Dont you get it? Wells moves at a snails pace. They dont buy Golden West after thinking about it over the weekend. They move at a snails pace which is exactly why they are (were) the only AAA rated bank. We (Brokers) put time expectations on Wells as if it were still AGE or Wachovia. Danny did the same. Now we are realizing they dont jump fast. Name will come (Wells fargo advisors), and retention will come, be patient.

Only a moron makes a jump prior to hearing what will be announced within the next 3 weeks.  Leaving any firm in this envirnoment without due dilligence and very sound reasons is career ending.

I agree with Tin Cup. Do I want retention? You bet your ass. But I take 1.6 from someone else, give back 50% to taxes, pay Wachocvia/Wells back my 600k+, so I move for what 200k in this environment? I would be a moron. I would rather stay at Wells, hope for 50% retention and I am ahead of the game. You knuckleheads moving in this environment only help my business. Thank you

[quote=BE PATIENT]I agree with Tin Cup. Do I want retention? You bet your ass. But I take 1.6 from someone else, give back 50% to taxes, pay Wachocvia/Wells back my 600k+, so I move for what 200k in this environment? I would be a moron. I would rather stay at Wells, hope for 50% retention and I am ahead of the game. You knuckleheads moving in this environment only help my business. Thank you[/quote]

How do you explain paying taxes by going to another firm and taking transtion yet avoiding them by staying and taking retention…6 of one half a dozen of the other…you are taxed the same either way you are taxed on your Wachovis retention too…

You pay back Wachovia and get more $$ to move…so you have the same $$ in the bank as you did by staying + some and taxes work the same either way…sure they are higher since you have more money…scary that you are a million $$ producer!

[quote=Tincup]Only a moron makes a jump prior to hearing what will be announced within the next 3 weeks.  Leaving any firm in this envirnoment without due dilligence and very sound reasons is career ending.[/quote]

Yeah it is much better and safer to wait til the ACAT freeze, acct # changes, and other things, hope for a retention and somehow hope Wachovia decides to become a good firm…I am sure no one will want to leave then…you will be the only one interviewing lol!
IMO you leave now or stay whether changes are good or bad, and whether there is retention or not…no point in a month…clients will have already gone through one major change…AGE to Wachovia, and deals will have come down substantially.

Nestegg, please tell me you have already left. My point on leaving vs. staying is pay taxes over next 4-5 years or all in 2009.

BEPATIENT - for other upfront deals the dollars are spread over 5, 6, 8 or 10 years, depending on the deal you negotiate.  You are surely not paying all taxes in 2009, Nestegg is correct.

[quote=BE PATIENT]Nestegg, please tell me you have already left. My point on leaving vs. staying is pay taxes over next 4-5 years or all in 2009.[/quote]
Again…why would you pay them all in one year either way…the WS retention was over 6 years, and any deal you would take would be the same or longer…so…ummm…ummm…explain

Nestegg,

[quote=BlackKnight]BEPATIENT - for other upfront deals the dollars are spread over 5, 6, 8 or 10 years, depending on the deal you negotiate.  You are surely not paying all taxes in 2009, Nestegg is correct.[/quote]
Thank you! I think too many here have had one too many sips from the Danny Kool Aid…WS wants us to think that everyhing they do is unique, but when you look around you realize that other firms are the same or similar in how they do things…ES likes to scare us into that there is a big bad world out there…and Wells/Wach is a “safe harbor” and has “scale and scope” when in actuality there is LOTS to be seen outside these walls.

The taxes are stretched out either way…discussion over on taxes.

[quote=Tincup]Nestegg,

So nestegg - you must be planning on moving very soon.  Where are you going?

My clients and yours too want only two things from us (TO MAKE and PROTECT THEIR MONEY) Your posts from the past led me to believe you had a cooler head about you, where did it go?? Yes I am Legacy AGE and I will do what is necessary in 2009.

[quote=Tincup]My clients and yours too want only two things from us (TO MAKE and PROTECT THEIR MONEY) Your posts from the past led me to believe you had a cooler head about you, where did it go?? Yes I am Legacy AGE and I will do what is necessary in 2009.[/quote]

I once had a cooler head and gave things the benefit of the doubt for a long time. I am just over the changes…payout, new fees/client changes, total lack of communicaton/direction from wells, the fact we haven’t yet finished one integration and will be going through another, too many good back office people/analysts/staff leaving, poor home office service, negative name recognition, etc etc etc. Have looked at other firms, and I see things a bit differently now. I am not truly concerned about retention…would be nice to know…but I will get a deal to move…or stay…I just think this firm has become a total disaster, and there are better places for my clients and my future business…it would take alot of changes to make me stay at this point.

Nestegg,

[quote=Tincup]Nestegg,

Have been following these posts for only a few days.  Finally got fed up and made the move a month ago.  Clients are open to the change.  I was 10+ years with Wachovia.  Did everything they wanted.  Listened to everything they ever threw at us.  Was one of their top advisors doing 1 million + for the last 5 years.  Has been a lot of work moving over the last month but very satisfying.  Clients are happy with the move to smaller firm without their name in the news all the time.  I am sleeping very well these days without having to worry about a company deciding my future.  We all got in to this business to be able to control our own destiny.  A move can be done and is being done by many brokers in this down market and alot of us are doing it with a lot of success.  There is money out on the street right now.  Who knows what the deals will be once this retention thing all plays out.  If the package is good then deals will most likely still be good.  If retention is low or nothing all the deals may just come down substantially.  Everyone just needs to stop speculating and decide what is going to be best for thier families, clients, and the future of their own practices and then act on it without looking back.  Good luck to all who leave and all who stay.

Are there any AGE Legacy or even WS guys left at Wach Securities that are content with the current events at the company & are intent on staying regardless of how it shakes out?

I, for one, am staying at this point.  I would like to see how things level out once the dust settles.  I do feel that Wells is a very slow moving, conservative type of company.  That is simply why they are still AAA and did not get overly involved in the mortgage mess that is plagueing everyone else.  I don’t need the retention, nor do I need a big up-front paycheck to move to another lousy firm.  What I do need is to continue to focus on my clients needs and not get myself contracted into what could turn into a horrible company.