500 or bust?
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“This is a dying business and I would like to pick up another check without moving before the curtain really gets pulled back”.
Agree with you there, just call a spade a spade and its all good..Just said if WFC would have come out and said once retention is coming would assume that is more accurate than what I have been told..Has that happened? 3rd, I think you are a smart guy and get the environment...do the math on retention and compare that to what MS is paying for SB, what do you come up with? MS paying valuation of 5 billion for SB. This deal, if it goes through completely eliminates TWO places for WS or MER guys to go to as they will immediately quit hiring before they decide what level to fire brokers at, 300K, 400K who knows? that leaves UBS left and they will be the main check writer out there..I see a picture of 1000's of 500K types last year, 300-350K types in 2009 out there looking for deals, do not see how it is a good environment to go shopping for a seat...also think WFC knows that.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.
Just said if WFC would have come out and said once retention is coming would assume that is more accurate than what I have been told..Has that happened? 3rd, I think you are a smart guy and get the environment...do the math on retention and compare that to what MS is paying for SB, what do you come up with? MS paying valuation of 5 billion for SB. This deal, if it goes through completely eliminates TWO places for WS or MER guys to go to as they will immediately quit hiring before they decide what level to fire brokers at, 300K, 400K who knows? that leaves UBS left and they will be the main check writer out there..I see a picture of 1000's of 500K types last year, 300-350K types in 2009 out there looking for deals, do not see how it is a good environment to go shopping for a seat...also think WFC knows that.[/quote][quote=3rd ID]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.
Agreed! WFC has said nothing! Other than the email about severance packages we all got before Christmas lol! Danny said there would be retention although those comments were made in passing....he had little conviction in his voice, and was definitely trying to downplay it. Compared to the AGE takeover...Danny was out in front and letting everyone know what was coming and how great the retention would be....the difference is night and day. If it was going to be good they would be telling us how great it will be.
If you don't already have a deal pending or havent already left then you may as well just plan on staying at WFC retention or not....unless you are in the top 5% of producers the deals just wont be there. I truly believe WFC knows this, and combined with the ACAT blackout at Wachovia in Feb knows that if brokers don't leave in teh next week or so they are stuck here for a few months and by then the deals will have gone further south.
"I truly believe WFC knows this, and combined with the ACAT blackout at Wachovia in Feb knows that if
brokers don’t leave in the next week or so they are stuck here for a
few months and by then the deals will have gone further south."
Do you really think WFC has any idea of the ACAT block for conversion? Come on!!
Thats Grassy knoll-Roswell thinking
[quote=Hydeho]"I truly believe WFC knows this, and combined with the ACAT blackout at Wachovia in Feb knows that if
brokers don’t leave in the next week or so they are stuck here for a
few months and by then the deals will have gone further south."
Do you really think WFC has any idea of the ACAT block for conversion? Come on!!
Thats Grassy knoll-Roswell thinking
[/quote]
LOL…yeah I am sure they have no idea what is going on at their own company…although the way WS back office runs, I do have to wonder if they know! “please leave a message and someone will get back with you”
[quote=Maynard]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...[/quote] Nobody on this board has any clue as to what, when, or if we are getting retention, myself included. My reply centered on the bank "loaning" the retention to brokers. Outside of the time commitment, it is free money. It is only structured as a loan for accounting purposes. First, so the broker does not get hit with a huge tax bill up front. Secondly, if the broker leaves before time period is up, you NOW have an interest bearing loan to pay back. While you are still with the firm, you are not paying interest. It is amazing to me that "financial professionals" cannot understand this concept.I think this will be the week it all becomes clear. No call from DL, he is hiding because he doesn’t have anything positive to say. I have to believe there is more going on than we know. When we find out how bad it is, what do we do then? With all the added fees it is still not as bad as not getting paid on accounts under $100,000. I work in a small town. $100,000 accounts are the norm. I still owe 80% of my loan to WB/WFC, with offers going down I guess I have to stay for a while. There are worse things that could happen.
[quote=JamesF]I think this will be the week it all becomes clear. No call from DL, he is hiding because he doesn’t have anything positive to say. I have to believe there is more going on than we know. When we find out how bad it is, what do we do then? With all the added fees it is still not as bad as not getting paid on accounts under $100,000. I work in a small town. $100,000 accounts are the norm. I still owe 80% of my loan to WB/WFC, with offers going down I guess I have to stay for a while. There are worse things that could happen.[/quote]
Your response is exactly what WFC/WS is hoping for. Why can’t you pay back the 80%, go to a regional for a higher payout and less client fees and less BS? You will still get something to move…but that is if you already have something in the works.
You guys are all living in a dream world.
THERE IS NO PLACE TO GO!!!
THEY’VE GOT US ALL BY THE BALLS!!!
THE GAME HAS CHANGED!!!
Wire to wire = frying pan into the fire. Only now, the deals wont be anywhere near where they have been. And in a year or two, if you aren’t at or at least close to a million, you better be thinking indie, because the respect you get at the wires is going to be scarce. JMHO.
[quote=Hydeho]"I truly believe WFC knows this, and combined with the ACAT blackout at Wachovia in Feb knows that if
brokers don’t leave in the next week or so they are stuck here for a
few months and by then the deals will have gone further south."
Do you really think WFC has any idea of the ACAT block for conversion? Come on!!
Thats Grassy knoll-Roswell thinking
[/quote]
Yup, it’s crazy talk…like your parent company running the firm into the ground and within days/hours of insolvency/bankruptcy and being forced to be sold, in shotgun-wedding style, - twice. And don’t give me the WS is completely separate from WB and was never/is not in any real trouble line. That dog won’t hunt. Meantime, you should get a gold star or cookie or something for your absolutely blind loyalty to WB, anyway.
[quote=nestegg]
[quote=Hydeho]"I truly believe WFC knows this, and combined with the ACAT blackout at Wachovia in Feb knows that if
brokers don’t leave in the next week or so they are stuck here for a
few months and by then the deals will have gone further south."
Do you really think WFC has any idea of the ACAT block for conversion? Come on!!
Thats Grassy knoll-Roswell thinking
[/quote]
LOL…yeah I am sure they have no idea what is going on at their own company…although the way WS back office runs, I do have to wonder if they know! “please leave a message and someone will get back with you”
[/quote]
There mind is on the bank side, the AGE conversion is small potatoes. All there are asking is how is going. They are not involved in everty aspect of it. I mean really
[quote=Hydeho]
[quote=nestegg]
[quote=Hydeho]"I truly believe WFC knows this, and combined with the ACAT blackout at Wachovia in Feb knows that if
brokers don’t leave in the next week or so they are stuck here for a
few months and by then the deals will have gone further south."
Do you really think WFC has any idea of the ACAT block for conversion? Come on!!
Thats Grassy knoll-Roswell thinking
[/quote]
LOL…yeah I am sure they have no idea what is going on at their own company…although the way WS back office runs, I do have to wonder if they know! “please leave a message and someone will get back with you”
[/quote]
There mind is on the bank side, the AGE conversion is small potatoes. All there are asking is how is going. They are not involved in everty aspect of it. I mean really
[/quote]
Trust me…Danny knows exactly when the blackout period, and knows how many FC’s left in Dec and Jan already, they know they will lose some by delaying any announcement, but keep just as many that are waiting on “good news” from HQ. Then those guys will be forced to stay and deal with integration like it or not
Don’t be too surprised…if you work hard you could be a million dollar producer someday.
It just took me 30 seconds to think of 10 places I can go. Couple of firms merge and some people think the world has come to an end. Gotta love these blanket statements.You guys are all living in a dream world.
THERE IS NO PLACE TO GO!!!
THEY’VE GOT US ALL BY THE BALLS!!!
THE GAME HAS CHANGED!!!
[quote=nestegg]
[quote=Hydeho]
[quote=nestegg]
[quote=Hydeho]"I truly believe WFC knows this, and combined with the ACAT blackout at Wachovia in Feb knows that if
brokers don’t leave in the next week or so they are stuck here for a
few months and by then the deals will have gone further south."
Do you really think WFC has any idea of the ACAT block for conversion? Come on!!
Thats Grassy knoll-Roswell thinking
[/quote]
LOL…yeah I am sure they have no idea what is going on at their own company…although the way WS back office runs, I do have to wonder if they know! “please leave a message and someone will get back with you”
[/quote]
There mind is on the bank side, the AGE conversion is small potatoes. All there are asking is how is going. They are not involved in everty aspect of it. I mean really
[/quote]
Trust me…Danny knows exactly when the blackout period, and knows how many FC’s left in Dec and Jan already, they know they will lose some by delaying any announcement, but keep just as many that are waiting on “good news” from HQ. Then those guys will be forced to stay and deal with integration like it or not
[/quote]
I think we were talking about WFC not Danny. I’m sure he knows all of that plus more.
I thnk you have 2 choices.
1. Stop all the whining and do all your conversion training, you did do the part due 1/9 didn’t you? Maybe make client calls too! I’m sure they would like to hear from you. Mabe even book some business. one week down and 3 to go.
2. Get you deal and leave.
The WS guys can’t believe all the whining for you AGE guys. We get a real kick out of the message board.
[quote=ryedog123]
It just took me 30 seconds to think of 10 places I can go. Couple of firms merge and some people think the world has come to an end. Gotta love these blanket statements. [/quote]If you are looking at going to another wire, there are only three (if you are at ws) ubs, MSSB, OR Merrill - sorry, make that two.
I heard something little different. I had dinner with david carroll, danny and stumpf last night and they all agree that age guys will get the best retention while the wb and ISG guys get nothing. any other rumors? By the way stumpf’s wife is smoking.
[quote=Hydeho] The WS guys can’t believe all the whining for you AGE guys. We get a real kick out of the message board.
So you all read it a home (because it is IP blocked via the WS workstation) and then talk about it at the watercooler the next day?[/quote]
Actually you can read only this board form a WS office. Bet there are 100;s that get a good laugh here.
Its funnier then "Earl" and "Kath & Kim".