500 or bust?
3938 RepliesJump to last post
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.
13yrs with the guy & you are saying that u can't trust him anymore? Sounds familiar. Start by reading the last 12 pages about "trusting" a firm (Wells) or people (DL) & I think you will find your answer. On a side note...do you get the coffee for your broker or do you make him get it himself?
Well, brokergirl- I would say it depends on how involved in handling the FA's business on day-to-day basis you are...do you put in trades, handle smaller clients, set appts? Are you registered? My guess is after 13 years the answers are probably yes to many or all of those questions, in which case you should get paid..... my guess is around 5-10 percent of whatever the broker is getting as upfront $, but it could vary a lot depending on the situation. What do you think you are worth?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.
[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. [/quote]
Well, brokergirl- I would say it depends on how involved in handling the FA's business on day-to-day basis you are...do you put in trades, handle smaller clients, set appts? Are you registered? My guess is after 13 years the answers are probably yes to many or all of those questions, in which case you should get paid..... my guess is around 5-10 percent of whatever the broker is getting as upfront $, but it could vary a lot depending on the situation. What do you think you are worth?[/quote]brokergirl
like many thing sin our business, there is no hard and fast rules. your FA and you will have to make choices.
he/she will have to decide how much you are “worth” to bring.
you will have to decide if you want to take the chance and leave and if it is worth it.
FYI…dont know if this has been posted here but ISG not eligible to go to FINET.
What do I think I am worth? Right this minute, not much, since I cant even figure out how to post a relpy in the correct section !!! Feeling like a moron, kind of like the last couple of weeks trying to figure out Smart Station !! I am very involved in my broker’s business…all calls go through me, yes I handle smaller clients, I schedule all appts, run all reports for appts, arrange all seminars and what ever else needs to be done. I am not “fully” registered yet, passed the 7 two months ago, waiting to take the 66. Seriously, I know what I think I am worth to do this job, but having never been in this situation before, am not sure is there is a “customary” and reasonable amt to even ask for. Thanks oldpruguy, you at least gave me an idea of what to think about.
No problem. Also, honestly consider how hard it would be for the broker to make any move without you...don't undersell your value...good luck!What do I think I am worth? Right this minute, not much, since I cant even figure out how to post a relpy in the correct section !!! Feeling like a moron, kind of like the last couple of weeks trying to figure out Smart Station !! I am very involved in my broker’s business…all calls go through me, yes I handle smaller clients, I schedule all appts, run all reports for appts, arrange all seminars and what ever else needs to be done. I am not “fully” registered yet, passed the 7 two months ago, waiting to take the 66. Seriously, I know what I think I am worth to do this job, but having never been in this situation before, am not sure is there is a “customary” and reasonable amt to even ask for. Thanks oldpruguy, you at least gave me an idea of what to think about.
brokergirl
you need to man up. quit being a wimp become a broker stay
snake your current FA’s clients
everyone get the email about no more “excess” deferred comp?
Seems that foref#*k is also taking the place of that as well....conveniently left out of DL an JH calls... Lets see...that works out to a five figure paycut... ...........turn the heat up slowly and they'll never notice...........[quote=stocksandblondes] everyone get the email about no more “excess” deferred comp?
Seems that foref#*k is also taking the place of that as well…conveniently left out of DL an JH calls…
Lets see…that works out to a five figure paycut…
…turn the heat up slowly and they’ll never notice…[/quote]
What do you mean “excess” deferred comp.? Voluntary? Excess as in earned deferred comp for earning a percentage in revenue growth, fee-based, etc.
Stocks…got the email late today…AGE guys get ZERO excess pop for their final 401k contribution…they get the mandatory match and nothing further!!! The new Wachovia excess p/s which was suppose to close part of the gap with the AGE p/s is the same…ZEEEEEROOOO excess $. Mandatory only…why because they have 4front excitement in their blood. Pathetic!!!guys waiting around for the final AGE 401 k excess pop and they they get nada…nyet…zilch…zero.
TIME TO FLY…cant wait till friday march 20th… who knows…maybe the sales bonus for age guys will get zeroed as well…Great email late today…The end of the road for AGE…our last 401k pop takin away boys…WS 401k pop takin away boys…Lets see…25 bp haircut on fees…wasted our last 401k pop…bmgrs cut in pay…no mny mkt trails…NO RETENTION…no sales bonus…no name change till May…wb stock a loser…wfc stock a loser…no mny market yield…no user friendly workstation…and the list goes on ad nauseum…But hey we got 4 front…all is well…DL desparately trying to put a UBS deal together…95 min/ ticket…ticket charges…time to fly boys
but atleast you have "scale and scope".Stocks…got the email late today…AGE guys get ZERO excess pop for their final 401k contribution…they get the mandatory match and nothing further!!! The new Wachovia excess p/s which was suppose to close part of the gap with the AGE p/s is the same…ZEEEEEROOOO excess $. Mandatory only…why because they have 4front excitement in their blood. Pathetic!!!guys waiting around for the final AGE 401 k excess pop and they they get nada…nyet…zilch…zero.
TIME TO FLY…cant wait till friday march 20th… who knows…maybe the sales bonus for age guys will get zeroed as well…Great email late today…The end of the road for AGE…our last 401k pop takin away boys…WS 401k pop takin away boys…Lets see…25 bp haircut on fees…wasted our last 401k pop…bmgrs cut in pay…no mny mkt trails…NO RETENTION…no sales bonus…no name change till May…wb stock a loser…wfc stock a loser…no mny market yield…no user friendly workstation…and the list goes on ad nauseum…But hey we got 4 front…all is well…DL desparately trying to put a UBS deal together…95 min/ ticket…ticket charges…time to fly boys
mnbond…yes i do…scale in back my time at ws and scope in out the otherside of the street…time to fly
Damage control scheduled for tomorrow. Just waiting to hear the line of bulls**t regional will have for us. Bringing my shovel…
Add’l thot
July 2008 Stifel 35/share Wells 35/share
Feb 2009 Stifel 35/sh Wells 13/sh
and WB stock…fried vomit on the sidewalk…luv athat universal bank model…amazing thing is these guys are so full of them selves they think the bank model is still the best. This place is a mess.
close out thread…new thread…taking guesses on the number of advisors fleeing between march 15th and may 15th…500 on the low end and 800 on the highend…imo
[quote=tdude]close out thread…new thread…taking guesses on the number of advisors fleeing between march 15th and may 15th…500 on the low end and 800 on the highend…imo [/quote]
close? no way…only 30 more pages to go!
my guess is that the LUDE man is still trying to put a deal together. he knows what we know. he is a big NOTHING at WFC. he tried to get us retention and they swatted him and JH into the cheap seats. (watch poor JH take the gas for promising what lude-man couldn’t deliver) DL will either do a deal- or he will be taking his own big check to work for someone else. the clock is ticking faster than any of us know.