500 or bust?
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Furniture stores, 4 of them. Not phoney, objective. You guys can’t see the forest for the trees. This is really a bad commentary on your business, I wish CNBC could get a copy of this Blog. All anyone on this blog needs to do is get back to work, get the focus back where it needs to be…on the client. But unfortunately you all got your hopes up for a big windfall, Wells did the right thing and the broke brokers are going nuts because they need the money.
If you all are such great brokers with the #1 concern being the clients who pay you, why put them through a change of brokerage firms......why, because you all have to get your CHECK!!!lilley
I think that I read that you're not a broker, but I think you're missing the point. Everyday I try my best to manage my clients' expectations regardless of market conditions. In this case, the financial advisor is the client of WS. DL did a horrible job at managing his clients' expectations, period. He should have never kept saying that there would be a retention. What's worse is that the regional calls all said that MSSB would also NOT be receiving a retention. I really don't care one way or another - just manage people's expectations so that they're not led down the wrong path and so that they can make better decisons.[quote=Lilley@1]Furniture stores, 4 of them. Not phoney, objective. You guys can’t see the forest for the trees. This is really a bad commentary on your business, I wish CNBC could get a copy of this Blog. All anyone on this blog needs to do is get back to work, get the focus back where it needs to be…on the client. But unfortunately you all got your hopes up for a big windfall, Wells did the right thing and the broke brokers are going nuts because they need the money.
If you all are such great brokers with the #1 concern being the clients who pay you, why put them through a change of brokerage firms......why, because you all have to get your CHECK!!![/quote] lilley I think that I read that you're not a broker, but I think you're missing the point. Everyday I try my best to manage my clients' expectations regardless of market conditions. In this case, the financial advisor is the client of WS. DL did a horrible job at managing his clients' expectations, period. He should have never kept saying that there would be a retention. What's worse is that the regional calls all said that MSSB would also NOT be receiving a retention. I really don't care one way or another - just manage people's expectations so that they're not led down the wrong path and so that they can make better decisons.[quote=Lilley@1]Furniture stores, 4 of them. Not phoney, objective. You guys can’t see the forest for the trees. This is really a bad commentary on your business, I wish CNBC could get a copy of this Blog. All anyone on this blog needs to do is get back to work, get the focus back where it needs to be…on the client. But unfortunately you all got your hopes up for a big windfall, Wells did the right thing and the broke brokers are going nuts because they need the money.
If you all are such great brokers with the #1 concern being the clients who pay you, why put them through a change of brokerage firms......why, because you all have to get your CHECK!!![/quote] Speaking of windfalls...Don't furniture stores mark up their goods by a factor of 6? Not that I wouldn't do the same thing....I'm just saying.Guys, did you see this inside a story about how Wells gets 0 and MS gets 3 bil. Their attitude is showing. No wonder we are a little bitter. I think we have been through more than Wells can understand.
Wells spokesman Tony Mattera said."Compensation practices in the securities industry are under tremendous scrutiny and being widely criticized," he said. "Moreover, our clients have also suffered tremendous losses. The convention in the brokerage industry is to pay retention, but the rationale for retention -- where a broker needs to learn a new system -- is not happening in this merger."
WOW this guy just dosen't quit. I thought you left a@@hole. This is the real deal 1.Why the hell should we believe WS/DL/WFC will pay in the future. What will change 4 months from now other than without Gov't aid WFC will be belly up just like WB. Loan loses are going through the roof. So If it is bad press to pay now how will they pay 4 months down the road. If you think you will see a dime you are a Dumb A@@ 2. WS has a history of not paying these incentives if the price is too rich. Ask any ISG guy about the last Envision Campaign. So, Again if you think you will see a dime you are a Dumb A@@ 3. And most importantly, How can we believe a guy who promised us something for 5 months and then gets on a conference call with the attitude that he had. I could not believe his tone. We did nothing Wrong Danny, you did, so how about you act a little more humble.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
the fact is most of us will have very little loyalty to Wells after all of this. Not only did they tell us retention was coming and then not deliver. they also are showing us the culture is going to be a bank culture. MS SB is staying old school and taking care of their brokers. Not only are they giving a retention but also giving another bonus in march. spoke with a friend at SB who said they took LOS bonus and timed it by 5 and made it not deferred. He is a million dollar producer so he gets 175k in march and another 750k in january. that is a firm that cares about its sales force. This is why you will see Wachovia lose thousands of brokers over the next year. They think they can recruit enuff to make up for losses but the way this was handled will lead to tons of defections. How would you be loyal when your treated worse than the other major wirehouses treat their own. It would be totally understandable if MS SB gave in to the pressure and changed their culture. Its not an industry change, its a company change.
Bottom line, they are no longer worth the money we pay them IMHO. The service is poor, the fees are high and they misled us.
This reminds me of the movie National Lampoons Christmas vacation.
Clark W Griswold is waiting for his Christmas bonus to put a pool in the back yard. But no check arrives. His boss had always gave a Christmas bonus so Clark expected the same. Suddenly there is a knock on the door. its the mail man and the christmas bonus had fallen out in the mail truck and he just found it. Clark is excited but when he opens the letter there is no check like promised. his greedy boss decided that in order to keep more of the profits for himself that instead of a check he gave everyone a membership to the jelly of the month club. I don't like Jelly do you?JH said “days, not weeks”. If I lied to my clients that way, they would show me the door.
Hey furniture piker/ knowitall. Don’t you have a going out of business sale to tend to. Or a Schwab orientation.
Please leave this board. You offer no insight. You have no idea about this business and none of us want to educate you piker, get a clue.
Finally, you are not as smart as you think you are. If you have 4 furniture stores, its because your parents left you 8 of them.
Wait until next week. I’ll bet we get the spin of the century. Pissing down our backs and telling us it champaign.
That comment about only paying retention for a system change may be the worst one yet. DL and JH should resign first thing Mon AM. DL can take his money and shove it. He certainly shoved it up ours.
the payment to pru has nothing to do with it. It has everything to do with the conservative nature of wells and its bank culture. they caved in to pressure with their recognition trips and now our retention. They did not have the guts to stand up to washington like MS did. MS found a way around it by using 2009 profits to pay theirs so tarp money is not used. Wells did not even need the tarp money. They could have done the same as MS but again its the culture. Its not wach securities anymore its wells fargo advisors. its more than just a name change.
Off course it did. Citi sold half of SB (very productive work force) for what $2.7 Billion(not sure the exact number). Which would make SB worth around $6 bill. The put option was another stupid Ken Thompson Move. The problem here is that MS realizes they got a good deal and want to make the merger work so they can reap huge profits in the future. WFC got the Bank and brokerage firm for peanuts so if they wanted to make it work they could have done something better than 4front. Also, and most important, DL should not have jumped the gun on retention and should have lowered expectations from the start. We all knew that Pru needed capital and wanted to exercise the put but that would have killed Wachovia Bank. Once the merger with Wells was done they came calling and Wells had no alternative but to pay(Jan.2010) DL knew this and should have been a little less optimistic about retention. Kind of looks like DL screwd up. His days are numberedAnybody think the 5 billion to Pru had something to do with non-payment?
[quote=clang] Hey furniture piker/ knowitall. Don’t you have a going out of business sale to tend to. Or a Schwab orientation. Please leave this board. You offer no insight. You have no idea about this business and none of us want to educate you piker, get a clue. Finally, you are not as smart as you think you are. If you have 4 furniture stores, its because your parents left you 8 of them.
[/quote]
True that!!
Did someone say that DL took large retention 4 months ago, and now lectured sales force about being greedy?
The way I read the program it states a client survey returned with "below the acceptable range will be excluded for Financial Advisor credit in the Client Service and Loyaly award calculation". If you look at the survey questions and think about it from a clients view point I'm not sure a lot of them will be returned above the acceptable range. a lot of questions about loyalty to wachovia and with banks being viewed as the evil empire, markets down 50%, TARP, recession, bonuses and whatever else you want to add I dont expect to see a lot of satisfaction.