500 or bust?
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sorry i am not special and i do not have a 30mm account but that is the best explaination i have heard so far. you can figure it out for your own situation and it is no way equaling 50% of you trailing 12 unless you have a lot of very large accounts. basically they told us fuck you.
also deals will be structured around how much money you get the more money the longer the loan. This is the info i was told. if it is a little of sorry. it is friday and the beer tastes so good
so basically if you are a 500 thousand dollar producer you are getting around 23% of t 12 if you do 75 plans with an average household value of 300k
Holy crap! reading these posts is like listening in on some nerd math contest (no offense to the participants). Guys, call up LPL and come on over, the water’s fine.
Guess MS is out…Over 500K got paid, amazing that one day one group ecstatic, and another kicked in the groin within an hour.
[quote=Broker Fee]Reading through the last 5 pages of this thread actually made me bust out laughing, as I understand it you Wells guys have a financial plan software named “envision”.
The firm will compensate you based on the number of plans that you guys write?!?! is that right? There's another firm out there that operates on the same basis..the name of this firm is called...Ameriprise! I specualate that Wells is simply ramping up all you guys to "train" you to do financial plans for your clients in order to "orient" you to the Ameriprise way of doing things. Don't be surprised if another shoe on this sad saga plays out & you all find yourselves as Ameriprise financial advisors one day!!![/quote]I was waiting for someone to connect the dots!!!!
Ill always love Danny
the biggest surprize to me is that he didnt resign
still think that might come
i thought he would fight them tooth and nail for us
then tell them to fukc off if this was the final answer
great isg just recieved an email for a conference call with mary mack so she can try to sell us on this shit deal hopefully she opens it up for comments and questions so we can give it to her
[quote=burtonfinancial1] [quote=Broker Fee]Reading through the last 5 pages of this thread actually made me bust out laughing, as I understand it you Wells guys have a financial plan software named “envision”.
The firm will compensate you based on the number of plans that you guys write?!?! is that right? There's another firm out there that operates on the same basis..the name of this firm is called...Ameriprise! I specualate that Wells is simply ramping up all you guys to "train" you to do financial plans for your clients in order to "orient" you to the Ameriprise way of doing things. Don't be surprised if another shoe on this sad saga plays out & you all find yourselves as Ameriprise financial advisors one day!!![/quote]I was waiting for someone to connect the dots!!!!
[/quote] After spending 9 dark years with Ameriprise (then IDS) during the 1980's (half of that time I was a branch manager) I can tell you from personal experience that anytime a dealer tells you that they will compensate you for writing financial plans on clients that there is a hidden agenda.
smoke, mirrors and bullshit…Curious, do you think Danny got his retention bonus?? If you WS guys have a sack, you will all pitch in and pay for a full page add in the STL business journal calling for DL’s resignation.
nothing on lending or new assets for cash bonus that will still go for deffered comp at the end of the yr
February 20, 2009, 4:03 PM EST
No retention bonus for Wachovia reps<?: prefix = o ns = "urn:schemas-microsoft-com:office:office" />
Wachovia Securities brokers will be getting no retention bonuses from Wells Fargo & Co.
In a conference call today with the troops, Wachovia Securities chief executive Danny Ludeman said the deal was off.
In addition, he announced that Wachovia Securities LLC of St. Louis will be renamed Wells Fargo Advisors, beginning in May.
“With the environment we're in, with all the attention we're under — all the firms are under — and with clients down 20%, 30% and 40 % ... a [retention] bonus didn't seem to be the appropriate approach,” said Wachovia Securities spokesman Tony Mattera.
Retention bonuses historically have been used to compensate brokers for the disruption caused by a merger. “But in this case, I don't expect the merger to change things much at all,” Mr. Mattera said.
One Wachovia rep, who asked not to be identified, said he was disappointed.
Mr. Ludeman “said on multiple calls that there will be 'meaningful retention,'” the broker said.
It is not clear how many of Wachovia's nearly 16,000 brokers may have missed out. That's because in other retention deals, lower producers did not receive packages.
“There's no doubt some guys will be leaving” and taking offers from other firms," the Wachovia broker added.
Retention bonuses historically have been used to compensate brokers for the disruption caused by a merger. “But in this case, I don't expect the merger to change things much at all,” Mr. Mattera said.
That is simply an amazing quote.
Have any of you AGE guys experienced ANY disruption in your business from mergers over the past 18 months???[quote=Registered Rep]
Retention bonuses historically have been used to compensate brokers for the disruption caused by a merger. “But in this case, I don't expect the merger to change things much at all,” Mr. Mattera said.
That is simply an amazing quote.
Have any of you AGE guys experienced ANY disruption in your business from mergers over the past 18 months???[/quote] I think you already got that retention. Your looking for money everytime someone FARTS. If not retention then for overtime. Jesus get a clue, your clients are down 40-50% with more to come. Why not focus there and not on yourself. Get your fat wife back to worjk if your paycheck is down.NEW YORK -- Morgan Stanley plans to offer its top-producing financial advisers and those at Citigroup Inc.'s Smith Barney as much as 105% of their annual production to stay with the two firms as they create a joint venture.
The retention deal was announced to branch managers at both firms a few hours after Wells Fargo & Co. said it won't be handing out retention bonuses to the Wachovia Securities brokerage force.
A Morgan ...
< id=ad0_0_WA_0002C96453 style="PADDING-RIGHT: 0px; PADDING-LEFT: 0px; PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-TOP: 0px" border=0 marginWidth=0 marginHeight=0 ="http://ad.doubleclick.net/adi/interactive.wsj.com/business_mgmt_story;!category=;m=yahoo_hs;;mc=yahoo;tile=3;sz=571x18;ord=3622362236223622;" Border=0 width=571 scrolling=no height=18 undefined="margin:0px; padding:0px">[quote=Hydeho][quote=Registered Rep]
Retention bonuses historically have been used to compensate brokers for the disruption caused by a merger. “But in this case, I don't expect the merger to change things much at all,” Mr. Mattera said.
That is simply an amazing quote.
Have any of you AGE guys experienced ANY disruption in your business from mergers over the past 18 months???[/quote] I think you already got that retention. Your looking for money everytime someone FARTS. If not retention then for overtime. Jesus get a clue, your clients are down 40-50% with more to come. Why not focus there and not on yourself. Get your fat wife back to worjk if your paycheck is down.[/quote] You Hyde-HO are among the 10,000+ clueless clones that will remain at this firm following the leash that they putting around your neck. I guess firms like MS/SB, UBS and RJ and many more DON'T have clients down 40-50% so that's why they are still paying retention and bonus money. You are the perfect "follower" that Wells is looking to retain. Continue to drink the koolaid and I hope you will write many plans for them in the future.[quote=Hydeho][quote=Registered Rep]
Retention bonuses historically have been used to compensate brokers for the disruption caused by a merger. “But in this case, I don't expect the merger to change things much at all,” Mr. Mattera said.
That is simply an amazing quote.
Have any of you AGE guys experienced ANY disruption in your business from mergers over the past 18 months???[/quote] I think you already got that retention. Your looking for money everytime someone FARTS. If not retention then for overtime. Jesus get a clue, your clients are down 40-50% with more to come. Why not focus there and not on yourself. Get your fat wife back to worjk if your paycheck is down.[/quote] Who's clients are down 50% YOURS?