500 or bust?
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[quote=scotsman]
Just heard
No Upfront will get some kind of performance based pay based on certain bogey WTF [/quote] Scotsman, So was there more to the conversation with your source or just a quick, "no upfront" - click?? Do you have any details.[quote=scotsman]
Just heard
No Upfront will get some kind of performance based pay based on certain bogey WTF [/quote] So do you have any specifics on the bogeys?[quote=Me]Scotsman,
Any idea on when we would actually hear this?? All Channels?? Thanks[/quote] I hate to say a time because everyone who has has been slaughter on this post but it should be this week. Don't know about the other channels just AGE/PCG[quote=gauge26][quote=scotsman]
Just heard
No Upfront will get some kind of performance based pay based on certain bogey WTF [/quote] So do you have any specifics on the bogeys?[/quote] If its growth, I'm screwed...I was up 25% last fiscal. I'll be lucky to get to the same number this year, yet alone any growth at all!!![quote=gauge26][quote=scotsman]
Just heard
No Upfront will get some kind of performance based pay based on certain bogey WTF [/quote] So do you have any specifics on the bogeys?[/quote] Details may change but from what I was told it should be easy to attainJay: I believe you are a manager with UBS... right. With all the $ flying around people should really check out their options if they are unhappy and consider securing their family's financial future. I've never seen an environment like this for advisors to get paid. Meanwhile WS stutters, stammers, and stalls. Unreal. That is not how a firm that believes they are the best of class should treat their employees. Nickle and diming the clients and FA's isn't the kind of culture we were promised either. UBS must be pretty awful because at WS its a real mess. I have never seen morale lower, the back office is horrendous, and you can't believe a word mgt says. If mgt doesn't keep their repeated promises on retention when the other firms are paying their FA's, it's going to get real bad. Thus far most would say there has been little to no upside from the AGE/WS merger.
I moved to a firm that I believed at the time was much worse then WS purely with the idea to “cash in” while i still could. Maybe I am wrong, I HOPE that I am wrong. If this market is a V bottom and WS becomes the bets firm on the street and things are back to normal I will NEVER regret the move that I made. It would have been MUCH easier to stay.
The things that are now going on with WFC/WS is exactly the reason that I left-uncertainty.
UBS is a joke.
Well…if it is just production - now might be the time to apply for the ‘fee fronting’ program if the window is still open.
I don’t think anyone knows anything, certainly not DL. We have hit the point of weeks not days, Jim Hayes is full of shit.
You mean those swiss bank accounts were to hide money from taxes and other illegal stuff?
damn what a shockQuestion for you guys. I have no dog in this fight but after all you have been through would you accept a jv/merger with a company adimitting tax evasion/tax fraud via UBS? I may not understand the “whole picture” but wouldn’t that be another nightmare that you guys did not cause but take the heat for it anyway? Frankly, we are all the stepchildren now anyway but explaining other peoples’ screw ups is getting old. Set me straight. I just don’t understand this crap anymore.
scale and scope = soap on a rope
How very old school! Danny better not bend over.....
I think that is a very real possibility. Wouldn't that be great to go from Wachovia the failed bank to UBS the crooks. That should be great for referrals and prospecting.Question for you guys. I have no dog in this fight but after all you have been through would you accept a jv/merger with a company adimitting tax evasion/tax fraud via UBS? I may not understand the “whole picture” but wouldn’t that be another nightmare that you guys did not cause but take the heat for it anyway? Frankly, we are all the stepchildren now anyway but explaining other peoples’ screw ups is getting old. Set me straight. I just don’t understand this crap anymore.
UBS united bank of switzerand.
swiss numbered bank acounts tell me you know that right?I need to vent. I’m a Wachovia Securities PCG FA with 10 years LOS. I’m a New Englander, and basically, I’m pissed. No need to respond, I’m a lover, not a fighter, but these are fightin’ woyds.
I no longer give a F$$K about Wells Fargo. I DO give a hoot about what they are going to come up with to keep me on board, though. I don’t want retention. I’m aware that it’s an illusion.
quick side note: I really like the technology, the software is very intuitive. (btw, for new folks on these systems, as you see what smartstation/ envision/ port. analysis, etc can do, you just might be impressed. there definitely is some fluff, but over time you’ll learn what to omit.
anyways, I am deeply committed to my clients.
Much to my chagrin, I will acknowledge that Wachovia Securities, currently (ahem) has the best comp grid on the street. The grid has worked well for me. I’m referring to the 50% part. It’s too depressing to acknowledge the $400 raise we were given as any display of appreciation. what a joke that was, huh?
IF, (or perhaps when) this godd$*n company tinkers with our comp grid for 2010, I’ll take my measley ass somewhere else. My bond with my clients is at an all time high. I’ve talked to everyone that I’d consider taking elsewhere. They see it as a ‘no brainer’. They’d rather see me take home the fair wage i earn, and keep it, versus give XX% of it to a BANK THAT I DONT KNOW SHIT ABOUT!!!
Additionally, I think that my branch of 7 advisors. 7 GOOD advisors are going to bolt. Pretty wild stuff. Our BOM, can’t legally do any footwork, or basically have any operational involvement in putting the shop together, but he said to us all, "get it all put together, and we’ll take a van to the CM, and hand in 11 letters of resignation (7 FA’s, 4 Registered SA’s). This is roughly $3,300,000 in gross, and $350,000,000 in assets. No, not a ‘huge, wail of an office’, but it’s meaningful. From the conversations I’ve had, and research I’ve done, our office is one of many who may make this move. Hell, maybe we’re doing this just ahead of Wells Fuckgo closing our doors anyways. Afterall, there are no ATM Machines in our area. Does that render us useless. Sure sounds that way. The ATM’s this, the ATM’s that, it’s the focus of the merger…more ATM’s. yay.
ATM= Another Thoughtless Move
WELLS FARGO, you are the shame of San Francisco. When we’re gone, we’ll enjoy watching the anatomy of your decay.
Disappointed,
Me, My Wife, and our 2 kids
CDO squared I am not sure if I should be mad or thankful with your avitar you are legacy world. If WB didnt buy your junk bank you would have been taken over by FDIC and out of work. So if we get a retention we can thank you because your sh*t bank brought us to this position. If no retention you should leave and go work at Schwab all you atlas guys were no load fund sharks getting paid for nothing.
bondking.
Jamie Dimon once said cross-selling doesn't work. Well WFC makes it work on some level but not by using outside the bank advisors... It is my impression that WFC believes cross-selling happens in the "store" by advisors sitting in the bank. That is why they wasted no time carving the ISG guys out for themselves. ISG are WFC employees now. WS has been left out in the cold. WFC hasn't bothered to put an arm around WS advisors. Zero communication, nary a mention of WS. It is what it is. WFC are BANKING EXPERTS and they have a huge merger to focus on. I just don't think they want WS and dealing Danny is trying to do what he like to do.. make a deal. And since he has failed time and again to deliver on retention and name change.. he hasn't sealed a deal... yet. Danny has always talked about the global banking model. And even now as it implodes, my guess he still believes it. He also likes the idea of having as many FA's in number as the other big boys. As if you can compete or be profitable unless the firm is the biggest. With the recent deals WS and DL is laggin behind again.. as so is UBS who has said they want to increase the size and scope. When's the wedding?!Wachovia Securities eyes UBS brokerage unit
By Jim Gallagher
ST. LOUIS POST-DISPATCH
02/14/2009
Might Wells Fargo & Co. marry Wachovia Securities to the brokerage operation of UBS AG?
That possibility arose Tuesday with word that the big Swiss bank was shopping its American wealth management unit around to potential buyers.
Both the New York Post and The Wall Street Journal reported Tuesday that Wachovia Securities had been approached as a merger partner.
A Wachovia Securities spokeswoman declined to comment on “rumors and speculation.” Wells Fargo bought Wachovia Corp. in January in a massive bank merger. St. Louis-based Wachovia Securities came with the deal.
Wells Fargo previously said it intends to hold on to Wachovia Securities and keep its base in St. Louis. That hasn’t changed, a Wachovia Securities spokeswoman said Tuesday. Wachovia Securities employes about 4,800 people in metro St. Louis.
The Wall Street Journal said UBS had approached Wachovia Securities and Morgan Stanley last year about buying UBS’ brokerage operation. The Swiss bank also approached Bank of America and J.P. Morgan Chase, the newspaper said, citing anonymous sources.
The New York Post on Tuesday said UBS has held preliminary talks with Wachovia Securities about forging a joint venture.
Wachovia Securities, with 16,000 brokers, is twice the size of UBS’ brokerage unit.
UBS bought its way into the American brokerage business by paying $11.5 billion for PaineWebber in 2000. Now, it is struggling after massive credit-related losses. It received a $60 billion bailout from the Swiss government last fall.
UBS’ wealth management unit is also under federal investigation over suspicions that it helped more than 17,000 people evade U.S. taxes.
The credit crisis has forced even healthy banks to consider shedding side businesses in order to concentrate on the core business of banking, said Michael Flanagan, an independent brokerage industry analyst in Philadelphia. “Both UBS and Wells have reason to reevaluate,” he said.
A deal with UBS would place employees on Jefferson Avenue through their third major adjustment in less than two years. Wachovia bought A.G. Edwards, a century-old St. Louis institution, in 2007. Now, those same employees are adjusting to their new bosses at Wells Fargo headquarters in San Francisco.
A merger with UBS “certainly would shake out a fair number of the remaining A.G. Edwards people,” said Flanagan. "They’re much more accustomed to the collegial and congenial environment of A.G. Edwards."
Wells Fargo has not chosen a name for the St. Louis unit, and the Wachovia name is still on its headquarters on Jefferson Avenue. “We are still discussing branding for the brokerage firm, and a new name should be announced in the coming weeks,” said spokeswoman Teresa Dougherty.
A UBS broker in St. Louis said they’d been told nothing about a potential sale. “The general reaction is complete surprise,” he said.
Just a matter of time