500 or bust?
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The worst part of this is I have appointments all day Friday, I will have to miss the call. Bad news plays out better on a replay. I suggest we review all the posts on this thread after Friday and give an award to the post that was the closest, the most inaccurate and the most creative.
Very doubtful it will be upfront but assured I "will like it
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Better be upfront cause that the only way anyone will like it.
[quote=YHWY] I sincerely hope all you guys who have endured the past year and a half or so, especially from the AGE channel, get an offer that makes up for some or most of the sh*t you’ve put up with trying to defend your firm both to your clients and to yourselves. If you don’t get such an offer (whether it’s this Friday or on a later call), I hope that you’re willing and able to get to a firm that treats you like you deserve to be treated.
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whatever. you’ve been rooting against us since the merger was announced.
Be Patient…its sounding like you are correct about Fri announce. I sure as hell hope your numbers are correct as well, cause this BS of nickel and diming us with increased payouts is a crock of shit. We need upfront $$. Anything less and BYE BYE. Frigging production will be down huge this year and these guys want to take advantage of that?
we’ve all endured the crap - its not just legacy AGE, legacy WS PCG, PF, ISG or Finet. I am pulling for all of us.
Anyone know what time the call is supposed to occur??Ferris,
If you were referring to the AGE/WB “merger”, then, yes, I was “rooting against” it in that I left the firm because of it. If you meant the WB/C “merger”, I never had time to form an opinion. If you mean the WB/WFC “merger”, then you’re right in that I’ve “rooted againt” folks who aggressively, angrily defended it here. You used to be a whitty, funny, insightful guy, now you just seem angry. I hope you get what you’re looking for.
Be Patient already posted tonight there will be nothing upfront. Page 212 I think.Be Patient…its sounding like you are correct about Fri announce. I sure as hell hope your numbers are correct as well, cause this BS of nickel and diming us with increased payouts is a crock of shit. We need upfront $$. Anything less and BYE BYE. Frigging production will be down huge this year and these guys want to take advantage of that?
Was confirmed to me less than an hour ago–again- that this will be a NO UP FRONT deal. BE PATIENT has been misinformed or is a fraud. DL, JH are meeting with several regionals tomoorrow with ALL the details but its quite certain to be an attainable bogey based on business and/or production growth which can earn virtually all FAs up to 50% of trailing 12 (paid quarterly). I am quite certain of all of this. I don’t like it nor will anyone looking for immediate gratification but am reserving judgment til all details are revealed.
Here is some food for the fodder: Understand how a bank looks at the brokerage business. Banks make half or close to it, of their income from fees (ATM, checking, overdraft, etc., etc.) The other half they make from net interest spread - the difference in what they will pay a depositor versus what they will charge a lender. Traditionally, that number is 3-4% for the past 10 years at least (post toaster ovens). In just the spread, they are making 350 Bps average (in better times) for “AUM”. Then we walk in the door and the margin for our business is what? 50-60 Bps (on production - not asets)? Plenty can be said about the scale, the bricks and mortar costs, back office, layers of management, etc. But the average turn on investment assets is less than 85 bps. That does not excite the bankers at all. Then when they hear we make more than the CSR or the divisional deputy assistant executive vice admiral, they go nuts.
They also think we are a bunch of transaction based hounds. They do not understand that they are the transaction hounds. The comp the bankers on number of accounts, a new CD another loan. The "realtionship managers" receive nothing for holding assets. All goals etc. are for the next transaction. FA's are incented to keep and build the relationship. The banker thinks we should only be paid for what you have done for me lately. Therefore, from their view, retention is insanity and likely makes them crazy.Be Patient already posted tonight there will be nothing upfront. Page 212 I think.[/quote][quote=3rd ID]Be Patient…its sounding like you are correct about Fri announce. I sure as hell hope your numbers are correct as well, cause this BS of nickel and diming us with increased payouts is a crock of shit. We need upfront $$. Anything less and BYE BYE. Frigging production will be down huge this year and these guys want to take advantage of that?
page 209, right up top (if I dare...)
Hope it all works out for you legacy AGE guys and gals. I have to say if the rumors are true I feel even better about my move at the beginning of the year. Good luck, God Speed and get ready to call your contacts at other firms…there will be alot of people wanting to seal the deals they looked at over the last few months. Don’t want to be the last guy in line
[quote=YHWY] Ferris, If you were referring to the AGE/WB “merger”, then, yes, I was “rooting against” it in that I left the firm because of it. If you meant the WB/C “merger”, I never had time to form an opinion. If you mean the WB/WFC “merger”, then you’re right in that I’ve “rooted againt” folks who aggressively, angrily defended it here. You used to be a whitty, funny, insightful guy, now you just seem angry. I hope you get what you’re looking for.
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Like I’ve said many times, I’m not LOOKING for anything. If they drop something on my lap, that would be nice.
YOU are the one that is the angry person. You claim that you’ve moved on, yet you come here to troll the forums. So much for moving on. It’s sad that you take some perverse pleasure in ridiculing those of us that have stayed. I’m a happy guy, and come Friday I’ll be much happier that I didn’t make the jump you did.
bazbuzz you are wrong. Fritz, read my comments again before quoting me fuck nut
Am I misunderstanding something? Sounds to me like you think payout increase? If did not read it right calm down, why the foul language everytime someone questions something you say? Clients must love talking to you.before everyone freaks out on Gaddock let me say that is absolutely incorrect statement. I dont know who your “Reliable source” is but AXA is not even close to an agreement. UBS and WS are taking steps for a future marriage. Retention (Increased payout) is dannys way of following through with retention promise after Wells said “You want what”? It will keep many in their seats until UBS/WS is finalized and at that time “Big retention” up front. WS realizes many will leave but also realizes UBS will build company back as far as # of advisors goes
If I am wrong I will be the first to admit it. But my info is direct from management expressed to me this evening. His optimism (for keeping brokers in their seats) is based on the attainable aspects of this program and that it is likely to be paid quarterly. His take was that it incents a greater number of the 200-500k producers which, after all, is the biggest portionof both AGE and Wachovia FAs. It “should” also result in a greater percentage paid on trailing 12 for a greater number. Don’t shoot the messenger.
[quote=bancofamigo]Here is some food for the fodder: Understand how a bank looks at the brokerage business. Banks make half or close to it, of their income from fees (ATM, checking, overdraft, etc., etc.) The other half they make from net interest spread - the difference in what they will pay a depositor versus what they will charge a lender. Traditionally, that number is 3-4% for the past 10 years at least (post toaster ovens). In just the spread, they are making 350 Bps average (in better times) for “AUM”. Then we walk in the door and the margin for our business is what? 50-60 Bps (on production - not asets)? Plenty can be said about the scale, the bricks and mortar costs, back office, layers of management, etc. But the average turn on investment assets is less than 85 bps. That does not excite the bankers at all. Then when they hear we make more than the CSR or the divisional deputy assistant executive vice admiral, they go nuts.
They also think we are a bunch of transaction based hounds. They do not understand that they are the transaction hounds. The comp the bankers on number of accounts, a new CD another loan. The "realtionship managers" receive nothing for holding assets. All goals etc. are for the next transaction. FA's are incented to keep and build the relationship. The banker thinks we should only be paid for what you have done for me lately. Therefore, from their view, retention is insanity and likely makes them crazy.[/quote] if you're from b of a, then i understand the angst. while most of your description is reflective of bankers view of brokers, it does miss some key points. since most people keep a vast majority of their assets in vehicles other than cds, banks historically miss out on roughly 90% of a given client's assets. those assets are held by brokers. brokers offer banks access to great share of the client's wallet. even though the roa on investments is lower than that which the bank makes off other products, it's off a far greater base of assets. moreover, since the broker costs nothing for salary, the net fees are all gravy. toss in the haircuts on packaged products and you'll realize why wells coveted isg's fa's and our $1.2B in net income. wells also wants to expand upon the cross referrals from brokers back to the bank as a means of client acquisition. since pcg/age have demonstrated no interest in such biz, wells has no interest in the pcg operations. that said, wells doesn't want to damage pcg further, as it is a lucrative asset. as far as jealousy, bankers know can't close like a seasoned fa, and no way want any part in the service our role entails. yeah, i'm sure they're jealous, but they also know that can't do the job. i can't comprehend the delay, nor the lack of communication throughout this process. hopefully friday settles this.If I am wrong I will be the first to admit it. But my info is direct from management expressed to me this evening. His optimism (for keeping brokers in their seats) is based on the attainable aspects of this program and that it is likely to be paid quarterly. His take was that it incents a greater number of the 200-500k producers which, after all, is the biggest portionof both AGE and Wachovia FAs. It “should” also result in a greater percentage paid on trailing 12 for a greater number. Don’t shoot the messenger.
BE PATIENT was the first to post about the announcement on 2/13 and now we are getting lots of confirmations. I'll take his info over yours, kthanxbai
I was once with BofA. I left after a very good and pointed conversation one-on-one with a senior deputy something or other who (her prior banking experience was in mortgage and she was moved into investment “management”) held the opinion I illustrated. I agree with you - I am just pointing out why they have had such a difficult time coming up with retention. I think our business is and has always been the bread and butter of firms. However, it is anathema to their thinking. Regardless of Friday, I think the delay says more than whatever package they come out with as it speaks volumes.