500 or bust?
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You hit it on the nose Maynard. Hellowells could learn a lot from you. We are free agents EVERY year and I will do whats best for me and my family, not what is best for Wells. I also was offered 160% upfront with 50% back end but I also know it will be there after waiting to see what Wells will do and also put 120K in my pocket March 16
[quote=BE PATIENT]You hit it on the nose Maynard. Hellowells could learn a lot from you. We are free agents EVERY year and I will do whats best for me and my family, not what is best for Wells. I also was offered 160% upfront with 50% back end but I also know it will be there after waiting to see what Wells will do and also put 120K in my pocket March 16[/quote]
Ok…I can see wanting to take care of yourself and your family. What about your clients?
Haha…inane analogies? You perfectly proved my point. Didn’t you sign a contract to receive an upfront check from Wachovia (yes you did) and did that contract have any stipulations about that contract being null and void if the firm was ever sold (no it did not)? No one in this business has a contract that says they will make “X” next year (you knew this when you took your first job as an FA), but you were paid upfront, in return for your commitment to stay. So, complaining that this new firm owes you is just rediculous. They even gave you all of this money based on T12 from a good market, just to keep your same job, same clients, etc. I have no problems with people getting paid, but if you’re looking for a check, then just leave.
Be Patient....we are NOT free agents every year. We just happen to work in a business where your word means nothing because some other firm will pay you more to break your promise. We see this everyday with Wall Street firms, hell even our own (shouldn't we be Citi?). There is no leadership anywhere, and we're to blame too. I can understand wanting to take care of your family, but if you're the producer you say you are, you should have nothing to worry about even if you stayed. Shouldn't clients be a top priority as aren't they the ones that pay the bills for you to take care of your family? If you leave, will you be honest that you left because another firm paid you several millions and there's really no benefit to them? How can you argue that Wells is not the best positioned firm on the street when firms are just crumbling all around us?I do a ton of Russell. My client can do the same Russell wherever I go so it doesnt really affect my client as long as I am the same person at which ever firm I choose. You bet they owe me !!! Greedy ass bagby and WS took my long held AGE stock and stock options and turned it into shit all while lining their pockets with unbelievable bonuses. Even Stumpf feels he is owed a bonus when asked. Your comment “I should have nothing to worry about”, I am not “worried” but damn if I am not going to fight for payback for their greed decision making
[quote=BE PATIENT]I do a ton of Russell. My client can do the same Russell wherever I go so it doesnt really affect my client as long as I am the same person at which ever firm I choose. You bet they owe me !!! Greedy ass bagby and WS took my long held AGE stock and stock options and turned it into shit all while lining their pockets with unbelievable bonuses. Even Stumpf feels he is owed a bonus when asked. Your comment “I should have nothing to worry about”, I am not “worried” but damn if I am not going to fight for payback for their greed decision making[/quote]
Be Patient, Be Patient.
I love the diferring opinions on this forum but I think I have it figured out:
I work for AGE/WS/Wells and can EASILY see the writing on the wall. Obviously, Wells really didn't "care" to have a brokerage firm and now that they have one, they realize they have to pay to keep talent. However, in this environment, they aren't really sure what the MINIMUM is that they have to pay to keep the brokers in their seat. Think about it, paying retention is a PR nightmare and a large retention could aleady wound their AA soon to be A credit rating. After the last conference call, you can see they still have no plan, except to dampen our expectations. Regardless, I was of the opinion many years ago that I would be an A.G. Edwards rep until I clocked out. I told myself I would only move if it was in the best interest of me AND my clients. In this case, I can make a VERY STRONG ARGUMENT for a couple regionals (SF, RBC, Janney, etc.) as well as a slew of Indies (LPL, RJF and others). My point is, I can, for the first time in my career, make a case that a dozen other firms are better for me and my clients than Wells Fargo Investments.[quote=hellowells]Maybe…if “retention” is defined as strictly cash upfront from Wells, then I don’t believe that will happen if you’re PCG. If you define retetion in the form of restricted stock of a spun off company, then I think that’s a possibility. I just wonder how often a company is required to “retain” people. An NFL player is still under contract, even if the team is sold (unless you’re Parcells). The new owner buys the contracts with the team from the old owner. We all sound like T.O. wanting new contracts/signing bonuses every year. Everyone has the option to be a free agent here. Test the water. If they’re willing to pay off your contract to Wachovia/Wells and you think the grass is greener on that side, then go.
[/quote] You have clearly not thought out your position. While I agree that a spin off is highly likely, such a spin off would have little value if you do not retain production. In order to retain production, WFC is going to have to pay retention. The fact that they pulled ISG out of the securities division makes it pretty clear that they are, at some point, going to spin off the brokerage. If however, you do not pay retention you will lose massive amounts of production over the next 12-18 months. That will KILL your valuation and would make a spin off pointless. Wells is not stupid. Fact of the matter is if they play their cards right they can end up having made a killing on the aquisition of WB. The tax credits alone make the purchase next to nothing and a spin off could reap huge money if it is handled correctly. Wells should rightly look at retention as an INVESTMENT with a huge pay off down the road.WOW, just want to say Thank You to everyone for making my stupid little question into one of the longest topics in RR history. Kudos…
[quote=hellowells]maybe you should have correct info… per Stumpf:
ut Stumpf tempered his praise of the brokerage business. "If you're talking about something large that's maybe in the commercial space, or investment banking type, we have historically not had interest in that, and I don't think we will in the future," he continued. "...Not that it's a bad business. It's just not consistent with where we're going."Two of the country's other mega-banks, Charlotte's Bank of America Corp. and New York's JPMorgan Chase & Co., have recently bought ailing investment firms with large brokerage units, so Wells may wish to keep Wachovia's brokerage for the competitive advantage. Bank of America is set to close on its purchase of Merrill Lynch & Co. this month, and JPMorgan Chase bought Bear Stearns Cos. in the spring. [/quote]He was clearly speaking about "If you're talking about something large that's maybe in the commercial space, or investment banking type, ". We covered this several pages back.
funny…the most profitable arm per broker for Wachovia Securities is
ISG. They have been paid nothing in the past. So, you’re going to pay
brokers who just received a retention and pay nothing to the brokers
that fit Wells model the best? Someone’s smoking some GOOD stuff…
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I agree and I dont know what calls this guy has been on. I was in St Louis in December. Saw DL and all his lieutenants speak to and address the retention questions. It was clear there was going to be retention and it was clearly stated that they realize ISG has been impacted the most by the merger. It was inferred that ISG will be “taken care of” when the time comes. The impression was given that they realize ISG was not given retention before and they were trying to figure out how to handle retention for legacy AGE and PCG. I know what I heard and it was clear ISG would be participating in any retention this time around.
ISG clients are clients of the bank. PCG clients are clients of the broker. This is why ISG did not receive retention, and why they will get boned again (not that I think that is fair).
Ok…I can see wanting to take care of yourself and your family. What about your clients?
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If you dont take care of yourself and family, how are you going to be able to take care of your clients???
ISG clients are clients of the bank. PCG clients are clients of the
broker. This is why ISG did not receive retention, and why they will
get boned again (not that I think that is fair).
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Well I have seen a number of ISG leave and a lot of clients with them, so who owned the clients? Doesnt matter if your ISG, PCG, FINet whatever. The client sees the FA as his quarterback, his go-to guy. If the go-to guy leaves, he’s got just as good a shot at retaining his clients as anyone else.
What??? Are you kidding me! I can assure you I own my clients as much as you!! If you ask DL, he’d probably say all of the clients belong to WS/WFC! But I think we all know who really owns the relationships!
Hopefully, soon WFC/WS will realize that making us continue to wait and continually asking of or patience is counter productive and will cost them more in the long run!
As they continue to make us wait, they certainly aren’t slowing the recruiting spending down!
In the context of 'taking care of the client'.....maybe you have to give consideration to moving your business.
If your clients respect you as a successful business person - and you have the opportunity to 'monetize' your business - which in turn allows you to increase your resources to deliver a higher level of service. Maybe the client would think, "why am I working with this guy, he has built a business, but is not aware enough to realize its value."Timing on retention announcement IMO:
25% chance it will occur this coming week
40% chance it will happen the first week in FEB
15% chance of 2nd week in FEB 10% other 10% Never