Retention....please do not hijack
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I don’t understand why the Wachovia reps would get paid more than the AGE reps. Didn’t the Pru guys get paid retention when Wachovia bot Pru? Yes we just got paid several months ago. This is a new deal with a new firm everyone should get the same regardless if we just got paid or not. I have lost 5 million in assets because of the Wachovia name. I think i should be paid. I would have probably gained 10 million in assets if I was still at AGE right now. Maybe I just don’t get it. Can someone tell me why I am wrong?
[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] 1st to agree that damage to business has been steep and everyone deserves money for pain, suffering, etc etc..but what does Wells have to do with that? Think taking prior managements old bonus' would make more sense...and dont see that happening.[quote=fritz][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] 1st to agree that damage to business has been steep and everyone deserves money for pain, suffering, etc etc..but what does Wells have to do with that? Think taking prior managements old bonus' would make more sense...and dont see that happening.[/quote] because Wells is a bank and they will milk the brokers just like WB does. If they don't pay, the brokers should leave. Pick a firm that fits you, get paid and leave all the wachovia crap behind you. Is their really any difference in brokerage firms from a clients perspective?? They all have basically the same products, with the exception of bond inventories (their own inventories, not the garbage on bonddesk, municenter etc). It is the individual brokers that make the differenceThe skills needed in a bank brokerage are a little different then pcg.
Management skills and establishing yourself as a leader make that
distribution channel better business model than 40 guys in an office
bs’ing eachother waiting for the next resignation and hoping to inherit
free assets. If a pcg guy comes to ISG and is a team player, works
well with partners in bank, the odds of success is good. If a PCG guy
comes and claims to be an expert fisherman(like you), he will starve.
First I’m not a piker so don’t delude yourself - second, all you are is a walk-in receiver. The idea that you think talent is sucking up to your “partners” is pathetic. And the idea that you should get any bonus for being the recipient of walk in’s and your ability to suck up to in-house “partners” is even more pathetic.
We build the boat, fuel the boat, steer the boat, do the fishing, build the business. We get relationships in that would have never been without us. All you do is fill out the paperwork for existing relationships. You are a glorified clerk with no talent other than to suck up to people who can steer more walk-ins your way.
And as for your thin minded conception of 40 guys in an office waiting for a re-assign; that would be typical of your frame and experience in this business - because all of your life your business has been predicated on one thing: Waiting for someone to hand you something. No, re-assigns are somewhat useless, I’d rather fight for new money from new people.
I think the retention, when it’s announced, will help clarify your place for you. We get new fresh money that would have never been without us - you catch walkins and fill out the paperwork for them. Who brings value to the company - new assets from new people or some clerk filling out paperwork for walk-ins? They way I see it, you should be paying them retention.
Reading the last several posts, I am thinking that a retention of around 200% of T12 is reasonable and justifiable for FiNet brokers. Good luck to you all in the coming days…weeks.
Funny…
You are a piker. It is obvious. My guess is you trail less than 350k which will be 250k next year. You are one of those guys in the middle offices who think the corner office guys or anyone else successful either got lucky or lacks something as compared to your superior skills....you on the other hand are a REAL advisor. Any other model or style is something less than. I was a top quintile broker at PCG...The model at ISG attracted me, 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. If that's a clerk, than, cool, I am a clerk. I guess, UBS, Smith Barney and Merrill, agree with me, since they all have offered me their top deal and Danny has until next week to otherwise, UBS's 265% with 165% up front, will get this clerk. As for retention, regardless to your opinion, ISG will actually be recognized and receive the most standard deal. Not that the other channels will not, it's just that there is already a bunch of money out there, so the retention will subtract all those unforgiven EFL balances. It is obviously difficult for the folks at PCG. Especially if your from AGE and a large producer, your EFL balance is high. To move now in this market and with balances so high, the deal from the competition once adjusted for paying back the balance makes a move risky. I suspect Danny is fighting for all channels and I am happy to hear he got the job. I also suspect he is trying to see how he can take care of AGE folks and PCG even with the money still owed. Since these traits are usually a result of low self esteem I will forgive your arrogant assumptions. While you keep making references to buidling boats, fishing etc., I will be on my boat.I don’t understand why the Wachovia reps would get paid more than the AGE reps. Didn’t the Pru guys get paid retention when Wachovia bot Pru? Yes we just got paid several months ago. This is a new deal with a new firm everyone should get the same regardless if we just got paid or not. I have lost 5 million in assets because of the Wachovia name. I think i should be paid. I would have probably gained 10 million in assets if I was still at AGE right now. Maybe I just don’t get it. Can someone tell me why I am wrong?
BULL SHIT. Be a man. Wachovia didnt cost you any accounts. The market and your own ineptitude cost you business. To blame Wachovia is a loser's mentality.
The difference between the Pru merger and the AGE merger is YOU are under contract, the Pru brokers were NOT. Great you think you should be paid and thats fine but blaming the firm for losing assets when the market is down 40% Please, remove your head from your arse
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.
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?
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.
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.
BULL!!! Either YOU own the relationship your you dont. If you own the relationship your client takes your advice if you have any common sense you were dialing down the risk as the market started eroding in October of 2007. Or you were taking advantage of the situation in those marktes to profit from the headlines so spare me the it was the firms fault crap. I had the same headlines to deal with that you did. I didn't lose account because of the firm so man up. In fact I do not know of a single guy in our downtown office (pru office) who I have EVER heard say they lost an account because of the headlines
Again you, LIKE MOST PEOPLE, REFUSE to take accountability for your own actions preferring to blame others.
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. If you dont, this will keep happening to you until you are out of the business never understand what happened or why
[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.
BULL!!! Either YOU own the relationship your you dont. If you own the relationship your client takes your advice if you have any common sense you were dialing down the risk as the market started eroding in October of 2007. Again you, LIKE MOST PEOPLE, REFUSE to take accountability for your own actions preferring to blame others.
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. If you dont, this will keep happening to you until you are out of the business never understand what happened or why[/quote]
You are having quite an emotional reaction to something that has no impact on your life. He might own the relationship, but it appears that he also owns you.
[quote=Hank Moody]
[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. If you own the relationship your client takes your advice if you have any common sense you were dialing down the risk as the market started eroding in October of 2007. Again you, LIKE MOST PEOPLE, REFUSE to take accountability for your own actions preferring to blame others.
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. If you dont, this will keep happening to you until you are out of the business never understand what happened or why[/quote]You are having quite an emotional reaction to something that has no impact on your life. He might own the relationship, but it appears that he also owns you. [/quote]
??
Nope, I just am tired of hearing people refusing to take an accountability for anything in their lives. Its permeated every aspect of our society and Im sick of it. If you dont like the firm do something about it. Move to another firm or go independent. But blame the brokerage firm for something they had no control over? Blame the firm for losing an account??? Sell that to your friends who arent in the business but keep that trash off here because EVERYONE can see right through that kind of crap, its disgusting and offensive to our professionalism
[quote=BukiRob2] [quote=Hank Moody]
[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. If you own the relationship your client takes your advice if you have any common sense you were dialing down the risk as the market started eroding in October of 2007. Again you, LIKE MOST PEOPLE, REFUSE to take accountability for your own actions preferring to blame others.
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. If you dont, this will keep happening to you until you are out of the business never understand what happened or why[/quote]You are having quite an emotional reaction to something that has no impact on your life. He might own the relationship, but it appears that he also owns you. [/quote]
??
Nope, I just am tired of hearing people refusing to take an accountability for anything in their lives. Its permeated every aspect of our society and Im sick of it. If you dont like the firm do something about it. Move to another firm or go independent. But blame the brokerage firm for something they had no control over? Blame the firm for losing an account??? Sell that to your friends who arent in the business but keep that trash off here because EVERYONE can see right through that kind of crap, its disgusting and offensive to our professionalism[/quote]
You’ve only been here for 1.5 months and you can’t control your emotions? You sound weak. Why don’t you set an example by taking responsibility for showing up here, where you are exposed to people who blame others for their problems?
[quote=BukiRob2]Whatever floats your boat dude[/quote]
See? You’re calming down. That’s good. Whenever you find yourself getting mad at a bunch of words on your computer screen, it’s time to step back and put things back into perspective.
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=shredder]I call HIJACK!!![/quote]
It is a hijack, but one of our members is in emotional distress.