Go Bless you BukiRob…I had just thrown up after reading Danny’s post.  Now I can go back to being non-productive for the rest of the day.  Damn, I need to find some focus.

Been in this businees for over 30 years, the last 20 with AGE. For the first 10-20 years your book was worth nothing. If you moved, or even retired, you got nada, zip, nothing. Finally we are recognized as a business and it is worth what someone will pay for it. If you leave however, just for the money, it will bite you.

[quote=BukiRob]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.

I think different channels will get diff retention comp terms. I would think the lowest terms will be on par with ML, they’d have to be or their will be trouble in the ranks. The channels that fair better in terms of retention I would think will see something better that what ML has done. I also agree it will be known within 10 business days. Merry Christmas, hopefully. Bottom line I think there is a 99% chance there is going to be a package of some sort. As for providing retention to the sub 500k folks, great. No problem with that, if thats the case. Plenty of talented and good potential people there to keep around, but I dont think that will be at the expense of the higher end people north of 500k. They should see better %'s. JMO

[quote=3rd ID] I think different channels will get diff retention comp terms. I would think the lowest terms will be on par with ML, they’d have to be or their will be trouble in the ranks. The channels that fair better in terms of retention I would think will see something better that what ML has done. I also agree it will be known within 10 business days. Merry Christmas, hopefully. Bottom line I think there is a 99% chance there is going to be a package of some sort. As for providing retention to the sub 500k folks, great. No problem with that, if thats the case. Plenty of talented and good potential people there to keep around, but I dont think that will be at the expense of the higher end people north of 500k. They should see better %'s. JMO

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I simply do not see a large departure from what the AGE brokers were offered… EX 400k producer could have taken 50% upfront with an additional 20% in D.C. Today that might be 35-40 upfront with the D/C





The bottom line is with deals STARTING at 250% If they try to lowball (ala MER) guys will leave. WS isnt MER, they dont drink the kool-aid and it is a completely different culture.

Million dollar producers got 100% upfront and 25% D/C

A guy I worked with at MS just went to WFC…his T-12 was about 325K, he was tired of hearing his two friends who failed at wirehouses doing 75k month at a WFC branch.  He got a 6 month salary of 6K per month.  He did not care, would have gone for ZERO, but there is a different “culture” at the bank…you do not pay for brokers, or pay very little.

By the way anyone hear that MS is paying 4 to 8% bonus based on t-12 to its FA’s? I dont know what they are calling it but I heard it was to help them through this tough period. I wonder if this is a no strings attached payout.  

i’m with isg. we’re the most profitable firm in the entire industry - double pcg’s margins - but never get the bonuses, sales support, even adequate smartstation functionality. our production goes to support pcg/age that mgmt loves to dolt on.  i don’t get it, but i think we can all agree that sr mgmt at this firm is as much an oxymoron as freezer burn.

go_h is a deer in the headlights–whining, bragging and lost. Don’t want retention? Who is Kurt?

go_h do you work in a grocery store branch? Have people walk in and open an account after they bought a box of corn flakes? FYI, I brought my clients to WS/PCG. My biz is great!My U4 and my clients are mine. If I take my U4 to WFC it will go at market rates. If WFC does not pay to retain me or my clients we will go where we are wanted. Is that a difficult concept to grasp?

amen, brother

[quote=BukiRob][

What I heard from a friend in STL was that there will be retention offered, starting at $250,000 in production.

not a deer in headlights and i didn’t say i didn’t want retention.  i am not consumed with retention as there are other benefits. just like a wirehouse bro…if you leave your book is spread amongst other brokers.

you always can leave, so can i. i’m just saying you should consider leaving for reasons beyond the retention, since the doesn’t appear to be any reason to provide one to your division as you just got a package.

Wells Fargo & Co. will sell $6 billion in debt under the government program in which the Federal Deposit Insurance Corp. backs the debt, the San Francisco bank said in a regulatory filing Wednesday.

The debt’s backing by the federal government allows the bank to pay a lower rate on the debt offering. Half the bond issue will carry a fixed rate of 3 percent while the other $3 billion will carry a variable rate, according to Wells Fargo’s (NYSE: WFC) filing with the Securities and Exchange Commission.

Talk from around water cooler from brokers at the meeting for top brokers thaqt was in TX.

go_h sounds like blowhard…obviously worried, concerned and scared…probably transferred to his clients—fear is contagious.

Huh?   What are u talking about? Both wb and age fas got retention last year. In fact wb fa’s received retention for sitting on their ass