500 or bust?
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the WFC view is WB brokers are lucky to have a job; you act like what you found out today is news. WFC has made their case clear for over 90 days. "teach Wells how the business works and educate Stumpf" They were the ones who bought a company for 90% off what is was selling for 12 months ago, are you sure WB should be educating and teaching the one who ran the successful company?Met with regional mgr. today. Asked why the hell it would take so long to receive name, benefit info and retention. said even WB gave AGE almost immediate answers. He said Danny is having to teach Wells how the brokerage business works ie: retention and “educate” Stumpf. Then got a five minute company plug on how fortunate we are to be working for a AA rated bank who didnt get themselves in trouble like the rest and how we are fortunate to pass that on to clients. Took all I could muster to not puke on his shoes
He wasnt a Wells guy he was a WB guy. Wasnt new news, just surprised by the blatent comment
He wasnt a Wells guy he was a WB guy. Wasnt new news, just surprised by the blatent comment
Its not an assumption. Danny has flat out stated we will get a retention. Then said be patient this takes time. At some point if Wells says NO Danny will have to face the fire. Hell, even I have called Dannys office and asked “Whats up with retention”. I am a 1.2 mill producer but dont want to throw my weight around for fear of them saying get lost
I had lunch again with stumpf and told me in confidence there will be a nice retention for all. I think he’s in upper management.
Exactly. Fritz seems to know upper Wells management. Everyone has someone. I guess they want us to assume Stumpf has revealed his retention plans to every Wells employee just not Danny. My brother is dating a Wells bank teller, I will call her tommorow and ask what Stumpf is going to do
Doubt he would say get lost at your production, but maybe on a bad day 100 others might call before you so who knows. If your business is not market related, guess you can wait it out if its coming, our office has 3 guys at your numbers and all will be 50% less in '09 as the old T-12 numbers click off the calender.Its not an assumption. Danny has flat out stated we will get a retention. Then said be patient this takes time. At some point if Wells says NO Danny will have to face the fire. Hell, even I have called Dannys office and asked “Whats up with retention”. I am a 1.2 mill producer but dont want to throw my weight around for fear of them saying get lost
95% fee based but still feeling the affects. Put retention into the market, now paychecks are getting killed from payback. All I want is enough retention to break even on the WB stock and stock option massacre. Give me the same office, same desk, same assistants, same manager and 50% and I will sleep just fine
Long line forming? Hell yes! I was stunned yesterday evening when hooking up with a buddy from my old firm for an early dinner. My partner and I dropped by his office (‘regional firm’) here in town to meet up. He was getting out of a meeting with a huge team from big local wirehouse. We learned he’d met with something like 10 FAs or FA teams that day and has about the same lined up for 2 more days. This office has space for maybe 5 guys right now. These teams are huge. They’re getting a look at people who’d otherwise not be in the market to move or would not even have considered this firm a year ago, but who realize if they are going to move now is the time to go and a firm who is not trying to make it’s P&L balance out on the backs of the FA.
Meanwhile, most FAs continue to get kicked in the nuts, cut and trimmed coming and going on our revenue and payouts and say “thank you, may I have another” hoping some token retention happens. If you think the LONG LINE is forming, you’re behind! The line is very silent and already formed. If you’re <$500k LOS 5+ even regionals are not going to stroke you. They’re getting the pick of the litter right now! Watch the Stifels, Wedbushes, Oppco and others continue to quietly get huge!
Jim Hays 3 things:
1. Blah blah blah 2. Blah blah blah 3. Retention - nothing to say yet or ever. Wells wont pay.[quote=cmein1999]Jim Hays 3 things:
1. Blah blah blah 2. Blah blah blah 3. Retention - nothing to say yet or ever. Wells wont pay.[/quote] LOL talk about 2 different views.... Its VERY clear based off that conference call that retention IS going to be paid.There will be some form of retention, from what was just said they are managing expectations on the size of it. There is no way they dont offer something, especially to those higher up on the food chain. There are going to offer just enough, they are just trying to figure out what just enough is.
[quote=BukiRob][quote=cmein1999]Jim Hays 3 things:
1. Blah blah blah 2. Blah blah blah 3. Retention - nothing to say yet or ever. Wells wont pay.[/quote] LOL talk about 2 different views.... Its VERY clear based off that conference call that retention IS going to be paid. [/quote] They just seem to continue to kick it down the road. Granted there are many moving parts, but when you are losing FAs because of your hesitation, you are losing assets.[quote=cmein1999][quote=BukiRob][quote=cmein1999]Jim Hays 3 things:
1. Blah blah blah 2. Blah blah blah 3. Retention - nothing to say yet or ever. Wells wont pay.[/quote] LOL talk about 2 different views.... Its VERY clear based off that conference call that retention IS going to be paid. [/quote] They just seem to continue to kick it down the road. Granted there are many moving parts, but when you are losing FAs because of your hesitation, you are losing assets.[/quote]***This is not my original thought- but, what are the chances that the reason Wells is 'kicking retention down the road' because:
1) They don't want to pay it
2) They want the bank/branches but NOT PCG and are trying to spin it off
I don't know about all markets, but I have noticed this; The Media blitz was on big time this last weekend in my market on the re-branding of the Wachovia Bank operation as part of Wells Fargo. They're clearly moving on the bank aspect fast and driving it as a huge win for the consumer and the bank. I've not seen or heard anything like it pertaining to Wachovia PCG. Can this be because they did not want it, don't want it and are quietly working to get rid of it before they invest loads of cash into retention, integration, etc???
This is all disgusting and I don’t know how these guys can sleep at night who hold these conference calls. It’s absolutely disgusting.
After witnessing the meltdown at mother merrill (no more Thain) and the pending marriage of SB+MS...I hate to say this but...
Wells would be absolutely CRAZY to pay. They know that they're in the drivers seat at this point & realize that many reps don't have any other choice but to stay in their seat and take whatever Wells decides to dish out. Even if you decide to shop your book the lines at UBS and the regionals are getting longer by the day. By the time they get to the end of the line, I wouldn't expect much.[quote=Charlie Brown]
After witnessing the meltdown at mother merrill (no more Thain) and the pending marriage of SB+MS...I hate to say this but...
Wells would be absolutely CRAZY to pay. They know that they're in the drivers seat at this point & realize that many reps don't have any other choice but to stay in their seat and take whatever Wells decides to dish out. Even if you decide to shop your book the lines at UBS and the regionals are getting longer by the day. By the time they get to the end of the line, I wouldn't expect much.[/quote] they'd be stupid not to offer anything. they could be in the driver's seat to recruit the top from merrill/bac, but not if their own are bitching about mgmt's indifference. this is a huge opportunity for wells, and they won't have to pay through the nose for anyone to keep people happy.Look what BAC did to Thain and Bob McCann. Look what C did to Sallie K. Do you really think these banks care about what WE want & that fact that we are bitching & griping…PLEASE! If DL doesn’t get on board quick, wells will simply execute him like so many of his peers have been hacked recently and with Wells stock price continuing to tank (now trading at $15.58) you would have to be a real Blockhead to expect anything decent from them at this point.