500 or bust?
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Ok…there is about 500-600 isg brokers who would qualify for retention is the cutoff is 500k. With 15000 brokers why drive the large ISG brokers away. There is no fundamental reason that the only way to get retention to PCG and AGE is by slighting ISG. DL has stated on many occasions that ISG is the most affected and we have been told David Carroll is a huge ISG supporter and is agrees on ISG retention. We also heard that ISG will report through wealth…that is not a bad thing. No salary. Same grid. MY sources tell me that we will hear everything this week. I actually heard yesterday from a MGR that ISG is rumored to get retention and PCG and AGE get zero. WFC thinks that PCG and AGE will have no material changes in the business model and most the guys who would be retained are alreacy on the hook for a large EFL.
My opinion is DL finds a way to pay everyone. Something in line with MER/BAC which includes subtracting any current EFL balance. I can also see him wanting to ger AGE and PCG another benefit so some big producers do not wind up with nothing.NO WAY…i heard from a MGR yesterday that ISG is getting retenion and PCG and AGE get none. ISG senion management will report to WEALTH but on WS platform.
[quote=isgman]Ok…there is about 500-600 isg brokers who would qualify for retention is the cutoff is 500k. With 15000 brokers why drive the large ISG brokers away. There is no fundamental reason that the only way to get retention to PCG and AGE is by slighting ISG. DL has stated on many occasions that ISG is the most affected and we have been told David Carroll is a huge ISG supporter and is agrees on ISG retention. We also heard that ISG will report through wealth…that is not a bad thing. No salary. Same grid. MY sources tell me that we will hear everything this week. I actually heard yesterday from a MGR that ISG is rumored to get retention and PCG and AGE get zero. WFC thinks that PCG and AGE will have no material changes in the business model and most the guys who would be retained are alreacy on the hook for a large EFL.
My opinion is DL finds a way to pay everyone. Something in line with MER/BAC which includes subtracting any current EFL balance. I can also see him wanting to ger AGE and PCG another benefit so some big producers do not wind up with nothing. [/quote] "My opinion is DL finds a way to pay everyone." Did not see him on the Forbes list last time I looked..Where is HE going to find the $$10,000,000,000 to pay everyone? Also MS is said to buy 51% of Smith Barney for around 2,500,000,000 so double that and it would cost more than double to just pay retention to WS? Using just a little common sense would you pay that?[quote=fritz] [quote=isgman]Ok…there is about 500-600 isg brokers who would qualify for retention is the cutoff is 500k. With 15000 brokers why drive the large ISG brokers away. There is no fundamental reason that the only way to get retention to PCG and AGE is by slighting ISG. DL has stated on many occasions that ISG is the most affected and we have been told David Carroll is a huge ISG supporter and is agrees on ISG retention. We also heard that ISG will report through wealth…that is not a bad thing. No salary. Same grid. MY sources tell me that we will hear everything this week. I actually heard yesterday from a MGR that ISG is rumored to get retention and PCG and AGE get zero. WFC thinks that PCG and AGE will have no material changes in the business model and most the guys who would be retained are alreacy on the hook for a large EFL.
My opinion is DL finds a way to pay everyone. Something in line with MER/BAC which includes subtracting any current EFL balance. I can also see him wanting to ger AGE and PCG another benefit so some big producers do not wind up with nothing.
[/quote]
“My opinion is DL finds a way to pay everyone.” Did not see him on the Forbes list last time I looked…Where is HE going to find the $$10,000,000,000 to pay everyone?
Also MS is said to buy 51% of Smith Barney for around 2,500,000,000 so double that and it would cost more than double to just pay retention to WS? Using just a little common sense would you pay that?[/quote]
hey dude just curious do you work at a wirehouse? Why so interested in Wachovia?
Tarheels, I hate to be the one to break this to you, but Wachovia is a wirehouse.
Wire house. National or international brokerage firms. The term dates back to when only the largest firms had high speed communications. Through the dissemination of technology, regional brokers and small retail firms now have the same ability. However, the term wire house is still used to refer to the largest brokerage firms.and the fact that ISG is Wachovia. The devil is in the details. It’s in his name…“isg” man. bank broker…
[quote=mnbondguy] Tarheels, I hate to be the one to break this to you, but Wachovia is a wirehouse.
Wire house. National or international brokerage firms. The term dates back to when only the largest firms had high speed communications. Through the dissemination of technology, regional brokers and small retail firms now have the same ability. However, the term wire house is still used to refer to the largest brokerage firms.
[/quote]
Where exactly did I infer that Wachovia Securities was NOT a wirehouse? Reading comprehension please.
Fritz...your math skills suck. Not sure why, but you are rooting for zero retention. DL and the President from PCG and ISG mentioned on several occasions that retention was being worked on and even gave details about it being top heavy. If I am wrong and we do not get retention, that's life. It will be a clear indication to the power Danny yields and the direction the firm is going in. Everyone is washed out right now. It's possible that the delays are for a good reason, but the lack of communication and any empathy to the feelings of the very people who generate the revenue is also quite telling. Zero retenion and quality brokers run. Why? This business is defined by money. You are recognized by only that criteria. Brokers may stay for a while, but they will leave. That is why regardless to what anyone says, I say retention is coming. Hey Fritz-do you even work for PCG or ISG? My guess is you are independent.
I agree isgman, he is probably independent, but I can’t understand why he’s rooting that we get zero retention. I guess some people need to make others feel bad in order to build themselves up.
I’ve explored the deals out there lately and for my 1M production, I can get about 150% to move. So if retention doesn’t come, then I’ll just move. Pretty simple.
I’m continually amazed by the number of $1M + producers who participate on Registered Rep forums. Impressive!
[quote=Ferris Bueller]
There’s been a big lnflux of users lately, if you haven’t noticed. Maybe has something to do with all the firm mergers, buyouts,[/quote]
That’s how I got drawn in, back in mid 2007…and here I still am. Sad.
FB you should apply for a position here as the local admin then you could send anybody that pissed you off to da hood.
[quote=Ferris Bueller] [quote=YHWY] I’m continually amazed by the number of $1M + producers who participate on Registered Rep forums. Impressive!
[/quote]
There’s been a big lnflux of users lately, if you haven’t noticed. Maybe has something to do with all the firm mergers, buyouts, and industry turmoil.
Or everyone is a liar, as you suggest.[/quote]
Why do you think I’m not lurking around as much as I used to be?
Definitely because of the “influx” of “million” dollar producers.
[quote=isgman]
Fritz...your math skills suck. Not sure why, but you are rooting for zero retention. DL and the President from PCG and ISG mentioned on several occasions that retention was being worked on and even gave details about it being top heavy. If I am wrong and we do not get retention, that's life. It will be a clear indication to the power Danny yields and the direction the firm is going in. Everyone is washed out right now. It's possible that the delays are for a good reason, but the lack of communication and any empathy to the feelings of the very people who generate the revenue is also quite telling. Zero retenion and quality brokers run. Why? This business is defined by money. You are recognized by only that criteria. Brokers may stay for a while, but they will leave. That is why regardless to what anyone says, I say retention is coming. Hey Fritz-do you even work for PCG or ISG? My guess is you are independent.
[/quote] Why do my math skills need help?? I have nothing against WFC, but do think the firms under bank "supervision" are going to be changing pay scale starting as soon as they can get away with it. An industry standard retention would cost WFC more than double what MS is going to be paying for SB..do you not add the numbers up that way? I do not know anything, but have been told be people at WFC since mid Ocrtober there will be no retention...maybe thats incorrect. If WFC would have come out ONE time and said a retention package is coming I would assume that is the case, they have not, which to speaks loudly and confirms what i have been told. Does not mean to me WFC are the bad guys, under the circumstance I would not pay a retention either If I was them, this was a bank purchase that they always wanted and they got it for cheap..great for them, and they got the brokerage for free along with it, sounds like a good deal to me.I think what people are missing is that the retention isnt free money, the broker is on the hook for it, pays interest and taxes on it. They are loaning us money to stay with WFC, if we leave we pay it back, and during the whole time WE are paying interest to them. Seems like a good business decsion for them to pay it, especially if banks arent loaning money out right now-start with your own employees.
From a PR stand point I bet they are waiting for a high news period-like earning season or the inaguration so there arent anti WFC, anti broker headlines.[quote=Maynard]
I think what people are missing is that the retention isnt free money, the broker is on the hook for it, pays interest and taxes on it. They are loaning us money to stay with WFC, if we leave we pay it back, and during the whole time WE are paying interest to them. Seems like a good business decsion for them to pay it, especially if banks arent loaning money out right now-start with your own employees.
From a PR stand point I bet they are waiting for a high news period-like earning season or the inaguration so there arent anti WFC, anti broker headlines. [/quote] 98% of the brokers I have seen that have gotten a deal and blown up do not pay back the money because they leave the business and firms do not fight for the money back. So would have to disagree about the "broker being on the hook for it" part of your argument.[quote=Maynard]
I think what people are missing is that the retention isnt free money, the broker is on the hook for it, pays interest and taxes on it. They are loaning us money to stay with WFC, if we leave we pay it back, and during the whole time WE are paying interest to them. Seems like a good business decsion for them to pay it, especially if banks arent loaning money out right now-start with your own employees.
From a PR stand point I bet they are waiting for a high news period-like earning season or the inaguration so there arent anti WFC, anti broker headlines. [/quote] I find it amazing that people with such little understanding will post their opinions for all the world to see. Better to be thought a fool.....Sam,
You are right, I do have "little understanding" of this. But from what I have read here nobody has an understanding of what is going on, it is all conjecture. Just trying to figure it out. If that makes me a fool so be it. This is a dying business and I would like to pick up another check without moving before the curtain really gets pulled back. Ps If you are such a genuis what are you doing hanging out on message boards...I do not know anything, but have been told be people at WFC since mid Ocrtober there will be no retention.
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Who are you talking to? Bank tellers, FS? WFC FA’s?? Unless you are talking the DECIDERS, you dont know what you are talking about either. If they dont pay, great, they lose billions and many of us will move on to pay days elsewhere or other bigger and better things. Then after that they can pay double to triple what they could have paid us, to attract other FA’s from other firms and hope they can bring in the assets they lost when their current stars walk. I’d say their better off paying now for 50 cents on the dollar, keeping all the assets and keeping everyone happy.