500 or bust?
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Nuff said.
wow another rumor. I think we are up to the 1000th rumor in 2 months. I heard from my mother who has a friend who works for budweiser who has a nephew who works for wells fargo mortgage who know the CFO who just spoke to CEO said that there will be no retentiion. LOL
I am pretty sure we won’t hear about it this year. If there is a deal, how could they use any TT numbers other than year end 2008. I am sticking with ML package for WB and step up in deferred for AGE. I hope this thread can turn into one full of movie quotes.
"silver is down, than call the lone ranger" "gambling is illegal at Bushwood and I never slice" "gungagalunga"Here is a movie quote for you. The Jerk - 1979 with Steve Martin. Navin R. Johnson: Well I'm gonna to go then. And I don't need any of this. I don't need this stuff, and I don't need you. I don't need anything except this.It’s been a while. Rumor has it there will be NO deal…
[picks up an ashtray]
Navin R. Johnson: And that's it and that's the only thing I need, is this. I don't need this or this. Just this ashtray. And this paddle game, the ashtray and the paddle game and that's all I need. And this remote control. The ashtray, the paddle game, and the remote control, and that's all I need. And these matches. The ashtray, and these matches, and the remote control and the paddle ball. And this lamp. The ashtray, this paddle game and the remote control and the lamp and that's all I need. And that's all I need too. I don't need one other thing, not one - I need this. The paddle game, and the chair, and the remote control, and the matches, for sure. And this. And that's all I need. The ashtray, the remote control, the paddle game, this magazine and the chair.
[walking outside]
Navin R. Johnson: And I don't need one other thing, except my dog.
[dog barks]
Navin R. Johnson: I don't need my dog.
Just watch, Jan will then run into Feb with no news. I guess these guys figure if they just wait and say and do nothing everyone will just forget about it and their problem will quietly go away. How many weeks has it been ? 12? I lost count.
Today I received a reply via email responding to my WIN online question asking Danny (during the conference call) when the retention will be anounced. The email was suprisingly detailed in that it said that 1. there will be a retention, 2. that I am not alone and that many FAs are concerned about retention, and 3. the decision and announcement on retention is now a main priority and will be announced soon. The email explained that there were other things that they wanted to get out of the way first. Namely, shareholder vote and naming of danny as CEO. Could all be jibberish. May be that the firm just wants to use calendar year 2008 production to determine retention. On the bright side, can't see how we wouldn't get a retention based upon the nature of the email. Thought you all might want to know.It’s been a while. Rumor has it there will be NO deal…
Today I received a reply via email responding to my WIN online question asking Danny (during the conference call) when the retention will be anounced. The email was suprisingly detailed in that it said that 1. there will be a retention, 2. that I am not alone and that many FAs are concerned about retention, and 3. the decision and announcement on retention is now a main priority and will be announced soon. The email explained that there were other things that they wanted to get out of the way first. Namely, shareholder vote and naming of danny as CEO. Could all be jibberish. May be that the firm just wants to use calendar year 2008 production to determine retention. On the bright side, can't see how we wouldn't get a retention based upon the nature of the email. Thought you all might want to know. [/quote] From what I hear not Danny's fault, he has submitted retention proposals twice. Problem is WFC does not want to pay any..maybe they will give in, but think if more than 1 week of silence ,you have your answer as to who won.[quote=whalehunter]It’s been a while. Rumor has it there will be NO deal…
A main priority??
Why couldn’t they just communicate with us? If we did that to our clients, we’d be out of business.
To quote: “Tell them what you’re going to tell them. Then tell them. Then tell them what you
Told them!”
After the push for FA’s to go to managed money (where the money managers the advisors can use don’t go to cash) in the worst market most of us have ever seen – they would be unwise to use calender yr 2008 that as the watermark for retention imho (unless they want unahappy FA’s). It would be seen as being cheap and reinforce how many reps already feel about banks nickle and dime clients and FA’s.
they would be unwise to use calender yr 2008 that as the watermark for retention imho (unless they want unahappy FA’s)
I would say use 1999 or 2000..those were my best years. Are you serious about them not wanting unhappy FA's..I read some stuff on here that makes me wonder how stupid people are. If they wanted to make you happy they would raise the grid every year, give you a 2% bump up every time you hit a 50K milestone, give you 100% payout during December to help with gift buying etc etc.If you can't figure out how to go to cash in the firms managed money programs, you have need to stop using managed money. If you go to another firm on Monday, they will use your 2008 TTM. Why should WFC do anything different? There are many advisors who increased there TTM this year. The retention will come when it comes. Call your clients.After the push for FA’s to go to managed money (where the money managers the advisors can use don’t go to cash) in the worst market most of us have ever seen – they would be unwise to use calender yr 2008 that as the watermark for retention imho (unless they want unahappy FA’s). It would be seen as being cheap and reinforce how many reps already feel about banks nickle and dime clients and FA’s.
Sam you miss the point. The managed accounts got wacked too.
PS I do my call my clients, and yours too. LOLGo_Long
No offense meant, but your reply to Sam conflicts with itself.
Are you saying that you dont want to do managed money because they dont go to cash to protect clients when necessary? But that you dont take assets out of money to protect clients because you would lose gross??>>??
A little confusing.
I’m not a fan of managed money for the reason you suggest. At least not using outside managers. I do managed money with me as the manager.
The point about the recruiting firms making offers based on 2008 T-12 is a good one.
I dont understand all the debate about whether the firm cares if you are happy or not. Of course they dont. I am not with Wach, but i am with a wire. And they are all the same. The world as we once knew it doesnt exist anymore. And never will. The handwriting is on the wall. The wires are all now banks. And they absolutely dont care about the FA’s. All they care about is the ledger, the score, the gross.
In 5 years, you wont be able to stay at a wire if you dont do 700k. You will have to either go indie or get out of the biz. The wires want to use the 80/20 rule to their advantage. 80% of their gross comes from 20% of their FA’s. They want less FA’s aka less overhead, with more business.
So i dont understand all the debate about whether they care. Of course they dont.
fee based brokers probably not sharp enough to even know how far down they are..Unless the market rallys 2000 points tomorrow, Jan will be a rude awakening. Than they can multiply that figure by 4 and they will realize they have lost 35% of their gross. And then when the market breaks down under 8000 and goes down to 6500 or 7000 next year or 2010 the power flush will be the brokers leaving out the back door and looking for another gig (me included).
It is always very important to have hope. Hopefully, in addition to “hope” you can additionally hope for change.
I am told that there will be retention and it will be anounced soon. However, I have learned in the past 18 months that I do not need to believe all that I am told. (I used to do that). As an AGE guy where we did not ever even pay front money it will suprise me if we are paid for our business again after having been paid in 2007. Guess after the huge wealth destruction of the WB situation it will be nice but I do not see it as a good business decision any more than I see the deals as being good business for the buying firms. Never have.
I am concerned about the paperwork that will come along with the retention deal. The AGE retention did not have any non compete. I think a new deal will be less friendly that way. Lots of AGE folks have money earned by February and paid in March and will not leave before then. I expect it will be sign or bolt sometime before those payments are due so should see retention news very soon.