500 or bust?
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Citi, M. Stanley to pay $3 billion to keep brokers: report
Fri Feb 13, 2009 10:13pm EST
[quote=CDO Squared] Citi, M. Stanley to pay $3 billion to keep brokers: report
Fri Feb 13, 2009 10:13pm EST [/quote]
Link please…
[quote=gauge26]Info from FINET management:
1. name next week: wells fargo advisors 2. retention for ALL channels 3. UBS a possibility in the future 4. HEAVY influx of advisors to Finet from SB and ML last 6 weeks 5. Don't worry! Wells LOVES RETAIL BROKERAGE!!! woooohooooo! see! They really DO love us! Bull shit!!![/quote] Seriously! That's what they really said! Except for the hug. Unbelievable huh? By the way, there was acknowledgement packages could differ between channels.SB/MB retention
http://www.reuters.com/article/businessNews/idUSTRE51D0JU20090214?feedType=RSS&feedName=businessNews
Well, based on DL’s track record - if there is no deal now (UBS) - then I am sure there will be a deal in the near future. However, there are not a lot of candidates left out there, except, maybe ‘Primerica’. Bahhahahahahah.
Could you imagine the profitabiliity? They could shut down the branches and we could all work out of our houses on weekends.G26, it’s refreshing to see someone man up and admit that it is, indeed, scary to move. Read this thread and all you have is folks bitchin’ about this no-retention mess and talking about all the money out there, yet here they all still are. WELLS KNOWS THIS. And, they are betting that no more than 25-30% of FAs will leave. Why pay retention to an entire sales force when you only have to replace 25% of them? The numbers just don’t work out, especially in this environment.
Be Patient, I’m disappointed that your info failed to pan out. Was it BS or were you betrayed? Who knows, but I’m not going to judge. With the way this sh&t is going these days, I can believe the plan changed 20 times this week alone, so I’m not going to hold it against you. There were too many people who heard that an announcement was going to be made today for SOMETHING not to be up. So, I believe there was a change in the plans. The fact that you caught a hard time for not being on the phone tonight with your clients reveals how much full of BS so many people on this forum really are. Any good producer worth his salt is NOT worried one bit about taking his best clients with him when he goes. A good producer prepares his clients from the first moment he meets them to anticipate a move at some point in the future and builds the relationships so that they know they are HIS clients, not the firm’s. I know my clients would leave with me because I’ve been telling them all that I have no idea how this is going to pan out but that I am going to take care of them no matter what. They have already told me they are going with me if I move and staying if I stay. I’m sure you’ve done the same. So, with your clients being prepared already, what’s the hurry - the most important thing is truly to make sure your team is together and has a plan. And why worry about some half-a$$ producer in your office swaying your clients. If any of my clients can be swayed by an FA that they’ve never met versus a 10 year relationship with me, I shouldn’t be in this business anyway. 3 days is plenty without having to bug your clients and their families at home on a Friday night. If anyone gives you sh%t for that, they are not a big producer because they would understand that.
With that being said, I sure do hope something gets finalized soon. It’s no longer about retention as much as it is just having some closure so we can all make a freakin’ decision and get back to work. We all deserve to be treated with respect and honesty. Just tell us something.
[quote=NCGNTO] [quote=JamesF]
I just got a text from my Manager, he says Stumpf is going to fire DL this weekend.
Happy President's Day Ludeman family.[/quote]
Is your manager and "Be Patients" wife friends?????[/quote] I agree, total BS. A retail manager would be the last person to know what Stumpf is thinking.
I think the guys that are quoting their managers are full of s^&t. My manager knows absolutely nothing. The network of reps I speak with often - there managers know nothing. I spoke with the RP this week - he knew slightly more than nothing.
I do not have a desire to move - things are going quite well. A retention, or an ramp up on payout, would be great. Just give me a name so that I can confidently tell my clients who I work for. Give me a name so that I can prospect and take advantage of all the reps who have their heads in the sand. I don't even necessarily need DL to have a lot of credibility. Just let me do my thing - we are all good at what we do and can make great money doing it - what we have gotten and don't need is management to get in the way. And, right now - they are in the way.I really do think that every client I call to move with me will say yes. I think I am going to have to face my fears. Its scary because like many others I have two young kids a wife that doesnt work outside the home and my pay is 100% comm. If the clients dont follow it will be like 7 years ago all over again. I was so broke 7 years ago I could hardly eat much less feed 3 others. This time I would get a fat check though. My wife keeps telling me that my client love me and that no doubt that they will follow. I think she wants a new car!
One piece of advice to you Gauge on your move…
Having moved and seen many brokers move... DO NOT SPEND YOUR RETENTION.I wouldnt. I am a big saver to a fault. My last retention is still in short term CDs. Earning about .50%. I just dont want to start cold calling hard core like I did 7 years ago. I would have to if I didnt bring many clients with me. I wouldnt be able to come home at about 4 every day like I do now and play with my kids. It would be a big change for the hole family. Thats what scares me the most.
stumpfed you obviously have no clue what happens when you move probably because you have never moved. I am a big producer and have moved firms twice in my career and when you leave other brokers will do anything to keep your clients. They will do there best to put doubt in your clients minds and will have some success. You can mimimize their success by staying ahead of things and getting on the phone with your best clients. You guys sound arrogant when you say your clients will come with you because of your relationships. Those relationships I assure you are being tested in this mkt environment and you WILL have surprises when you move. some clients you thought would stay will actually transfer to you and ones you thought were LOCKS will surprise you and not come along.
Get a clueG26: My impression is that you are a very responsible straight up kind of guy that treats your clients with respect. Most good dads seem to be that way. If you are inclined to move, you WILL NOT have a problem moving your book. Not only are you the right kind of person but the WS name is sh#t. Do it and get your life back to normal before the kids are out of school for the summer. Don't sell yourself short. By the way, anyone in your branch who is a true friend will REFUSE to call your clients for at least a week after you are gone.I wouldnt. I am a big saver to a fault. My last retention is still in short term CDs. Earning about .50%. I just dont want to start cold calling hard core like I did 7 years ago. I would have to if I didnt bring many clients with me. I wouldnt be able to come home at about 4 every day like I do now and play with my kids. It would be a big change for the hole family. Thats what scares me the most.
I know a guy that moved from AG a few years ago. He was part of a big team. All he did for the most part was options trading. His sign on bonus was on the same % as his bigger producing team members. 1st thing he did once he cashed the check was buy a boat and some red sports car. Cant remember the make and model. He then took the rest of the bonus and started trading options. Well he lost all of his money plus most of his clients money and quite the business. His team members stuck up for him and the firm didnt come after him for the money. He didnt have it anyways.
Even guys you think are your friends will call your clients! You guys that have not moved dont get it. There are some stand up guys that will not go after your clients but you will be surprised how some guys act once the account is in their number and they want to keep those assets.
They will get the manager to approve no commissions for 6 months, or cut the management fees for a year and say they just want a chance to prove what they can do,etc etc.
You will lose some people you think are on your Too Good a relationship to lose list! If your a good guy and clients like you most of your clients will come but be aware you will have some real surprises.
In this survival environment guys will be more aggressive than ever. Vulchers!
[quote=jimmymac24]stumpfed you obviously have no clue what happens when you move probably because you have never moved. I am a big producer and have moved firms twice in my career and when you leave other brokers will do anything to keep your clients. They will do there best to put doubt in your clients minds and will have some success. You can mimimize their success by staying ahead of things and getting on the phone with your best clients. You guys sound arrogant when you say your clients will come with you because of your relationships. Those relationships I assure you are being tested in this mkt environment and you WILL have surprises when you move. some clients you thought would stay will actually transfer to you and ones you thought were LOCKS will surprise you and not come along.
Get a clue[/quote]The magic number through the years has seemed to be about 70%. That's 70% of the 20 that give you 80 and 70% of the 80 that give you 20. And it's true that you'll be surprised by who and who does not follow. Those are the downsides. The upside is that a move gives you great time and opportunity to get out and see everybody. A lot. THAT will lead to more and new business that will fill in the gap within a year or two. Just as we're all p-o'd about not feeling wanted, so it is with your clients. See the people, see the people, see the people.
I agree with that 100 percent. I am just making the point as some of the guys on here do not seem to get what happens when you move. It does lead to some additional business that makes up for what you lost just from being out there seeing your clients. that is true