WFA compensation changes?
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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.
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.
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
[quote=BE PATIENT]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[/quote]
Or maybe I’m independent and don’t really have to worry about what you do in legal with your gay boyfriend.
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.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!
Or maybe Big Pu$$Y is so regretful that he switched firms that he has come back with his tail between his legs and won’t admit his stupid mistake of putting on such tight handcuffs. In all seriousness, I am sure he is doing just fine with his 1mm in t12 production and his 99.9% retention of his 1000’s of clients. not. or can he just not log into his Mel account?
Why did you not get paid on the liquidation? If it was done in your number, you should have been paid. [/quote] We don't get paid on any equity trade less than $95. This year, our team has gotten 0% payout on almost $30,000 of gross. Add that to the haircut we just took with the .25% reduction in CAAP payout and the 1% haircut that the firm is keeping from our annuity payout, we didn't get paid on a little over $100,000 gross. That's ok. We would just have to pay more taxes... It's not big deal.[quote=Tropic Lightning69]Today our BOM told us that WFA compensation package for 2010 will be available next week. And, he said there won’t be any real changes, except that Wfa will probably reduce the payout under the 10000 bogie from 24% down to maybe 22%. But, hey, Wachovia originally was going to pay 20%. So, it’s no big deal. They did that as a sop to Edwards brokers. On Friday last, I had a legal transfer that asked that I liquidate the portfolio. There were trades with commissions equaling more that $800 that I didn’t get paid for. But, hey, no big deal! I’m a short timer with this outfit. So short that I don’t have time for a long conversation! But, hey, it’s no big deal!
Bud, funny thing is I still work for Wells. Pretty fun messin with you guys though.
So it should be Big Poser then? I hope you got your Foreskin $$$… You can give this firm the next ten years of your life while they continually cut your pay and take things away from you.
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.
Good Luck to you Tropic. Good thing you did not get blinded by the FORESKIN $$$ as many pups here did. This place is becoming an insult to work for with all of the DOWNTICKS they are pushing on us…
Tuesday at 1:00pm est. Be there. Everone will hear how much more the brokers lose at WFA. Some managers already know but have not spilled the beans. If the cat was out of the bag it would have been posted and has not been as of yet. There will be many of you guys in between a rock and a hard place because your pay is dropping and you don’t have the money to pay back the first retention if you leave and no firm will pay you much up front because of your low t-12. Many wannabe advisors will be looking for a new career…
Its already been posted on here and it is accurate, not any real drama..minor drop on the first 10K, rest is the same.Tuesday at 1:00pm est. Be there. Everone will hear how much more the brokers lose at WFA. Some managers already know but have not spilled the beans. If the cat was out of the bag it would have been posted and has not been as of yet. There will be many of you guys in between a rock and a hard place because your pay is dropping and you don’t have the money to pay back the first retention if you leave and no firm will pay you much up front because of your low t-12. Many wannabe advisors will be looking for a new career…
Bud, funny thing is I still work for Wells. Pretty fun messin with you guys though.
I do not think he left WS.
He story did not make sense at the time. Talking about waiting for retention
then boom, Im at MS. 2 mm in hand team rockin
knew too much about wfa later on
kind of stupid, really. u got issues tool
If WFA was trying to screw brokers they would and most likely will be tweaking over the hurdle. Lets think about it. a 2% haircut from 24 to 22 gets them and extra 200 per broker…wow! or if they tweak 50 to 48 it is major. guy doing 40 gross a month on 24/50 makes 17,400 on 22/50 he makes 17,200…on 24/48 he makes 16,800…and WFA makes even more the more the production, bank mentality or as they call them “stores”
It definitely adds up to serious money..I can already hear it, "only 2%"...blah blah, thats 2400 per year, which is a lot no matter how you slice it per year. Then if anything at the other end its even more. This business is a joke, once in awhile I forget it, but then reminders pop up all the time. "Tweaking grids" for what real reason, these firms have made it more difficult for brokers to prosper, not help. I had more people than even pissed off over the annual fee this year, think 8-9 transferred out, for me only one did any business that really mattered, but still had about 2 million in assets go out, all I could say was "I dont blame you.".If WFA was trying to screw brokers they would and most likely will be tweaking over the hurdle. Lets think about it. a 2% haircut from 24 to 22 gets them and extra 200 per broker…wow! or if they tweak 50 to 48 it is major. guy doing 40 gross a month on 24/50 makes 17,400 on 22/50 he makes 17,200…on 24/48 he makes 16,800…and WFA makes even more the more the production, bank mentality or as they call them “stores”
It definitely adds up to serious money..I can already hear it, "only 2%"...blah blah, thats 2400 per year, which is a lot no matter how you slice it per year. Then if anything at the other end its even more. This business is a joke, once in awhile I forget it, but then reminders pop up all the time. "Tweaking grids" for what real reason, these firms have made it more difficult for brokers to prosper, not help. I had more people than even pissed off over the annual fee this year, think 8-9 transferred out, for me only one did any business that really mattered, but still had about 2 million in assets go out, all I could say was "I dont blame you.".[/quote][quote=WFAt]If WFA was trying to screw brokers they would and most likely will be tweaking over the hurdle. Lets think about it. a 2% haircut from 24 to 22 gets them and extra 200 per broker…wow! or if they tweak 50 to 48 it is major. guy doing 40 gross a month on 24/50 makes 17,400 on 22/50 he makes 17,200…on 24/48 he makes 16,800…and WFA makes even more the more the production, bank mentality or as they call them “stores”
Why didn't you use your FA discretion pot to cover the fees? Could have looked like a hero!
Oh thts right would rather bitch and moan!!
It definitely adds up to serious money..I can already hear it, "only 2%"...blah blah, thats 2400 per year, which is a lot no matter how you slice it per year. Then if anything at the other end its even more. This business is a joke, once in awhile I forget it, but then reminders pop up all the time. "Tweaking grids" for what real reason, these firms have made it more difficult for brokers to prosper, not help. I had more people than even pissed off over the annual fee this year, think 8-9 transferred out, for me only one did any business that really mattered, but still had about 2 million in assets go out, all I could say was "I dont blame you.".[/quote][quote=fritz][quote=WFAt]If WFA was trying to screw brokers they would and most likely will be tweaking over the hurdle. Lets think about it. a 2% haircut from 24 to 22 gets them and extra 200 per broker…wow! or if they tweak 50 to 48 it is major. guy doing 40 gross a month on 24/50 makes 17,400 on 22/50 he makes 17,200…on 24/48 he makes 16,800…and WFA makes even more the more the production, bank mentality or as they call them “stores”
Why didn't you use your FA discretion pot to cover the fees? Could have looked like a hero!
Oh thts right would rather bitch and moan!!
[/quote] You mean the pot that let us cover 10% of the fees?
It definitely adds up to serious money..I can already hear it, "only 2%"...blah blah, thats 2400 per year, which is a lot no matter how you slice it per year. Then if anything at the other end its even more. This business is a joke, once in awhile I forget it, but then reminders pop up all the time. "Tweaking grids" for what real reason, these firms have made it more difficult for brokers to prosper, not help. I had more people than even pissed off over the annual fee this year, think 8-9 transferred out, for me only one did any business that really mattered, but still had about 2 million in assets go out, all I could say was "I dont blame you.".[/quote][quote=fritz][quote=WFAt]If WFA was trying to screw brokers they would and most likely will be tweaking over the hurdle. Lets think about it. a 2% haircut from 24 to 22 gets them and extra 200 per broker…wow! or if they tweak 50 to 48 it is major. guy doing 40 gross a month on 24/50 makes 17,400 on 22/50 he makes 17,200…on 24/48 he makes 16,800…and WFA makes even more the more the production, bank mentality or as they call them “stores”
Why didn't you use your FA discretion pot to cover the fees? Could have looked like a hero!
Oh thts right would rather bitch and moan!!
[/quote] Are you talking about the 647.00? That went real far, covered a few at 125.00, and some 60's I think? Thanks for the tip though, I thought of that already.