500 or bust?
3938 RepliesJump to last post
MS co President Gormon is already quoted on Bloomberg that advisors will get a retention package “in line with industry practice”. Day 1 they know they are getting a retention. How in the hell does WFC and DL get away with this?
Shredder- You mentioned that Danny is going to discuss retention tomorrow in his firm wide conference call. I am sure it won’t be in great detail. How did you learn of this?
I guess the morgan stanley/smith barney brokers are going to start working at the City Morgue. I am not feeling very loyal to WB/WFC at this particular moment. They lost a ton of my money on restricted stock, ran the company in to the ground, sold the company to WFC and now they don't want to pay me for all the trouble they caused. Morgan Stanley on day 1 said they would pay retention. Citi, Morgan Stanley Agree To Form Joint Venture; Reps Will Receive Retention Bonus—Gorman Says: “We’re Not Stupid”. Similar to the Bank of America retention package but yet we are at day 100+ and couldn't even say that. I would hope that WFC won't be "penny wise but pound foolish". Time will tell. One thing is certain if they don't pay then independent will start to sound pretty good. I am doing almost $3,000,000.00 per year and at 90% payout I would hopefully make back what WB lost for me this past year if I were to keep my expenses low.[quote=Danny Isadouche]How in the hell does WFC and DL get away with this?[/quote]
“Get away with it” in what sense?
Yeah but they don’t know what it is… Retention isn’t always good for both parties…
If WFC was going to pay retention they would have said the same thing on Day 1..been saying that for 90 days. What does it have to do with how can"WFC and DL get away with this?" Its really simple, they have gotten away with it because to WFC its a non issue. Also with B of A stock at 10 bucks now I am pretty sure they also would have paid no retention. Stock has dropped 75% in 3 months, they paid 40 billion for ML when MS is buying SB for 5 billion..Nice buy. Who is really buying SB, MS owes Mitisubisi 25 Billion, owes the Tarp who knows how many 10's of billions, so reality is Mitsubshi and the Treasury own MS, so guess they bought SB.MS co President Gormon is already quoted on Bloomberg that advisors will get a retention package “in line with industry practice”. Day 1 they know they are getting a retention. How in the hell does WFC and DL get away with this?
But SB was with Citi who got money, so is it the Treasury paying themselves back??
Bear Stearns and Lehman advisors were in a position of just looking for a job. Do any of you guys know what kind of retention they got? WFC doesn’t want to retain me, then terrific I am gone. I wish the ones that stay and put up with that crap the best.
[quote=Danny Isadouche]How in the hell does WFC and DL get away with this?[/quote]
They can only “get away with” whatever those who produce the revenue allow them to get away with.
Going to get crowded out there, where are you going to go?? See hiring freeze at MS for awhile, and cant see B of A opening up the check book? If guys at MS/SB doing under 500k get $1.00 in retention I'll be floored. SB was forcing out guys under 350k, wonder if MS picks up SB's broker "friendly" ideas like $100 trades do not hit the grid or no pay on accounts under 100K?Bear Stearns and Lehman advisors were in a position of just looking for a job. Do any of you guys know what kind of retention they got? WFC doesn’t want to retain me, then terrific I am gone. I wish the ones that stay and put up with that crap the best.
Here is a thought! Maybe they needed to get the structure of brokerage out of the way. Wells is not known for there speed, that’s why they were/are AAA rated bank. Now that they shifted bank brokerage off to Wealth management PCG can get the attention and retention. If there is not answer tomorrow, and i don’t think it will be on the ALL ASSOCIATE call, but from your manager during the day, then my guess is there is none and people can start to make there plans.
They have gotten away with it and Gorman called them out. When he said we are paying retention because we live in this business everyday it was a message to those who are owned by a bank. The Bank dosen’t understand your business
Also, If you read DLs email closely he stated that ISG will be effected the most. I have heard rumors that ISG will be getting a retention and the AGE side already got theirs months ago and there will not be more coming.I’ll say 2 things. 1. ISG is now going to WFC, if all the experts on this board say WFC is not paying retention, then my guess is that ISG is screwed. You didn’t get anything last time, right? Well, you’re probably not getting anything this time. 2. WS is willing to pay new brokers 100-125% upfront based on Nov #'s and you think they’ll bypass their FA’s in the chair? Not happening. They pay something and they’ll retain FA’s. They pay nothing and a lot walk. There will be something for PCG. Probably more for WS FA’s than AGE FA’s, but there will be something.
Guess we'll all just have to wait some more.I agree, I can’t imagine he’d discuss retention on an ALL ASSOCIATES call…remember, no one else in the firm gets retention…DL won’t rub it in.
Best case is he announces a call just for that.
Steps:
1) Lift out ISG to Wells ................ 2) Name and retention for PSG..... 3) RJ acquistion.............................dI spoke to stumpf again today during a cocktail session over the lakers houston game and he said no retention for the wb and isg guys but strong retention for age legacy. any other rumors?
I was being sarcastic. Your rumors are as good as 200th rumor before you so please stop
As a broker you’d have to say that Gorman is fantastic.
Not withstanding that MS had security march most of the under $300K producers out with one hours notice a few years back, saying “We’re not stupid - of course we’re paying retention” is a loud and clear message to producing brokers: WE WANT YOU!
It’s refreshing not to be made to feel like your imposing, or are somehow not knowing your place in expecting retention - what has become industry standard as Gorman kindly pointed out.
I mean I feel like a chump even asking about it - like I don’t know my place at this point. The total lack of anything said - the avoidance of the whole issue - the dead silence. I mean I think there were more leaks of information on the Manhattan project during World War 2 than there were about this retention package - if there is one.
It’s as if they’re doing us some favor letting us even be there and taking 60 percent of our gross. I wouldn’t mind it normally but this whole attitude - how dare we ask or expect an answer - it sucks.
I really hope tomorrow changes things because at this point the message seems to be, you don’t like it: LEAVE!
I’ve always been a team player so when I start feeling this way, I’d bet a good many more people are feeling the exact same thing.
In all honesty Gormans comments were not only refreshing and down to earth but they made me feel once again like I have value. And the guy from Morgan Stanley shouldn’t have to do that - we should be feeling that way from WellsChovia!
[quote=Sell High] In all honesty Gormans comments were not only refreshing and down to earth but they made me feel once again like I have value. [/quote]
You might want to take a wee bit more ownership of your self image.
Just to clarify, I have a great self image. I need another chair for my ego. But my positive self image is the problem.
The feedback from the firm to the brokers just hasn't been in line with it. It's refreshing to see Gorman as up front as he is supporting brokers. "Of course we are paying retention, we are not stupid!" as compared to the be patient and don't ask questions - or I don't know - or no word - or you'll find out when you find out - the line we've gotten for almost 1/3 of a year now! Am I wrong?