500 or bust?
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Like I said, if any one even one person in WS/AGE actually feels sorry for Hayes, DL, or any of the St Louis group…stop right now. These conference calls made me 100% sure that they really believe that we are LUCKY because we are not part of a firm that pays FAs retention. They actually expect us to believe it too…I am shocked…I was giving them the benefit of the doubt. I was feeling sorry for them to be puppets in Wells hands…they aren’t puppets…they are part of the problem.
I don't know what call you were on, but, JH deferred to Terry Chase to describe how we could leverage the 'WFC' name to bring in these monster household to qualify for the program - he then told us how his 'wife' was worried about the safety of her checking account and went out to find a stable, safe bank - and opened an account at WFC. Based on that vote of confidence - I am going to send my wife out tomorrow and see where she feels comfortable opening up her checking account. My BM just sat and looked at me watching my reactions during the call. He can't provide any guidance because they haven't told him what to say yet.His response to people worrying they didn’t have enouch ‘qualifying households’: since we are WFC now, huge clients will be banging down our doors to work with us. WFC’s the best, rah rah rah!
Bingo. Those are some really dumb mofos for sure. For the last few months they have repeatedly said retention on the way, we know its important, you'll be happy when you get it, days not weeks. Now all of a sudden they scam up the your business hasn't been disrupted argument.. well why haven't they said that the last 4 months? The only people buying what DL and JH are pushing are the cornbread eaters and kool aid drinkers -- that cannot see the big picture. Frankly their lecturing and speeches are an insulting and offensive. The least they could do is pay all deferred comp now, giving the FA's a little help during this severe downturn. Instead they expect us to convert clients to 4 front as if the heavens will open up an rain down money on out clients and us....give me a freakin break. I have decided it's time to saddle up and leave DL and company in the dust. The cow manure they are spreading around is getting way too deep and they speak with a forked tongue.Like I said, if any one even one person in WS/AGE actually feels sorry for Hayes, DL, or any of the St Louis group…stop right now. These conference calls made me 100% sure that they really believe that we are LUCKY because we are not part of a firm that pays FAs retention. They actually expect us to believe it too…I am shocked…I was giving them the benefit of the doubt. I was feeling sorry for them to be puppets in Wells hands…they aren’t puppets…they are part of the problem.
With the WFC/WB name and your .05bp money funds, you should have a line out your office doors waiting to do “envision” plans… I wonder when the WFC roadshows welcoming you guys will start? Let me guess, never.
Did you build your business based on money mkt rates? Just buy fido tax free money mkt if it's an issue.With the WFC/WB name and your .05bp money funds, you should have a line out your office doors waiting to do “envision” plans… I wonder when the WFC roadshows welcoming you guys will start? Let me guess, never.
If you are going to do an envision plan just to get the bonus then you are not doing it for the client and if you believed that it would help the client understand their situation more then you would have done it already.
I am leaning towards Finet . Repapering sucks and the clients do not like it. The proforma gives me a good look at being able to afford the service they expect. And...I would be happy running my own business...the reason I started this whole thing 20+ years ago was to build my own business. That has been stolen from us.[quote=Redpen]If you are going to do an envision plan just to get the bonus then you are not doing it for the client and if you believed that it would help the client understand their situation more then you would have done it already.
I am leaning towards Finet . Repapering sucks and the clients do not like it. The proforma gives me a good look at being able to afford the service they expect. And...I would be happy running my own business...the reason I started this whole thing 20+ years ago was to build my own business. That has been stolen from us.[/quote]Then why would you trust your business to the folks who have already screwed you over so royally?
[quote=HymanRoth] [quote=Redpen]If you are going to do an envision plan just to get the bonus then you are not doing it for the client and if you believed that it would help the client understand their situation more then you would have done it already.
I am leaning towards Finet . Repapering sucks and the clients do not like it. The proforma gives me a good look at being able to afford the service they expect. And...I would be happy running my own business...the reason I started this whole thing 20+ years ago was to build my own business. That has been stolen from us.[/quote]Then why would you trust your business to the folks who have already screwed you over so royally?
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Maybe i am niave but the folks that screwed me are not around as part of my management team. DL, JH…et.al. Am I wrong ? Isn’t Finet just the custodian and clearing and compliance firm ?
[quote=Redpen]Maybe i am niave but the folks that screwed me are not around as part of my management team. DL, JH…et.al. Am I wrong ? Isn’t Finet just the custodian and clearing and compliance firm ?[/quote]
First Clearing is the custodian, compliance etc. FiNet is WS’s answer to the indy channels. You pick the services you want ala cart and write a check for those. WS has typcially tried to steer big PCG and ISG producers looking to switch to Profit Formula. It still gives WS more control over them then in FiNet.
John Peluso runs FiNet. He is a good guy, but has been getting a bad rap here recently. If he has not been talking then it is because DL will not let him. JP knows if he were to buck Danny right now his days would be numbered.
Actually Brand Myer runs Finet now. Peluso reports to Myer[quote=Redpen]Maybe i am niave but the folks that screwed me are not around as part of my management team. DL, JH…et.al. Am I wrong ? Isn’t Finet just the custodian and clearing and compliance firm ?[/quote]
First Clearing is the custodian, compliance etc. FiNet is WS’s answer to the indy channels. You pick the services you want ala cart and write a check for those. WS has typcially tried to steer big PCG and ISG producers looking to switch to Profit Formula. It still gives WS more control over them then in FiNet.
John Peluso runs FiNet. He is a good guy, but has been getting a bad rap here recently. If he has not been talking then it is because DL will not let him. JP knows if he were to buck Danny right now his days would be numbered.
[quote=maddog] [quote=LegacyWellsFargo]Be Careful with 4Front, Profit Formula and FiNet, less control of expenses.
Excuse my ignorance - but, what do you mean - less control of expenses?[/quote]
Maddog,
My team is on Pf and every freak’n year they raise our expenses. When I asked why they were raising support staff when if anything in '09 it would likely be cut, she finally admitted that they cannot let these divisions be to profitable. Figure that one out. By what they did, they took out some of our ability on variable costs. Evidently, WS has some ratio that all channels cannot be “x” profitable to the broker. What irked me more than anything, PCG was getting a raise by essentially having their hurdle lowered.
Needless to say, I love Pf payout but hate who I work for.
On the conferance call yesterday John seemed quite excited about Forefront. Is he a. truely excited about a hollow plan that favors bank on every question raised? b. toeing the line because he works for a bank? Which one should give me more confidence?
John Peluso runs FiNet. He is a good guy, but has been getting a bad rap here recently. If he has not been talking then it is because DL will not let him. JP knows if he were to buck Danny right now his days would be numbered.
[quote=Redpen]Maybe i am niave but the folks that screwed me are not around as part of my management team. DL, JH…et.al. Am I wrong ? Isn’t Finet just the custodian and clearing and compliance firm ?[/quote]
You are right about one thing…you are naive. No offense guys, but anyone who is WachEdwards who is thinking about going to FiNet as an ‘indy’ alternative just hasn’t been paying attention the last 12 months.
I mean look, it is probably far better than working in a bank branch, and from what I understand it involves a little less work far as repapering/transferring client account. But - unless the FiNet folks prove to have a dramatically different mindset than the rest of WelWachEdWheatFirst management, you’re still under their heel and will have to repaper accounts eventually when they start squeezing their supposedly ‘indy’ offices to do more boilerplate financial plans.
So why not get it all over with in one move?
I dont think you seem to have any idea what Finet is. Finet is full blown independent. It is no different than LPL or RJ in there full indy channel. I think you are confusing Profit Formula with Finet. Finet you have your own personal P&L and are responsible for the cost of every aspect of running the business. You have between an 85-90% pay out depending on your product mix. You have access to all of the same tools and product mix that a ISG or PCG broker has and your report to no one. You do have the compliance over sight that every firm is responsible for doing but outside that you are your own boss.[quote=Redpen]Maybe i am niave but the folks that screwed me are not around as part of my management team. DL, JH…et.al. Am I wrong ? Isn’t Finet just the custodian and clearing and compliance firm ?[/quote]
You are right about one thing…you are naive. No offense guys, but anyone who is WachEdwards who is thinking about going to FiNet as an ‘indy’ alternative just hasn’t been paying attention the last 12 months.
I mean look, it is probably far better than working in a bank branch, and from what I understand it involves a little less work far as repapering/transferring client account. But - unless the FiNet folks prove to have a dramatically different mindset than the rest of WelWachEdWheatFirst management, you’re still under their heel and will have to repaper accounts eventually when they start squeezing their supposedly ‘indy’ offices to do more boilerplate financial plans.
So why not get it all over with in one move?
I dont think you seem to have any idea what Finet is. Finet is full blown independent. It is no different than LPL or RJ in there full indy channel. I think you are confusing Profit Formula with Finet. Finet you have your own personal P&L and are responsible for the cost of every aspect of running the business. You have between an 85-90% pay out depending on your product mix. You have access to all of the same tools and product mix that a ISG or PCG broker has and your report to no one. You do have the compliance over sight that every firm is responsible for doing but outside that you are your own boss.[/quote] Okay, So unless it is a compliance issue I do what I want. Right ? Also, I fiqure their are so many indy channels at 90% it will keep Finet competitive. Am I wrong to think this way also ?[quote=HymanRoth] [quote=Redpen]Maybe i am niave but the folks that screwed me are not around as part of my management team. DL, JH…et.al. Am I wrong ? Isn’t Finet just the custodian and clearing and compliance firm ?[/quote]
You are right about one thing…you are naive. No offense guys, but anyone who is WachEdwards who is thinking about going to FiNet as an ‘indy’ alternative just hasn’t been paying attention the last 12 months.
I mean look, it is probably far better than working in a bank branch, and from what I understand it involves a little less work far as repapering/transferring client account. But - unless the FiNet folks prove to have a dramatically different mindset than the rest of WelWachEdWheatFirst management, you’re still under their heel and will have to repaper accounts eventually when they start squeezing their supposedly ‘indy’ offices to do more boilerplate financial plans.
So why not get it all over with in one move?
I dont think you seem to have any idea what Finet is. Finet is full blown independent. It is no different than LPL or RJ in there full indy channel. I think you are confusing Profit Formula with Finet. Finet you have your own personal P&L and are responsible for the cost of every aspect of running the business. You have between an 85-90% pay out depending on your product mix. You have access to all of the same tools and product mix that a ISG or PCG broker has and your report to no one. You do have the compliance over sight that every firm is responsible for doing but outside that you are your own boss.[/quote] Okay, So unless it is a compliance issue I do what I want. Right ? Also, I fiqure their are so many indy channels at 90% it will keep Finet competitive. Am I wrong to think this way also ?[/quote] That would be a reasonable line of thought. Many of the people in FiNet have custom branding which means most of their clients dont even know that WS is who they clear with. To most of the custom branded practices the company they have thier business with is the custom branded FiNet practice.[quote=BukiRob][quote=HymanRoth] [quote=Redpen]Maybe i am niave but the folks that screwed me are not around as part of my management team. DL, JH…et.al. Am I wrong ? Isn’t Finet just the custodian and clearing and compliance firm ?[/quote]
You are right about one thing…you are naive. No offense guys, but anyone who is WachEdwards who is thinking about going to FiNet as an ‘indy’ alternative just hasn’t been paying attention the last 12 months.
I mean look, it is probably far better than working in a bank branch, and from what I understand it involves a little less work far as repapering/transferring client account. But - unless the FiNet folks prove to have a dramatically different mindset than the rest of WelWachEdWheatFirst management, you’re still under their heel and will have to repaper accounts eventually when they start squeezing their supposedly ‘indy’ offices to do more boilerplate financial plans.
So why not get it all over with in one move?
Actually Brand Myer runs Finet now. Peluso reports to Myer[/quote][quote=PaulAtreides] [quote=Redpen]Maybe i am niave but the folks that screwed me are not around as part of my management team. DL, JH…et.al. Am I wrong ? Isn’t Finet just the custodian and clearing and compliance firm ?[/quote]
First Clearing is the custodian, compliance etc. FiNet is WS’s answer to the indy channels. You pick the services you want ala cart and write a check for those. WS has typcially tried to steer big PCG and ISG producers looking to switch to Profit Formula. It still gives WS more control over them then in FiNet.
John Peluso runs FiNet. He is a good guy, but has been getting a bad rap here recently. If he has not been talking then it is because DL will not let him. JP knows if he were to buck Danny right now his days would be numbered.
Myer and Peter Miller use to be co-heads of the Financial Services Group (advice, products, Envision, etc) Given the fiasco there over the past year looks like he got demoted. No offense to FiNet, Paluso runs things just fine and hopefully BM won't mess with John too much.
Ok guys I need some input and advice. I am a CA and after the DL phone call on Friday and yesterday’s call re 4Front my broker is talking AGAIN about leaving. I have only ever worked at one firm so am not sure how this whole “moving” thing works when a CA goes with the broker. I know he would be handed a signing bonus but I want to know what is a reasonable amount for ME to ask for in terms of upfront compensation to leave the only job security I know. Does the new firm “compensate” me or does the broker, out his pocket with what he receives? We have been together for over 13 years but I need to look out for ME and can not trust that he has my best interest at heart. My old ideas of loyalty, trust and job security went out the window about a year ago !!! Thanks for your help.