WFA compensation changes?

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UGA3949's picture
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Joined: 2009-10-07

I have heard that WFA is going to be making some changes like, doing away $5 ticket charge on mutual funds, and the $95.00 minimum trade? I was told because of so many complaints about them. Anyone know If this is true?

Gaddock's picture
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Joined: 2007-02-23

That would be awesome but somehow I just can't see it.

Mr. Sunshine's picture
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Joined: 2009-08-05

the $95 minimum trade is a-ok with me, but $5 ticket charge is a f***in joke and it REALLY pisses off clients

UGA3949's picture
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Joined: 2009-10-07

I haven't ran into to much rejection about the ticket charge, I get more complaints about the increased commission charges for trades and account fees. Makes me miss AGE a little more.

nestegg's picture
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Joined: 2007-06-14

I would highly doubt it...if anything they would raise the min comm...

fritz's picture
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Joined: 2006-01-12

How can you raise it?  Its obnoxious as it is.  My guess is not a lot of changes coming, but thinking due to legal events the ticket charge could be removed, which would be long overdue.  Think the good times coming to an end for the market, so any add ons are going to be coming at a bad time IMO.

WFAt's picture
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Joined: 2009-10-15

No major changes. I have also heard they will be lowering the min commission for equity trades. My guess is they will start to tweak the 24/50 grid . Gradually move from 50...49..48 until your making 27-32% like the legacy wells fargo investment brokers/hub.

go_huskies's picture
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Joined: 2008-12-11

where did you hear wfi's grid is 27-32%? 
 
i've discussed this with wfi brokers and the grid is similar to most firms. 35% base at 350m, and grid creeps every 75-150m.

WFAt's picture
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Joined: 2009-10-15

huskies. Thats assuming all the gross is the brokers. Any referral from business bankers, trust dept. etc is split. b/c at wells EVERYONE has a series 7 license and can receive comp from referrals. So 35% gross on a 5000 ticket is really 35% gross on a 2500 ticket. what does that work out to be.....17.5%

go_huskies's picture
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Joined: 2008-12-11

that's patently false, but i believe you posted on another board that you're leaving.
 
if making up stuff makes you feel better about your decision, do what you gotta do.
 
hope your going indy as there's no other wirehouse that doesn't have issues.

alwaysaguest's picture
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Joined: 2008-02-03

WFAt wrote:No major changes. I have also heard they will be lowering the min commission for equity trades. My guess is they will start to tweak the 24/50 grid . Gradually move from 50...49..48 until your making 27-32% like the legacy wells fargo investment brokers/hub.
 
Who's "Wells Fargo Investors"? Isn't it "Wells Fargo Advisors"? Is that the bank channel? If not, who's getting the bank referrals you mention in the other post?

henrybar's picture
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Joined: 2009-09-22

When are they going to change the name again(and the commercials)

today1's picture
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Joined: 2008-05-07

wells fargo investments is the wells fargo bank brokerage.  wells fargo advisors are the wachovia/age brokers.  the wfi grid is really low for under 300k producers but whos isnt these days.  you dont hit 36% until you are above 500k.  grid maxes out i think at 39% for 1mill+.  you only have to split when the referral source is 7 licensed.  if they arent licensed you get 100%.  as of 2010 though from what i hear everyone goes to series 6 license so there will be a differnet split on the bank brokerage side.

Redpen's picture
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Joined: 2005-08-07

AGE PCG bank ISG TAD yada yada yada 35 45 percent payout Finet whatever. Merry Christmas!

WFAt's picture
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Joined: 2009-10-15

All i can speak of is from experience. Where im at, the wells fargo has probably 20 brokers...all the trust dept has 7's, including everyone in the bank private client services....also the small business bankers and business bankers have 7's, so unless you want referrals from the tellers...who would you not have to split with??? The biggest accounts coming from the trust dept are always going to split. Also, lets say you want to leave wells at some point and the client has a relationship with both you and the trust officer that referred you.......makes it a lot harder to move the account

go_huskies's picture
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Joined: 2008-12-11

biz bankers with series 7 is a reach at best.
 
we only give credit for referrals. it ain't cheap as the 10% of the gross that you share comes out of your net. so if you're at the 37% grid, you only net 27%, but THAT BIZ IS JUST HANDED TO YOU. 
 
the good news is you don't share in fees/trails after the initial billing.  come month 13, those trails are 100% for the fa.  also, even though it's shared, the rev still hits your grid in full so you get deferred comp and grid creep credit.
 
i guess if you rely on others for you biz, it's not a great deal.  if, however the referrals are gravy, it's a pretty sweet situation.  we still get paid full grid for self generated biz.
 
think about it, if someone would give you 100m in fee based rev, but you'd have to take a haircut on the 1st year, would you take it?...
 

WFAt's picture
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Joined: 2009-10-15

Wells Investment brokers are far from wirehouse brokers. Also, they have a non solicit on bank accounts. So yes i guess if being handed accounts suits you well.....just remeber they own you. and yes im leaving to another wire as i do not feel WFA is still a wire.....do you honestly think that wfa will not lower grids etc.?

WFAt's picture
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Joined: 2009-10-15

Just so you can stop discrediting my posts......here is a cut and paste from a job opening for a wells fargo PERSONAL BANKER...far less than any biz banker..
 
 

Preferred Skills

Bi-lingual in Spanish/English Previous experience in retail sales or the financial industry Previous experience meeting customer satisfaction goals Ability to work a flexible schedule that includes working weekends and some holidays Multilingual speakers are encouraged to apply Series 7 and Series 66 Licenses

NOVA's picture
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Joined: 2005-01-11

True.  And here is another.

 

Preferred Skills

Bi-lingual in Spanish/English Passionate about lending Ability to think Envision is a good tool
Passionate about lendingMultilingual speakers are encouraged to apply for a credit card
Must be able to work in a lobbySeries 7, Series 66, and Class C driver's licenses required 

GnarlyVeteran's picture
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Joined: 2009-01-08

Wells just posted on Infomax that Envision money based on the September snapshop will  now probably not be paid until January. They claim this is an improvement over the current system. While this change may be better for FA's that are just now qualifying for their Envision award for those of us still waiting for our June check its another demoralizing delay. I'm still waiting for some change Wells makes that benefits the FA or is better than the competition.    

Tropic Lightning69's picture
Joined: 2009-09-24

Danny boy, I love you!

WFAnomo's picture
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Joined: 2009-11-26

Danny doesn't call the shots...Stumpf does. And don't you guys forget it. You work for a bank now and they don't want to pay FAs who they think are already overpaid any more than you are already getting! You are now giving up approximately 70% of your gross (don't believe me? pull up your snapshot report) to work for the all-powerful universal bank model. Ticket charges and minimum commissions are taking money right out of your pockets and WFC thinks you are lucky to work for them because they are a financial powerhouse. woohoo.  Now you hang on the hopes of a paltry payout of funds that basically tie you and your clients to the firm for 10 years so they are free to do whatever they want to you and you'll like it? Stumpf is determined to show you what the real world is all about and he is only getting started. Ludeman only hopes Stumpf's arm doesn't go too far up his ass when they are performing their act. He's put in a job application with Jeff Dunham as he seems much more gentle with his puppets.I know for a fact that WFC thinks none of us has the guts to leave and they hold all the cards.  In their opinion we're lucky they "saved us" in the first place.Well....I'm off to a much better place  and I wish my bretheren who still buy in to that load of BS about creating the greatest firm to ever exist the best of luck. 

Buckeye's picture
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Joined: 2009-04-23

Sounds like a lower payout on the first amount gross up to $10k is on the way... !?!!

Gaddock's picture
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Joined: 2007-02-23

Ok it sucks, that's a given repeated again and again.
 
But, beyond going indy, where is it better?
 
Seems to me it sucks everywhere. It's just a degree of suck.

fritz's picture
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Joined: 2006-01-12

Gaddock wrote:Ok it sucks, that's a given repeated again and again.
 
But, beyond going indy, where is it better?
 
Seems to me it sucks everywhere. It's just a degree of suck.[/quote
 
Doesn't the comp plan usually come out earlier than this?  Along with the 25% tax which in our branch has never been discussed, it just seems like things are awfully quiet.

shredder's picture
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Joined: 2007-06-04

if there were to be comp changes, they would have announced them by now.  It's just rumor mill working overtime. 
I think the 25% w/holding is a bigger issue!

fritz's picture
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shredder wrote:if there were to be comp changes, they would have announced them by now.  It's just rumor mill working overtime. 
I think the 25% w/holding is a bigger issue!

Brought up the 25% to a few guys and none even new about it, actually did not believe it until we searched the system to find the old two line notice somewhere.  Think they are just leaving it for everyone to notice it on their own once the checks start coming in next year.  Whole thing is a joke.

CommonSense's picture
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Joined: 2008-10-05

Gaddock wrote:Ok it sucks, that's a given repeated again and again.
 
But, beyond going indy, where is it better?
 
Seems to me it sucks everywhere. It's just a degree of suck.
 
Stifel and RayJay seem like much better options.  Each has thier drawbacks, but at least it doesn't seem like you have to worry about having a company actively work against your success.

Buckeye's picture
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Joined: 2009-04-23

shredder wrote:if there were to be comp changes, they would have announced them by now.  It's just rumor mill working overtime. 
I think the 25% w/holding is a bigger issue!

 
25% witholding, and a lower payout -- a nice kick in the chestnuts, Merry Christmas....
 
At least the forefront issue seems to be behind you.

shredder's picture
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Joined: 2007-06-04

no lower payout, except the haircut on CAAP

Gaddock's picture
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Joined: 2007-02-23

I heard some scuttlebutt from a person I know and trust.
 
The managers are anticipating that net will be 22.5% down from 25% on the first $10k each month.
 
Word is it will be announced in the AM tomorrow.

Bud  Fox's picture
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Joined: 2008-07-20

Our complex MGR said he had the word that the payout was getting cut on the first 10k hurdle. Done deal.  What cuts might be next?  They won't be happy till we make the same as the 35k bank tellers. Well, we do have advisors already in that realm in our office and they need a little push out the door. Over 20 advisors in my office and the top 5 carry the whole office.

fritz's picture
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Joined: 2006-01-12

Asked our BM today point blank about comp and he said there would be no change.  Would find it laughable they announce a cut the next day.

shredder's picture
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Joined: 2007-06-04

I find it hard to believe that they would change the comp this late in the year.  After reading the Reg Rep ratings I can't think that they would really be that stupid.  BOM was locked behind close doors this afternoon, don't know whether it was one of his 9000 conf calls, he was just in a sh*tty mood (more than ususl) or something more dark but, I'll ask.  Gotta think it is just rumor.  Plan B is locked and loaded, just it case.

shredder's picture
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Gaddock wrote:I heard some scuttlebutt from a person I know and trust.
 
The managers are anticipating that net will be 22.5% down from 25% on the first $10k each month.
 
Word is it will be announced in the AM tomorrow.
it's 24% on the first $10k

tdude's picture
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Joined: 2009-02-03

Here is your answer...22% on 1st 10k. Fundsource may get a 10 bp haircut later in 2010. this will be out b4 friday is over.

BE PATIENT's picture
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Joined: 2009-01-16

tdude - you are wrong about fundsource

tdude's picture
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Joined: 2009-02-03

bp...note the word "may" get a haircut.

fritz's picture
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Ferris Bueller wrote: BE PATIENT wrote: tdude - you are wrong about fundsource Hey welcome back sodomite.

Agree with FB.  Also you are a Loser, you are either a liar or the biggest idiot on the board, probably both.

shredder's picture
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tdude wrote:Here is your answer...22% on 1st 10k. Fundsource may get a 10 bp haircut later in 2010. this will be out b4 friday is over.
Did your BOM 'announce ' the comp plan?

BE PATIENT's picture
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Joined: 2009-01-16

Careful who you listen to. Did I really know anything about retention? Did I really move to Morgan Stanley. Maybe I am still totally happy at WFA and just thought I would stir the pot, the pot being a bunch of people trying to decide their and their families future on a chat room.

Magician's picture
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Joined: 2008-05-19

BE PATIENT wrote: Careful who you listen to. Did I really know anything about retention? Did I really move to Morgan Stanley. Maybe I am still totally happy at WFA and just thought I would stir the pot, the pot being a bunch of people trying to decide their and their families future on a chat room.

or maybe you are gay.

Or maybe you are an idiot.

Or maybe you are meletio at the library.

BE PATIENT's picture
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Joined: 2009-01-16

Or maybe I work in the legal department and are wondering why you continue to post on this forum even though you signed something saying you promise not to take part in any online forums

Magician's picture
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BE PATIENT wrote:Or maybe I work in the legal department and are wondering why you continue to post on this forum even though you signed something saying you promise not to take part in any online forumsOr maybe I'm independent and don't really have to worry about what you do in legal with your gay boyfriend.

Tropic Lightning69's picture
Joined: 2009-09-24

Today our BOM told us that WFA compensation package for 2010 will be available next week. And, he said there won't be any real changes, except that Wfa will probably reduce the payout under the 10000 bogie from 24% down to maybe 22%. But, hey, Wachovia originally was going to pay 20%. So, it's no big deal. They did that as a sop to Edwards brokers. On Friday last, I had a legal transfer that asked that I liquidate the portfolio. There were trades with commissions equaling more that $800 that I didn't get paid for. But, hey, no big deal! I'm a short timer with this outfit. So short that I don't have time for a long conversation! But, hey, it's no big deal! 

QB's picture
QB
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Joined: 2009-01-31

Tropic Lightning69 wrote:Today our BOM told us that WFA compensation package for 2010 will be available next week. And, he said there won't be any real changes, except that Wfa will probably reduce the payout under the 10000 bogie from 24% down to maybe 22%. But, hey, Wachovia originally was going to pay 20%. So, it's no big deal. They did that as a sop to Edwards brokers. On Friday last, I had a legal transfer that asked that I liquidate the portfolio. There were trades with commissions equaling more that $800 that I didn't get paid for. But, hey, no big deal! I'm a short timer with this outfit. So short that I don't have time for a long conversation! But, hey, it's no big deal! 

Why did you not get paid on the liquidation?  If it was done in your number, you should have been paid. 

Bud  Fox's picture
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Joined: 2008-07-20

Or maybe Big Pu$$Y is so regretful that he switched firms that he has come back with his tail between his legs and won't admit his stupid mistake of putting on such tight handcuffs.  In all seriousness, I am sure he is doing just fine with his 1mm in t12 production and his 99.9% retention of his 1000's of clients. not. or can he just not log into his Mel account?

CommonSense's picture
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Joined: 2008-10-05

QB wrote:Tropic Lightning69 wrote:Today our BOM told us that WFA compensation package for 2010 will be available next week. And, he said there won't be any real changes, except that Wfa will probably reduce the payout under the 10000 bogie from 24% down to maybe 22%. But, hey, Wachovia originally was going to pay 20%. So, it's no big deal. They did that as a sop to Edwards brokers. On Friday last, I had a legal transfer that asked that I liquidate the portfolio. There were trades with commissions equaling more that $800 that I didn't get paid for. But, hey, no big deal! I'm a short timer with this outfit. So short that I don't have time for a long conversation! But, hey, it's no big deal! 

Why did you not get paid on the liquidation?  If it was done in your number, you should have been paid. 
 
We don't get paid on any equity trade less than $95.  This year, our team has gotten 0% payout on almost $30,000 of gross.  Add that to the haircut we just took with the .25% reduction in CAAP payout and the 1% haircut that the firm is keeping from our annuity payout, we didn't get paid on a little over $100,000 gross.  That's ok.  We would just have to pay more taxes...  It's not big deal.

BE PATIENT's picture
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Joined: 2009-01-16

Bud, funny thing is I still work for Wells. Pretty fun messin with you guys though.

Bud  Fox's picture
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Joined: 2008-07-20

So it should be Big Poser then?   I hope you got your Foreskin $$$......  You can give this firm the next ten years of your life while they continually cut your pay and take things away from you.

Tropic Lightning69's picture
Joined: 2009-09-24

All of those trades were under $95. The trades in many instances were in the area of $68 or $73 and so on. A branch manager of another office told me that the regional manager told him that the firm made $26 million over the last year on trades under $95. Then the cheap bastards charge accounts under 250m a $60 per year fee. In my case those fees amounted to over $60,000. Seeing that the accounts were mine before Wachovia bought Edwards, I think that if they are going to do that then they can share some of that with me.  Instead, they find ways not to pay us. The retention bonus that the Edwards guys got in 2007 was a curse. They mean to get that money back by squeezing the brokers. That is why the envision award is a crock. Envision is a tracking tool, not  the second coming! Like I said earlier though, it doesn't matter because I am on my way out. I am going elsewhere, and I should be there next month.    

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