500 or bust?
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Sportsfreak wrote: 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.
Well it should be UBS and Merrill - After grabbing 14,000 brokers I'd say MS is done for now. But this is what DL was saying since 2003 as far as I remember. Only a couple of firms left - most controlled by banks. The universal bank is the only structure that would survive. So, the question is: What do these remaning firms sell now? Managed A/C's? IPO's? Hedge Funds? GMAC bonds? This is getting crazy. What happens to E-trade and their ilk when no one wants to E-trade because they've already blown themselves up? This industry transformation is really interesting - if the market continues to disappoint over the next year it could be very interesting. When the big sales pitch is that we have a 1.72% on a 12month CD as opposed to 1.6% elsewhere - well things are officially blown up! When 14,000 Smith Barney brokers trade for $2.5 billion and anyone under $350K basicaly won't get paid - our industry has officially been de-valued 70% in my opinion. If average production is $600,000 at SB - and MS pays 2.5byn - they paid nothing for everything else and $178,000 per broker for a controlling interest. That would be on average about a 30% upfront deal for those brokers. Going rate as I understand it is 120% - so it's about a 70% - 90% discount to the deal rate assuming everything else in the brokerage is free. And, what do you think MS retention will look like? And will they blow out the under $350's as well? Also, imagine if Wells came up with the $2.5byn they were going to offer for retention and grabbed 14,000 more brokers to become the undisputed brokerage firm leader at 35,000 brokers! Thank God for the independent channel as competition. The possibility of 65% net payouts keeps wirehouses up at 40% or more for good brokers. I bet without that option we'd all be at 25% payouts and basically bank clerks. Anyway, I'd love to hear what DL thinks the direction will be for the next 5 years given all that has happened in the last 6 months.guys, just accept the fact that there will be no retention and go back to work.
Yeah right... like you knowguys, just accept the fact that there will be no retention and go back to work.
Don't hit me with them negative waves so early in the morning. Think the bridge will be there and it will be there. It's a mother, beautiful bridge, and it's gonna be there. Ok? WWguys, just accept the fact that there will be no retention and go back to work.
Now I know you are lying, Kath and Kim is about as funny as a tumor.[/quote][quote=Hydeho] [quote=Ferris Bueller] [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.[/quote]
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”.
Yes the whine reminds me of Kath and Kim
Our Regional said today that we would hear about retention “shortly”…whatever that means.
shortly mean within the next two weeks. And when the two weeks are up we will be told once again that we will hear shortly.
[quote=3rd ID]shortly mean within the next two weeks. And when the two weeks are up we will be told once again that we will hear shortly.
[/quote]
LOL sad but true…anything to get us AGE guys closer to the blackout
[quote=3rd ID]shortly mean within the next two weeks. And when the two weeks are up we will be told once again that we will hear shortly.
[/quote]
Is it getting warm in here, or is it just me?
Boil, boil, bubble, bubble.
Ribbet, ribbet.
Last call from DL was on December 19th. 24 days and counting, hopefully we we will hear from him shortly....
[quote=JamesF]
Last call from DL was on December 19th. 24 days and counting, hopefully we we will hear from him shortly…
[/quote]I bet he has great news!
He just saved a bunch of money on his car insurance with Geico!
[quote=Ferris Bueller] [quote=Morphius]
[quote=3rd ID]shortly mean within the next two weeks. And when the two weeks are up we will be told once again that we will hear shortly.
[/quote]Is it getting warm in here, or is it just me?Boil, boil, bubble, bubble.Ribbet, ribbet.[/quote]
Very clever. No seriously. Never heard that one before. You rock.[/quote]
Exactly my point. It was intended to be a re-hash of an old dish, just like what keeps getting re-hashed and re-served about this topic.
More than 3 months and well over a hundred of pages of posts here on WF retention rumors and speculation, and still the masses seem content to be strung along with vague whispers that it is coming - they will hear shortly. Old, re-hashed, repeated information, reheated and re-served weekly.
If anyone is overdue for fresh material, it’s Danny & His Boys and their WF Overlords that still haven’t managed to produce anything new or meaningful that you haven’t heard since the first week of the announcement. Now that is clever!
FWIW, I’m not saying anyone and everyone who chooses to stay at WS/WF is a frog in a boiling pot. Plenty of people will choose to stay and do just fine there, just as they would do fine if they went somewhere else.
But those who moan and groan and complain yet still have the attitude mentioned in the post I responded to of “and when the two weeks are up we will be told once again that we will hear shortly” are croaking like frogs wondering if it’s getting hot.
Not original, not clever, and certainly not funny. But sometimes the truth isn’t funny.
http://online.wsj.com/article/SB123180653119675549.html
Hopefully the the WFC people read this:"With investment bankers desperate for deals and traders disgraced by losses, everyday stockbrokers suddenly are back in vogue on Wall Street." and "Details about retention bonuses for the nearly 8,500 brokers in Morgan Stanley's wealth-management division and the approximately 14,000 in Citigroup's Smith Barney unit haven't been announced" There is no way that WFC doesnt offer some form of retention, banks have fewer and fewer ways to make money they will try to keep the best brokers happpy.His hobby involves "self pleasure", if he had a wife he would beat her, his life is looking out the window watching people go to the auto parts store.
We are gertting a retention within a week.Re:“We’re getting retention within a week”
Would love to be able to buy put options on that one . . . The calendar is not your friend. It is totally in WFC's favor. End of fiscal year coming up shortly, ACAT blackout due to conversion likewise. Take control of your own destiny. Its quite liberating once you come to the realization that you, and only you, can determine the path of your career. If WFC is where you believe you should be -great - forget retention and go to work. If all you're waiting for is a check - virtually every other shop is offering more than WFC might potentially offer. The grass is not necessarily greener anywhere else (some just use more fertilizer) , but that shouldn't stop you from at seriously weighing alternatives. I can't believe that clients aren't worn out by the AGE/WS/c?/WFC carousel they've been on for the past 18 months. At the end of the day, they trust you, not the name on the letterhead or building.Thanks for your words of wisdom. Tomorrow will be the last “jerk my chain” call by DL that I will listen to. For me, this is it!
You must be bored today, Ferris. No new news on the retention getting to you?
[quote=Ferris Bueller]Why exactly do you care? [/quote]
Why do you care if I care or not?
[quote=Ferris Bueller]Are you a bitter ex AGE broker that felt slighted at the original retention? Were you teased as a kid, so now you think you have these huge set of balls because you moved your business to a space between the local hair dresser and the GNC?[/quote]
Imagine whatever you wish about me and my business, Ferris, if that will help make you feel a little better about your choices, or lack thereof. It makes absolutely no difference in the world to me.
I know this for a fact: I’m working exactly where I choose to work, and making more money than I ever did at AGE/WS. If I had wanted to work for Wachovia or Wells - or any other big bank - I would have joined them in the first place.
We? I must have missed the announcement that you had been appointed offficial spokesman for everyone on the forum.
And if you really didn't give a shit about me or what I say, you wouldn't waste your time and effort responding to me and my ego, inferior as it apparently is.
[quote=Ferris Bueller]I agree that people that bitch about their situation and do nothing about it should shut up. [/quote]
Nice to know you agree with the main point I made in my post.
[quote=Ferris Bueller]Same about people that repeatedly say the same stupid shit over and over again. [/quote]
You mean like Danny & gang have been doing for the past 3 months since the WFC announcement, or the past 18 months since the AGE acquisition? How many times does anyone have to hear him repeat the same old drivel time and time again before you say the exact same thing directly to him?
I can understand your frustration with your situation, Ferris, but I'm not the source of that frustration.