500 or bust?
3938 RepliesJump to last post
My BM told several of the brokers in my team yesterday that there will be no retention, PERIOD. He got that from RM yesterday afternoon. I am a registered CA and am legacy AGE for quite a few years. I have been following these boards ever since the AGE / WB merger trying to figure out what is going on, Even though I will not be eligible for retention pay it affects me too in that if there is no retention package for my brokers, they may leave and where does that leave me? If a FA is offered an incentive package to leave WFC does the CA receive anything if they go with the broker? As you can probably tell, this is my first posting.
Hello lady, your FA should comp you for the transition as it would only be the correct thing to do. You are a big piece of the business and we all do know this!
Bingo we have a winner But can we real trust these liars to pay us once we jump through their hoopsGiven the way other things like forefront have been structured, it will be based on the number of Envision Plans you run and how much of your book is managed money. They love to to give the brokers incentives for certain behavior.
No source, just a guess.
Smart Station isn’t that bad. It is like anything new - it just takes some time to familiarize yourself.
Let's just assume that they come out with the mother-of-all retentions - DL & JH will have to deal with some serious credibility issues. How can any item revolving around a deadline ever be taken seriously? Also, of the senior management, in particular the AGE guys, Diederich, Peter Miller and group - aren't they vested in their AGE/WS deal at the end of 2009? I think it was a 3 year retention. Wonder what there plans are? Under AGE they were part of the inner-inner circle. Now it seems like they are just part of DL's entourage.[quote=maddog]
Also, of the senior management, in particular the AGE guys, Diederich, Peter Miller and group - aren't they vested in their AGE/WS deal at the end of 2009? I think it was a 3 year retention. Wonder what there plans are? Under AGE they were part of the inner-inner circle. Now it seems like they are just part of DL's entourage.[/quote] they are a silent voice...that in itself speaks volumes. They too are empty suits.You should take a look at Ameriprise. They are not involved with a bank and have not had exposure to the whole subprime mess. They also offer great administrative support and you can charge fees for doing financial plans for your clients and prospects. They have a much higher payout .
I was T12 $1,215,043. manager is a good friend and paid out max for me. [/quote] BP, If you don't mind - a little clarification on two of your quotes. Most teams will quote their team numbers. Am I to assume that you are on a 5 man team generating $1,215,043? Are you the lead broker? or, is it a team of equals? If numbers are for team - after splits not a lot of production per/rep.if you had a five man team …
Lets face the facts. WFC does not want us period. How absolutely unprofessional is it that we hear NOTHING from WFC or our leaders. On one of DL’s last calls he stressed how important it is that we stay in front of our clients during the most severe times we have had and will continue to encounter…Are we not clients to DL? He should practice what he preaches. He Bad!
I am becoming more concerned about the survivability of WFC now that they have all of the WB “toxic assets”…its like ground hog day all over again.
When people call clients or prospects what firm do they say they are with? I have never said WFC, just because want to be sure they are our company so I dont have to change the firm again…
I think there is only 1 way to look at it. When it’s all said and done you will wind up working at WFC for another 7 years plus dealing with the same crap…Would’t it be better to get the hell out while you still can and be in CONTROL of your situatiion…
Funny thing…I still say AGE - Wachovia Sec. My voicemail still says AGE. My manager has not corrected me. I will just answer my phone, this is “…”. (my name) Cuz at the end of the day the clients need to know WE are still here. Time to jet set from this mess - just looking for the right fit. What a cluster f***!
I hated the movie the Titanic, way too sad. However, this thread reminds me of that movie.
This ship is going down.
It doesn’t matter what DL and his friends decide to do from now on.
No trust, integrity or loyalty left.
Who will believe what they say going forward?
Why are we talking about retention at this point?
It’s like being a passenger on the Titanic and asking the Captain for a cabin upgrade. YOU ARE STILL ON THE TITANIC.
We should change the thread NOW and start counting brokers leaving the firm.
Not quite that easy…Also, the recruiting managers out there have their proverbial pick of cream of the crop and a lot of firms won’t even consider a 500K or less producer…
To the guys and gals that left WS/AGE. Has anyone been hit with a TRO ? And how fast did they come after you to pay back the old retention bonus ?
No TRO but they come back at you within 1 month for any back retention or bonus $$$ that you might have qualified for…
im up in the bow. still listening to the orchestra. music sounds great but its cold outside and the bow is rising out of the water. why am i still here. where did all the rafts go…latest i have is the accelrated payout was set to go last fri and was yanked that morning.at the very last minute.total silence since then.sf is dropping their upfront eff immediatrely…to 80%…just as many sb advisrs walking in as age.ms still cranking up front dollrs if u can put up w/ a ny wire. universal bank model is now proven a total failure.could have told u that 2 yrs ago but noooo dl and jh knew all the answers. time to go. firm is collapsing and wfc is right behind. stk will be at 5 b4 end of march. reg rep firm ratings has ws at bottom. Shredder. rumor has it gene d will begone in a few weeks.not his asking by the way.reminds me of everyone leaving earth in men in black as the arkellian spaceship approached. water may be cold but its time to go.
I simply can’t believe they have said absolutely nothing.
Anyone doing over $1,000,000 must be BS - especially from the WS side. WFC seem to not give a rats ass about it. It's too bad because it took years and millions of dollars to build the broker force up as high as it was. Now, in 6 months, they cripple it. And it's completely avoidable, all they had to do was communicate something. The bet is that top talent won't leave as it is a bad market and a transition would be disruptive - anyone that does leave could be replaced by recruiting - AGE guys are under contract - so they save $3 billion and lose no value. Simple math assuming no one bolts.age guys are under contract? thats a news to me. I thought we can pay the remaining balance back and leave. did I miss something? I guess that explains why my branch has gone from 21 to 6 fa’s in the past 4 month.