500 or bust?
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A buddy of mine just faxed over the “Envision” plan. It is not paid over 10 years, the taxes are paid over ten years. The money is actually paid in lump sum. If 100 households by June 30, bonus is paid 60 days from June 30th (In lump sum). Dont you guys read anything?
My RM called pushing the Envision comp and now another announced conference call on Monday to review the Envision incentive makes me wonder if mgmt is being given an incentive for every FA who stay with WFC. Considering Danny was paid $10MM to stay I would not be surprised if mgmt has been offered $25,000 (or something like that) for every FA above $500m to stay. Why else would they be pushing so hard and ignoring the obvious? If I was an RM I would be looking to get my own deal and get the heck out… unless mgmt is in fact getting something to talk us into staying. If no retention was not clear enough to leave then certainly MS/SB paying retention is another nail in the coffin.
Crooked, I don’t care about the retention. Its the constant stream of lies from management. The A.G reference was for brighteyes aka lilly liver who thinks we are always about the broker and f the client.
Has anyone else discovered (Actually read) the envision payout plan. It is lump sum (actually a pretty good deal). Where someone got paid over 10 years is beyone me
Lilly…you are a phoney. Glad you have a succesful broker that doesn’t want retention. What kind of business are you in?
BP,
Have you decided to stay at this point? I find it strange you would even compliment the Fore Front program if not the case.[quote=Tincup]BP,
Have you decided to stay at this point? I find it strange you would even compliment the Fore Front program if not the case. [/quote] Obviously he is still here, breakin down Envision comp as we speak....What a joke, trying to figure out how he will get paid by putting some bs into the plans, even looking at what the taxes will be over the next 108 months LOL..I don’t care about retention really. It’s a bait and switch deal anyway. For me to truly provide a service I have to believe in it. If you don’t believe in the product and firm you are ‘selling’ you are nothing but a peddler or shyster.
I feel like I've been misled. The services provided to me have been significantly diminished in the last year. I think many have forgotten that WE are paying them. THEY do not provide me a paycheck I make every penny myself and pay the firm for support. At this point its hard to believe in the firm as it appears they could care less about the client or myself the producer. The services I pay them for no longer seem worth what I pay them each month from the paycheck I create. If one no longer believes in the firm then one has no choice but to look elsewhere to find a firm they believe in as well as get their money's worth for the services they pay for out of each and every paycheck. That is what Lilly or any of these other koolaide management types have forgotten. They have no clue how hard it is to become a success in this business and never will.the issue with the new fore front is that the firm has a history of reducing awards if the program is too effective.
you need credibility to provide such a program. sr mgmt is obviously deficient in that regard.
Be Patient,
Are you a two faced hypocrite in the other areas of you life or just professionally? Your behavior seems like it would be habitual. Just like honesty is for other people.My RM called pushing the Envision comp and now another announced conference call on Monday to review the Envision incentive makes me wonder if mgmt is being given an incentive for every FA who stay with WFC. Considering Danny was paid $10MM to stay I would not be surprised if mgmt has been offered $25,000 (or something like that) for every FA above $500m to stay. Why else would they be pushing so hard and ignoring the obvious? If I was an RM I would be looking to get my own deal and get the heck out… unless mgmt is in fact getting something to talk us into staying. If no retention was not clear enough to leave then certainly MS/SB paying retention is another nail in the coffin.
I think many FA’s are really missing the “true point” of yesterday’s conf. call.
The bottom line we are supposed to manage "our clients" expectations everyday, despite the market turmoil. The FA is the client of WS. DL did a HORRIBLE job in managing "his clients" (the FA's) expectations. He continued to state that a retention package was coming (monthly, weekly, etc.). If we failed to meet the expectations we had put forth to "our clients" wouldn't they fire us as their financial advisor?? Why should it be any different for DL?oops…screwed up the post…If you’re an RM, what kind of deals are out there for you? Being an FA like me is limited, but I have to imagine it’s even worse for RM’s…
I'm part of a 2.5 mm Profit Formula, and right now the lead guy is pissed at the firm indifference to their experienced FA's. Management at the highest level looks really bad and it's making us think hard about being here- their big mistake was promising everyone that something would be done for them....they're either dumb or liars.[quote=oldpruguy]oops…screwed up the post…If you’re an RM, what kind of deals are out there for you? Being an FA like me is limited, but I have to imagine it’s even worse for RM’s…
I'm part of a 2.5 mm Profit Formula, and right now the lead guy is pissed at the firm indifference to their experienced FA's. Management at the highest level looks really bad and it's making us think hard about being here- their big mistake was promising everyone that something would be done for them....they're either dumb or liars.[/quote] Pretty much what I said on the previous page just in a different way. In a word... EXACTLY!! What if we Had put a client through a like process? We all know the answer.This is plan "A "these scum bags will change it again…how the F____ can anyone trust DL…next it will be 10 checking accounts a month and 2 mortgages …wells is such a sh*tty bank…the biz banking guys got comp plan on Thursday they are getting paid nothing too major pay cut…the guy i spoke too is soooo pisssed off at wells…this is how warren b got rich he keeps all the money and pays nothing out that is why he just loves wfc…
Retention, no retention what difference does it make? It is just a higher payout averaged over 5-10 years with a non-compete or something attached.
You have to work somewhere and they are going to pay you something. Independents pay for every last thing down to individual research reports and business cards. Wirehouse/Regional guys like us get babysat and coddled a little more and the firm shares the risk with us a little bit and helps us market ourselves for their 60% cut. If you are not getting paid enough or marketed right or coddled enough then leave. If you don’t want to do financial plans or managed money or whatever the firm is pushing then you should work where they like your mix. They have their reasons, if you don’t agree it is a simple solution. If you have been “completely client focused and thinking only of the dear sweet widows and orphans in your book” then they will be happy to go with you wherever you go. If you feel dirty about the up-front money then say no to it.
What I object to is not the lack of retention but the lack of clarity. I say clarity not honesty because honesty is non-existent in our industry. If they don’t want to give retention fine, just tell us. Don’t string us along for 4 months. I would ask Danny to try to convey what the firm thinks the business will look like in a year and 5 years. Spend some of that money they aren’t paying us to figure what the hell we should do. Are people seriously going to continue to pay fees for 10 year periods of losses and the only thing they hear from us is how we don’t get paid enough?
If they want every other one of us to quit or everybody doing less than $750,000 to quit or go independent, just make it happen. Prudential insurance did it. They set everybody free. I can see a future where there are only 2-3 big firms, the rest independents and but will there still be guys like us making 250 grand to look after Grandma’s annuity? It seems that the current market conditions, while not part of a plan or conspiracy, are going to bring about great reductions in incomes and numbers of “financial professionals”. We are going to be leaner and meaner and all the retention packages in the world are not going to change that.
The 4front (4skin?) page looks pretty ambiguous in the compliance component. It doesn’t look like something you should bank on- if you get something, it’s an add-on, nothing more.
Retention, no retention what difference does it make? It is just a higher payout averaged over 5-10 years with a non-compete or something attached.
You have to work somewhere and they are going to pay you something. Independents pay for every last thing down to individual research reports and business cards. Wirehouse/Regional guys like us get babysat and coddled a little more and the firm shares the risk with us a little bit and helps us market ourselves for their 60% cut. If you are not getting paid enough or marketed right or coddled enough then leave. If you don’t want to do financial plans or managed money or whatever the firm is pushing then you should work where they like your mix. They have their reasons, if you don’t agree it is a simple solution. If you have been “completely client focused and thinking only of the dear sweet widows and orphans in your book” then they will be happy to go with you wherever you go. If you feel dirty about the up-front money then say no to it.
What I object to is not the lack of retention but the lack of clarity. I say clarity not honesty because honesty is non-existent in our industry. If they don’t want to give retention fine, just tell us. Don’t string us along for 4 months. I would ask Danny to try to convey what the firm thinks the business will look like in a year and 5 years. Spend some of that money they aren’t paying us to figure what the hell we should do. Are people seriously going to continue to pay fees for 10 year periods of losses and the only thing they hear from us is how we don’t get paid enough?
If they want every other one of us to quit or everybody doing less than $750,000 to quit or go independent, just make it happen. Prudential insurance did it. They set everybody free. I can see a future where there are only 2-3 big firms, the rest independents and but will there still be guys like us making 250 grand to look after Grandma’s annuity? It seems that the current market conditions, while not part of a plan or conspiracy, are going to bring about great reductions in incomes and numbers of “financial professionals”. We are going to be leaner and meaner and all the retention packages in the world are not going to change that.