500 or bust?
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Two of the local PCG branches each have one team in profit formula. Not sure how other regions are doing it, but both of our local profit formula teams operate within their respective branches. This is a nice niche that WS has to bring in large producers to the firm. Probably the reason Merrill increase the payout for $2million producers to 60%.arent profit forumula reps being set up in their own little shops also. sort of like an inde? I have heard this. Could be mistaken.
[quote=showmethemoney]arent profit forumula reps being set up in their own little shops also. sort of like an inde? I have heard this. Could be mistaken.
[/quote]
They generally don’t allow this since a branch office is responsible for Ops and Compliance for the PF.
Profit Formula is a good option but the firm keeps adding variable based charges to the p&l - the more you do, the more you pay.
There are many stand alone offices and many in branch models. Most new PF practices are in branch - firm doesnt want to get stuck with a long term lease if the practice leaves or blows up.I am a profit formula FA in my own branch, stand alone; I understand they do not want to do this, but I am grandfathered as I was a stand alone satellite branch before I converted.
It really is a great platform: little difference other than you have to manage your expenses.
[quote=Wheat-ie]
i’d propose the same question as i did to the pru guys when they had to be rescued years ago: if things were so great, why did a bigger player come along and have to rescue you?
Has WS not bought age BEFORE the market’s current turmoil, GD good chance it would be BROKE in this current environment…then ludeman and gang would have not been such a terrible alternative. [/quote]
OMG…rescue us LMAO…that is the funniest thing I have ever heard…why did a firm with no wirte offs 2 billion in cash and ZERO long term debt need rescuing again? Oh yeah by the way Wachovia paid a HUGE premium for this so called rescue lol! I guess WB is stupider than I thought…overpaying for a rescue!
The only company that needed rescuing here was Wachovia…remember we almost were taken over by the…if AGE wasn’t bought the market cap would be greater than Wells right now! I guess Stifel needs a rescue too lol…oh wait they don’t either they were just smart enough to not sell to a bank that can’t manage its own money!
Man you just showed how little of a clue you have!
[quote=Vet20]I’ve already accepted an offer to leave and will start the transition timeline soon. The only thing that would stop me is if the retention is large enough to keep me in my seat and save the headache of transitioning all my accounts. I DO have the nads to leave and won’t look back if that is in fact what happens.[/quote]
Just remember if you dont leave in the next week or so…dont plan on it for a while…Feb is shot since the conversion will be going through…new acct numbers, and 10 days of acta blackout…so plan on March, and deals may be down further and clients will probably be hesitant to move after a major internal move…hmmm…think wells knows that and is delaying the announcement hoping most AGE guys wait to see, and are then stuck.
Get out now or plan on staying a while.
If guys are coming over from the wirehouses and setting up PF shops in
communities already with Wach coverage, isnt this bound to cause some
problems?***
great news. I am staying at wells now that you pointed that out. I m telling all my colleagues to stay with wells. thanks
I've heard a few things on Friday that are of interest... <?: prefix = o ns = "urn:schemas-microsoft-com:office:office" />
1) There will be no retention for ISG Brokers.
2) The Retention for PCG, AGE, Pru, etc... is going to look more like a Growth Bonus than a retention. For example: If you increase your production 15% next year you get a 10% Deferred Stock Bonus or something similar to that. 3) The black out is going to cause a lot of problems for brokers in Feb and will make it harder for brokers to leave as planned (Does anybody have an exact date for the black out?) 4) Since DL is only going to be responsible for PCG, that is the only division he cares about at this point. 5) The option to sell off Brokerage is possible (albeit not right away) to raise cash for the bank. 6) ISG brokers are going to be salaried and part of WFC Wealth Management. Comments?ISG brokers are going to be salaried and part of WFC Wealth Management.
Comments?*****************************
Hey, if they pay me a salary of 150k or better, they have a deal. Steady pay any day!!
I love the salary idea, and I bet many here would to, provided its high
enough, but there aint no way that is happening and in fact ISG is
actually getting the largest part of the retention deal, whatever it
may be. That is a fact. I think we should unionize the whole
damn industry and that would stop us from being F’d over at every turn.
Salary? My guess is a base of 60k with bonuses when you hit a certain level of production, so basically commission…
Drop a couple of Union Pamphlets around the office and let the managers see them, it would be interesting to see their reaction...3rdID and showmethemoney,
Unions? Salaries? Getting F’d over?
With attitudes like that it’s clear you’re in the wrong business, or at a minimum in the wrong job. There are tons of salaried jobs you can pursue if that is your wish. FA isn’t one of them.
Stop tilting at windmills and man up.
[quote=San Fran]
I've heard a few things on Friday that are of interest... <?: prefix = o ns = "urn:schemas-microsoft-com:office:office" />
1) There will be no retention for ISG Brokers.
2) The Retention for PCG, AGE, Pru, etc... is going to look more like a Growth Bonus than a retention. For example: If you increase your production 15% next year you get a 10% Deferred Stock Bonus or something similar to that. 3) The black out is going to cause a lot of problems for brokers in Feb and will make it harder for brokers to leave as planned (Does anybody have an exact date for the black out?) 4) Since DL is only going to be responsible for PCG, that is the only division he cares about at this point. 5) The option to sell off Brokerage is possible (albeit not right away) to raise cash for the bank. 6) ISG brokers are going to be salaried and part of WFC Wealth Management. Comments?[/quote] Agree with 2 & 5..not a clue on the others.I for one want ZERO part of a salray job. Salary + bonus is just not the same as a clear cut grid. I do not want anybody deciding my income, but me. Being part of the Wealth group is not that big of a deal, and I am not aware of a black-out date for ISG, anybody know that for sure??
San Fran correct no ISG $$$. DL cut a deal with Wells that screws ISG brokers and pays his PCG/AGE guys. It will all come out this week or next, just about the time that client account numbers will be switched. ISG 99% certain to be Wells Wealth Group, what that wil look like is anyones guess.
[quote=Morphius]3rdID and showmethemoney,
Unions? Salaries? Getting F’d over?
With attitudes like that it’s clear you’re in the wrong business, or at a minimum in the wrong job. There are tons of salaried jobs you can pursue if that is your wish. FA isn’t one of them.
Stop tilting at windmills and man up.
[/quote]
I agree - a few more posts about salaries and unions and they’ll change the name of this forum to U.S. Postal Service.com
And IF there is a salary for those guys, 150k is a pipedream. 60-75k is more like it, as SF said, and i dont know a self respecting RR that would come to work everyday for that.
Man this industry is getting interesting. Never saw a business change right before our eyes, so fast. Scary shit.
With attitudes like that it’s clear you’re in the wrong business, or at
a minimum in the wrong job. There are tons of salaried jobs you can
pursue if that is your wish. FA isn’t one of them.
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I wouldn’t say I’m in the wrong business as I have been successful up to this point. After a good workout this morning, first one I was able to get in this week, I’m thinking more clearly now. Disregard my foolhardiness. Thanks for the attitude adjustment.
And IF there is a salary for those guys, 150k is a pipedream. 60-75k is
more like it, as SF said, and i dont know a self respecting RR that
would come to work everyday for that.
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I cant see putting ISG on salary. I dont know any ISG reps making 60k per year. If they are they are probably on the way out. What will become of ISG guys making 200, 300, 400k or more? Obviously they wouldn’t settle for that. What options would be given in this case? I dont think this is even a likely scenario, but I guess anything is possible at this point.