500 or bust?
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mgmt must be desparate in submitting posts portraying themselves as clients. do you really think a multi-million client would post on this thread on a saturday night?
"duplicitous danny" ...you blew up your firm...I’m a multi-milion dollar client and I’m ashamed of all you whining FA’s. All you Wachovia boys just got paid a few years ago and now your griping about not getting another check to be loyal to a firm while your clients are losing much of their net worth and millions of others have lost their jobs. You should be ashamed of yourselves. Actually if you had any cojones, you would just pick up and leave instead of whining about it, but as your client don’t ask me to come with you!
Hi Lilly. welcome back. how was your day?
Danny has always come across as wanting an FA force as big as the competion. Now he is lagging behind 2 other firms with 20,000+.
Two firms who could easily fall into each others arms… and it sounds like they got to 2cd base before taking a break… they may still go all the way.[/quote]
I hear you, but if UBS wants to stay in the game and is the “buyer” then wouldnt Danny be odd man out? I was thinking it would be “bank-less” deal (?)
From an outsider to the inner workings of the industry - I am sure that this thread gives off a negative vibe. But, you need to understand that the retentions are not 'bonuses'. In one since they can be viewed as an advance of the income that will be reduced in the future. For example, if you are predominantly advisory based, beginning in March (on new business) and Jan 2010 (on existing business) the 'company' will be taking a 25 bps override on our fees. We also split on a roughly 40/60 split with the HO. On some of the platforms this is about a 25% cut in pay. I am sure that if your pay was cut by 25% next year - you wouldn't sit by idly and say nothing. What if you rep increased his fees by 25 bps but didn't provide any additional services - same difference. The hazard of dropping in on a thread without knowing the basic operating procedures of an industry - non relevant comments. Also, your recommendation to have the cajones to leave - plays right into your perception of the industry - leave and chase the big upfront. Talk about ironic advice.I’m a multi-milion dollar client and I’m ashamed of all you whining FA’s. All you Wachovia boys just got paid a few years ago and now your griping about not getting another check to be loyal to a firm while your clients are losing much of their net worth and millions of others have lost their jobs. You should be ashamed of yourselves. Actually if you had any cojones, you would just pick up and leave instead of whining about it, but as your client don’t ask me to come with you!
Help me understand...you don't mind paying WS high fees, you just don't want your broker to get paid?? Let's say you pay $10k a year in fees (total fees, and markups), how would you suggest that be split between your broker, his manager, complex manager, Regional manager, Ludeman and Stumpf? When is the last time Ludeman called you? Same question I asked Lilly, he didn't answer. I know you are not a real client but lets play make believe...I’m a multi-milion dollar client and I’m ashamed of all you whining FA’s. All you Wachovia boys just got paid a few years ago and now your griping about not getting another check to be loyal to a firm while your clients are losing much of their net worth and millions of others have lost their jobs. You should be ashamed of yourselves. Actually if you had any cojones, you would just pick up and leave instead of whining about it, but as your client don’t ask me to come with you!
[quote=Investor/Client] I’m a multi-milion dollar client and I’m ashamed of all you whining FA’s. All you Wachovia boys just got paid a few years ago and now your griping about not getting another check to be loyal to a firm while your clients are losing much of their net worth and millions of others have lost their jobs. You should be ashamed of yourselves. Actually if you had any cojones, you would just pick up and leave instead of whining about it, but as your client don’t ask me to come with you!
Hi Lilly. welcome back. how was your day? [/quote]
You beat me to the punch!! Now that was too funny!!!
[quote=Lilley@1]Cling, FU you young piece of sh*t. You are an idiot who I pray my best friends do not find. You are a small minded broker who will fail out in less than 3 months from now. You get nothing, deal with it or leave.[/quote] lilly pond, stumpfy got a big present for you. you need to call him today.
[quote=Lilley@1]u2, you are out of the biz in no time.[/quote] LILLY POND YOU HAVE A BAD ATTITUDE ON A SUBJECT YOU KNOW NOTHING ABOUT. YOUR FURNITURE SUCKS.
Lilley1 -
And forgive me if I am a bit late with this opinion…
You are lecturing us on ethics and you sell furniture? I mean give me a break!
A furniture huckster is now the high and mighty one dictating ethics to pro’s. I mean what college degree do you need to sell furniture - a bs in upholstery. And, good luck keeping up with your last year sales in this economy!
You put people in furniture at huge markups and wait for it to break. We put people in (hopefully) principal protected investments and secure their future. Who has the higher moral authority in that equation?
And the reason you should use us instead of Schwab is because we are often less expensive - a government bond has no annual fees - schwab pushes bond funds - a municipal has no annual fees - schwab loves municipal funds. So, if your guy is not competitive with Schwab - you should go to schwab. It’s got nothing to do with opinions - where he works - or how much he gets paid. You, a furniture huckster, out of everyone should appreciate that.
Huskies,
As a fellow ISG I appreciate your input on our side. I m considering a deal from Merrill at 100+ upfront and all the joys that come with the wirehouse world and also a 50% upfront at a regional. I am trying to evaluate all that I can benefit by being at the bank. I know my retention letdown is clouding my rational thinking right now. I am just trying to evaluate how to value the bank and what it offers (and how it may change) vs freedom or a big check with two commas. Just wondering how you were thinking through this.
Go to the regional. If its Stifel or similar, you’ll 'll be highfiving yourself forever.
CDO - UR sharp as a tack. Lilly-Inv/Client…You should get back to your PS2 this pond is too big for you.
[quote=clang]Go to the regional. If its Stifel or similar, you’ll 'll be highfiving yourself forever.
[/quote]
Ain’t that the truth…I took less money to go to SF…but am happier than I even thought I would be.
Thanks guys…I appreciate the heads up. Any idea what Stifel pays up front. (800+ t12) Also, what is the normal payout on production? Any haircuts? Any complaints as to availabilty of investment product options? Thanks again
Stifel is 25% of the first 8000/mth plus 50% of the balance. Can’t dig a hole, it resets every month. !.5% bonus at 250 K plus (capped at 7500) plus deferred comp at 250K plus = 3% of all over 96000 plus a 25% stock match on half.
No haircuts on anything, extremely wide product offering and lots of pricing flexibility on fee based accounts. Find a branch manager in your area to start the discussion and go from there. I'm not gonna say what the upfront is because that's up to the exec offices and you to make the deal. I will say that I took as much SF as I could in my deal 6 years ago and it vested and paid out a year ago. My basis was 5.75 and it paid out at about 30. Best stock investment I've ever made and when you consider how backended lots of these deals are now (UBS for example) you have to ask if you really are getting the value/deal you think you are. If you aren't sure where the branches are PM me and I'll gladly hook you up.Thanks Stampede, Good info. Very Compelling! It is wild to see all the good things written about Stifel in all these forums. Have yet to see any negatives.
I’m in the software business, actually have had my income slashed by 50% this year. I have many personal friends in your business. Some are owners of financial firms, others are FA’s and some in management. I do understand much of the inner workings of your industry such as retention policies, fee base v. commission etc. You have built a business and you have the right to move it if you want to. My perspective is that you were working for a basically bankrupt organizaiton and that WF gave you a gift by purchasing you. I’d be very quiet about grumbling for retention bonuses while your clients and the rest of the world are getting their butts kicked. Look where your incredibly inciteful financial management advice has gotten your clients this time. Pigs get fat, hogs get slaughtered.
I have said once, twice, three times so i will say it once more. If Wells did not want ot pay retention why will they pay later. This is a stall tactic from DL. Dangle the carrot and then hit them with the switch later. You are a fool if you believe they will pay this 4front crap. When they see how many of us jump on the 4front bandwagon and how much they will have to pay out they WILL CHANGE THE RULES. If you think you can make up the numbers doing false envision plans you will get burned. They have done this before. Be prepared to be required to have the client sign the envision plan and have to send it to your BM. They have done it before. How much credibility does DL have. Why don't we try this. DL and gang can calculate how many $250,000 and above households we have and go ahead and cut us a check in advance right NOW. Then we will go do the envision plans. Sounds stupid doesn't it but that is what they are asking us to do.So let me get this straight. 100 clients in Envision at an avg. of 500k net worth per client. 50 mill @ .75% = $375,000 paid 60 days after June 30. So by Sept 1st you would get a lump sum bonus of $375,000.
If retention was announced and a million dollar producer would have received 37.5% upfront bonus would you have stayed? Yes, a bit more work on your part but not the end of the world. Just sign everyone up, make them bullsh*t numbers, slam your way through it, and NO, the client does not have to return the “Questionaire” to get paid.
Look where your incredibly inciteful financial management advice has gotten your clients this time.
Well, I don’t know if you noticed but almost every single investment in the market is down by as much as half or more. So, naturally we’re all hoping for a recovery however, you have to admit it’s not quite the same as everyone being up 50% and your account dropping 30%.