500 or bust?
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When Morgan Stanley conducted its layoffs in 2005, it fired brokers with more than eight years’ experience who produced $225,000 or less annually in fees and commissions. Those with five to eight years’ experience were axed if they failed to produce $150,000, while those who had been in the industry for one to four years lost their jobs if they failed to produce at least $100,000.
Looks like you're right.
As I said when I spoke to Jim Hays he said "shortly after the testimonies" I asked him if that email this week or beginning of next he was non committal. Just said that decisions had been made and they were waiting on the timing of the announcment.I would think if we were having a conference call tomorrow we would know by now. Not sure where everyone gets their info but it seems not even our so called sources have any clue.
Watch the green box on InfoMax ("Today's conference calls" ) in the morning. Most of the burden of carrying this plan will be left to the managers, after the call. That's why they're in STL learning how and why to sell it.I would think if we were having a conference call tomorrow we would know by now. Not sure where everyone gets their info but it seems not even our so called sources have any clue.
Watch the green box on InfoMax ("Today's conference calls" ) in the morning. Most of the burden of carrying this plan will be left to the managers, after the call. That's why they're in STL learning how and why to sell it.[/quote] BTW, that's if they do it on a national call. May just send home managers and regionals to take the flak themselves. Doubt DL on a call. This is not his desired solution. Hays if any. Otherwise a manager office meeting. Supposed to all come down in a AM.[quote=jimmymac24]I would think if we were having a conference call tomorrow we would know by now. Not sure where everyone gets their info but it seems not even our so called sources have any clue.
[quote=CDO Squared]why has this UBS guy gone out of his way to say "no deal’
i think the swiss have no clue what to do. they flipped flopped. they changed minds mid stream and left WS/DL holding their d&*(^ now all of a sudden they going to keep USA and grow internally i think DL was banking on it ws now red headed step child WFC got bagged with tax ruling also dont want ws ubs/ws would by far best best for us get rid of MF banks[/quote] Wells has done such a great job with the WS acquisition so far that I wouldn't be surprised if they did something that caused UBS to walk away.Watch the green box on InfoMax ("Today's conference calls" ) in the morning. Most of the burden of carrying this plan will be left to the managers, after the call. That's why they're in STL learning how and why to sell it.[/quote] BTW, that's if they do it on a national call. May just send home managers and regionals to take the flak themselves. Doubt DL on a call. This is not his desired solution. Hays if any. Otherwise a manager office meeting. Supposed to all come down in a AM.[/quote] Yesterday Jim Hays told me that the announcement of the conference call would come via email. He was responding to an email I sent 2 days ago. Unless we get that email today I seriously doubt there will be an conference call on Friday.[quote=res ipsa loquitor][quote=jimmymac24]I would think if we were having a conference call tomorrow we would know by now. Not sure where everyone gets their info but it seems not even our so called sources have any clue.
Watch the green box on InfoMax ("Today's conference calls" ) in the morning. Most of the burden of carrying this plan will be left to the managers, after the call. That's why they're in STL learning how and why to sell it.[/quote] Managers are NOT in St Louis. My complex manager runs a HUGE complex and I just saw him walk by my office and said hello.[quote=jimmymac24]I would think if we were having a conference call tomorrow we would know by now. Not sure where everyone gets their info but it seems not even our so called sources have any clue.
Watch the green box on InfoMax ("Today's conference calls" ) in the morning. Most of the burden of carrying this plan will be left to the managers, after the call. That's why they're in STL learning how and why to sell it.[/quote] BTW, that's if they do it on a national call. May just send home managers and regionals to take the flak themselves. Doubt DL on a call. This is not his desired solution. Hays if any. Otherwise a manager office meeting. Supposed to all come down in a AM.[/quote] Yesterday Jim Hays told me that the announcement of the conference call would come via email. He was responding to an email I sent 2 days ago. Unless we get that email today I seriously doubt there will be an conference call on Friday.[/quote] That's right -- you posted that yesterday. Thanks for the reminder. Shall we start an over/under on the time of that email? I'll start with 4:15 EST. Deal's to you, BukiRob.[quote=res ipsa loquitor][quote=res ipsa loquitor][quote=jimmymac24]I would think if we were having a conference call tomorrow we would know by now. Not sure where everyone gets their info but it seems not even our so called sources have any clue.
Watch the green box on InfoMax ("Today's conference calls" ) in the morning. Most of the burden of carrying this plan will be left to the managers, after the call. That's why they're in STL learning how and why to sell it.[/quote] Managers are NOT in St Louis. My complex manager runs a HUGE complex and I just saw him walk by my office and said hello.[/quote] Our market manager is -- and if we check back a few pages burtonfinancial's seems to be, too. Regionals all there as well. Hmmm...[quote=res ipsa loquitor][quote=jimmymac24]I would think if we were having a conference call tomorrow we would know by now. Not sure where everyone gets their info but it seems not even our so called sources have any clue.
Pardon me, but I am still moved by DL’s “covenants” or “stakes in the ground” speech.
(My word is stronger than oak).[quote=HastaLaVista]Pardon me, but I am still moved by DL’s “covenants” or “stakes in the ground” speech.
(My word is stronger than oak). [/quote] Stakes are often pillars. Sometimes of salt.Watch the green box on InfoMax ("Today's conference calls" ) in the morning. Most of the burden of carrying this plan will be left to the managers, after the call. That's why they're in STL learning how and why to sell it.[/quote] Managers are NOT in St Louis. My complex manager runs a HUGE complex and I just saw him walk by my office and said hello.[/quote] Our market manager is -- and if we check back a few pages burtonfinancial's seems to be, too. Regionals all there as well. Hmmm...[/quote] All I can tell you is I sat beside my BM (runs the complex that has 4 WS securites offices and several more AGE offices) at our lunch meeting with the Russell wholesaler for Pathways....[quote=BukiRob][quote=res ipsa loquitor][quote=jimmymac24]I would think if we were having a conference call tomorrow we would know by now. Not sure where everyone gets their info but it seems not even our so called sources have any clue.
[quote=res ipsa loquitor][quote=HastaLaVista]Pardon me, but I am still moved by DL’s “covenants” or “stakes in the ground” speech.
(My word is stronger than oak). [/quote] Stakes are often pillars. Sometimes of salt.[/quote] Better hope of avoiding a fire followed by a rain storm. As for when the Email comes.... your guess is as good as mine. Im just telling you what Hays told me and that was he wasn't about to commit to when the email would be sent out.Watch the green box on InfoMax ("Today's conference calls" ) in the morning. Most of the burden of carrying this plan will be left to the managers, after the call. That's why they're in STL learning how and why to sell it.[/quote] Managers are NOT in St Louis. My complex manager runs a HUGE complex and I just saw him walk by my office and said hello.[/quote] Our market manager is -- and if we check back a few pages burtonfinancial's seems to be, too. Regionals all there as well. Hmmm...[/quote] All I can tell you is I sat beside my BM (runs the complex that has 4 WS securites offices and several more AGE offices) at our lunch meeting with the Russell wholesaler for Pathways.... [/quote] BukiRob -- This is the meeting to lay out the deal. All Regional presidents are there, as well as market managers. market managers there Wed and Thur. President there today only. Here's from burtonfinancial: Got text from a long time friend who's served as my 'source' behind much of the posts I've made here. He's in St. Louis yesterday and today. Text read:" FAs who need $ now- bad. Know anyone looking for a manager?" It speaks for itself. (maybe yours is a complex being sold off, so no meeting for your guy but real retention for you!)[quote=res ipsa loquitor][quote=BukiRob][quote=res ipsa loquitor][quote=jimmymac24]I would think if we were having a conference call tomorrow we would know by now. Not sure where everyone gets their info but it seems not even our so called sources have any clue.
My Regional was in St. Louis. Sent an e-mail last night to us stating that retention call was Friday, along with the name. Said it is all done. He sent the e-mail to 3 of his biggest producers that he knows have one foot out the door. He would not send that e-mail if it wasn’t true.
So, it's happening. It's just a matter of how much.Watch the green box on InfoMax ("Today's conference calls" ) in the morning. Most of the burden of carrying this plan will be left to the managers, after the call. That's why they're in STL learning how and why to sell it.[/quote] Managers are NOT in St Louis. My complex manager runs a HUGE complex and I just saw him walk by my office and said hello.[/quote] Our market manager is -- and if we check back a few pages burtonfinancial's seems to be, too. Regionals all there as well. Hmmm...[/quote] All I can tell you is I sat beside my BM (runs the complex that has 4 WS securites offices and several more AGE offices) at our lunch meeting with the Russell wholesaler for Pathways.... [/quote] BukiRob -- This is the meeting to lay out the deal. All Regional presidents are there, as well as market managers. market managers there Wed and Thur. President there today only. Here's from burtonfinancial: Got text from a long time friend who's served as my 'source' behind much of the posts I've made here. He's in St. Louis yesterday and today. Text read:" FAs who need $ now- bad. Know anyone looking for a manager?" It speaks for itself. (maybe yours is a complex being sold off, so no meeting for your guy but real retention for you!) [/quote] LOL heck at this point, who knows. We do however have a guy in our complex that is in the top 25 for the firm as a producer..... so I kind of doubt it[quote=BukiRob][quote=res ipsa loquitor][quote=BukiRob][quote=res ipsa loquitor][quote=jimmymac24]I would think if we were having a conference call tomorrow we would know by now. Not sure where everyone gets their info but it seems not even our so called sources have any clue.
Note to all:
Here comes the management rejoinder to any criticism of the deal: Wachovia Hired 178 Experienced Brokers By BRETT PHILBINOf DOW JONES NEWSWIRES
NEW YORK -- Wachovia Securities, a unit of Wells Fargo & Co. (WFC), hired 178 experienced financial advisers in January, the firm's highest monthly recruiting total to date, according to a company spokeswoman.
The advisers, who will work in the firm's private client group, bank brokerage or independent advisory business, had more than $89 million in combined trailing 12-month production and managed over $12 billion in prior assets at their respective firms.
Wachovia declined to specify how many brokers left the firm over the same time period. The spokeswoman, however, said "over the past year and a half, on average, we have attracted financial advisers with higher trailing 12-month production than those we have lost."
Some recent hires include Rhonda Finby who left UBS Wealth Management US, a unit of UBS AG (UBS), to join Wachovia's Newport Beach, Calif., office. Finby had over $1.8 million in production and managed more than $192 million in client assets.
Before joining Wachovia, she worked at UBS for more than 18 years, according to Financial Industry Regulatory Authority records.
In San Francisco, Ralph Garcia and Brad Barnblatt joined Wachovia from UBS. The team had about $2.6 million in combined production and $383 million in assets under management.
Garcia and Barnblatt were both 14-year UBS veterans, according to Finra records.
Christopher Roering and Paul DiIanni left Citigroup Inc.'s (C) Smith Barney and joined Wachovia's Waltham, Mass., office. The team had over $2 million in combined production and managed $154 million in prior assets.
Roering and DiIanni each worked at Citigroup for nearly three years, regulatory records show.
Wachovia also hired Stevan Paton from Smith Barney to work in its Albany, N.Y., office. Paton had about $1.3 million in production and $272 million in assets under management.
He was a 15-year Citigroup veteran, according to Finra records.
Rainey Hanley, Jeffrey Tadder, Robert Gilbert, and Vance Schroeder left Merrill Lynch Global Wealth Management, a unit of Bank of America Corp. (BAC), and joined Wachovia's Del Mar office in San Diego. The team had about $3.3 million in combined production and managed $608 million in prior assets.
Hanley, Tadder, Gilbert, worked at Merrill for 13 years. while Schroeder spent over 12 years there, regulatory records show.
Other recent recruits include Erik Mattern, Matthew Hendren and Gregory Hendren, who left Merrill and joined Wachovia's Anaheim, Calif., office. The three brokers had about $2 million in combined production and managed $364 million in client assets.
Mattern worked at Merrill for more than nine years, while Gregory Hendren spent more than 20 years there and Matthew Hendren was an 11-year company veteran, according to Finra records.
In addition, Wachovia recruited Stratis Zaferiou, Theo Zaferiou, and Michael Bikales from Morgan Stanley (MS). The team had $2.4 million in production and about $210 million in assets under management.
Stratis Zaferiou and Theo Zaferiou worked at Morgan Stanley for over eight years, while Bikales spent more than ten years there, Finra records show.
A Morgan Stanley spokeswoman confirmed that the team had left the firm, but declined to comment on their production and prior asset figures. Merrill Lynch, UBS, and Smith Barney couldn't immediately be reached to confirm broker departures.
---By Brett Philbin, Dow Jones Newswires; 201-938-5393; [email protected]
I just emailed my manager and he replied he expects a call tomorrow. nothing confirmed. But most important he said, " I dont think its gonna be good".
[today. Text read:" FAs who need $ now- bad. Know anyone looking for a manager?" It speaks for itself. alt="Wink[/IMG][/quote]
i hate to be such a rock head…but i dont understand what this text is saying?
[quote=CDO Squared] [today. Text read:" FAs who need $ now- bad. Know anyone looking for a manager?" It speaks for itself. alt="Wink[/IMG]
[/quote]i hate to be such a rock head....but i dont understand what this text is saying?[/quote] translation: "FAs who need $ now - bad" = No upfront money "Know anyone looking for a manager?" = It'll be so bad my brokers will be out of here and I'll need to find another manager's job somewhere.