500 or bust?
3938 RepliesJump to last post
[quote=Lochdhu]First post… Been reading awhile and have some very general thoughts… One reason we may not be hearing about retention today is the fact that the system as a whole is being shut down for the intergration this weekend. If they fear that there will be massive defections then how will the remaining FA’s contact the book over the weekend to keep it from leaving? Second thought deals with the fact that Wells has always been very conscious about its perception in the public eye. I can’t forsee them paying anything at this exact time due to the public perception of what it would be called. (remember we just took another large impaiment to our earnings) I do believe there is something that will be done. The sooner the better. Just not yet. One final thing, one of the reasons the Midsession call may have been canceled is that the Bond market closes at 2pm. Hope this gets better.
[/quote] Lochdhu -- Welcome to the board. FYI, the 2 pm call was an equity call, not a fixed income call. See below: Midsession Sales and Strategy - Market AnalysisFriday, Feb. 13, at 2:00 p.m. ET
Chief Market Strategist Al Goldman discusses his thoughts on the short-term action in the equity markets. Maybe it's innocent and Al wanted to get a jump on his weekend. But maybe the cancellation paves the way for the announcement of the doomsday call next week. Either way, welcome in from the land of the lurkers.
[quote=res ipsa loquitor][quote=Lochdhu]First post… Been reading awhile and have some very general thoughts… One reason we may not be hearing about retention today is the fact that the system as a whole is being shut down for the intergration this weekend. If they fear that there will be massive defections then how will the remaining FA’s contact the book over the weekend to keep it from leaving? Second thought deals with the fact that Wells has always been very conscious about its perception in the public eye. I can’t forsee them paying anything at this exact time due to the public perception of what it would be called. (remember we just took another large impaiment to our earnings) I do believe there is something that will be done. The sooner the better. Just not yet. One final thing, one of the reasons the Midsession call may have been canceled is that the Bond market closes at 2pm. Hope this gets better.
[/quote] Lochdhu -- Welcome to the board. FYI, the 2 pm call was an equity call, not a fixed income call. See below: Midsession Sales and Strategy - Market AnalysisFriday, Feb. 13, at 2:00 p.m. ET
Chief Market Strategist Al Goldman discusses his thoughts on the short-term action in the equity markets. Maybe it's innocent and Al wanted to get a jump on his weekend. But maybe the cancellation paves the way for the announcement of the doomsday call next week. Either way, welcome in from the land of the lurkers.[/quote] Maybe Al left the firm too along with all the other WS analysts that have been smart enough to bail.
Just heard 2 man PCG team in L.A., not sure which office, moved to SB today, $1.8 book. Tired of waiting
[quote=training wheels][quote=res ipsa loquitor][quote=Lochdhu]First post… Been reading awhile and have some very general thoughts… One reason we may not be hearing about retention today is the fact that the system as a whole is being shut down for the intergration this weekend. If they fear that there will be massive defections then how will the remaining FA’s contact the book over the weekend to keep it from leaving? Second thought deals with the fact that Wells has always been very conscious about its perception in the public eye. I can’t forsee them paying anything at this exact time due to the public perception of what it would be called. (remember we just took another large impaiment to our earnings) I do believe there is something that will be done. The sooner the better. Just not yet. One final thing, one of the reasons the Midsession call may have been canceled is that the Bond market closes at 2pm. Hope this gets better.
[/quote] Lochdhu -- Welcome to the board. FYI, the 2 pm call was an equity call, not a fixed income call. See below: Midsession Sales and Strategy - Market AnalysisFriday, Feb. 13, at 2:00 p.m. ET
Chief Market Strategist Al Goldman discusses his thoughts on the short-term action in the equity markets. Maybe it's innocent and Al wanted to get a jump on his weekend. But maybe the cancellation paves the way for the announcement of the doomsday call next week. Either way, welcome in from the land of the lurkers.[/quote] Maybe Al left the firm too along with all the other WS analysts that have been smart enough to bail.[/quote] Intriguing. I can see the disclosure now: Due to the departure of the primary analyst, we are terminating coverage of The World.
I think the “staying-put-no-matter-what” crowd is actually on to something. If they are among the last couple brokers left in their offices, don’t mind being sold another time or two, and are fine with office closings and consolidation, then they will certainly inherit and retain the accounts of the “staying-put-no-matter-what” clients. If that scenario is palatable to you as an advisor and businessperson, I can actually see it paying off.
[quote=YHWY] “staying-put-no-matter-what” crowd
[/quote]
translation:I am afraid to move.
…or maybe “scared” like a fox. It could be victory through attrition. Again, if you can take the process, it will undoubtedly work for some.
I agree with YHWY. I was told when I started 9 years ago that you win in this business two ways - hard work and attrition. I’ve personally benefitted from both and plan on doing so again.
BTW, CDO Squared -- Congratulations. You figured it out.
resistance is futile
I am actually quite relieved this bullsh*t idea of higher payout for x number of years didnt come down.
Most higher end field management was in STL the past few days, retention and name were all planned for today. NO CALL.....WTF. Here is my take no inside info. Pure speculation...... This UBS deal is back on and in a big way. Danny knows people are pissed. I'll bet a joint venture is announced over the weekend between WS/UBS. The firm is managed out of STL. Wells and UBS spin it off 2 years down the road, and make a mint. We have the opportunity to buy into the JV. Retention paid by UBS - not part of TARP - screw the govt. and I'll bet the retention is very good. 100+% for million dollar producers. If this goes down like this and you get equity ownership in the JV - you will make millions provided you participate. Happy Valentines Day.[quote=kowachovia]I am actually quite relieved this bullsh*t idea of higher payout for x number of years didnt come down.
Most higher end field management was in STL the past few days, retention and name were all planned for today. NO CALL.....WTF. Here is my take no inside info. Pure speculation...... This UBS deal is back on and in a big way. Danny knows people are pissed. I'll bet a joint venture is announced over the weekend between WS/UBS. The firm is managed out of STL. Wells and UBS spin it off 2 years down the road, and make a mint. We have the opportunity to buy into the JV. Retention paid by UBS - not part of TARP - screw the govt. and I'll bet the retention is very good. 100+% for million dollar producers. If this goes down like this and you get equity ownership in the JV - you will make millions provided you participate. Happy Valentines Day.[/quote] Barring a 99% change over the weekend your deal is not going to happen Heard mid day the Payout plan (no upfront) IS on for early next week, whether a delay was on how to sell it or avoid the 3 day weekend, who knows. If you do big ## or grow your business it actually works out well, if not you wont see much.[quote=kowachovia]I am actually quite relieved this bullsh*t idea of higher payout for x number of years didnt come down.
Most higher end field management was in STL the past few days, retention and name were all planned for today. NO CALL.....WTF. Here is my take no inside info. Pure speculation...... This UBS deal is back on and in a big way. Danny knows people are pissed. I'll bet a joint venture is announced over the weekend between WS/UBS. The firm is managed out of STL. Wells and UBS spin it off 2 years down the road, and make a mint. We have the opportunity to buy into the JV. Retention paid by UBS - not part of TARP - screw the govt. and I'll bet the retention is very good. 100+% for million dollar producers. If this goes down like this and you get equity ownership in the JV - you will make millions provided you participate. Happy Valentines Day.[/quote] kowachovia -- I think we mused about this possibility a couple of days ago. Possible problem with your specific scenario is that WS is twice the size of UBS US Wealth Mgmt. 16000 vs 8000 (less today's attrition...). That's no incentive for UBS to pay our retention and Stumpf ain't interested in routing the $ to them to give to us. That, plus it's no secret that WFC doesn't really want to carry WS (or WFA, if that's the name) on its consolidated books unless necessary. Accordingly, the ideal deal would be for a 2/3rds - 1/3rd JV (WFC - UBS in relation to their size etc.) with the retention deal coming in the form of both restriced stock in the JV as well as cash from both WFC and UBS (that's created by a limited offering in the JV in order to create a value for it and create cash for the cash part of retention), and also to bring WFC's 2/3rds down to just under 1/2 (and UBS from 1/3rd down to about 1/4th or so), so that WFC can carry its diluted 49% as an investment rather than a consolidated entity. THAT deal would work on a lot of levels but would take more than a weekend to do.[quote=res ipsa loquitor][quote=kowachovia]I am actually quite relieved this bullsh*t idea of higher payout for x number of years didnt come down.
Most higher end field management was in STL the past few days, retention and name were all planned for today. NO CALL.....WTF. Here is my take no inside info. Pure speculation...... This UBS deal is back on and in a big way. Danny knows people are pissed. I'll bet a joint venture is announced over the weekend between WS/UBS. The firm is managed out of STL. Wells and UBS spin it off 2 years down the road, and make a mint. We have the opportunity to buy into the JV. Retention paid by UBS - not part of TARP - screw the govt. and I'll bet the retention is very good. 100+% for million dollar producers. If this goes down like this and you get equity ownership in the JV - you will make millions provided you participate. Happy Valentines Day.[/quote] kowachovia -- I think we mused about this possibility a couple of days ago. Possible problem with your specific scenario is that WS is twice the size of UBS US Wealth Mgmt. 16000 vs 8000 (less today's attrition...). That's no incentive for UBS to pay our retention and Stumpf ain't interested in routing the $ to them to give to us. That, plus it's no secret that WFC doesn't really want to carry WS (or WFA, if that's the name) on its consolidated books unless necessary. Accordingly, the ideal deal would be for a 2/3rds - 1/3rd JV (WFC - UBS in relation to their size etc.) with the retention deal coming in the form of both restriced stock in the JV as well as cash from both WFC and UBS (that's created by a limited offering in the JV in order to create a value for it and create cash for the cash part of retention), and also to bring WFC's 2/3rds down to just under 1/2 (and UBS from 1/3rd down to about 1/4th or so), so that WFC can carry its diluted 49% as an investment rather than a consolidated entity. THAT deal would work on a lot of levels but would take more than a weekend to do.[/quote] Aren't you guys that keep quoting 16k FA's at WS forgetting that ISG has been lifted out? What's the headcount minus ISG?16,000 minus 1,500 brokers that have alrerady left from A. G. Edwards. I dont know how many brokers have left from Legacy Wachovia sec. let say 1,000. Then minus 2,500 ISH brokers =11,000. That number will only get smaller.
Someone should have told them to BE PATIENTJust heard 2 man PCG team in L.A., not sure which office, moved to SB today, $1.8 book. Tired of waiting
What a Fing joke this has all become. Its just absolutely pathetic that a co of this size and stature cannot be straight up with its workforce. As for their non-retention retention if thats what they do. WHO CARES!!! Bunch of pikers.
Good afternoon to all fellow forum advisors. I would first like to apologize for passing on as fact information that was given to me as fact. I was 100% shocked there was no retention announced today.
As of today, after 20+ years with A.G. Edwards I have decided to move to a new firm. I have received 270% total package with the new company but I will be honest, it wasnt the money that made me leave, I could have left a long time ago for a lot more. I left because:
1. While I have a tremendous amount of respect for Danny, I believe he is operating in an environment where his hands are 100% tied. While he may have good intentions, he cant follow through with those intentions while Dad (Wells Fargo) holds the checkbook.
2. Nobody will ever be the old A.G. Edwards, but Wells seems to be the polar opposite of A.G. Edwards. Ben would never allowed the haircuts, the extra trivial charges and fees that are popping up more and more. I have been on numerous recognition trips with overflowing lobster, now I am grilled on every expense.
3. I have had many opportunities to dine with Ben Edwards. I was in St. Louis one time and Ben excused himself for the evening. About ten minutes later he came back upstairs and said “I got to my car and I just couldnt leave without making sure you knew how much I appreciate your hard work for our company, you are a blessing”. Who does that? Stumpf? Hays? Ludeman? Would Ben have left the office today with this still hanging out there? I believe 100% in the “Client first” thought process and we have discussed it at length. Your clients are yours, treat them right and we will treat you right. Gentleman, do you see even a glimpse of that with Wells?
4. The last reason for leaving is this. During these horendous times in the market the key is to keep in touch with your clients. Let them know you are there for them. The communication from Hays and Ludeman has been horendous. Wrong to promise timing of retention once, no problem, twice OK, 5-6 times just plain head scratching. Hays said in a conference call with managers two weeks ago “Days, not weeks” re: retention. How does Hays pack it up today and go home knowing there is a broken promise and a very large staff hanging on his every word, and not address it one bit?
Gentleman, UBS may happen (I personally think it will), retention may come, it may be front end, it may be higher payout, it may be no, what I do know is I will no longer be lied to, and made to feel as if I am not important to a company.
I wish all of you the best, I will be checking in to see the status of retention (Pure Curiosity) and I hope you all have a wonderful three day weekend. Again I apologize for passing on information that I deemd 100% accurate.