500 or bust?
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[quote=Ferris Bueller] [quote=fritz] [quote=Ferris Bueller]the 4front program is a LOAN over 9 years that does not generate taxable income until October of 2010. Even then, it is forgiven (shows up on w-2 pay statements) slowly over the next 9 years. The legislation passed today does not apply.[/quote]
Ok Nostradamus, you were so spot on with the original retention I am sure you are on the money here as well. Can tell you from complex manager today, anyone who intends to take the money in lump sum form is in trouble as it stands. Senator below does not go along with either..
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I predicted a retention. You predicted none. The piece of paper I was given today tells me that I can earn 400K for doing about 70 envision plans. Sounds like a retention to me.
Now the part about congress wasn't obvious. I just read the bill summary and I admit that this bill looks threatening to the 4front retention plan. The internet, is a lot more helpful than this forum and the snide remarks you think are witty. I'm wrong about that part, just as you are about if there would be retention.
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H.R. 1586 would impose a new 90% tax on bonuses received by employees of certain companies that received funds from the Troubled Asset Relief Program (TARP). The tax would apply to any bonus given after December 31, 2008.
The legislation would apply the 90% tax to only the portion of a bonus that, in combination with other income, increases an employee's adjusted gross income to a level above $250,000 ($125,000 for married couples filing individually) in the taxable year when the bonus was received. Therefore, employees with adjusted gross incomes of less than $250,000 (including bonuses) would not be impacted.
The tax would apply to any retention payment, incentive payment, or any other payment made to an employee above their regular pay for their regular service. However, any commissions, fringe benefits, or expense reimbursements would be exempt from the taxation.
The bill would provide that employees that return a bonus in the same taxable year as the bonus was received would be exempt from the tax. The bill would also specify that any payment made by a TARP recipient to an employee to offset the cost of the tax would be considered as an additional bonus and would be subject to the 90% tax.
The bill defines a "TARP recipient" as any person or persons who have received more than $5 billion in TARP funds, Fannie Mae and Freddie Mac, and any company that is either connected to a TARP recipient through stock ownership or is more than 50% owned by a TARP recipient. If a company repays its TARP assistance funding to a level below $5 billion, its employees would no longer be subject to the 90% tax.
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[/quote] What you posted does not look good I would think, who knows could end up in court?? As for retention, are you joking on the plan given? Our biggest guy in the office has about 10 accounts for 500MM and gets nothing? If you told him this was retention he would go psychotic..he was so pissed off he was thowing stuff in his office. I stood to make 125K or so and said forget it..sounds like ok enough for you to do the stuff, but believe me, think majority got nothing out of it.
If you are paid a percentage for doing something, it is a commision. If you are paid based on the amount of business you do, it is a commission. If there is an issue, Wells can change your forefront “bonus” to a forefront comission. You Wells guys shouldn’t have anything to worry about. I would also be shocked if they passed a bill preventing MS from paying retention, as even those are based on the amount of business you do, so in sense that is also a commision. If needed the bonuses could be “pre paid commissions”, since that is what they really are.
It is a commission if it is based on a percentage of what you do. Just like production based sales "bonuses" are really commissions, not some random big check. You guys will be fine.
I’m brand new to this forum but flipping through about 10 pages of close to 400 says a lot. Just think what your clients would be saying if they knew this forum existed.
and why is that?I’m brand new to this forum but flipping through about 10 pages of close to 400 says a lot. Just think what your clients would be saying if they knew this forum existed.
Moss…not just the forum, you also sound brand new to the business.
Make yourself useful and help us get it to 400, there’s a good rookie.
Hardly new to business, 7 years, 46 million. I have no problem paying my bills, perhaps you do!
nothing’s changed. i work my a$$ off and it’s worked well the past month. what’s changed is this integration in which i can’t get basic operations to function. accountability is gone, documents get lost, and no one with a clue answers the phone in st louis. the firm has absolutely imploded over the past month.
the only thing i can put my finger on is the age integration. maybe it's misplaced rage. but i work too f'in hard to be forced to deal with age's problems. fortunately, i don't work for dl any more. wells has been much more involved over the past month, and isg stands to benefit immensely going forward. we've had multiple visits from wells sr mgmt over the past few weeks that has demonstrated their committment to isg. maybe age will not be part of my life shortly, and i'm sure that would be mutually appreciated.go husk
In my office we have embraced the Smartstation platform - and as we become more familiar with the system - we are finding additional enhancements over our old system. I use the PIM system and am thoroughly pleased with it.
The problem that you are experiencing currently with HO is the same that we are experience - it is with the Contact Management system. Which is new to you too. However, you were probably using your own CM system, and you can probably convert over at your liesure. For AGE, the old system (brokervision) is completely gone. Not only that - but the information did not convert over at all like it was suppose to.
We had a WS system guy in all day today and he profusely apologized for the system. He showed my asst and myself how to clean up the HH and told me it should only take us about 100 hours to complete.
So, we feel your pain as well - we do, however, have a lot of non-productive activity to complete.
moss… Just don’t bring up that BS about if your clients could see this blah blah blah.
and you’re not huge, ok .
i hear you maddog. it sucks all around, and i’ve found a scapegoat. i shouldn’t hate, but i’m pissed!
Never said I was huge, just said I wasn’t new and that i could pay my bills…apparently that’s an issue worth 400 pages
You have summised my entire point in one comment. By the way, I vote conservative.400 pages isnt about paying bills. At least for me. It’s about wanting more money. Despite what some ignorant people elected to the white house, the rest of us aren’t communists
If my clients read this forum they would want to know why am I still working with WB/WFC. Some might even question my competence for staying this long. i guess it depends on your book. i would have no problem having my clients see the truth. Most of them have more venom toward this company than me.I’m brand new to this forum but flipping through about 10 pages of close to 400 says a lot. Just think what your clients would be saying if they knew this forum existed.
Again, I wish my clients could see the whole thing…thanks sisu, forgot abot glass steagall
The statement mess shut us down this month. Wachy bank doesn’t care. i would say that this will be the worst month of 2009 in form of revenue and moral. Hard to make up for it.
Statement debacle is final straw. Many clients have been willing to tolerate change until now. Either we all need to consider moving now or our clients will leave without us.
If you think the statement BS is the final straw get this. I had a small IRA transfer out. No cash in the account. I was informed unless the client brings a check in for the $95 transfer fee, I will get charged for it. WS makes every attempt to fee the client any way it can, and if they can’t steal their fee from the client, they will take it from the broker. Awesome.