500 or bust?
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Duster10 and anyone else who dosen't get it.
The advisors WFC canned are advisors that WS recruited from WFC. One team was doing 1.5 mil at WS before Wells kicked them out of the new Wellscovia That means that down the road if you leave and WFC buys your new firm you will get walking papers as well. Wells is all about the team and if you go against the team watch out.
That is why you do not have a retention bonus. Wells does not believe in giving one team member (job segment) a bonus and stiffing the rest. That is not what is good for the team. Good luck maybe DL can pull something out of his hat for you besides UuuummmmmScotsman…thank you so much for your thoughts. I had no idea that if you got “canned” at the old WFC and then WFc buys my new firm, I could get canned all over again. I had no idea that is how it worked, but now that you are hear, and you are providing superior clarity, it now all makes sense. (I can only pray that you can understand my sarcasm better than you understand my post).
duster I caught your sarcasm and your typo (hear instead of Here).
However, I still don't thing you caught my point. It is not the norm for a firm to terminate productive Brokers just because they left the firm in the past. The message WFC is sending is that you can not go against the Team. That is why this news is a big deal. It clearly shows that Wells is not Broker Friendly and that is a BIG problem.I have to admit the idea of being spun off makes sense from the pace at which we are receiving information, how long does it take to decide between WFC Investments of WFC Advisors? I would wonder if our retention agreements for legacy AGE would still be valid since we no longer are part of a universal bank model. I am intrigued by the call on Thursday, why is it a Jim Hayes call, and have there been other Jim Hayes calls in the past? Maybe he is going to explain how we can become the new ML now that every one is leaving ML. I just think the whole situation is strange. I am going to wait and get my bonus in March and watch as this situation unfolds, every moth that passes is one less month I have to pay back. I know my clients are mine and will go with me when the time is right, but where is the best option for your clients at this point?
On the bright side everything will be better tomorrow, BO will fix everything.[quote=scotsman]
Duster10 and anyone else who dosen’t get it.
The advisors WFC canned are advisors that WS recruited from WFC. One team was doing 1.5 mil at WS before Wells kicked them out of the new Wellscovia That means that down the road if you leave and WFC buys your new firm you will get walking papers as well. Wells is all about the team and if you go against the team watch out.
That is why you do not have a retention bonus. Wells does not believe in giving one team member (job segment) a bonus and stiffing the rest. That is not what is good for the team. Good luck maybe DL can pull something out of his hat for you besides Uuuummmmm[/quote]Yeah the way Wells played this sucks...it isn't the employees/brokers fault that they were hired! If mgmt was not suppose to hire them because of some agreement, fire the mgrs not the people hired...looks like ethics are out the window at our new firm...just when you thought Wachovia was bad...looks like wells is that much worse....wow we have really decended in a rapid downward spiral from the days of Ben Edwards!
[quote=kowachovia][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. [/quote] KOWACHOVIA, I have pretty much decided to stay as well, but, do have plan 'B' if necessary. The retention I can wait on - it sure would be nice if they threw us a bone and at least put a name out there. In regard to handling the anxiety of the situation - (if you are who I think you are) just use the mini-shaker that you passed out a short while back. It works great at the office for that late afternoon martini.Why would anyone leave before March 15th bonus? Fee money and you dont pay it back. We obviously will hear about retention in next 55 days, if no retention or grossly low retention then have “Plan B” in place, take bonus and leave March 16th
I agree completely. No need for action until bonus is in the pocket. However, since we are planners - it would seem prudent to have formulated some ideas as to a course of action if necessary, ergo, plan b. But, with that being said....my office is great, we all get along, I have a corner office, I am enjoying an income and life that I never thought possible, I have not spent any of the retention, am living below my means.....life is good. I am in a small office and am more worried about the others possibly leaving as it could lead to the closing of the office and I don't want to 'have' to make a decision. Anyway, I feel retention is coming - delay has to do with structuring.Why would anyone leave before March 15th bonus? Fee money and you dont pay it back. We obviously will hear about retention in next 55 days, if no retention or grossly low retention then have “Plan B” in place, take bonus and leave March 16th
wells keeps a do not hire list for employees. the guys that were canned were on that list. production had nothing to do with it. it was the notion that they left the firm and for whatever reason were put on the list to never hire again in the future. merger or otherwise. better hope you arent on the $hit list.
The quote "I hope you aren't on Well's Sh*t list" (based on how they fired some brokers today.) is backasswards.
As a successful FC, I think we all need to get rid of this damn EMPLOYEE mentality as WE are the producers for whatever firm we work for. Well's better hope they don't get on MY sh*t list or they are fired![quote=BlackKnight]
The quote "I hope you aren't on Well's Sh*t list" (based on how they fired some brokers today.) is backasswards.
As a successful FC, I think we all need to get rid of this damn EMPLOYEE mentality as WE are the producers for whatever firm we work for. Well's better hope they don't get on MY sh*t list or they are fired![/quote] I couldn't agree more....one big problem: WS used to represent +35% (or something like that )of WB earnings...what % of earnings are we now w/ WFC?? I'd be curious, no one seems to have a #/%. Whatever it is, we all have less pull and DL has a much shorter leash.[quote=maddog][quote=kowachovia][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. [/quote] KOWACHOVIA, I have pretty much decided to stay as well, but, do have plan 'B' if necessary. The retention I can wait on - it sure would be nice if they threw us a bone and at least put a name out there. In regard to handling the anxiety of the situation - (if you are who I think you are) just use the mini-shaker that you passed out a short while back. It works great at the office for that late afternoon martini.[/quote] While I appreciate a good stiff drink passing out a mini shaker a while back doesnt ring any bells with me. Plan B will not be acted upon until next year for me.I am going to wait and get my bonus in March and watch as this situation unfolds
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What is this bonus you guys keep referring to? Sure a shit cant be a ret bonus.
Did anybody catch the hot chick (can’t remember her name right now) on Fox Business this morning hammering the point that BAC took TARP money and used some for retention of ML brokers? This very point has been brought up here too many times to count, BUT, it’s the first time I’ve heard it openly discussed on TV. It seems the environment may be changing or has changed even in the last weeks or months to the point Wells may be holding up out of concern for the way retention will be percieved.
From the way WFC is trading, down 50% since the start of the year, they have a few things to worry about...
WFC down @50% in <20 days? That’s nothing to worry about. Everything’s fine. I heard on TV just yesterday that Wachovia is now with Wells Fargo. One Team, Twice as Strong.
This just in . . .
"That said, it is probably in Wells Fargo's best interest to get this over with and ask the government to buy more Wells Fargo preferred stock in exchange for as much money as Wells Fargo thinks it needs, as well as a backstop for any toxic assets Wells Fargo fears may turn septic - like the Treasury also did for Citi and BofA.But if Wells does get another round of government financing, there will almost certainly be strings attached, most importantly the reduction of the quarterly dividend to a nominal 1 cent a share for at least three years. The Treasury has said repeatedly that all banks would be treated equally, and Citi said it agreed to a similar dividend reduction when it took its second round of bailout funds in November."
I’ve been lurking on this thread. You are all a bunch of pathetic loosers! Why does your firm owe you anything? You got a job don’t you. With the banking stocks on the elevator down the last thing they want to do is hand a billion dollars out to a bunch of whiney brokers.
The best you may get is a back end deal. If you did leave where are you going?????????????????????? ML---don't think so. UBS for the next 9 years--------no way. Citi/MS? Good luck. Then you have RJ, Stifel and perhaps Baird here in the south. None of those firms is going to pay you over 75% up front. Hardly worth the move. You were hired to be a stockbroker now go back to your desk, call a client and teach them how to short.