500 or bust?
3938 RepliesJump to last post
If WFC cuts the dividend, which has been widely speculated, forget retention. Below $350k better be dusting off the resume and solidifying client relationships.
The dividend has nothing to do with retention. Granted it is a dicey environment but these guys have to run a business and at some point they have to plan for that, and a key way to run a business is to keep your best employees happy, especially when your best employees have choices.
They dont say they have gone through 50-60 scenarios and come up with 0. There will be some type of retention, it just wont be that great.They will probably offer the larger producers something to stay, run the operation lean, and fleece the under 400k crowd… that seems to be the trend nowadays.
[quote=Maynard]
The dividend has nothing to do with retention. Granted it is a dicey environment but these guys have to run a business and at some point they have to plan for that, and a key way to run a business is to keep your best employees happy, especially when your best employees have choices.
They dont say they have gone through 50-60 scenarios and come up with 0. There will be some type of retention, it just wont be that great.[/quote] Dividends have nothing to do with retention? Really? Because right now it would result in nearly $6 billion in retained capital to eliminate it. I'm sure all the shareholders would be perfectly okay with it being eliminated and then knowing that the "Bank" eliminated its dividend so while it's securities arm paid brokers retention bonuses. Brilliant PR move. The securities arm is a rounding error relative to the overall size and scope of the banking operations. If it were otherwise, far more information would have been forthcoming long before now. Bottomline its all about survival for the banks. The larger deposit base with the combined WB/WFC is the goal - not creating the galactically flawed "Supermarket" model that Citigroup abandoned last week.WSxAg the great thing about this is that we will see. The divvy probbably gets cut, but the brokerage is worth something as long as they give the top brokers incentive to stay. They wont just let it die.
They chose to buy the whole company, they wouldnt have done that without a plan, no matter how flawed the plan. AGE brokers get their bonus March 16, WB brokers defered accounts probably have been wiped out ; they have to create incentive for the top brokers to stay. Dividend or no dividend.Exactly. Do you think hays is going to address retention, tell us “We are working on it, here shortly” then say “Sorry, we picked scenario #51, no retention”? Hell no. But id you are under 500k gross get your resumes out and call your clients because retention will be 500+.
anyone have opinion on which ttm they’ll use for retention? buyout annoucement month? deal close month or the announcement of retention month?
I hear from a high level source that it will be based on your first 12 months in the business
the big manager said it would be announced in a couple weeks. Seemed very unexited about it and was still unsure if they even “want us”
the big manager said it would be announced in a couple weeks. Seemed very unexited about it and was still unsure if they even “want us”
My manager should be sold to the lowest bidder. He has no interest in any of the AGE legacy folks. He is sure to not have any of us remaining with his leadership.....or lack of.....
[quote=Gaddock] the big manager said it would be announced in a couple weeks. Seemed very unexited about it and was still unsure if they even “want us”
My manager should be sold to the lowest bidder. He has no interest in any of the AGE legacy folks. He is sure to not have any of us remaining with his leadership.....or lack of.....[/quote]
Sorry....he is of the WB Kool-Aid.
Rhetorical query: How many of you recall what Kemper did when it realized it neither wanted not could sell its brokerage assimilation?
Rhetorical answer: Read: retention package.
Anyone know what Stifel is offering or their payouts?
Not very respectable. Not enough to move a book -- sorry.....
Did anyone else understand why we needed 15 minutes to rehash all of the mangers and what nice people they are. Does our management understand the longer they go without telling us what is going on the worse everyone feels about them. Plus why have a broker only call and not say anything. I guess the goal may be to spin off the 4th or 5th largest brokerage firm instead of the 3rd.