500 or bust?
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[quote=timetogo]Stones are hard to come by after this ride in market and Wachovia implosion. [/quote]
Stones have always have been hard to come by. The rest is just today’s excuse. There was an excuse yesterday and will be another excuse tomorrow.
I’m not making a corporate value judgment. If staying is best for yourself and your clients, more power to you. The guys who have determined that staying put is not best, but want to complain about how hard things are to do what they know is best are really…well…they are what they are…stoneless.
[quote=timetogo]Stones are hard to come by after this ride in market and Wachovia implosion. [/quote]
Stones have always been hard to come by. The rest is just today’s excuse. There was a different excuse yesterday and there will be another excuse tomorrow.
I am not making a corporate judgment. If staying is what’s best for you and your clients, more power to you! The folks who know that staying is not what’s best, but want to complain about how “hard” it is to go do what they know is best, are just…well…stoneless.
One theory is that the AGE guys aren't getting anything, but the legacy WS are and the firm wants to wait until conversion to announce retention so that the legacy WS guys will have access to the AGE accounts when they leave. The legacy WS reps will keep some of our accounts and there will be an increase in the average FAs production and profitability. There may be a reason why the service sucks at the home office. Maybe the home office is not hiring in anticipation of the planned exodus of many legacy AGE reps. I am in a merged office. I'm legacy AGE. There are four of us and 12 legacy WS reps. If all four of us leave, the legacy WS reps won't have access to our accounts until conversion.I find it hard to believe that we are almost through the first full week of the new year and no conferance call. I think the safe bet is to assume we get nothing. I don’t understand the name issue. Maybe they don’t want to distract us until we are through the conversion. I am sure they have their reason, but morale can’t be good.
One theory is that the AGE guys aren't getting anything, but the legacy WS are and the firm wants to wait until conversion to announce retention so that the legacy WS guys will have access to the AGE accounts when they leave. The legacy WS reps will keep some of our accounts and there will be an increase in the average FAs production and profitability. There may be a reason why the service sucks at the home office. Maybe the home office is not hiring in anticipation of the planned exodus of many legacy AGE reps. I am in a merged office. I'm legacy AGE. There are four of us and 12 legacy WS reps. If all four of us leave, the legacy WS reps won't have access to our accounts until conversion. [/quote] That would actually make a tremendous amount of sense.[quote=JamesF]I find it hard to believe that we are almost through the first full week of the new year and no conferance call. I think the safe bet is to assume we get nothing. I don’t understand the name issue. Maybe they don’t want to distract us until we are through the conversion. I am sure they have their reason, but morale can’t be good.
What is the definition of “conversion”? Is it when the AGE/WB deal was/is officially scheduled to be 100% completed (Q1 09)?
bom says today to us, "some form of retention announcement is coming on the 15th, and apparently some folks are gonna be upset".
Easy guys
I am not with WS but know several of your fellow FAs. The word is they (DL and Legacy Wells) are still working out how each side of WS (PCG, Bank Brokerage, and Independent) will operate and who reports to who. I believe you will get all of your answers over the next two weeks.
Another two weeks?? That’s what we’ve been hearing since October. The only thing we do not like is the blatent silence of WFC and the lack of a real meaningful conference call from DL.
Why won't Stumpf come on a conf call w/ WS and at least try to play nice? That might do some good...unless he says we are all a bunch of prima donas and go pound sand.Another two weeks?? That’s what we’ve been hearing since October. The only thing we do not like is the blatent silence of WFC and the lack of a real meaningful conference call from DL.
In my mind, I have come to the conclusion there is no retention. That is the only way I can stay same these days. Using that mentality, I am prepared to go. If I get “shocked”, and there is a retention, i will cross that bridge when I get there, but it is clear that WF is not in love with the brokerage, and that is their choice…I can not believe I am saying this, but it is go time.
Rather ironic. Ken Lewis is ruining Merrill Lynch by getting way too involved way too quickly. Stumpf is (perhaps) ruining WS by being at the complete other end of that spectrum.
"Two weeks" .....it sounds like a lame excuse a contractor gives when rebuilding a house.that’s funny because my Bom said that lower end producers will get at least 50 upfront and apparently higher end producers are not going to be happy. I wonder who’s right. LOL
I think it is obvious that Wells just dosen’t get it.
You guys worked for a bank that wanted to be a big brokerage. now you will just work for a big bank. Sorry but Sometimes the truth hurtsI heard from top execs at wells that there will be no retention for legacy wb and one of the best for age guys. Mr stupf also told me in a private conversation an hour ago that he doesn’t care how many wb leave as long as they can build around age guys that wells would be very happy. Any other rumors?
[quote=skbroker]that’s funny because my Bom said that lower end producers will get at least 50 upfront and apparently higher end producers are not going to be happy. I wonder who’s right. LOL[/quote]
So let me get this straight…market is worse and payouts, production, and retention/transition packages are going down…wirehouses are looking for only high end producers and want to keep the high producers and not the low and they are going to pay the low end producers more retention now than ws took over AGE? What crack are you smoking…if this was true they would be on teh horn telling us to hold tight and an industry leading retention is coming…not ummm…we are working on retention…ummm
bom says today to us, “some form of retention announcement is coming on the 15th, and apparently some folks are gonna be upset”.
My BOM hasn't heard anything like that. Why would they announce it on a Thursday? I listened to the last DL call again tonight which was on 12/19 and he did say we hope to have answers on retention in the next two to three weeks so we are not past three weeks yet. I hate to admit that this is distracting. I have transfered in some Legacy WB accounts to my Legacy AGE branch. It has been a nightmare. They have still have completly different dealer agreements and have sent mutual funds back to the legacy WB after a few weeks. It has been a nightmare and the incoming transfer department has been less than helpful. I couldn't imagine them giving legacy WB a retention and not giving legacy AGE anything. Legacy WB got up to 30% in the AGE deal and didn't have to change a thing.Yes we got retention, but it was all in DEFERRED COMP…I am 35 and do 1.4 milloin…any idea how MEANINGLESS deferred comp contributions are to me now? When retirement comes, great…but doesn’t mean much at this point…as compared to the cash in hand the AGE guys had (at 3x the rate)
[quote=JamesF]What different after buying AGE for your business?[/quote]
Nothing he was at Shitty WS before and still is…lol…not like the nightmare we went through!