500 or bust?
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WS was never headed for bk though, granted the parent company might have been.
To me its about broken promises. Our CEO said there would be retention several times. I believe that our CEO has no chips in the game while dealing with upper management of Wells. It is quite obvious that Wells isnt sure what to do with WS. From an outsider it probably looks like Wells is making a stand against bonuses......woohooo. When in actuality if they would have just given the FA's something, the cost to replace the lost production will be 2* to 3* the amount that walked out the door. Its a very poor business decision in my mind, but Wells has very deep pockets and do not care. I am not certain what I will do, but I will know in the coming days. Perhaps another wire, regional or independence. Do we begrudge Arod for leaving the Rangers for the Yankees to take the money? The nice thing about our business is that ITS OUR BUSINESS, and we have choices. I may want to be with a firm that is not part of TARP, so the governement has no say in our business, and if they are willing to pay me - is that so bad?? To Lilly and Investor/Client if I stay can I run an envision on you - I need to build up my over $250,000 household to get a bonus this summer?????Unless, that is, you dont qualify.......[quote=3rd ID]Where is Stifel in North New Jersey/NY area?
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All over the place…even have an Eastern Regional Office, Bond Trading etc in Florham Park NJ
I’m in the software business,
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Investor client…if your in the software business, what are you doing here? I know I sure as hell have no interest on posting on s/w community msg boards about topics I know nothing about. Funny how these types are creeping out of the woodwork on this site since Friday. Could it be…MGT??
By the way, anyone get a call from your mgr trying to determine your reaction to all this BS? These guys are in damage control mode now. The damage is done.
Based on the direction the current administration is taking us in regard to taxation - the Indy channel may be the best alternative - being able to take deductions. At least then, I can have a spendable income comparable to a furniture store owner, but pay taxes in the 15% bracket.
[quote=maddog]
Based on the direction the current administration is taking us in regard to taxation - the Indy channel may be the best alternative - being able to take deductions. At least then, I can have a spendable income comparable to a furniture store owner, but pay taxes in the 15% bracket.
[/quote] or UBS as they are not part of TARP/TALF or in other words GET THE F**CK OUT OF OUR BUSINESS!!!WFC never intended to pay retention bonuses because they’re not committed to keeping the brokerage business. Meanwhile, DL is under pressure to keep assets (not brokers) on the books to maintain value for an ultimate sale or spin-off. After moving his family to STL and taking a huge net worth hit from WB stock, he’s in survival mode. Tough times for everyone! Meanwhile, if you can’t stand the lack of honesty, lousy back office, stupidstation, flight of top analysts & ASG team, bureaucratic culture, nickel/dime client fees, etc, then look at Stiffel, Raymond James, or LPL. That is, unless you want to exchange a fat bonus check for the same BS elsewhere. The AGE broker count under Ben was 7100-7200. As of 12/08 it was down to 5536 then down to 5452 through 1/09. Many stuck around to give DL a chance to prove he was being straight with us, and I suspect many will exit after the March bonus is paid. I expected to stay, but I’m no longer sure. Tough decisions lie ahead. What we had at AGE no longer exists, very sad situation for both brokers and clients. Good luck to you as you think it through!
Even what we had at WS no longer exists - not just AGE…bigger is not always better.
Those of you in the FINET channel - what was the extent of your call? Are you able to participate in the 4front/Envision program?
Love the hypocrisy of the this deal - DL: "we want to do what it right for America, so, we will enhance payout to direct clients into a specific program that provides the most profitability to the firm." What about the reps that are transactional, mf based, or fixed income oriented and only want to be Investment advisors - not planners? They just became excluded. Also, appreciate the fact that there is no replay for the call - and there was no Q&A. Where was Dave Kowach and his normally overly exhuberant lovefest introduction?kowachovia, If you and your team leave, considering you are now in PF, where could you go with a similiar set up? Or just keep progressing to Indy? How would you assign a ranking on the wirehouse options and then on the regionals, if that is the route you would explore?Even what we had at WS no longer exists - not just AGE…bigger is not always better.
I understand there is a Buyout retirement package for FA’s. I remember acall that had some of the details. Does anyone know how to find out about it. The HR department will only direct me to my Branch manager who says he “looking into it”.
kowachovia, If you and your team leave, considering you are now in PF, where could you go with a similiar set up? Or just keep progressing to Indy? How would you assign a ranking on the wirehouse options and then on the regionals, if that is the route you would explore? [/quote] no clue.....[quote=kowachovia]Even what we had at WS no longer exists - not just AGE…bigger is not always better.
I am very sorry that your income has been affected during these difficult times. The economic mess is widespread and is affecting people from all walks of life. There are a few statements that you made that I would like to touch on. 1. Wachovia SECURITIES was not bankrupt. I will say it again. WS was profitable. In the event Wachovia BANK would have gone under, not one client at Wachovia SECURITIES would have been in danger of losing any money providing you kept clients within FDIC limits. 2. The rest of the world may be getting it's butt kicked, my clients are not. Accounts are down from 1/1/2008 yes, but they are up from 1/1/2007 through today generally speaking. Try not to make assumptions and paint everyone with the same brush. 3. A gift implies value. What exactly has WFC done to provide any WS/AGE broker with anything of value? Respect would be a gift. A retention plan would be a gift. Telling us months ago where we stand would be a gift. Adding distractions and lying to us is not a gift. Seems funny to me that suddenly clients are coming out of the woodwork to post on this sitte. To borrow a phrase from another member (hope he does not mind), your story just doesn't jive. You are a liar.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.
Well, this will get the forum hopping a bit. BM talked to Hays on Friday. Asked if there will be any manager followup conference calls next week with Danny re: 4front. Hays said probably not this week as Danny will be in Conneticut on business Wed-Fri. What is in Stamford Conneticut?? UBS North American HQ
Hell, I get more info than you guys and I dont even work there anymore. My branch manager has left as well, followed me to MS, come on over guys.
[quote=Investor/Client]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.
oh. hey Lilly. good to see you again! how was your day?
Well, this will get the forum hopping a bit. BM talked to Hays on Friday. Asked if there will be any manager followup conference calls next week with Danny re: 4front. Hays said probably not this week as Danny will be in Conneticut on business Wed-Fri. What is in Stamford Conneticut?? UBS North American HQ
isnt UBS in wehawkken NJ?
Lilly. sugar buns.
next time try you use a LITTLE more creativity then “BIG,HUGE investor etc” as your new name.
We didnt just fall off the furniture truck in here. Come on. Im rroting for you to do better next time!
[quote=BE PATIENT]Well, this will get the forum hopping a bit. BM talked to Hays on Friday. Asked if there will be any manager followup conference calls next week with Danny re: 4front. Hays said probably not this week as Danny will be in Conneticut on business Wed-Fri. What is in Stamford Conneticut?? UBS North American HQ[/quote]
Wait your new MS BM…called Hayes? Wow that is interesting?