500 or bust?
3938 RepliesJump to last post
BP…I kept hearing the same grid you and gauge kept posting here. I had a good contact too that supplied it to me and I thought it was interesting that it coincided with yours. Somewhere just before, during or after Stumpf’s visit to D.C., that grid blew up. Heck, my manager still thought that grid was good this past Friday a.m. until I told him to wake up. Moving forward, I don’t know if your sources or contact are any good or not, but please publish what you know. I’m capable of deciding for myself if its bs, partial bs or true. It’s good to compare notes though during this time. Thanks.
[quote=tdude]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.[/quote]
Dead on…couldn’t have said it better…March is going to be very interesting in SF land!
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." [/quote] Buki, Word my brother, could not have said it better myself[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.
My pleasure. I will continue to pass on as I fond out. After 23 years you develop a few “higher up” relationships. As for those spewing the hate, I understand. Do you think I am not pissed I have to move my book after 23 years? No way. I would have rather been a Cal Ripken - started and ended with just one.
After all is said, the person that should MOST be hated is Bagby. He was in way over his head trying to lead a company when he pretty much should have been a regional mgr. When he realized he would get big money he sold us out. How long did he stay (Did they keep him) per his 5 yr agreement - about a year and a half.
OK, OK, enough about the past. For those thinking about moving I recommend it, for those that choose to stay you may eventually get that front end $ you were hoping for with a UBS JV virtually around the corner. Problem is you still have those you have no trust in running the show
I apologize if it has been posted, but could someone explain how this payout works as it pertains to 4front/Envisions. Does the household have to be in fee based accounts?
BP…well said…Bagby is to blame but let me tell you he wasnt alone…Doug Kelly his side kick had his fingerprints all over this deal…AGE was a great firm…been there 2 decades plus…wanted to retire their…a couple greedy people listened to DL song and dance and now we are still listening to the DL pony show. While Im more likely to jump to a SF than MS as culture more important to me than big upfront $ I by and large have agreed with your posts…at the end of the day I really miss AGE…people who never worked their dont quite understand…what a run we had though! Good luck at MS
I apologize if it has been posted, but could someone explain how this payout works as it pertains to 4front/Envisions. Does the household have to be in fee based accounts?
No. It is based on the 4 factors. Households over 250, service contract, number of meeting and client survey.
[quote=oldpruguy]
No Stifel office in my city that I know of...but my sister works for them in another city. It may be an interesting opportunity to help open up a new office in town and build it. There should be a lot of fallout this year. [/quote] get in line... depending on your market and how many seed brokers they can get, it might be awhile. Stifel has a massive pipeline of brokers and new office prospects and they are having to prioritize. John Lee is doing a tremendous job out west.Was once seated at a table for dinner with Ben Edwards, Bob bagby, John Lee, Scott Pinkerton and Fane Opperman. John Lee owned the table. One of the sharpest mother f***ers I know. Stifel landed a beauty a few years ago. He had a meeting with Bagby when this whole thing went down AGE to WB and Bagby said “Keep your options open”, John Lee must have looked at him and thought “I’ll show you options”. Oh for the good ol days.
So envisions aren’t part of it? What is the bonus scale that was announced fri?
So envisions aren’t part of it? What is the bonus scale that was announced fri?
Sorry, Envisions are definitely part of it. 25 hh is 25bp, 50hh are 50bp and 100+ 75 bps. Going by memory but I believe it is a terrible deal. Paid out over a 108 month period which will not keep me in my seat.
Heel, not paid out over 108 months, taxes paid over 108 months. Paid out lump sum 60 days after June 30th. Wholly sh**, dont you guys read Infomax. I have been gone for 1 week and I know more about deal than you.
[quote=Emancipated]
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]Heel, not paid out over 108 months, taxes paid over 108 months. Paid out lump sum 60 days after June 30th. Wholly sh**, dont you guys read Infomax. I have been gone for 1 week and I know more about deal than you.
Read the booklet on it. Not InfoMax. You have the option of payout of either upfront or 108 months. Upfront is tied to some 3-5 year fed rate. Also, terms of the deal can change at anytime regarding payout, time, etc. So yes, I can read. It is even available to the guy that moved over from "xyz" firm with a large upfront.
Since you don't have access to the booklet on it, you are forgiven for showing your ignorance.
[quote=Emancipated]
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.
[/quote]Message to DL (FINAL)
This thread is over. The above says it all. simple Y OR N
[quote=BE PATIENT]Heel, not paid out over 108 months, taxes paid over 108 months. Paid out lump sum 60 days after June 30th. Wholly sh**, dont you guys read Infomax. I have been gone for 1 week and I know more about deal than you. [/quote]
Wow! Wells found a way to partially defer taxation on a lump sum payment for nine years, they are smart!!!
P.S. How often did Pinkerton ask you to refill his water?