500 or bust?
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Do I have this right?
50+ households above 250k 25MM in those households $25,000,000 *.005 = $125,000 award just for having an envision plan? It's certainly not as good as MS/SB MER/BAC, but it's better than I originally thought. I had prepared myself for the big fat ZERO.guys its really as simple as this. We are owned by a conservative bank and MS is gonna continue to be an old school brokerage that cares about the business. MS is going to pay their bonus next january using 2009 profits so they can dance around the tarp money issue. They found a way to work around the scrutiny cuz they care about their brokers. WFC caved in to the pressure and said screw you. This is the beginning of a major change. If BP did leave to go to MS he is looking like a pretty smart guy. That is the firm to be at. Mack cares about his guys. today is a major major change in culture at this firm.
So if you have one HH with 30 million, how many HH’s do you need with 100k? This is laughable!
Fortunately - to make everyone feel better - they’ve just released a transcript of the actual retention negotiation from October 2008:
Hi, Mr. Stumpf???
WHO THE HELL ARE YOU AND WHAT ARE YOU DOING HERE!!!
it’s Danny sir, Danny Ludeman…you can call me Danny…
WHAT DO YOU WANT-- DANNY - WHAT - BE QUICK WITH IT!
uhm, well, I know we were basically bankrupt and we all appreciate your buying us and saving us and all but uhm - uhm - uhh - what I want… right… well, just, uhm, $3 Billion for the brokers that you just bought
SECURITY! SECURITY!!! OUT! OUT! OUT! GET HIM OUT!!!
Seriously, what’s he going to do. But he really didn’t have to go and mention that he just paid millions of dollars to 175 new guys on the very same call that gave the entire sales force a big $0. And then, in some sort of way, it seemed he lectured us for being selfish and not for our clients because we even expected a retention - is it me or did anyone else pick up that tone?
WFC didn't cave into pressure, they never intended to pay brokers, they got the securities side for free, they didn't want it. Now that Pru has exercised their put, Wells has to come up with 5b to pay them off, they are certainly not putting in more money. If there is no bonus because clients are down so much, I wonder if Wells is going to start paying competitive money market rates and waive account fees? As a former AGE guy, I feel real bad for what that place has turned into. What a disaster. Ludeman is not fit to run a branch much less a firm.guys its really as simple as this. We are owned by a conservative bank and MS is gonna continue to be an old school brokerage that cares about the business. MS is going to pay their bonus next january using 2009 profits so they can dance around the tarp money issue. They found a way to work around the scrutiny cuz they care about their brokers. WFC caved in to the pressure and said screw you. This is the beginning of a major change. If BP did leave to go to MS he is looking like a pretty smart guy. That is the firm to be at. Mack cares about his guys. today is a major major change in culture at this firm.
the worlds longest thread can now be put to rest. no more speculation just bending over with no vaseline. ouch!! welcome to reality at the bank.
Fortunately - to make everyone feel better - they’ve just released a transcript of the actual retention negotiation from October 2008:
Hi, Mr. Stumpf???
WHO THE HELL ARE YOU AND WHAT ARE YOU DOING HERE!!!
it’s Danny sir, Danny Ludeman…you can call me Danny…
WHAT DO YOU WANT-- DANNY - WHAT - BE QUICK WITH IT!
uhm, well, I know we were basically bankrupt and we all appreciate your buying us and saving us and all but uhm - uhm - uhh - what I want… right… well, just, uhm, $3 Billion for the brokers that you just bought
SECURITY! SECURITY!!! OUT! OUT! OUT! GET HIM OUT!!!
Seriously, what’s he going to do. But he really didn’t have to go and mention that he just paid millions of dollars to 175 new guys on the very same call that gave the entire sales force a big $0. And then, in some sort of way, it seemed he lectured us for being selfish and not for our clients because we even expected a retention - is it me or did anyone else pick up that tone?
He did brag about new brokers coming in (forgot to mentionthey were paid). His tone did not sound like someone on "our" side. And 1 hour later MS announces they value their brokers. What timing & contrastBut he really didn’t have to go and mention that he just paid millions of dollars to 175 new guys on the very same call that gave the entire sales force a big $0. And then, in some sort of way, it seemed he lectured us for being selfish and not for our clients because we even expected a retention - is it me or did anyone else pick up that tone?
Maybe they’re saving all that money to throw at the brokers they’ll have to recruit after the mass exodus. Unconventional, sure, but hey, nothing else seems to work in this market!
[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] This is great. It reminds me of when I was at Merrill and they wanted us to do the Financial Foundations at a cost of $250 each. It was a POS but you did them to keep the manager's foot of your ass. I made them up. The client never existed. Then the insurance guy would call me up and say "I think there's an insurance case in the plan you submitted for XYZ client". I'm thinking to myself "there is no XYZ client. It's all made up". I smell opportunity. IF W/S wants to compensate you for Envision plans just crank them out. If they're bull--it who cares. Let them repeat Merrill's mistake and take their money. Lastly - As I said before = Retention = WFC hat and spongy stagecoach. See yoiu by the water cooler Monday.I will say that as an AGE alum, I never really expected that we would get to double dip but the tone on the conf. call was amazing, I thought I was not listeneing properly! I was hoping some else got the higher than thou lecture tone in his little pre-scripted Obama teleprompter speach. What a DB! ZERO respect and cred. Good luck in the future DL. Best part was 2 hrs later MS/SB announces retention....I'm sorry DL, someone actually cares about the advisor.Seriously, what’s he going to do. But he really didn’t have to go and mention that he just paid millions of dollars to 175 new guys on the very same call that gave the entire sales force a big $0. And then, in some sort of way, it seemed he lectured us for being selfish and not for our clients because we even expected a retention - is it me or did anyone else pick up that tone?
I’m out of here.
What a joke. What a joke! What a joke! What a joke! Did I say how much of a joke this was? Danny, Mr. Stumpf, what a joke.. Welcome to the bank guys. Banks will ALWAYS throw bogies in front of you to make you jump through hoops to get bonuses that will never be realized - maybe only by the few. Do the math of what might actually get paid. It's like getting a rebate in the mail for a product you just purchased. You try jumping through the hoops by doing what the rebate says - and then they send the rebate paperwork back to you in the mail 6 weeks later stating that you missed something and the rebate was no longer available.I like the spit fire of the wife of the financial advisor that wrote her post a few pages ago. Kudos to your comments. It is ridiculous. Good luck to you. I will be activating my plan B.
[quote=Herman Munster] [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”.
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]
This is great.
It reminds me of when I was at Merrill and they wanted us to do the Financial Foundations at a cost of $250 each. It was a POS but you did them to keep the manager’s foot of your ass.
I made them up. The client never existed. Then the insurance guy would call me up and say “I think there’s an insurance case in the plan you submitted for XYZ client”. I’m thinking to myself “there is no XYZ client. It’s all made up”.
I smell opportunity. IF W/S wants to compensate you for Envision plans just crank them out. If they’re bull–it who cares. Let them repeat Merrill’s mistake and take their money.
Lastly - As I said before = Retention = WFC hat and spongy stagecoach. See yoiu by the water cooler Monday.
[/quote]
Do keep in mind the 4front will be paid as deferred comp. with a 5 year vesting skdl…have fun with that!!! The way I look at this, I have something vesting about every couple of years with all this crap…
Seriously, what’s he going to do. But he really didn’t have to go and
mention that he just paid millions of dollars to 175 new guys on the
very same call that gave the entire sales force a big $0. And then, in
some sort of way, it seemed he lectured us for being selfish and not
for our clients because we even expected a retention - is it me or did
anyone else pick up that tone?
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Yeah, I picked that up. I couldnt believe he was actually gloating about the new hires when we all know how much they are getting to walk in. 150% deals left and right to walk on in. They have no prob with the publics perception of that though. It was just like throwing more gasoline on the blaze.
As I said, you will see guys at the upper end of production leaving in droves. MS, SB and MER paid retention. DL lied and has no credibility as a manager. The silence and lack of communication is absolutely unforgivable. I am moving to the world of independent brokerage.
Guys, just what does the PCG channel do to make investments into your business? You know that 60-65 cents of every dollar yoiu DONT get where does that go? How does it provide a tangable return on investment to YOUR bottom line? No more. Never again will I let an empty suit tell me "he is fighting for me" Make promises that "Im happy with the retention package and I think you will be too..." they freaking lied out their teeth. I dont trust Ludeman, Carroll or Hays... they flat out, straight up lied to us and its unforgivable.I dont trust Ludeman, Carroll or Hays… they flat out, straight up lied to us and its unforgivable.
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I think thousands of us agree.
[quote=NCGNTO] [quote=Herman Munster] [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”.
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]
This is great.
It reminds me of when I was at Merrill and they wanted us to do the Financial Foundations at a cost of $250 each. It was a POS but you did them to keep the manager’s foot of your ass.
I made them up. The client never existed. Then the insurance guy would call me up and say “I think there’s an insurance case in the plan you submitted for XYZ client”. I’m thinking to myself “there is no XYZ client. It’s all made up”.
I smell opportunity. IF W/S wants to compensate you for Envision plans just crank them out. If they’re bull–it who cares. Let them repeat Merrill’s mistake and take their money.
Lastly - As I said before = Retention = WFC hat and spongy stagecoach. See yoiu by the water cooler Monday.
[/quote]
Do keep in mind the 4front will be paid as deferred comp. with a 5 year vesting skdl…have fun with that!!! The way I look at this, I have something vesting about every couple of years with all this crap…[/quote]
I am AGE and new to the 4front plan, but I have been looking into it over the last few months. As I read the new plan this afternoon, it is not a deferred comp plan anymore. At least the .25%/.5%/.75% portion isn’t. It is based on how many qualifying ($250K) HH w/ a plan and the rest of the junk. When you reach 25, you qualify for a max bonus of .25% of the assets in those 25 HH. Here is the catch. Each HH will be rated as to how much of the money is fee based and you bonus will be multiplied by that. If a HH is 60% fee based, you only receive 60% of the award (.25%) for that HH.
So, If I have $20MM in my 25 HH’s and they are on average 60% fee based, my bonus is: $20MM x 0.0025 x 0.60 = $30,000. Sounds great, but here is the other catch. It is paid out monthly over 108 Months!!! That’s right, 9 years!!! My $30,000 bonus nets me a whopping $278/month. I’m not sure that is worth tying my clients so closely to the firm and getting them so reliant on Envision and tracking thier ‘dot’ that I can’t move later. Sell my soul for $278. wow…