You must be a Registered Neurosurgeon. I didn't invent the retention bonus concept. It is this simple, pay me to stay or I will go to a better firm for a big check. Do you have an issue with capitalism? BTW a source at the WSJ just told me a HIGH probability of NO retention bonus at WS. Great. Now we will see how many WFC retains.Just talked to someone in the office who is almost always right on the grapevine rumor stuff… said we will hear something within the next 10 days. Didnt give any numbers but did say that he is hearing that the deal is significantly better than what the guys at MER were offered.