500 or bust?
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Here is my guess - for Legacy AGE -
Apply the original retention percentage numbers on 2008 calendar year end T12. Subtract remaining part of original retention. Accelerate the deferred comp amount that we are to get control of in about 4 years. Legacy WS gets deal AGE got originally.Maddog?? Please elaborate. If I did 1.2 in 2008 what would your equation factor out to?
Let's say:
You did $1,000,000 on the last retention - you got 80% upfront and 20% deferred. $800,000 cash $200,000 deferred Now you did $1,200,000 - and, in your case, the applicable percentages would be the same - since $1,000,000 was the top of the scale. 80% upfront - which would now be $960,000 minus your original $800,000 - but, accelerate the $200,00 deferred. You would get a check for $360,000. This would be most beneficial and reward those that have grown their books since the last deal. One big difference though - unlike last deal that went all the way down to the $100,000 production level - this round stops somewhere at that $350-400 level. *basing on heresay from early on the total package was in the neighborhood of original deal. Whis was about $2b. Now however, twice as many hands in the line.Regarding the production level for retention packages, here are my thoughts as a Legacy AGE rep of 9 years:
Bare minimum will be recognition level (which was $350,000 TTM for AGE reps, not sure what it is was for WS reps). Anyone under $350,000 MIGHT get a deferred comp. component if they increase their production by a certain % as well as their fee based %. Over $350,000 will be tiered, maybe $350 - 500k, $500k - $750k, $750k - $1MM and $1MM and above. Just my thoughts, it's what I would do if I wanted to retain brokers. SteveKO
I would think the upcoming call with Hays will probably be to talk about PCG structure. Announcing his team and such. The last email about team structure did not list Diedrich or Chase. Maybe - there will be some streamlining and a consolidation of the: Advisory Consultant, Marketing Consultant, Regional Banking Consultant, Wealth Management Consultant, Regional Manager, Complex Manager, Productivity Manager......they could be all consolidated into one position called something like.....ummm...BRANCH MANAGER, maybe...[quote=maddog]
Here is my guess - for Legacy AGE -
Apply the original retention percentage numbers on 2008 calendar year end T12. Subtract remaining part of original retention. Accelerate the deferred comp amount that we are to get control of in about 4 years. Legacy WS gets deal AGE got originally. [/quote]Just an FYI....our deferred part is not "ours" in 5 years...we get to see it in 5 years but we don't actually get it til year 10!
How does that work. Legacy wb brokers got 40 percent. So why would wb brokers get 100 percent and age get 15 percent of the 70 percent remaining. The 30 percent dc comes in 9 years.
Matrix,
Since the range seems to be somewhere between 0% and 100%. Please feel free to submit your hypothesis.I believe 1 mill+ will receive 50% up front with 100% vesting on previous deferred. Agree? Disagree?
[quote=maddog]KO
I would think the upcoming call with Hays will probably be to talk about PCG structure. Announcing his team and such. The last email about team structure did not list Diedrich or Chase. Maybe - there will be some streamlining and a consolidation of the: Advisory Consultant, Marketing Consultant, Regional Banking Consultant, Wealth Management Consultant, Regional Manager, Complex Manager, Productivity Manager......they could be all consolidated into one position called something like.....ummm...BRANCH MANAGER, maybe...[/quote] hoping for more - expecting the worst at this point. They have to know that this is driving people crazy. I've tried not to let it to creep into the day to day business, but it wouldnt be truthful to say it hasn't. Especially since I have opted to stay. I would imagine that if/when all this is resolved numbers will begin to be leaked and we'll all know soon enough. I also have to believe that one of the issues, and has probably caused a significant delay is attempting to be fair to all ISG and legacy Wach and legacy AGE.Yes, WFC EMPLOYEES (most of which were not brokers), and this was due to the fact that they had previousally worked for WFC, and do not pass their requirements, meaning they were let go, or resigned from WFC in the past. IT is not that big of a deal.
“Among those fired were a handful of reps and advisors of WB” - check out Investment News, NY. It is a big deal.
It is my understanding that these people worked at WFC at some point in their career, and there is something on their u-4 that WFC does not like. If you got fired or forced to resign, that is not just magically forgiven because another you went to work at another firm. Does it suck?? yes, but it is not a witch hunt or an indication of the future, so let me clarify. Unless you are one of those 175 people, it is not a big deal.
[quote=NCGNTO]WFC terminated 175 advisor positions in STL. Walking papers in hand…[/quote]
I guess they no longer teach reading comprehension in schools
"The 175 affected employees — including some brokers — represent
about 9% of the 2,000 workers who made the return trip. At yearend,
Wells Fargo completed its acquisition of Wachovia of Charlotte, N.C.,
outmaneuvering rival suitor Citigroup Inc. of New York for the troubled
bank. Among those fired were a handful of representatives and
advisers at St. Louis-based Wachovia Securities LLC. The cutting of
brokers defies one of the fundamental tenets of the securities
business: High-producing reps and advisers are considered untouchable
in mergers because they are the backbone and revenue producers of the
firm that has been acquired.
If you werent one of the 175 who gives a sh–. This forum is about retention, not hiring and firing. 175 will sue, WFC will settle - so what. Retention will be here 2-3 weeks as Danny said
If there is one truth to be discovered within this ever-growing thread, it is that if there is no retention the “true believers” are going to be major league disappointed and the result will be a mass exodus. SO, those who are not at the very least exploring alternatives are going to be at the end of a very long line. " Um, yes we’d love to talk with you when we complete the other “x”# of deals we already have in the works" .
My guess is that Danny L is way more concerned about simply be retained at all, let alone any further $$ for the FC force. Let's face it this is not the most forgiving industry when it comes to job security.actually he said before the end of the year
then the first part of january then in 17 seconds next week next couple of weeks middle of feb fuPromises, Promises.
WFC probably has an employee or management exec. assigned to this Registered Rep post. Believe me, WFC knows what's going on. WFC has an agenda and they're going ahead with it irregardless of how we feel or think. It's the biggest impersonal "take a number" feeling I have ever seen by a corporation. Most other organizations at least "TRY" to make you feel like you matter and that you make a difference.