What will a WFC/WB retention package look like?
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apparently, this is Danny’s “best practices”…adopting Wachovia paygrid.
At the managers meeting sometime in June 07, all this was brought up by pissed off managers including the moneymarket and they said they were going with the best ideas of the two firms. I miss some people in STL HQ, but my FC friends are bolting, and fast.Not to sour the mood around here, but ISG is on a totally different grid. 500K is at the 38% from penny one each month, and the grid is retroactive for the year. You normally start the grid 2 grid levels back from where you finished the previous year (next year may be even more as it will be difficult to duplicate this years production). It will be curious to see if there is a universal grid that we all work under.
Also, there are about 1400 ISG guys, and I would wager that the average ISG production is higher than AGE brokers (in my group, ave production for an 8 year LOS is probably 800K). Not trying to ignite a fight, simply a better referral source. We also never got any retention bonus for the AGE merger (we never expected one). A concern has to be that since we are being bought by a bank, and AGE and WS (PCG) have already gotten some retention bonuses, and the ISG platform is more profitable, that any retention package in the future will be based on the numbers of ISG. You AGE guys are still on the hook for the last package you got, I would find it hard to believe that they will let you guys "double-dip" regardless of whethere or not you deserve it. Just trying to be realistic here. I also realize that BAI got a lesser retention package int he Merrill deal, but that is because they were the aquiring Firm.I seriously doubt that the management would mentioned that the retention for WS/Legacy AGE is on the works and not offer one.
That will make the fee based folks SO happy about the change this spring to pay out fees on a monthly basis rather than a quarterly basis. Now more of the fees will hit at the 20% level rather than the 50%. Sweet. Wonder how much that alone will cost fee based folks?
The monthly payout vs. quarterly started this March, ‘08. I am 80% advisory and I saw no difference in my pay. However, because we are still on the AGE fiscal year till Feb 09, I did lose 1/3rd of my Quarterly trails. Normally I wouldn't care, but given this market and its effects on my reoccurring revenue, it may end up being the difference between getting to Crest Club or not!
Additionally, I ran the numbers on the WB grid. Breakeven, after the AGE bonus at $300K, is somewhere around $330K...
Wow! WB finally announced the “new” AGE pay grid, and it just happens to be WB’s existing pay grid? Amazing! Who would have guessed it?! Now that you’ve been slow-fed that line of shit for a year and a half, (and swallowed every mouthfull) WB has gone insolvent and sold you out…again…before the AGE deal is even formally completed??? No problem, right? There’ll be another “Retention Package” and the new, new grid at Wells will just great, too, right??? You legacy AGE guys who are still posting here are 1) Lazy, 2) Scared, 3) Just Loser Employees, not Real Businesspeople or all three. That goes in spades for the huge bullshitters like Ferris, who is a liar to boot. Either you are lying about your production or about being guided by some type of inherent “integrity” of your firm and it being in both your and your clients’ best interest to stay put, or, most likely, both.
YHWY,
Can you tell us how you really feel about AGE guys still clinging on. What is wrong with the WB pay grid, last time I looked at it, it was very very competitive for the 400k++ producer? Unfortunately by the time Wells finishes with it, it may not even be close to competitive.The only thing I am pissed about is the fact it took so long to get WB's pay grid. I was hoping in this case that "best practices" meant the WB way as it has in every previous case. Thanks for caring.Wow! WB finally announced the “new” AGE pay grid, and it just happens to be WB’s existing pay grid? Amazing! Who would have guessed it?! Now that you’ve been slow-fed that line of shit for a year and a half, (and swallowed every mouthfull) WB has gone insolvent and sold you out…again…before the AGE deal is even formally completed??? No problem, right? There’ll be another “Retention Package” and the new, new grid at Wells will just great, too, right??? You legacy AGE guys who are still posting here are 1) Lazy, 2) Scared, 3) Just Loser Employees, not Real Businesspeople or all three. That goes in spades for the huge bullshitters like Ferris, who is a liar to boot. Either you are lying about your production or about being guided by some type of inherent “integrity” of your firm and it being in both your and your clients’ best interest to stay put, or, most likely, both.
YHWY, you hit it the nail on the head. Great post.
I'm sorry for my former AGE buddies, but even a lot of those guys with good production are just not true business owners. Its the same reason the majority of the ML guys will stand still thru whatever BAC spoon feeds them. We have too many salespeople in this industry looking for the easy buck.
[quote=GoingIndy???]
YHWY, you hit it the nail on the head. Great post.
I'm sorry for my former AGE buddies, but even a lot of those guys with good production are just not true business owners. Its the same reason the majority of the ML guys will stand still thru whatever BAC spoon feeds them. We have too many salespeople in this industry looking for the easy buck.
[/quote] YHWY (Hershey Hwy) and G-Indy... In the words of Dice Clay, "Blow me!" Just b/c I like coming in and turning on the lights, picking up the phone and working for MY CLIENTS does not mean I am lazy or not a true "businessman" like you. I am comfortable doing what I do, I don't need your approval to continue doing what has been EXTREMELY successful for the past 18 yrs. I will continue to do due diligence just like everyone at AGE I know is doing. I am glad you enjoy your indy world, respect ours. Maybe at some point we go that route, maybe not. Maybe we go to another firm, maybe not. I'll do what is in my clients best interest first, followed by what is in my family's best interest. YHWY - glad to see you are still able to crawl out from under that damp, dark rock you hibernate under. I think in the 204 post you have "contributed", not a single one has been w/o your special kind of venom. "Fat, dumb and stupid is no way to go thru life son." I'd add bitter too....do you still cling to your guns and religion also?As an RIA I am still with shredder on this. Independence has many advantages, but it’s not without disadvantages and it certainly is not the best choice for everyone. And as much as I value my independence, harping about being “true business owners” is silly. I can think of plenty “true business owners” in various industries who would kill for the freedom and income generating potential that most reps enjoy even in a wirehouse.
What’s the point of beating a dead horse? It’s all relative.
I’m just pointing out that even in the wire/regional world there are guys/gals that should be in the biz, while others should not. Some are business owners, others are salespeople. Look around your own office and I’m sure you can point out some that shouldn’t be there. Even worse there are others at other companies that give us all a bad name that are all about the quick buck or jamming some annuity down a clients throat the last few days of the production month. These aren’t true business owners in it for the long term. It goes for some of the indy’s too, but they are taking more risk for themselves, their family and juggling more responsibilities, that’s all.
I just found out that the new grid is not exactly the same as the current Wachovia grid. It isn’t even close. It is much better. Do any of you ever tell the truth in these forums? I guess you just try to get as many people as you can to jump ship. Why would anyone leave now. If you have been hanging around this long you may as well stick it out and be happy you will be working for the premier firm in the industry. Wells Fargo!! Hopefully they change the name to Wells.
[quote=Gaddock]Well, I’m with AGE. Today our office started answering the phones as AGE again (I purged my office of every and anything that has anything with WB on it.).[/quote]
Was this change away from WB back to AGE based on a corporate directive or did your branch just “go rogue”?
[quote=Morphius] [quote=Gaddock]Well, I’m with AGE. Today our office started answering the phones as AGE again (I purged my office of every and anything that has anything with WB on it.).[/quote]
Was this change away from WB back to AGE based on a corporate directive or did your branch just “go rogue”?
[/quote]
What is the new grid !?!? I would think mgt would want to move forward and put the WS name in the past.I just found out that the new grid is not exactly the same as the current Wachovia grid. It isn’t even close. It is much better. Do any of you ever tell the truth in these forums? I guess you just try to get as many people as you can to jump ship. Why would anyone leave now. If you have been hanging around this long you may as well stick it out and be happy you will be working for the premier firm in the industry. Wells Fargo!! Hopefully they change the name to Wells.
I understand the reasons and logical advantages to using the AGE name rather than the WB name. But of course anyone in this industry any length of time knows that what makes sense and what is allowed from a compliance standpoint are often two very different things. Certainly the name of the firm you are representing is among those things.
What I am curious about is if there was a ‘compliance approved’ decision to use the AGE name. Apparently not, or I presume that would be pretty big news.
If that’s the case, Gaddock, please tread carefully. The best intentions are of little help if things ‘get legal’ on you, and if your BOM is already down the creek.
Good call. What is logical and the decisions made by those not close to the clients don't always go hand in hand. Let's hope the people in charge have foresight and learn from past mistakes. In hindsight it may end up being a blessing that AGE/WS merger didn't go with AGE name to begin with becuase they would have soiled it. To most that name is still respected by clients and the industry, and if they wanted, they could use it again imo. 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.I understand the reasons and logical advantages to using the AGE name rather than the WB name. But of course anyone in this industry any length of time knows that what makes sense and what is allowed from a compliance standpoint are often two very different things. Certainly the name of the firm you are representing is among those things.
What I am curious about is if there was a ‘compliance approved’ decision to use the AGE name. Apparently not, or I presume that would be pretty big news.
If that’s the case, Gaddock, please tread carefully. The best intentions are of little help if things ‘get legal’ on you, and if your BOM is already down the creek.