500 or bust?
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[today. Text read:" FAs who need $ now- bad. Know anyone looking for a manager?" It speaks for itself. alt="Wink[/IMG]
i hate to be such a rock head....but i dont understand what this text is saying?[/quote]
Know this guy for many years, here's my take:
FA's who need $ now = Upfront not happening- if anyone's been banking on it in this downturn- not going to get it
Need a manager- ? My bud is clearly not happy or feeling too secure.
Thanks, burtonfinancial1. Didn't intend to get in your way on this -- just didn't know you were still on the board.[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]
Know this guy for many years, here’s my take:
FA’s who need $ now = Upfront not happening- if anyone’s been banking on it in this downturn- not going to get it
Need a manager- ? My bud is clearly not happy or feeling too secure.
Anybody do the math on the remaining FAs not mentioned? My work shows 162 (178 - 16) advisors bringing 10billion in assets. A less-than-stellar average per recruit … Plus take out all the dudes that left, how can management spin these numbers positive
Thanks, burtonfinancial1. Didn't intend to get in your way on this -- just didn't know you were still on the board.[/quote][quote=burtonfinancial1] [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]
Know this guy for many years, here’s my take:
FA’s who need $ now = Upfront not happening- if anyone’s been banking on it in this downturn- not going to get it
Need a manager- ? My bud is clearly not happy or feeling too secure.
PAX, No problemo, I thought the simplicity of the text was pretty clear but I see we read it similarly. I think in fact his "boys" especially the big ones have one foot out the door and he knows he's hosed and can't sell the bad news and retain any credibility.
We shall see.
[quote=dontask]Anybody do the math on the remaining FAs not mentioned? My work shows 162 (178 - 16) advisors bringing 10billion in assets. A less-than-stellar average per recruit … Plus take out all the dudes that left, how can management spin these numbers positive
[/quote]
I thought the same thing. They’re getting some big guys and a lot of b- players. No doubt, some of this is reflective of ISG FAs which do get hired in the $300k range and ‘jr’ type guys involved in big teams who went into Finnet. That would drop averages down.
Your math is good. Your first conclusion -- the less-than-stellar one -- is right on. As for the spin? Never let the truth get in the way of a good spin-job. Why do you think they put this story out there -- at this time -- in the first place? Want to bet all will hear references to it either on the call or in office meetings tomorrow?Anybody do the math on the remaining FAs not mentioned? My work shows 162 (178 - 16) advisors bringing 10billion in assets. A less-than-stellar average per recruit … Plus take out all the dudes that left, how can management spin these numbers positive
[quote=Ferris Bueller]
They are basically creating a financial musical chairs game. Can’t pay TRAP money because it will be seen as a bonus? So hire more people away from your competition at 3X what you would have paid in retention, than they hire away from you. Brilliant. But when the music stops, will there be enough chairs?
[/quote]Agree… chairs are going away fast and the music is speeding up!
Ferris,
Good point, why would you want to make $600k+ per year? That would be retarded.
Yeah. You might want to go back and catch up on the last half dozen pages or so.What call or meetings??? Am I missing something?? Thanks.
I know about all the spec about tomorrow…but I still have not seen anything about this meeting/call or have I seen it posted that anyone has one scheduled for tomorrow. My point is that it is all speculation…I hope it is tomorrow, but has anyone received confirmation???..definite confirmation?? not a “source”
[quote=Ferris Bueller][quote=burtonfinancial1] [quote=Ferris Bueller]
They are basically creating a financial musical chairs game. Can't pay TRAP money because it will be seen as a bonus? So hire more people away from your competition at 3X what you would have paid in retention, than they hire away from you. Brilliant. But when the music stops, will there be enough chairs?
[/quote]Agree.. chairs are going away fast and the music is speeding up!
[/quote] There's always sneaking away to go sit in the short yellow bus, but I really don't want to go indy. [/quote] So, is all this simply the next verse in the Wall Street to Main Street Armageddon game? Does the current rising and racing level of recruitment and retention musical chairs indicate little more than the same wisdom of expecting a return on outrageous money as was expected in homes and oil? Are we nothing more than a barrel of crude, bid up by firms racing each other expecting T12s to replicate ad nauseum? If so, maybe a detour to the short bus isn't such a bad idea...
My RM just got back from St Louis and said there was no talk of when retention would be announced at the meetings at all.
Well, I guess we'll see in the AM, right jackass?Bazbuzz - not funny
Gaddock - Dont use reliable and rumor in the same sentence knucklehead
3rd ID - Leave
Kowachovia - Yes, bullshit. I do believe Ludemans hands are tied with Stumpf.
It pains me to say it but…BE PATIENT…Shouldn;t you consider changing your name to BEEN DUPED?
no email as of 5PM i think we all have been duped. I guess we will all be waiting at least another week
What in the world is going on???
This is SO INTENTIONAL by WFC. Hit me again why don't you !!!!!!!!!!!!!!!!!!!!!!!!!!! What a bogus firm, bogus management, and a ridiculous expectation of waiting and waiting and waiting.....