What will a WFC/WB retention package look like?
433 RepliesJump to last post
[quote=Go_Long]
And I too can't see a branch autonomously deciding to change their name back to AGE without big brother's approval. Got balls if you did, but big balls make for a big target.[/quote]
Who's going to complain? If somebody in authority were to call there and the phone was answered AG Edwards what would happen is the person in authority who was calling would tell the manager that the girl answering the phone said AGE and the manager would say, "Damn I guess her mind must have wandered, I'll talk to her" and the entire deal would go away.
Other manager types would smile and think, "I like that" and not say a thing about it.
AG Edwards is a name that should not be allowed to die.
AGE Broker5 You say you know what the new grid is, how about sharing with the rst of us AGE brokers.
Ask your manager when he gets back. It will be out in writting Monday so I’m told.
Pretty much, non training grid, 24% first 10K 50% second 10K. The catch will be ticket charges that come out of you net not grosse. For a trainee it's much better. At the end of the year you'll get 35% for the year if you didn't get that through the year. So say the scamps around the water cooler.I have been hearing through the grape vine we will hear something in the next 2 weeks.
Gaddock is correct: 24% first $10k, 50% thereafter. There is some confusions as to ticket charges....I have heard no ticket charges but then ticket charges if you discount...don't know what % or if there is a floor/ceiling. The name is either AGE or Wells Fargo Investments/Securities...I heard an interesting comment that most AGE reg. mgrs did not want to go back to AGE and wanted to move on, the WS reg. mgrs wanted the AGE name.....Would have made life alot easier if we had just kept the name I don't know if I truly believe that WFC will leave that up to Danny....that sounds too much like spin. Retention is "weeks away"...whatever that means.
Let the AGE name die gracefully.
I can't tell you how many times I heard complaints from peers that their prospects thought they were from "Edward D Jones" not "AG Edwards".[quote=Broker Fee]Let the AGE name die gracefully.
I can't tell you how many times I heard complaints from peers that their prospects thought they were from "Edward D Jones" not "AG Edwards".[/quote] I hate to admit it but I agree...been there, done that. As much as I would like it, it's not the same.Just a quick observation on all the people that I read who are down on Danny Ludeman and Wachovia, there seem to be quite a few. I respectfully think you’re crazy. And I really get sick of these negative people who just complain and complain and offer no positive alternatives. I think its the recruiters calling daily like the voice of doom trying to suck you into moving. At Wachovia Danny Ludeman made sure everyone had a chance to meet him, he’s never hidden from questions, and the payout is right up there, probably the best on the street. If it is not enough for you, you can go Finet - you can go Profit Formula - whatever you want. No pressure! What other major firm even comes close to offering that? And, was the securities side responsible for World Savings? I thought it was the bank. Besides that, for those of you complaining about the uncertainty in ownership and the eventual takeover by Wells Fargo, what other securities firm hasn’t felt the heat in this terrible market. And, how bad is Wells Fargo? I’d say it’s not bad at all. I think its solid. Would you rather BankAmerica or Citigroup? Back to my point, I’ve been around to a couple of other firms and if I tried to shake hands with the CEO security would have jumped me! Ludeman had us down to his house for dinner and introduced his family. What do you people want? Not to mention for just sitting here I’ve received tens of thousands in bonuses and now we are apparently getting more? If ticket charges go down and the under 10K percentage payout goes up, this will be the highest payout wire house on the street, a big firm, a big name, and big advertising - what on earth is the problem? And I would suggest that, in this nauseating market, big is better. As an example, how are some independents going to find the money to pay up for the Auction Rate Preferreds? I’d assume they don’t have it so the clients might be stuck. And, as has been the case, I assume the retention package Wachovia offers will be more than fair - when hasn’t it been in the past? The payout will also be strong, in our case it has to be because Wachovia offers open alternatives of Finet and Profit Formula. The wirehouse payout has to stay competitive with those options or brokers will simply switch. For those of you complaining, show me a big three wirehouse that offers a better payout and the Finet or Profit Formula alternative. Show me an independent firm that will back you up on stuff like auction rate preferreds and spend hundreds of millions in advertising. If you can’t - stop buying in to all the negativity and finally… stop your whining.
my general sense is that legacy AGE people are a more upset with bagby than Danny. Danny is a nice, warm person who just happens to use a business model very different from AGE. Their claim that they have the most similar culture is true, but everything is relative. MER, MS, UBS etc are even more different. The frustration is that we were told we HAD to sell out to a bank or AGE would die some horrible death. 2 points - 1. look at the firms who did not sell to a bank, Rayjay, SF. they are growing rapidly. 2. Wachovia bought AGE and its no debt business model right before everything hit the fan. They couldn't have bought the company 6 months later. Final point, nothing can be done now. AGE is gone.Just a quick observation on all the people that I read who are down on Danny Ludeman and Wachovia, there seem to be quite a few. I respectfully think you’re crazy. And I really get sick of these negative people who just complain and complain and offer no positive alternatives. I think its the recruiters calling daily like the voice of doom trying to suck you into moving. At Wachovia Danny Ludeman made sure everyone had a chance to meet him, he’s never hidden from questions, and the payout is right up there, probably the best on the street. If it is not enough for you, you can go Finet - you can go Profit Formula - whatever you want. No pressure! What other major firm even comes close to offering that? And, was the securities side responsible for World Savings? I thought it was the bank. Besides that, for those of you complaining about the uncertainty in ownership and the eventual takeover by Wells Fargo, what other securities firm hasn’t felt the heat in this terrible market. And, how bad is Wells Fargo? I’d say it’s not bad at all. I think its solid. Would you rather BankAmerica or Citigroup? Back to my point, I’ve been around to a couple of other firms and if I tried to shake hands with the CEO security would have jumped me! Ludeman had us down to his house for dinner and introduced his family. What do you people want? Not to mention for just sitting here I’ve received tens of thousands in bonuses and now we are apparently getting more? If ticket charges go down and the under 10K percentage payout goes up, this will be the highest payout wire house on the street, a big firm, a big name, and big advertising - what on earth is the problem? And I would suggest that, in this nauseating market, big is better. As an example, how are some independents going to find the money to pay up for the Auction Rate Preferreds? I’d assume they don’t have it so the clients might be stuck. And, as has been the case, I assume the retention package Wachovia offers will be more than fair - when hasn’t it been in the past? The payout will also be strong, in our case it has to be because Wachovia offers open alternatives of Finet and Profit Formula. The wirehouse payout has to stay competitive with those options or brokers will simply switch. For those of you complaining, show me a big three wirehouse that offers a better payout and the Finet or Profit Formula alternative. Show me an independent firm that will back you up on stuff like auction rate preferreds and spend hundreds of millions in advertising. If you can’t - stop buying in to all the negativity and finally… stop your whining.
I totally agree with you sell high. I was a 13 year AGE vet. I personally can't see why everyone is so negative. Yes it would have been nice to have never been bought but we were. I can't even imagine how many accounts I would have taken from our local Wachovia office. We can't change the past. So move on. We are all going to be glad we stuck around. Wachovia has done everything they said they were going to do so far. They met us in the middle on just about every front just like they said. We even get to keep are AGE 401k. Great every fund is down 40% just like everyone else. Yes we all can agree that the Golden West purchase was a goof. Does that mean Wachovia is the evil empire? I don't think so. They are a firm that is a mix of several great companies. Prudential, A.G. Edwards, and now Wells Fargo. What is so bad about that? Take a look at the Grid at Merrill, Smith Barney, and others. If you like an average of 25 to 30% payout then leave. You can make a 40% payout under the new Wachovia plan by only making 26K a month. If you aren't making at least that you should be working at Wal Mart. Come on people wake up. You can't control what has already happened. You can only control what you do next. I suggest you sit tight and enjoy another retention bonus. I plan too. Yes danny say's UMM a lot. It drives me nuts too. I have been saying UMM a bunch too when the market is up 250 and 3:57 and closes down a 100 3 min. later. Good day!
Wow the angst here is surprising. So what is it exactly that Wachovia Securities did that was so wrong AGE brokers? They didn’t purchase nor were they even consulted with about Golden West. If you want to leave leave because you are concerned about the cultural changes coming or leave because you dont want to go through the transition of another firm. Leave because you do not want to experience the pain of systems failure when the system load is doubled in February. Leave because you dont want to go through the problems created by the transition that will effect your clients.
You leave because you feel that you can not conduct your business or that the direction of the firm is in opposition of how you serve your clients. You leave because you are tired of the “firm” putting its name in the press for things it shouldn’t be doing.
BukiRob2:
With all due respect (uh oh look out). If you don't know what has been wrong since AGE/WS merged you either are not a legacy AGE advisor, do not work at the firm, or do and live in a cave. Read the forums a bit and you can find plenty of specific, legit, examples of the issues. Issues that effected your business AND clients. That said I don't believe many of those issue can't be corrected but to deny there haven't been problems just isn't reality.I am with ISG. We had a meeting Wednesday night and Wachovia Securities Top Dogs are in the process of finishing up a “PROPOSAL” to the Wells Fargo Top Dogs. They said it would be 2 to 4 weeks before anything is announced.
Sell High, you may be right on a few things, but one point you should reconsider is the openess to move to finet. They paid for a brokerage unit and I know guys between 800-1.3Mill in production that were told no. I was low level presidents and also told no. These are the facts of the case and they are undisputed.
[quote=Go_Long] BukiRob2:
With all due respect (uh oh look out). If you don’t know what has been wrong since AGE/WS merged you either are not a legacy AGE advisor, do not work at the firm, or do and live in a cave. Read the forums a bit and you can find plenty of specific, legit, examples of the issues. Issues that effected your business AND clients.
That said I don’t believe many of those issue can’t be corrected but to deny there haven’t been problems just isn’t reality.
[/quote]
Since I am a legacy Prudential Employee I DO know what I am talking about. Frankly, the MAJORITY of AGE brokers are low end producers who have very few options. Wachovia at the lower end of production is the highest paying major firm and its not even close.
WS not the problem and if you think otherwise then frankly you have zero clue. The BANK caused the problems the firm has NOT the brokerage. Move if you want but stop bull shyating yourself
I am with ISG. We had a meeting Wednesday night and Wachovia Securities Top Dogs are in the process of finishing up a “PROPOSAL” to the Wells Fargo Top Dogs. They said it would be 2 to 4 weeks before anything is announced.
End of November is what my mgr told me today. WS accounted for over 30% of the banks earnings. I cant see them wanting to kill the golden goose. With deals at 200% and higher for Advisory based practices Wells is going to have to make a really strong deal or face the very strong likelihood that the regretted attrition will be unacceptably high
Sell High, you may be right on a few things, but one point you should reconsider is the openess to move to finet. They paid for a brokerage unit and I know guys between 800-1.3Mill in production that were told no. I was low level presidents and also told no. These are the facts of the case and they are undisputed.
I think you must be talking about Profit Formula. I personally know of at least 4 brokers in my city that have gone to Finet and not one of them was doing more than 600K