500 or bust?
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[quote=Lilley@1]Yee Hawwww!! Going to get my check!!!
New suspenders, more cigars, and a new suit!!!! More TARP, please!!![/quote] Lily Stumpf got a log for you[quote=Lilley@1]Yee Hawwww!! Going to get my check!!!
New suspenders, more cigars, and a new suit!!!! More TARP, please!!![/quote] so Lilley, what do you do for a living?I always knew that brokers were nothing but money grubbing, greedy bastards that are only out for themselves. This string has really, really confirmed that for me. I am not in the investment business but I am an investor. Thanks for the eye opener. I am off to Schwab.
Good for you! Good luck with customer service - you are exactly the type of client I would fire. Ciao.
[quote=Client1st] Bottom line is that DL LIED. He is a man with no credibility, a used car salesman, a PHONEY.
Great leaders inspire people. Danny L is no leader. He should be fired.[/quote]
Finally…my nest egg returns…AGE!
I don't know if you guys noticed but, the markets imploding and so are many of our asset bases.
What's the plan on taking a deal - go to another place that has yet to implode like UBS or some place where they are choosing only the very pick of the crop like MS? Go to someplace like MER that has the bank / brokerage issue but - basically the same problems as WFC but seem much more broker friendly as they actually paid their guys... Go to some regional like Steifel for short money or Ameriprise - whats the call here?This is the hardest call - will the market as we've kown it re-appear or do we start marekting something else in here? Do you go for a smaller name (RBC - or Steifel) or do you go to a big name - or do you sit tight? Enough bitching about retention and Ludeman's ham handed - promise breaking handling of the situation, it is what it is, water under the bridge. Like I wrote earlier WFC could have A) Paid 3 Billion for a bunch of people most of whom they assume probably will not move or B) Paid a few hundred million dollars and pick up a slew of new top producing brokers for very short money with 7 year deals and only lose a small percentage of existig brokers. But ignoring the stock market the way it is, ignoring all the talk of nationalization, well it seems to be potentially whistling past the graveyard. My thought is plan for the worst - hope for the best. If you do get a check - don't waste two years for a CFP - see if you can grab a law degree in trusts and estates or something over three or four at night - diversify. We can't ignore the obvious Barney Frank and the short sellers best friend Chris Dodd are running the economy - Obama - who seems to lean socialist is runnig the country - They could be planning on nationalizing banks, car companies, and any one else with a problems. All the banks look like they are going under - it's a mess. I believe you have to be completely careful and disciplined - more so than ever. So, what's the plan?
Well. here’s the deal. In the past few weeks while all of this was occurring there was one, count it, one firm, that is 50% owned by its employees, released its earnings (up 29% for the quarter - 13th straight year of record net revenue) didn’t take TARP $$, has 17 times the required tier one capital ratio, was ranked #1 in research for the 2nd year in a row (out of 264 firms) and whose stock was actually up last year. Somebody is doing something right.
Lilley…do you know that 50% of Financial advisors fail in their first year? And another 50% fail in their second year? Of the 25% who survive, very few are skilled enough at CLIENT SERVICE and CLIENT CARE to build a truly successful practice. Maybe our whole sales force doesn’t deserve fat retentions…but the best and most caring among the brokerage team should have received something significant from Wells Fargo.
Most of the highly skilled Advisors would have invested much of the retention money back into their own businesses. I know advisors who spend tens of thousands of dollars a year on client education, events, service, etc....OUT OF THEIR OWN POCKETS! Wells is sending a clear message that they do not care about our side of the firm....which means they do not care about our clients. So it is up to us to find a firm that cares about our clients as much as we do. And my advice to you....if you are moving from us to Schwab, it only tells me that you were foolish enough to choose to work with a mediocre financial advisor. You should find a truly professional financial advisor instead,. Let that advisor know what you are trying to accomplish, then do exactly what he/she says.Uber…Lilley is on here to agitate, nothing more. His sidekick Beyotch is a manager. He’s on here to agitate. Reasoning with them logically does not compute. And if Lilley is a bona fide investor, then Schwab is the perfect place for his cheapskate ass.
Thanks, clang. I know you’re right. Just couldn’t help it. Someone has to explain the professionalism that defines the best of our breed. It’s a constant goal for me…I’m not there yet, but I strive every day, especially in this market, to understand my clients and do the best damage control possible…imperfect as I am.
I've met plenty of people like Lilley along the way. He probably hates his own parents for bringing him into this world. Probably hates anyone who holds a door open for him when his hands are full. Probably doesn't even vote, then complains about what the government is doing wrong.Thats great and they are a great place for the right kind of business. They are the WRONG place for people doing advisory based business. The platform is just too shallow.Well. here’s the deal. In the past few weeks while all of this was occurring there was one, count it, one firm, that is 50% owned by its employees, released its earnings (up 29% for the quarter - 13th straight year of record net revenue) didn’t take TARP $$, has 17 times the required tier one capital ratio, was ranked #1 in research for the 2nd year in a row (out of 264 firms) and whose stock was actually up last year. Somebody is doing something right.
[quote=Lilley@1]Shouldn’t you be on the phone telling your clients you have moved to a new firm for a “BETTER OPPORTUNITY”, “BETTER PLATFORM”, and BETTER SUPPORT!!!
[/quote] I've been on the phone, Im always on the phone with my clients. Frankly my clients have no loyalty to WS or the ever changing logo on their statments. They are here for me becuase I am here for them. We will be moving.Referencing back to the 4Front ~ In the manual, it states that WFC can change , cease or modify the program at any time. (Buy low has the details nailed down pretty darn good.) This is what I get for losing accounts because of the name over my door not to mention the orders I lost over the summer because of the uncertainty of our solvency. All the while, being reassured by management that we are fine. Yeah, what an idiot I was to believe the rah, rah shit spewing from St. Louis.
The way I see it, everyone has two options: 1) Stay and try to make the best of a bad situation and work the 4Front program and 2) move to another firm. I am leaning to the later simply because I’m tired of the bank/broker model. Love the comment made earlier~scope and scale=soap on the rope.
When Taft/Hartley (not sure exactly) allowed banks to buy brokerages, thats when this started to crumple and change the landscape of our industry. My decision on possibly where to go will not be based on how large the upfront is but the culture of the firm. I do not want to be a part of a major bank/broker (MS/UBS/GS is now that model as well) that I’m totally lost in a 13-15k broker firm. Regionals seem more appealing to me because it will take me back to the days of the regional I started with and unfortunately got morphed into what WS is today. I will have my own identity and not some pawn that management can manipulate.
So with all that said, who knows anything bad or good about Stifel, Hilliard Lyons, and Janney Scott Montgomery?
[quote=hellowells]
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.[/quote] ahhh here is the catch, its not paid out in lump sum.[quote=BukiRob] [quote=hellowells]
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.[/quote]
ahhh here is the catch, its not paid out in lump sum.[/quote]
Paid out over 10 years which equals $1,000/month. POS if you ask me.
[quote=Heel] [quote=BukiRob] [quote=hellowells]
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.[/quote]
ahhh here is the catch, its not paid out in lump sum.[/quote]
Paid out over 10 years which equals $1,000/month. POS if you ask me.[/quote]
[quote=BukiRob][quote=hellowells]
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.[/quote] ahhh here is the catch, its not paid out in lump sum.[/quote] this is not retention, it is the carrot on the string routine, giddy up[quote=WSxAG]Well. here’s the deal. In the past few weeks while all of this was occurring there was one, count it, one firm, that is 50% owned by its employees, released its earnings (up 29% for the quarter - 13th straight year of record net revenue) didn’t take TARP $$, has 17 times the required tier one capital ratio, was ranked #1 in research for the 2nd year in a row (out of 264 firms) and whose stock was actually up last year. Somebody is doing something right.
Thats great and they are a great place for the right kind of business. They are the WRONG place for people doing advisory based business. The platform is just too shallow.[/quote]
With all due respect, 40% of my business is advisory based. It is a far broader platform than AGE had. (for instance 9 Russell Models instead of 5) They have an entire brochure that compares and contrasts their advisory based platform relative to AGE. I was blown away when I first saw it. Same Money Managers Plus, and their PFA equivalent has over 100 funds available vs. 70 for AGE. Maybe not right for everybody, but if you haven’t looked for awhile - might be worth a second glance.