500 or bust?
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Our office from 29 to 16 (Including me). Maddog, those numbers were my numbers, not team numbers. Total team is 2 advisors, 1 jr broker, 2 assistants. Total team about 2.1
My theory is that DL and JH went to San Francisco and found the area was more conducive to their deviate lifestyle.
I have sources that tell me that WFC will give PCG a 10% bump on grid going forth and that is it for retention. Hey WFC! Go F yourself!I know the argument about ISG has been discussed over and over(Do they deserve somehting or not) That is not my question…it just seems like total silence from everyone from ISG…from DL to Mary Mack all the way to even the posters that are ISG on this board…It looks like ISG will definitiely get the shaft again…I hope everyone gets something, but it looks like the rumors are pointiing to something minor for AGE/WS and nothing for ISG. If anyone from ISG has anything…please share…Thanks
Hey Me
I left ISG several months ago...Got tired of all the bullshit conf. calls about nothing....I don't think there is any retention coming....WFC really was never interested in buying WS and the only reason they did is to trumpp Citi's laughable offer at 1.50 share. WFC doesn't really understand brokerage...how it works...and probably regrets buying Wachovia in the first place. Their stock is off 50% plus since they signed the deal. They don't care if advisors leave because there is so much turmoil out there that they can replace departing advisors like myself with someone else. Most firms out there won't even talk to you unless you are doing north of 500K T-12. They realize that it is a tough environment out there and a great deal of the banks clients are just that BANK clients and would not make the move with you. Not sure how long you have been in ISG or the industry but if you are able to I would get out while you can. I was tired of working in a completely REACTIVE environment. I am finally in a PROACTIVE environment. Wish you luck!![quote=Danny Isadouche]My theory is that DL and JH went to San Francisco and found the area was more conducive to their deviate lifestyle.
I have sources that tell me that WFC will give PCG a 10% bump on grid going forth and that is it for retention. Hey WFC! Go F yourself![/quote] Haircut fee based by 25bps, then give a 10% bump in the grid.......... You can fool some of the people some of the time....... Maybe they will send out bottles of KY with the WS logo on them.[quote=mnbondguy][quote=Danny Isadouche]My theory is that DL and JH went to San Francisco and found the area was more conducive to their deviate lifestyle.
I have sources that tell me that WFC will give PCG a 10% bump on grid going forth and that is it for retention. Hey WFC! Go F yourself![/quote] Haircut fee based by 25bps, then give a 10% bump in the grid.......... You can fool some of the people some of the time....... Maybe they will send out bottles of KY with the WS logo on them. [/quote] As I said earlier, its not a 10% bump really because of how the hurdle is calculated. They will present is a bump to 26% on the "first 10,000" (but its not because of how its calculated) and then 70% on any amount over the hurdle. Not only that, but what happens in Jan of 2011? Well you are going to see a massive cut probably below where we are right now and they increase the hurdle. They will say "cost of business hike." In the end all they are doing is accelerating your pay and taking it all back from 2011-2016. Its completely regressive, totally out of touch with what people need in here. Put together by people who have absolutely no clue as to what they are doing (WFC management) The reason you haven't heard from DL or JH and when you do hear from them they keep missing deadlines is that THEY ARE NOT IN CHARGE.Again, my manager is best friends with someone who is sitting in these types of meetings, either my manager is being very tight lipped or knows nothing!
I say almost every "inside source" in here is speculation!Maybe there’s no money to pay retention, because there’s no money to pay retention. If a brokerage firm showed up at Wells Fargo and said they wanted to borrow $3 billion for 10 years to better incentivize their sales forces, what do you think the answer would be?
This analogy has nothing to do with this situation. The only question they would have is, do we pony up 3 billion to keep this profitable company going and reap 5-10 billion in profits over the next few years. The dilema is that the media will have their lunch if they do it.Maybe there’s no money to pay retention, because there’s no money to pay retention. If a brokerage firm showed up at Wells Fargo and said they wanted to borrow $3 billion for 10 years to better incentivize their sales forces, what do you think the answer would be?
No money eh? Yeah, thats why WFC turned a profit in 2008 AND has BILLIONS in tax write offs for the purchase of WB. They paid 0 for WB because they can write off any and all net operating losses from WB and get a tax CREDIT for what they write down.
WFC is being sold off because the SECTOR is being crushed. 2-3 years from now WFC is going to be making so much money it will be down right obscene. They in essence DOUBLED their Forward earnings and it will end up costing them nothing becuase of the tax credits. Go read about the "Wells Fargo ruling" from the IRS... then tell me how broke WFC is.Sorry, I meant AGE guys recvd a decent retention with a several year agreement just a year back so WFC could expect that more of them would stick around. And, if they leave, the office shows a credit as the money comes back in when they repay the loan. And, if WFC is doing so well, why are they hitting new lows and 1/2 price from a few months back?
I have to believe their calculation determined that the number of defections would not erode net earnings more than two or three billion. They then found using a fraction of that amount of money for buying new business was smarter. Welcome to the world of a profitable bank.Anyone ever think about when Obama nationalizes the banks and then claims that our clients belong to the taxpayers. That is what is really scary about DL’s beloved universal bank model.This is really a mess, retention may be the least of our problems!!!
Good luck guys and gals, I feel for you all, your comments make me really glad I made the decision to leave at the new year. i do feel for you as I was going through the same thoughts and emotions the last 2 years. Moving is alot of work, btu isn't nearly as bad as I had imagined it would b, so don't be scared, just go where you and your clients will be happiest and best served. I havsn't been this happy to be at work in years, and am bringing in lots of new assets on top of moving existing accts. Just do it!
WFC at $9.75, C at $2.00 BAC at $3.28. I’d say there are bigger problems than retention.