500 or bust?
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BP is on the 24 hour movement plan. Decide today, all clients moved tomorrow. Nice.
Ubs Americas Inc
<SPAN =Font11BL18>677 Washington Blvd, Stamford, CT 06901-3707
[quote=Sam Houston]BP is on the 24 hour movement plan. Decide today, all clients moved tomorrow. Nice.[/quote]
And a cordial relationship w/ the old BM to boot!
BP, Why would your BM call Hays on friday to inquire about a conference call for next week - when he is in the process of moving to MS? Why would he care? Was he calling JH to resign? What region are you in, so we can watch for the 'Broker on the move' announcement?BM talked to Hays on Friday. Asked if there will be any manager followup conference calls next week with Danny re: 4front.
A FA's had NOTHING to do with the banks issues. MER was in EXACTLY the same position yet BAC paid industry standard retention. Same with SB at C. C has collapsed and is the talk of being nationalized, yet SB set aside 3 billion to pay retention. Again you seem utterly incapable of differenciating. Tell me, exactly what does the average FA have to do with the entire global market place going down? For the first time in your life time or mine, Cash for an entire year was the best place to have money. Unless your advice comes from God himself, you had no way of avoiding this. Blaming an advisor shows how immature you are. You act as though FA's havent seen their own investments go down. Not only is my own personal asset base hammered (like everyones) but to add insult to injury my income is down 40%. HOW DARE you lecture me or my fellow FA's. You have ZERO clue as to what it is like to truly care about your clients and watch this happen knowing full well there is nothing anyone could have done to prevent it. How DARE you assume you understand this industry and pretend that you are a client who is upset that WS FA's only feel they are due what every other firm is doing for their FA's. How DARE you sit there and smuggly say we should just be glad to have a job. All while Managment has blatenly lied to its FA's. MONTHS went by... promises of retention as late as 2 weeks ago were made. Jim Hays fininshing his call by saying " I am pleased with what I see in retention and I think you will be as well." All the while DL says the environment doesnt support a retention but yet in that same call he has the audacity to say WS recruited 170 new FA's meaning they paid those FA's 150-200% to get them to move.... So, its ok to pay those guys but not ok to pay to retain your current FA's? Were I being recruited by a firm that did that to their guys, no way in h@ll would I come to that firm. WFC just killed recruiting and much of top 2 quintiles will be gone with in the next 6 months. Im probably more upset about the deception, lack of clarity and piss poor managment than I am the money. If I wanted money I could move my business and get a "check."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.
Ok, once and for all here is how it went down, and maybe this will help all of you making “movement” related decisions. Back in the days of Ben Edwards my thinking was 1. I worked for the best brokerage firm in the world 2. I would retire from AGE. For the past 15 of my 23 years with AGE other managers from firms would say at rotary events, busioness related get togethers etc. “When are you coming over”. I would laugh and brush it off knowing it would never happen.
When this whole WS to C to Wells thing went down and clients were calling wondering if they needed to pull out of their money market accounts I went to dinner with my “friend” and manager at MS. I wouldnt call it a plan B but an information gathering session. I have extreme OCD and DO NOT LIKE CHANGE. I like the same chair, same desk, same manager, same address, and have had the same BM for all of my 23 years at AGE. It is no secret that confidence in Danny, Hays and Wells was declining fast. I called and spoke with someone at corporate about a month ago and asked about retention. Exact words “Here is the plan, and he outlined the grid”. It wasnt Hays, it wasnt Ludeman, but it was someone that was a part of these talks and these meetings, so I took it as more than a rumor.
I was patient and willing to wait until Friday the 13th when I was told it would “Absolutely” be disclosed. Tuesday the 3rd my wife and I had MS manager and his wife over for dinner. I told him, “If I have been lied to, I am done. In 23 years I have never been lied to by Ben, John Lee, or anyone else from upper management”. Friday came and went with nothing. So I followed through with my promise.
It is as they say a tremendous amount of work. I have an incredible team in place that are actively moving accounts. But because I have chosen not to call little Miss Johnson on a Saturday night at 8:00 to move her account doesnt mean I am not actively moving my book.
I have tremendous balance in my life, and also young children. I am not going to miss soccer games etc. because I need to get my book over in 1 month.
For those of you that do plan to move it is a lot of work, purely from a paperwork standpoint, but I believe I will be happy in the long run.
I am still very informed as I have developed friendships in my branch and my firm over 23 years and I still care for those people and what happens to them.
I hope UBS happens to you guys because I believe it will be Dannys way of putting a front end retention bonus in your pockets. I myself was not willing to wait for that to happen
Thanks for this information. Do you know who I call or what department ?The retirement / buyout option is called a “Sunset Agreement”.
Be Patient…Get off these boards you have lost your credibility…move onto MS boards your worthless on here not to mention very annoying…no one gives a sh*t about your balanced life
[quote=maddog]
Those of you in the FINET channel - what was the extent of your call? Are you able to participate in the 4front/Envision program?
[/quote] Finet was invited in on Friday's DL call. We also have call Monday afternoon w/ Finet Pres John Pelosu. I really don't how much he is "in the loop", but may be interesting to hear his comments and if Q&A. I have heard recruiting has been very strong, but not sure % are just old AGE guys.Not exactly. It's reference in the new comp plan and I have seen a PDF document that details it but I don't know exactly where to find it. Sorry.
Bud Fox - F**k you, you 100k producer. Dont be bitter that you CANT move because gross is too low.
Investor/Client - People aren't on here whining about not getting retention. Everybody is pi$$ed about being lied to for 5 months and not being treated with respect/value. There is something I am certain you have not grasped - WE ARE NOT LOSING MONEY AS A BRANCH. We make money for the BANKS who have lost it. I worked at AGE and we certainly have not seen the benefit of the "big bank model" Wells did not bail me out. Bob Bagby sold me out along with my clients. Now my clients (<250M) have ridiculous fee's that they never had. They are telling my 90yr old clients to sign up for electronic delivery of statements to avoid such fee's. I am being charged $10 on each trade I do if I try to give my clients a break on the commission (should work out to $20-30,000/yr) and now I'm going to have to move my business at the absolute worst time. You need to read up on the difference between investment banking, banking, and the financial advisory business. We're not going on one of your industry blogs to try & kick you in the nuts while your down. I hope your business prospers if you are competent at what you do and I hope you fail if you are not. Nobody's looking at a handout. Not one of my clients had exposure to municipal ARS, Madoff, CDO's or any of this other garbage. I am ashamed of nothing.
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Do the AGE guys that got the retention package from the AGE/WB merger
have to repay if they leave WB now or is that amt they got forgiven?
You can't call...your BM has to. You basically are eligible for 100% if you are all fee. You will start w/base of 50%. There is a LOS requirement and I think the min prod is only 100M so most will qualify. You cannot get a payment until the year after you sign. i.e. Jan 2010. You sign a non-compete. You also, obviously, need to find someone able to handle the book and willing to sign the agreement...
Your BM can print the basic summary off of his workstation. Home office would have to run the analysis to get you an actual offer.
[quote=brokergirl]Do the AGE guys that got the retention package from the AGE/WB merger
have to repay if they leave WB now or is that amt they got forgiven?
[/quote]
If you signed the agreement you owe the $$ back.
WHAT IS THE MARKET TELLING U FOLKS> …no I didnt say what DL is telling you …ie we hired so many advisors …we’re the best firm to work for yada yada…WHAT IS THE FREE MARKET TELLING U!!!
2007 Stifel 1100 Advisors…stock in the mid 40’s 3 for 2 split in June 08…Thats right 3 for 2 in June of 08!!!
2007 WS 14100 advisors WB stk at mid 50’s
2009 Jan Stifel 1350 advisors up 20 plus % and offering less than 100% T12…what does that tell u praytell…doesnt even tell u wats happening after 3/15 when they pick up another 1000 advisors
2009 Jan WS 12000 advisors (b4 no retention announcement) down 20% and thats offering 150% up front $ for recruiting…need I give share prices??
FREE MARKET HERE FOLKS…telling you a different story than DL.
Now…wats coming if your AGE legacy. Deitrick is gone b4 March is out. By summer regionals will be down from 12 to 8…dont think the AGE rp’s will be the ones surviving.
And while SF is still likely to trade north of 30… MS BAC WFC UBS
If u want big upront $ and to recapitalize your networth…go to MS at 2X t12 but be prapered for a climate worse than WS. If you want culture like AGE then go to SF or RAJA…if you are under 55 and have a number of yrs left…take the smaller check and the better culture…youll likely live a lot longer
LISTEN TO WHAT THE FREE MARKET of advisors moving from firm to firm is saying…look at the numbers folks. Its a layup…nuff said
Close out this thread so guys will get to copying their books to move.